Man Group, the London-based investment management firm, has completed the acquisition of US-based hedge fund manager Pine Grove Asset Management.
The acquisition of Pine Grove, which has approximately $1 billion assets under management (AuM), will expand Man Group’s presence in the US and adds to Man Group’s hedge fund business, FRM.
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As part of the transaction, Pine Grove will also strengthen FRM’s efforts to deliver clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products.
Following the deal, Matthew Stadtmauer, formerly president of Pine Grove will become president of FRM.
Additionally, Tom Williams, Pine Grove’s CIO will continue to provide all investment decisions relating to Pine Grove’s portfolios and will join FRM’s investment executive committee.
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