Man Group, a London-listed hedge fund manager, is in talks to buy asset manager NewSmith, which is 40% owned by Japan’s Sumitomo Mitsui Trust Bank.
Man Group is expected to announce the acquisition deal as early as 20 February 2015, The Financial Times has reported citing people familiar with the matter.
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NewSmith is expected to be placed in Man Group’s GLG division if the deal is achieved.
NewSmith manages about $1bn (£650m) in assets, mainly in European and Japanese equities.
Man Group has been on a buying spree in the recent times under chief executive Emmanuel Roman as part of its strategy to expand footprint in those markets where it is under-represented.
In 2014, Man acquired Boston-based hedge fund Numeric for an initial $219m in cash and $275m more after five years, and acquired a $3.8bn Connecticut-based leveraged loan manager Silvermine Capital.
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By GlobalDataThe group recently also bought a $1.2bn fund of hedge funds portfolio from Merrill Lynch Alternative Investments, as well as an US manager Pine Grove.
