Man Group, a UK-based hedge fund manager is in talks to acquire a Boston-based hedge fund specialist, Numeric Investors, in an attempt to to boost its presence in the US.
The acquisition is expected to diversify Man Group’s AHL operation that has around $11.3 billion AuM as well as its systematic strategies quantitative business.
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Man Group said that the talks are ongoing and may or may not lead to a transaction.
The deal will enable Numeric to bring in long-only investment funds to sit alongside Man’s hedge fund products.
Man added the group may have to pay $360 million (£215m) to acquire Numeric but the exact price for the deal has not been disclosed.
The deal come in line with Man Group’s strategy of expanding its investment offerings, quant offering as well as its client-distribution network geographically.
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By GlobalDataFounded in 1989, Numeric now employs 74 people and has $13.9 billion in assets and 47 institutional clients. It is partly-owned by private equity firm TA Associates.
Man Group, which manages $55 billion, has around 1,000 employees world-wide. It has acquired GLG Partners in 2010 and FRM Holdings in 2012.
Man Group CEO Emmanuel Roman said that the company was seeking for opportunities to expand the business through selective acquisitions.
