20th Feb 2015 08:44
LONDON (Alliance News) - Man Group PLC, the FTSE 250 hedge fund investment manager, Friday confirmed a conditional deal to buy the investment management business of NewSmith LLP, an equity investment manager with USD1.2 billion of funds under management
In a statement, Man Group said that NewSmith, which is 40%-owned by Japan's Sumitomo Mitsui Trust Bank Ltd, has offices in London and Tokyo and has four portfolio management teams with 15 investment professionals, investing in UK, European, Global and Japanese equities.
"The acquisition brings a new dimension to the firm, including a Japanese hedge fund and an excellent team in Tokyo, as well as adding further scale to our London business," Man Group President Luke Ellis said in a statement.
The deal represents the latest in a series of deals made by Man Group, which has been looking to expand and diversify.
According to Man Group, the move will expand its equities business, boost its presence in Tokyo, improve its long-only platform and give it further opportunity to manage funds for Sumitomo Mitsui Trust Bank.
Financial terms of the transaction were not disclosed.
Man Group shares were up 1.4% at 186.30 pence on Friday. They are up about 16% in the year-to-date.
By Samuel Agini; [email protected]; @samuelagini
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