31st Mar 2008 07:11
Man Group plc31 March 2008 31 March 2008 Acquisition of a 50 per cent interest in credit specialist Ore Hill Man Group, one of the world's leading alternative investment firms, todayannounces that it has entered into an agreement to acquire a 50 per centinterest in Ore Hill, a major US-based credit specialist fund manager. Simultaneously Ore Hill has entered into an agreement to acquire a 50 per centinterest in Pemba Credit Advisers, the European credit manager subsidiary of ManGroup. The net consideration will comprise $195m in cash funded from the Group'sexisting resources together with $40m in new Ordinary Man Group shares*. Ore Hill, established in 2002, is headquartered in New York and hasapproximately $3 billion funds under management. Pemba, with operations inLondon and Switzerland has approximately $3.7 billion funds under management. This development is part of Man's strategic plans to expand the range of itsinvestment products. Ore Hill will be the platform to develop a leadingmulti-strategy credit business globally. Combining Ore Hill's track record withMan Group's unrivalled market reach will create significant value for bothinvestors and shareholders. Ore Hill's principals will invest the majority of the net proceeds received bythem in a combination of Ore Hill funds and Man Group shares, in each casecommitted for five years. Ben Nickoll and Fritz Wahl, Ore Hill's co-founders and managing partners, willbe the managing partners of the enlarged global business, while Pemba's MarkMink will lead the European operations. Peter Clarke, CEO of Man Group said: "This transaction represents a furtherdevelopment in Man's strategy of continuing to expand the range of productopportunities for our investors. The credit environment is one of significantopportunity and the combination of Man's global franchise, together with OreHill's track record and expertise, will create a substantial global credit firmas well as the platform from which we will develop a world leadingmulti-strategy credit business." *Based on Man Group's closing share price on 28 March 2008. Enquiries Man Group plc 020 7144 1000Kevin HayesDavid Browne MerlinPaul Farrow 020 7653 6620Paul Downes 07900 244888Lachlan Johnston 07989 304356 About Man Group plcMan Group plc is a leading global provider of alternative investment productsand solutions for private and institutional investors worldwide, designed todeliver absolute returns with a low correlation to equity and bond marketbenchmarks. Man has a 20-year track record in this field supported by strongproduct development and structuring skills, and an extensive investor serviceand global distribution network. The Group employs 1,600 people in 13 countries, with key centres in London andPfaeffikon, and offices in Chicago, Dubai, Hong Kong, Montevideo, Nassau, NewYork, Singapore, Sydney, Tokyo and Toronto. Man Group plc is listed on theLondon Stock Exchange (EMG) and is a constituent of the FTSE 100 Index. Furtherinformation on the Man Group can be found at www.mangroupplc.com About Ore HillOre Hill is an experienced hedge fund manager that trades across the capitalstructures of highly leveraged companies using a multi-strategy approachdesigned to optimize returns across the full credit cycle.Founded in 2002, Ore Hill currently manages about $3 billion. About Pemba Credit AdvisersPemba Credit Advisers is one of Man Investments' core single managers.Pemba is an experienced European leveraged finance manager based in Switzerlandand London with about $3.7 billion in assets under management. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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