Man Group plc purchases remaining 50% of Ore Hill Capital to take full control
|April 2nd, 2011||
|Man Group, already the world’s second largest hedge fund manager in terms of assets under management, has agreed to acquire the remaining 50% of Ore Hill Capital. Man Group first acquired a 50% stake in Ore Hill in 2008, and has now completed its takeover of the company with a share-based agreement for the remaining 50%. |
Man Group’s flagship AHL fund was hit by heavy losses of over $2bn last month as a result of the fallout from Japan’s devastating earthquake. Man Group managed to counter the negative results with positive results from its acquisition of GLG Partners last year. The move for Ore Hill Capital is seen by many as an effort to reduce Man’s dependence on AHL as well as diversify Man’s operations globally.
Ore Hill Capital is a credit-focused, event-driven strategy fund, something Man has little to no experience in. The GLG platform has been used by Man to develop individual strategies outside of Man’s main funds, and Ore Hill’s addition fits in well.
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