Man Group plc sells stake in BlueCrest Capital Management

March 28th, 2011
| More
Man Group plc agreed to sell its 25% stake in BlueCrest Capital Management back to the company for $633 million last week. The investment dates back to 2003, and had been carried on Man Group's books at a value of $321 million as recently as December of 2010. The sale will generate a pre-tax profit on disposal of $250 million for Man Group.

In its last full fiscal year, which ended March 31, 2010, Man Group recognized a contribution from profit by BlueCrest Capital Management of a total of $73 million, comprised of performance and management fees.

Man Group’s Chief Executive, Peter Clark, was quoted as saying that the sale “is part of our strategic focus on Man’s internal investment management capabilities.” The capital raised from the sale will add over $500 million to Man Group’s regulatory capital surplus.

BlueCrest Capital Management was founded by Michael Platt and William Reeves in 2000. Before launching BlueCrest, Platt and Reeves were Managing Directors and senior proprietary traders at JP Morgan.
For Detailed Investor Profiles on these Investors, click below:
BlueCrest Capital Management
Man Group plc
Related People: Emmanuel Roman; Jon Aisbitt; Michael Platt; William Reeves
Related Entities: AHL; BlueCrest Capital; BlueCrest Capital Management; BlueCrest Special Situations Fund LP; BlueCrest Strategic Ltd; BlueMountain Capital Management; GLG Partners; Man Global Strategies; Man Group Holdings; Man Investments
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions


More Recent Headlines

Philippe Jabre's Jabre Capital loses $300 Million on Japanese bets

Hedge Funds are About to Undress

Hassan Elmasry’s Independent Franchise Partners raises $5bn

Frederic Levy & Mathias Piardon launch Noho Capital

Guess Who’s Buying Gold

Gil Saiz’s Vector Commodity Management outperforms rivals

Paul Singer’s Elliot Management nominates 6 for Actelion’s Board

Nelson Peltz’s Trian Fund takes another shot at Family Dollar Stores

Fortress Investment Group launches Asia focused hedge fund

FBI investigation spurs closures of Loch Capital, Level Global & Barai Capital