View the article online at http://citywire.co.uk/wealth-manager/article/a755511
Man Group acquires $1bn fund of hedge funds manager
by Dylan Lobo on Jun 09, 2014 at 07:33
Man Group has acquired fund of hedge funds manager Pine Grove Asset Management (PGAM).
New York-based PGAM is a credit-focused fund firm founded in 1994 and controls around $1 billion in assets.
Man sees the purchase as complementing its existing fund of hedge funds business FRM.
Commenting on the transaction, Luke Ellis, President of Man Group, told the market, "FRM's longstanding strategy has been to help investors use hedge funds to achieve their investment goals. Pine Grove has a long and accomplished track record of outperformance and is an excellent addition to the FRM business.’
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop
On the road
by James Phillipps on Jul 25, 2014 at 14:49