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.’