Man Group has entered into a series of transactions with Hutchinson Investors LLC to sell its residual exposure to the Lehman estates.
Man Group, the listed hedge fund house, acquired the exposure in July 2011 from certain GLG managed funds.
The transaction is expected to net in the region of $456 million and comes after Man Group announced a drive to improve returns for shareholders.
According to a stockmarket announcement, a deal would allow Man to benefit from the payment while retaining key obligations to the funds.
The proceeds from the sale will also increase Man's regulatory capital surplus and enhance its cash position.