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Alternative Market Briefing

Man Group to acquire FRM, combined multi-manager business will manage $19bn

Monday, May 21, 2012

Benedicte Gravrand, Opalesque Geneva: Man Group is to acquire Financial Risk Management Holdings Ltd (FRM), a global hedge fund investment specialist.

The acquisition should be completed before the end of September 2012. No consideration will be paid up front. According to a release issue by Man today, the contingent consideration to be paid over three years comprises i) a maximum of $82.8m in cash, net of total net assets acquired and dependent on asset retention ii) a 47.5% share of performance fees attributable to FRM’s existing FuM over three years, subject to a cap.

When the acquisition is completed, the combined business will be keep its FRM brand and be led by Luke Ellis, currently CEO of Man Multi-Manager. Ellis is coming back to old grounds, as he was Managing Director of FRM between 1998 and 2008. As for Blaine Tomlison, founder of FRM, he will become non-executive Chairman of the business.

Man and FRM’s combined multi-manager business will have total funds under management (FuM) of around $19bn (FRM has around $8bn now). This would make it the largest independent non-US based fund of hedge funds.

Man is one of the world’s large......................

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