Man Group To Buy US-based Pine Grove Asset Management; Terms Not Disclosed

(RTTNews) - Hedge-fund operator Man Group Plc (MNGPF.PK, MNGPY.PK, EMG.L) Monday announced that it has agreed to acquire Pine Grove Asset Management LLC, a US-based credit-focused fund of fund manager. Financial terms of the transaction were not disclosed.

The transaction is expected to close in the third quarter of 2014, subject to customary closing requirements.

Pine Grove specializes in the management of credit-focused hedge fund portfolios with approximately $1.0 billion of assets under management.

Man Group noted that Pine Grove will add to its fund of hedge funds business, FRM in the US, and further diversify its product offering. After closing, Matthew Stadtmauer, currently President of Pine Grove, will become President of FRM. Tom Williams, currently Pine Grove's Chief Investment Officer, will continue to be responsible for all investment decisions relating to Pine Grove's portfolios and will join FRM's Investment Executive committee.