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Man Group buys 50 pct of Ore Hill
LONDON (Reuters) - Man Group (EMG.L), the world's largest listed hedge fund company, will buy 50 percent of U.S. credit specialist fund manager Ore Hill, seizing on what it said was "significant opportunity" presented by the credit crisis.
Man said on Monday it would pay $195 million in cash from its existing resources and issue $40 million worth of new shares to help buy the stake in Ore Hill which is based in New York and has about $3 billion in funds under management.
"Ore Hill's principals will invest the majority of the net proceeds received by them in a combination of Ore Hill funds and Man Group shares, in each case committed for five years," Man said in a statement.
The hedge fund said as part of the deal Ore Hill would also acquire 50 percent of Man's European credit manager subsidiary, Pemba Credit Advisers, which has about $3.7 billion in funds under management and operates in London and Switzerland.
Man Chief Executive Peter Clarke said the move was part of the company's plans to expand the range of investment products on offer to clients.
"The credit environment is one of significant opportunity and the combination of Man's global franchise, together with Ore Hill's track record and expertise, will create a substantial global credit firm," Clarke said.
(Reporting by Paul Hoskins; editing by Sue Thomas)
