LONDON, June 19 Man Group has bought
U.S. asset manager Numeric Holdings for an initial $219 million
to broaden the British hedge fund's U.S. and computer-driven
Privately-owned Boston-based Numeric has been up for sale
since early 2013 and Man Group confirmed last month it was in
talks to buy the company, which has $14.7 billion of assets
under management, mostly owned by institutional investors.
Numeric is majority owned by TA Associates, a private equity
Man Group Chief Executive Manny Roman said the deal meant
the company could advance with two of its core objectives.
"First, to build a diversified quantitative fund management
business with significant assets in fundamentally based
quantitative strategies, and second, to develop further our
presence in the U.S. market," Roman said in a statement on
Numeric's management will keep an 18.3 percent stake in the
business, but Man Group will have the right to buy them out five
years after completion of the deal under an arrangement capped
at $275 million.
The acquisition will need approval from Man Group
shareholders and completion is expected in September.
As at March 31 2014, Man managed $55 billion.
(Reporting by Huw Jones; Editing by David Holmes)