Man Buys Pine Grove

Britain’s Man Group Buying $1B US Hedge Fund

Man Group, British hedge fund manager, is pleased to announce that it had agreed to acquire Pine Grove Asset Management, a hedge fund manager based in the United States.
Pine Grove has around $1 billion in assets - less than 2 percent of Man Group's $55 billion - but the deal is being interpreted by analysts as evidence of a wish by Man Group to expand in the United States by acquisition rather than gradual business growth.
Monday's announcement follows news in May that Man Group was in talks to buy another U.S. fund, Boston-based Numeric Holdings.
"It appears, with today's announcement of a U.S.-based asset manager and ongoing discussions with another U.S.-based asset manager, that's Man's strategy to penetrate the U.S. is more focused on acquisitions to gain entrance opposed to an organic approach," said RBC Capital Markets' Peter Lenardos.
Source: Reuters

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