UK's Man Group Reveals Successful Completion of Pine GroveBritish alternative investment management business Man Group plc is pleased to announce the successful completion of Pine Grove Asset Management LLC, a US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios with approximately $1.0 billion of assets under management.
The close of the transaction further enhances Man Group's presence in the US and adds to Man Group's fund of hedge funds business, FRM. Pine Grove will also reinforce FRM's efforts to offer clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products.
Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994. Since inception, the firm's hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove's assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.Source: The Wall Street Transcript