UK's Man Group Reveals Successful Completion of Pine Grove
British 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
