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Boston-based Numeric Holdings to be acquired by Man Group

Date:20-06-2014

For up to $494 million, Man Group, the British hedge fund manager said that it had agreed to buy Boston-based Numeric Holdings, an investment manager.

Man Group plc is basically a British alternative investment management business. Man Group provides a range of funds for private investors and institutional globally. It manages around US $52 billion and it also employs more than 1,200 people in 14 locations worldwide.

This deal is expected to boost the company’s offerings through its AHL quantitative investment business, which has around $11.3 billion in assets under management. After the acquisition, the privately held company, Numeric is expected to be combined with AHL.

Founded in 1989, as of May 31st Numeric Holdings had over $14.7 billion in assets under management and it also employees 74 people. Numeric Holdings focuses only on long equity investments and it is partly owned by TA Associates, which a private equity firm.

The chief executive of the Man Group, Emmanuel Roman said that this deal would accomplish the stated goal of expanding in the American market and increase the Man Group’s geographic base of institutional investors.

Upon completion of the deal, Man Group would pay $219 million in cash and it would pay an additional $275 million to employees and Numeric’s management team in the span of next five years which will be based on the performance of Numeric Holdings.

The deal is expected to close by September and the company is currently seeking approval from shareholders.

After completion of the deal, Numeric Holdings’ Chief Executive and President Michael Even, the firm’s co-chief investment officers Robert Furdak and Shanta Puchtler, are expected to continue to manage the business. However, Mr. Puchtler and Mr. Even will also be the part of the Man Group’s executive committee.

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