Hedge fund manager Man Group has agreed to acquire fund boutique NewSmith for an undisclosed sum.
The world’s largest listed hedge fund manager said the acquisition is expected to complete in the second quarter of 2015, subject to regulatory and other approvals. NewSmith has $1.3bn in assets under management, focusing on areas UK, European, Japanese and Global equities, and will now be incorporated into Man GLG. NewSmith chairman Paul Roy and CEO Ron Carlson will work with Man GLG over the next year to ensure "a seamless management transition and integration". "The acquisition brings a new dimension to the firm, including a Japanese hedge fund and an excellent team in Tokyo,...
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