Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
22/03/2011
Man sells stake in BlueCrest
Man Group has announced that it is selling its stake in BlueCrest to the firm’s partners for $633m, as part of its strategic focus on internal investment management capabilities.
Man’s investment in the firm dates back to 2003 and is expected to generate a pre-tax profit, on disposal, of approximately $250m. The transaction proceeds are set to add over $500m to Man’s regulatory capital surplus, which stood at around $300m as of 31 December, according to a statement by Man.
“We have had a long and successful relationship with BlueCrest and this transaction crystallises a significant profit for shareholders on our original investment,” said Man chief executive Peter Clarke.
He continued: “It also generates substantial cash and regulatory capital resources, further enhances our strong financial position and allows us to continue developing our core investment business, attracting assets and building on our leading global franchise."
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