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June 19, 2014 01:00 AM

Man Group acquires majority stake in Numeric Holdings

Sophie Baker
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    Man Group reached a conditional agreement to acquire a majority stake in Boston-based quantitative equity manager Numeric Holdings in a deal that reinforces the hedge fund manager's existing quant business and presence in the U.S.

    The $55 billion hedge fund said in a statement Thursday that it would pay $219 million in cash at completion of the deal. Up to a further $275 million is payable to a group of the Numeric management team and employees following the fifth anniversary of completion, under an option arrangement, said a news release. The further payment is dependent on the profitability of the business.

    Under the terms of the agreement, Numeric management retains an 18.3% equity interest in the business. Man Group can acquire this interest at the end of the fifth year through a put and call option structure. Completion of the deal, which is subject to certain conditions, is expected in September.

    Further details of the deal could not be learned.

    Numeric has $14.7 billion in assets under management. The deal complements Man Group's existing quant business, AHL, and will create a manager with more than $25 billion in assets.

    Barclays served as adviser to Numeric. Milbank, Tweed, Hadley & McCloy advised Man Group.

    "The transaction provides us with the opportunity to advance two of our core strategic objectives: first, to build a diversified quantitative fund management business with significant assets in fundamentally based quantitative strategies; and second, to develop further our presence in the U.S. market," said Manny Roman, CEO of Man Group, in the release.

    A spokeswoman for Man Group confirmed the deal.

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