New York (HedgeCo.net) – Hedge fund giant Man Group plc., yesterday entered into an agreement to take full ownership through its US subsidiaries of Ore Hill Partners LLC and Ore Hill Partners Capital Management LLC (together, Ore Hill).
“We are extremely excited to add Ore Hill to the GLG platform.” Raffaele Costa, Man’s Head of Sales for North America and Europe, said, “This solidifies our position as a leading credit manager in addition to our already strong equity strategies. Ore Hill is a well established manager, with a strong track record over nine years and they will spearhead our expansion into US credit.”
Man’s relationship with Ore Hill dates from 2008, when it bought a stake of approximately 50% in Ore Hill, a credit-focused, event-driven hedge fund and structured product manager based in New York. Ore Hill will remain as an investment adviser but the operations will be integrated into and managed as part of GLG, Man’s discretionary investment management platform.
Ore Hill manages a series of hedge funds with funds under management of approximately $800 million, of which previously Man has consolidated 50%. Upon completion, these funds will be fully consolidated into Man’s funds under management. Ore Hill also manages a $1.1 billion structured product.
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