New York (HedgeCo.Net) – Man Group announced today the acquisition of Merrill Lynch Alternative Investments LLC’s fund of hedge funds portfolio.
The portfolio includes 17 multi-strategy and strategy-focused fund of hedge funds with a total of $1.2 billion in AUM.
Man Group’s fund of hedge fund arm, FRM, has been selected to manage the portfolio following a due diligence process which assessed its investment expertise, quality of personnel, investment process and ability to service clients.
Following the completion of the Acquisition, Man Group intends to offer the funds to other investors globally as well as Merrill Lynch’s and US Trust’s wealth management clients.
The Acquisition of the Portfolio follows Man Group’s recent Acquisition of Pine Grove Asset Management LLC.
