New York (HedgeCo.Net) – Hedge fund giant Man Group plc announced plans to integrate $3.8 billion Connecticut-based leveraged loan manager, Silvermine Capital Management LLC, into Man GLG during the first quarter of 2015.
Man will pay $23.5 million in cash upfront, followed by more payments over the next 5 years. The regulatory capital requirement associated with the acquisition is expected to be approximately $45 million.
Silvermine is currently owned by its founders and senior staff. The team of 17 focuses exclusively on managing US levered credit portfolios and, since inception in 2005, has executed 16 separate transactions totaling $6.7 billion.
Upon completion of the acquisition, Silvermine will operate under the name Man GLG Silvermine, complementing Man GLG’s existing credit business. Silvermine’s team will continue to be run by two of the firm’s founders, G. Steven Kalin and Richard F. Kurth, who will continue to work alongside the other co-founders Aaron Meyer and Jonathan Marks.
The Acquisition follows Man Group’s recent acquisitions in the US of Pine Grove Asset Management LLC, Numeric Holdings LLC and the Merrill Lynch Alternative Investments LLC fund of hedge fund portfolio. At 30 September 2014, Man Group’s funds under management were $72.3 billion.
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