Man Group Expands GLG Hedge Fund Arm In Japan

Japan-2New York (HedgeCo.Net) – Man Group is adding to its portfolio by acquiring the Tokyo based Japan Long Short Equity Strategy fund, the investment management business of NewSmith LLP, an equity investment manager with $1.2 billion of funds under management.

The NewSmith acquisition allows for the expansion in Tokyo of Man GLG’s equities business, providing further opportunity to manage funds for Japan’s largest institutional asset manager, Sumitomo Mitsui Trust Bank Limited (SuMi TRUST), a key client of Man Group.

When the deal reaches completion in the second quarter of 2015, four NewSmith strategies will be integrated into Man GLG.

NewSmith has offices in London and Tokyo and has four portfolio management teams with 15 investment professionals, investing in UK, European, Global and Japanese equities. The Firm is approximately 60% owned by its founders and senior staff members and approximately 40% owned by SuMi TRUST.

“The acquisition brings a new dimension to the firm, including a Japanese hedge fund and an excellent team in Tokyo, as well as adding further scale to our London business.” Luke Ellis, President of Man Group, said, “It is testament to the Man GLG team that we have received such a strong endorsement from SuMi TRUST, a key strategic partner of Man Group, and we are delighted that our relationship will be further enhanced following this acquisition.”

Pakenham Partners acted as financial adviser to SuMi TRUST in this transaction, while Goldman Sachs International acted as sole financial adviser to Man Group.

Alex Akesson
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