Reuters- Man Group, the world’s largest listed hedge fund company, will buy 50 percent of U.S. credit specialist fund manager Ore Hill, seizing on what it said was "significant opportunity" presented by the credit crisis.
Man said on Monday it would pay $195 million (98 million pounds) in cash from its existing resources and issue $40 million worth of new shares to help buy the stake in Ore Hill which is based in New York and has about $3 billion in funds under management.
"Ore Hill’s principals will invest the majority of the net proceeds received by them in a combination of Ore Hill funds and Man Group shares, in each case committed for five years," Man said in a statement.
