Acquisition completion

RNS Number : 8113F

Man Group plc

03 May 2011

 



Press Release

3 May 2011

ACQUISITION COMPLETION

Man Group plc ("Man") is pleased to announce the completion of the transaction, through its US subsidiaries, to take full ownership of Ore Hill.  

Ore Hill will be integrated into GLG to spearhead GLG's expansion into the US credit markets, and will henceforth be known as GLG Ore Hill LLC.   Ben Nickoll and Fritz Wahl, Ore Hill's co-founders, as well as Alok Makhija, will continue to manage the Ore Hill portfolios.

Enquiries

Miriam McKay

Head of Investor Relations and Financial Communications

[phone]

[e-mail]

David Waller

Head of Media Relations

[phone]

[e-mail]

Maitland (PR adviser to Man)

Anthony Silverman / George Trefgarne

[phone]

About Man

Man is a world-leading alternative investment management business. It has expertise in a wide range of liquid investment styles including managed futures, equity, credit and convertibles, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities. Man manages $69.0 billon.

The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange and is a member of the FTSE 100 Index with a market capitalisation of £4.5 billion.

Man Group is a member of the Dow Jones Sustainability World Index and the FTSE4Good Index. Man also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.mangroupplc.com.

About Ore Hill

Ore Hill is a credit-focused, event-driven investment manager founded in 2002.  It actively invests across the entire capital structure of highly leveraged companies and seeks to uncover opportunity, often in situations driven by catalysts or events.  

Ore Hill manages a series of hedge funds with FUM of approximately $800 million as of 28 February 2011, which had previously been 50% consolidated by Man. From completion, these funds will be fully consolidated into Man's funds under management.

 

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