Man buys out credit group Ore Hill, reports stable results

Thu Mar 31, 2011

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Fresh from selling its 25% stake in BlueCrest last week for $633 million, Man Group has announced the acquisition of the 50% stake in US-based credit manager Ore Hill that it does not already own in its strategy to focus on internal investment management opportunities.

The publicly-quoted alternative investment group has also released a pre-trading update for its financial year ending 31 March, which shows stable performance in the wake of its $1.6 billion acquisition of GLG last year - with assets under management showing a small rise since the end of December and net inflows of $700 million predicted for the fourth quarter.

Man estimated its funds under management at 31 March at $69 billion, up narrowly from $68.6 billion on 31...

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