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Man ties up with Ore Hill in £118m deal
31.03.08
Man Group, the world's biggest hedge fund manager, today virtually doubled its size in specialist credit funds under management through a $235 million (£117.8 million) deal with New York-based Ore Hill.
In simultaneous deals, Man will take a 50% stake in Ore Hill, which in turn will take a 50% stake in Man's European subsidiary Pemba Credit Advisers. Man will pay $195 million in cash and $40 million in its own shares for its part of the deal.
Ore Hill has around $3 billion of funds under management while Pemba handles around $3.7 billion.
