In 2012 London–based fund-of-funds firm FRM Holdings hit the wall. Assets under management stood around $8 billion but growth prospects appeared dim. London competitor Man Group, the world’s largest publicly traded hedge fund with about $11 billion in assets at the time, faced similar challenges, coupled with an investment in Bernard Madoff’s Ponzi scheme that led to major reputational damage and asset outflows. It was no great surprise then when Man Group announced plans to acquire FRM that May and rebrand its hedge fund unit with that name…

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