Man Group has offloaded its 25.5% stake in BlueCrest Capital Management for $633 million, The Wall Street Journal reports. The sale, which will help Man make a profit of around $250 million on the investment it made in 2003, will also add over $500 million to its regulatory capital surplus.
BlueCrest, which bought back Man’s stake, has also bought the remaining interests of its retired co-founder. BlueCrest, which manages $25 billion in assets and headed by Mike Platt, is now fully owned by its working partners, adds Reuters.
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