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Man Sells BlueCrest Stake For $633M

Man Group has offloaded its 25.5% stake in BlueCrest Capital Management for $633 million.

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.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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