Man Group is purchasing the remaining 50% of credit and event-driven hedge fund manager, Ore Hill Partners, which it does not already own. Man, which will pay $18 million for the stake, will integrate Ore Hill’s operations into its GLG business unit, adds Pensions & Investments.
Ore Hill’s funds will continue to be managed by Ore Hill principals, Ben Nickoll, Fritz Wahl and Alok Makhija, after the deal, which may be completed in the second quarter. The Man shares received by Nickoll and Wahl will undergo share lock-up agreements. Man purchased Ore Hill’s initial 50% stake for $195 million in 2008.
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