Man Group To Purchase US Firm Leveraged Loan Management Firm, Silvermine Capital

Man Group PLC (LON:EMG) (OTCMKTS:MNGPF) is a world renowned hedge fund with $72.3 billion assets under management, which is based in the UK, as the largest publically traded hedge fund.  The company has announced they have entered into an agreement with Silvermine Capital, a US leveraged loan management company, for as much as $70 million purchase price.   Silvermine Capital focuses on credit investments solely in the US.

According to the agreement, Man Group will pay Silvermine $23.5 million in cash, with an additional $16.5 million after one year and $16.5 million after five years.  The amounts will fluctuate depending on management fees.  Once Silvermine is integrated, it will be renamed Man GLG Silvermine.

Man Group's acquisition spree

Man Group PLC (LON:EMG) (OTCMKTS:MNGPF) CEO,...