Man Group has closed the acquisition of Pine Grove Asset Management, a US-based fund of hedge fund manager specialising in the management of credit-focused hedge fund portfolios.
Pine Grove has approximately USD1.0 billion of assets under management.
The close of the transaction further enhances Man Group’s presence in the US and adds to Man Group’s fund of hedge funds business, FRM. Pine Grove will also reinforce FRM’s efforts to offer clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products.
Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994. Since inception, the firm’s hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove’s assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.
As a result of the transaction close, Matthew Stadtmauer, formerly president of Pine Grove has become president of FRM. Tom Williams, Pine Grove’s chief investment officer will continue to be responsible for all investment decisions relating to Pine Grove’s portfolios and will join FRM’s investment executive committee.