Investment management giant Man Group has completed its buyout of property investment firm Aalto Invest, a "key step" in plans to diversify its business.
Man Group's share price was up 1.78 per cent after it made the announcement. The firm first unveiled plans to take on Aalto in October 2016, and said it will also launch a new business, Man Global Private Markets.
Aalto has been integrated into Man Global Private Markets, with the founders of the firm, Mikko Syrjaenen and Petteri Barman, becoming co-heads of real assets within the newly-formed arm of Man Group.
"We are delighted to have completed the acquisition of Aalto, which is a key step in the development of Man Global Private Markets, our new investment engine for private asset classes, and in the ongoing diversification of Man Group," said Luke Ellis, Man Group's chief executive.
He added Man Group's clients will be able to secure investments over a longer-term as a result of the deal. Aalto, which has its headquarters in London, had $1.7bn (£1.38bn) of funds under management on 30 September 2016.