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MAN Group inks deal for FRM
Hedge fund Man Group said last night it had agreed to buy FRM Holdings, a hedge fund research and investment specialist with funds under management of around $8bn (£5bn). Man will integrate FRM into its multi-manager business, to create a new entity with combined funds under management of approximately $19bn. Man will not make any initial payment for the company, but will pay a maximum of $82.8m dependent on performance, plus a 47.5 per cent share of performance fees attributable to FRM’s existing funds over three years.