Man Group buys US-based Numeric for $500m

June 19, 2014 - 12:16:12 pm

LONDON: British hedge fund manager Man Group said on Thursday that it has agreed to buy Boston-based Numeric Holdings for almost $500 million (367 million euros).

Man Group said in a statement it will pay $219 million upon completion for privately-owned equity manager Numeric.

Another $275 million is payable to management and staff five years later, depending on profitability.

"We are delighted to announce the acquisition of Numeric, which has an excellent track record of performance and innovation in quantitative investing," said Man Group chief executive Manny Roman in the statement.

The deal would help Man Group to build a diversified quantitative fund management business and would boost presence in the US market, he said

Numeric, which was founded in 1989 and is part-owned by priate equity firm TA Associates, posted earnings before interest, taxes, depreciation and amortization of $47 million in 2013.  (AFP)