UK/SWITZERLAND- Man Group, the asset manager and broker, has announced it is buying the Switzerland-based alternative investment manager RMF for $833m. RMF is one of Europe’s largest alternative investment managers with $8.5bn in assets under management.
The combined group will have around $20bn in assets and will offer a range of multi style, multi-manager products. The deal creates the world's largest hedge fund manage and combines RMF's expertise in the institutional sector with Man’s strength in private clients.
RMF is known primarily as a fund of funds manager providing access to hedge funds, high yield and private equity. It is also particularly strong in Switzerland, Europe’s largest hedge fund market. Of its $8.5bn in assets, approximately $6.7bn are invested in hedge funds.
Chairman of Man Group Harvey McGrath says: “the combination of Man and RMF significantly strengthens our position in the fast growing alternative investment market.
“RMF brings us further access to asset management capacity, diversifies our product range and provides added reach in distribution, particularly in the institutional arena.”
On completion of the deal, expected at the end of the month, Rainer-Marc Frey, joint founder and CEO of RMF, and Adrian Gut, joint founder and COO, will sign service contracts running for at least three years.