Hedge fund group Man sells stake in BlueCrest for $633m
Man, the world's largest listed hedge fund group, has sold its 25% stake in rival BlueCrest for $633m.The sale - to BlueCrest's partners - will generate a profit of around $250m on an investment made by Man in 2003. The proceeds will be used to boost Man's regulatory capital surplus. Peter Clarke, Man's chief executive, said the sale was part of its strategy to focus on its own investment management activities: We have had a long and successful relationship with BlueCrest and this transaction Read more [...]