Man Group Takes Stake In Bermuda Alternative Investment Manager
Man Group plc, the world's largest listed alternative investment manager, has
announced that it has entered into an agreement to acquire a 25% interest in
Nephila Capital Ltd. Man will pay USD50mn in cash for the stake, funded from the Group's existing
resources. Nephila is an alternative investment manager specialising in underwriting natural
catastrophe (re)insurance, and investing in insurance-linked securities and weather
derivatives. Through its proprietary investment strategy, Nephila provides access to uncorrelated
sources of returns. Established in 1998, Nephila is headquartered in Bermuda,
employs 25 staff and has approximately USD2.4bn in funds under management. Man Group chief executive Peter Clarke told Reuters last week that the group would
use some of its USD1.5bn surplus cash to acquire stakes in other fund managers,
along the lines of its Ore Hill deal. In particular, Man Group was looking to
invest in an Asian-based management firm and an equity-focused manager, Hill
revealed to Reuters. "This transaction further develops Man's strategy to expand the range
of opportunities for our investors," Hill told the news service. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.