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.
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