Bloomberg – Man Group Plc, the world’s largest publicly traded hedge-fund manager, agreed to buy the equities management business of NewSmith to expand in Tokyo and London.
Man Group, which manages $72.3 billion, plans to complete the deal in the second quarter, it said in a statement on Friday. London-based NewSmith, with $1.2 billion of funds under management, is 40 percent-owned by Sumitomo Mitsui Trust Holdings Inc., Japan’s fourth-biggest bank by market value, which said it supports the deal in a separate statement.
