{"id":42505,"date":"2014-06-10T07:34:46","date_gmt":"2014-06-10T11:34:46","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=42505"},"modified":"2014-06-10T07:34:46","modified_gmt":"2014-06-10T11:34:46","slug":"man-group-buys-new-york-fund-of-hedge-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2014\/man-group-buys-new-york-fund-of-hedge-funds.html","title":{"rendered":"Man Group Buys New York Fund Of Hedge Funds"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/06\/man_1949532b.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-42508\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/06\/man_1949532b-249x300.jpg\" alt=\"man_1949532b\" width=\"249\" height=\"300\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2014\/06\/man_1949532b-249x300.jpg 249w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2014\/06\/man_1949532b.jpg 319w\" sizes=\"auto, (max-width: 249px) 100vw, 249px\" \/><\/a>New York (HedgeCo.Net) &#8211; Man Group has agreed to buy up a US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios, Pine Grove Asset Management LLC, Pine Grove has approximately $1.0 billion of assets under management. The transaction is subject to customary closing requirements and is expected to close in the third quarter of 2014. Financial terms of the transaction were not disclosed.<\/p>\n<p>\u201cOver the course of 20 years Pine Grove has built a well-received client-focused business model over multiple market cycles.&#8221; Matthew Stadtmauer, President of Pine Grove, said in a statement release by Man Group, &#8220;We are now at the point in our evolution where the additional infrastructure, resources and support available at FRM will provide significant benefits to existing and future clients. We are delighted to be taking this highly progressive step for our business.&#8221;<\/p>\n<p>Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994, with offices in Summit, NJ and New York City. The firm is employee-owned, with senior investment professionals having on average 18 years of direct investment management experience. Since inception, the firm\u2019s hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove\u2019s assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.<\/p>\n<p>After closing, Pine Grove\u2019s investment philosophy, strategy and approach will remain unchanged, Man said, and the firm will benefit from Man Group\u2019s robust institutional infrastructure. Matthew Stadtmauer, currently President of Pine Grove, will become President of FRM. Tom Williams, currently Pine Grove\u2019s Chief Investment Officer will continue to be responsible for all investment decisions relating to Pine Grove\u2019s portfolios and will join FRM\u2019s Investment Executive committee.<\/p>\n<p><span style=\"color: #000000;\">Alex Akesson<\/span><br style=\"color: #000000;\" \/><span style=\"color: #000000;\">For\u00a0<\/span><a style=\"color: #743399;\" title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br style=\"color: #000000;\" \/><a style=\"color: #743399;\" href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br style=\"color: #000000;\" \/><a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a><span style=\"color: #000000;\">\u00a0is a premier\u00a0<\/span><a style=\"color: #ff4b33;\" title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a><span style=\"color: #000000;\">\u00a0and community for qualified and accredited investors only. Membership in\u00a0<\/span><a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><span style=\"color: #000000;\">\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<\/span><a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a><span style=\"color: #000000;\">!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Man Group has agreed to buy up a US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios, Pine Grove Asset Management LLC, Pine Grove has approximately $1.0 billion of assets [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16044,3],"tags":[],"class_list":["post-42505","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=42505"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42505\/revisions"}],"predecessor-version":[{"id":42510,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42505\/revisions\/42510"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=42505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=42505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=42505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}