Business briefs: Man Group | Cloudreach | Mitie

HEDGE fund manager Man Group is to buy investment firm Financial Risk Management (FRM) as it seeks to reduce its dependence on its flagship AHL fund.

Man, whose share price has halved since early March amid concerns over the performance of the AHL fund, will pay up to $82.8 million (£52.4m) in cash for FRM over three years, depending on how many assets it can retain. The deal will add around $8 billion to Man’s assets under management.

Cloudreach to open Scottish operation

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COMPUTING consultancy Cloudreach, which specialises in cloud computing products such as Google’s office software applications and Amazon’s online storage service, has set up an office in Scotland.

London-based Cloudreach already works with companies in Scotland including Irn-Bru maker AG Barr.

The business, founded in 2009, employs 80 and is expected to see 300 per cent revenue growth this year.

Mitie big rises in profit and revenue

OUTSOURCING firm Mitie saw profits rise 9 per cent to £94.5 million last year, on revenues 6 per cent higher at £2 billion.

Its order book grew by 26 per cent to £8.6bn following a number of new contracts, including a £775m facilities management deal with Lloyds Banking Group.

Shareholders will receive a full-year dividend of 9.6p per share, up 6.7 per cent from 2011.