Troubled Man in £52m FRM deal

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.