TORONTO, March 3, 2014 /CNW/ - Man Group plc ("Man") and the management
("Management") of Man Investments Canada Corp. ("MICC") today announced
that they have entered into a mutual agreement for Man to spin out its
wholly-owned subsidiary, MICC to Management. The transaction, which is
subject to regulatory approval, is expected to close in the second
calendar quarter of 2014.
The proposed transaction will allow Man to focus on its institutional
business in Canada. MICC will maintain its focus on providing Canadian
retail investors with access to new and innovative products, including
those offered by Man.
Following the transaction, MICC will continue to be led by its existing
senior management team while affiliates of Man will remain as the
investment manager of the underlying strategies to which select
Canadian funds managed by MICC allocate.
"We are looking forward to our continued relationship with MICC as they
look to expand our retail fund line-up in Canada. This transaction will
enable Man to focus our resources on our growing institutional and
pension business across Canada and the U.S." said Eric Burl, Chief
Operating Officer for Man Group North America.
"We are excited about the opportunity to continue to build out our
Canadian retail platform and expand the suite of Man products and
investment strategies available through retail distributors here," said
Toreigh Stuart, CEO of MICC.
Man is a world-leading alternative investment management business. It
has expertise in a wide range of liquid investment styles including
managed futures, equity, credit and convertibles, emerging markets,
global macro and multi-manager, combined with powerful product
structuring, distribution and client service capabilities. As at
December 31, 2013, Man managed US$54.1 billion.
The original business was founded in 1783. Today, Man is listed on the
London Stock Exchange and is a member of the FTSE 250 Index.
Man is a signatory to the United Nations Principles for Responsible
Investment (PRI) and a member of the Dow Jones Sustainability World
Index and the FTSE4Good Index. Man also supports many awards, charities
and initiatives around the world, including sponsoring the Man Booker
literary prizes and the Man Asian Literary Prize. Further information
can be found at www.man.com.
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into or from any jurisdiction where to do so would constitute a
violation of the relevant laws of such jurisdiction.
SOURCE: Man Investments Canada Corp.
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