TORONTO, June 11, 2014 /CNW/ - Man Group plc ("Man") and the management ("Management") of Man Investments Canada Corp. ("MICC") today announced that MICC has received all necessary approvals of applicable securities regulatory authorities and that on June 10, 2014 they completed the previously announced transaction in respect of the spin out Man's wholly-owned subsidiary, MICC to Management.
The transaction will allow Man to focus on its institutional business in Canada. In conjunction with the spin out of MICC to Management, MICC has changed its name and will now conduct business in Canada as Next Edge Capital Corp. ("Next Edge"). Next Edge will maintain its focus on providing Canadian retail investors with access to new and innovative products, including those offered by Man.
Next Edge will continue to be led by the existing MICC senior management team while affiliates of Man will remain as the investment manager of the underlying strategies to which select Canadian funds managed by Next Edge allocate. Next Edge will be conducting a rebranding of the funds which it manages to reflect the change of name of the manager.
"We are looking forward to our continued relationship with Next Edge 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 Next Edge.
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 March 31, 2014, Man managed US$55.0 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.
About Next Edge
Next Edge was formed via a management spin out of the Canadian office of Man on May 30, 2014. The management team opened the Canadian office of Man in 2006 and successfully raised over $1.0 billion since inception. Next Edge continues to support a number of the Canadian retail products offered by Man.
Next Edge searches the world for the next strategies that will deliver robust returns, while taking risk/reward into account in every investment decision. The people, strategies and approaches we discover may or may not be well known in Canada, but we think they provide something remarkable – access to what's next. Our job is to cut through all the noise of short term performance and extra risk-taking to discern real talent and opportunity. In a world where asset managers are more concerned with raising assets and simplicity over returns, an opportunity exists to bring access to unique strategies for those discernible investors willing to spend the extra work to learn about them. Further information can be found at www.nextedgecapital.com.
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SOURCE: Man Investments Canada Corp.