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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SOURCE: Man Investments Canada Corp.
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