On March 22, 2011, Man Group plc announced that it had agreed to sell its 25% minority stake in BlueCrest Capital Management back to BlueCrest for $633 million.
On March 22, 2011 London-listed Man Group plc announced that it had agreed to sell its 25% interest in BlueCrest Capital Management back to BlueCrest in a $633 million deal. BlueCrest, an alternative asset management group which manages over $25 billion for institutional clients, will pay $496 million of cash, loan notes issued by BlueCrest at a par value of $100 million and the redemption in cash at par of $37 million in existing loan notes from 2007. Man Group is a hedge fund management firm with $68.6 billion under management. The transaction is unconditional and is expected to be completed shortly.
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