Pine Grove Asset Management LLC, a US-based hedge fund of fund manager, has been acquired by British hedge fund Man Group plc.
The transaction enhances Man Group’s presence in the US and adds to Man Group’s fund of hedge funds business, FRM. Pine Grove will also reinforce FRM’s efforts to offer clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products, the company said in a press release.
Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994. Since inception, the firm’s hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove’s assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.
Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Pine Grove, Pine Grove Asset Management LLC, US Hedge Fund, UK Hedge Fund, Man Group plc, FRM, SEC, US 40 Act, Family Offices.