Man Group buys real estate investor Aalto Invest
Hedge fund operator Man Group has bought London-based property investment manager Aalto Invest for up to $205m in order to reduce its reliance on its main AHL fund.
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The deal, which will see $25m cash and shares up front and also include three further payments totalling $180m over the next eight years, will add $1.7m worth of assets to the company.
Man's chief executive, Luke Ellis, said the acquisition is a key step in the development of Man Global Private Markets, the group's new investment engine for private asset classes, and in the diversification of the company.
He added: “The acquisition of Aalto represents an attractive opportunity for clients, who will have access to longer term investment strategies offering a complementary risk reward profile to our current products."
Mikko Syrjänen and Petteri Barman, the founders of Aalto, will become co-heads of real assets within Man Global Private Markets.