The Independent reports that hedge fund Man Group has acquired a 25% stake in asset manager BlueCrest Capital Management for £105m. The deal is said to mean that the two firm founders, who left JP Morgan in 2000, will pocket £25m each.
Mike Platt and Bill Reeves were star fixed income traders at JP Morgan and have built up an asset base of £1.8bn at BlueCrest, which specialises in investing in fixed income and currency derivative products.
Based in the West End, the business is said to employ around 50 people. Although analysts are a little surprised at the purchase price, Man CEO Stanley Fink refuted such claims. He said that 'this is a business of the highest quality and people have said we overpaid for acquisitions in the past. Our record disproves that'.