Man Group buys Numeric to extend US reach

UK hedge fund manager Man Group has bought Numeric for up to $494m.

The FTSE 250 fund manager will pay $219m in cash for the Boston-based equity firm, and up to $275m to Numeric's management team and employees after five years based on profitability.

The deal will expand Man's reach in the US and diversify its business. At the end of May Numeric had $14.7bn of funds under management.

"We are delighted to announce the acquisition of Numeric, which has an excellent track record of performance and innovation in quantitative investing," Man chief executive Manny Roman said.