LONDON, Dec 8 (Reuters) - Man Group, the world’s biggest listed hedge fund, said on Monday it had agreed to manage a Merrill Lynch fund of hedge fund portfolio totalling $1.2 billion.
Man Group’s fund of hedge fund arm, FRM, would run the portfolio, Man said in a statement.
The acquisition of the portfolio reflected consolidation of the fund of hedge fund industry and would help Man Group to expand in the United States, Man said.
“We look forward to continuing to deliver high quality products and services to Merrill Lynch’s clients, while expanding the investor base globally as investors increasingly seek exposure to alternative investments through managers like Man Group,” said Michelle McCloskey, senior managing director of FRM. (Reporting by Carolyn Cohn; editing by Freya Berry)