Partners at BlueCrest Capital Management have brought ownership of the $25bn hedge fund manager wholly in-house by buying partnership interests held by Man Group and retired co-founder Bill Reeves.
Man received $633m for the 25.5% stake it acquired in 2003, while BlueCrest said the firm also acquired the remaining partnership interests held by Reeves "on proportionately similar terms". Man Group made a handy profit on its stake, for which it paid £105m in a mixture of cash and shares. Working partners at BlueCrest now own all the partnership interests in the Guernsey-headquartered firm. Michael Platt, who co-founded BlueCrest with Reeves in 2000, said the transaction "simplifies our ownership structure, and results in all of our partnership interests being held by our working...
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