Man Group has announced it has completed the full acquisition of London-headquartered real asset manager Aalto for €25m, after plans to buy the boutique were unveiled on 14 October 2016.
Man Group payed $25m (€22.7m) to purchase Aalto – two thirds in cash and one third in new Man Group ordinary shares.
Luke Ellis, CEO of Man Group, commented: “We are delighted to have completed the acquisition of Aalto, which is a key step in the development of Man Global Private Markets, our new investment engine for private asset classes, and in the ongoing diversification of Man Group.
“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.”
Aalto is set to become a component of the newly formed Man Global Private Markets (“Man GPM”).
Mikko Syrjänen and Petteri Barman, the founders of Aalto, will become co-heads of Real Assets within Man GPM, taking on a leading role in the strategic development of the unit’s offering in real assets.
Aalto has offices in the US and Switzerland, and had $1.7bn (€1.5bn) of assets under management as at 30 September 2016.
As at 30 September 2016, Man Group’s assets under management were $80.7bn (€73.3bn).