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Man Group buys NewSmith's investment management business

Reuters - UK Focus

LONDON, Feb 20 (Reuters) - The world's biggest listed hedge fund company, Man Group (LSE: EMG.L - news) , said on Friday it had agreed to buy the investment management business of NewSmith, an equity investment manager with $1.2 billion of funds under management.

NewSmith, which is 40 percent-owned by Sumitomo Mitsui Trust Bank, has offices in London and Tokyo with four fund management teams investing in British, European, global and Japanese equities.

The financial terms of the deal were not disclosed. (Reporting by Matt Scuffham; editing by Simon Jessop)