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BUZZ-Man: sharp reversal sees stock hit more than 3-yr highs

Reuters - UK Focus

** Hedge fund Man Group (LSE: EMG.L - news) breaks higher, bursts above more than 3-yr highs set Thurs, after buys investment management business of NewSmith

** Stock, which saw brief stint in negative territory, down as much as 1.6 pct, gains 2.6 pct, among top FTSE 250 risers, in relatively robust volume

** NewSmith is 40 pct owned by Japan's Sumitomo Mitsui Trust Bank & has offices in London & Tokyo with 4 fund management teams investing in British, European, global & Japanese equities

** Financial terms of deal not disclosed

** Man (Swiss: MAN.SW - news) is looking to diversify its business & made a flurry of acquisitions in the US last yr

** Man Group, best performer on STOXX 600 in 2014, was boosted Thurs after going straight to "conviction buy" vs "neutral" at Goldman Sachs (NYSE: GS-PB - news) (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)