Leading global law firm Herbert Smith Freehills has advised Man Group plc on its acquisition of Aalto Invest Holding AG ("Aalto") and the launch of Man Global Private Markets, forming the firm’s private markets offering.
Aalto is a US and Europe-based real asset focused investment manager with US$1.7 billion of funds under management as of 30 September 2016. It specialises in the management of real estate equity and debt strategies including direct investments in single family homes in the US and lending to commercial and residential real estate in Europe and the US.
The Herbert Smith Freehills team was led by corporate partners Mike Flockhart and Stephen Newby.
Mike commented: "We are delighted to be working with Man on this transaction, which supports Man's diversification strategy and underpins the launch of its private markets business. We continue to see a lot of activity in the asset management sector and expect further consolidation as managers seek to diversify their product offering and regulatory and market dynamics drive more M&A."
The firm worked with Tania Cruickshank, Head of Group Legal and Robyn Grew, Chief Administrative Officer & GC from Man Group. Garrett Hayes and David Prowse from Paul Hastings advised the sellers of Aalto.
The Acquisition is expected to complete in January 2017, subject to regulatory approvals and other customary conditions.
About Herbert Smith Freehills
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