Man Group plc sells stake in BlueCrest Capital Management
|March 28th, 2011||
|Man Group plc agreed to sell its 25% stake in BlueCrest Capital Management back to the company for $633 million last week. The investment dates back to 2003, and had been carried on Man Group's books at a value of $321 million as recently as December of 2010. The sale will generate a pre-tax profit on disposal of $250 million for Man Group.|
In its last full fiscal year, which ended March 31, 2010, Man Group recognized a contribution from profit by BlueCrest Capital Management of a total of $73 million, comprised of performance and management fees.
BlueCrest Capital Management was founded by Michael Platt and William Reeves in 2000. Before launching BlueCrest, Platt and Reeves were Managing Directors and senior proprietary traders at JP Morgan.
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