Milbank, Tweed, Hadley & McCloy LLP is advising leading global hedge fund Man Group plc in its announced acquisition of Silvermine Capital, a fund manager headquartered in Stamford, Connecticut.
London-based Man Group, the UK’s largest publicly traded hedge fund, will pay up to $70 million for Silvermine, including a $23.5 million up-front payment and two potential earn-out payments.
New York-based Global Corporate partner Jane Morgan led the Milbank transaction team on behalf of Man Group. Other Milbank lawyers involved in the deal included Tax partner Russell Kestenbaum and Alternative Investments partner Deborah Festa, as well as associates Andrew Everett and Zachary Gennett (Corporate) and David Kaye (Alternative Investments).
Man Group, whose origins in business go back to 1783, manages approximately $70 billion in assets and is sponsor of the prestigious annual Man Booker literary prize. Silvermine was founded in 2005 and has $3.8 billion under management. The company will be integrated into wholly-owned subsidiary Man GLG and operate as Man GLG Silvermine.
Ms. Morgan has previously represented Man Group in a number of acquisitions, including its 2014 acquisition of Numeric Holdings LLC and its 2010 purchase of London-based GLG Partners for $1.6 billion.
Regarding the Silvermine deal, Ms. Morgan said, “We are delighted to participate in this significant transaction, a milestone in Man Group’s expansion into the US investment and credit marketplace.”
The acquisition is expected to close in the first quarter of 2015.
Ms. Morgan’s practice focuses on the representation of private equity firms and their portfolio companies and financial services companies (including asset managers and hedge funds) in M&A transactions. Her clients have included GE Capital, Centerbridge Partners, Lehman Brothers, and Irving Place Capital.
About Milbank
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