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Tuesday, June 17th, 2008
MAN Group plc to acquire 25% interest in Nephila Capital Ltd
Man Group plc, a leading global alternative investment management firm, announces it has agreed to acquire a 25 per cent interest in Nephila Capital Ltd.
Nephila is a specialist alternative investment manager working with insurance-based instruments such as insurance-linked securities, catastrophe bonds, insurance swaps and weather derivatives. Through its proprietary investment strategies, Nephila provides access to uncorrelated sources of returns.
Established in 1998, Nephila is headquartered in Bermuda, employs 25 staff and has approximately $2.4 billion1 under management. Combining Nephila's experience with Man's depth of resources and market reach aims to create significant value for both investors and shareholders.
The minority stake in Nephila Capital will be part of Man’s multi-strategy private equity manager, Man ECO, which specialises in environmental finance. Nephila’s three managing principals, Frank Majors and Greg Hagood, who are co-founders of the firm, and Barney Schauble, will continue to manage the business and the underlying fund investments.
The CEO of Man Group plc, Peter Clarke, said "This transaction further develops Man's strategy to expand the range of opportunities for our investors. The natural catastrophe and weather derivative markets offer significant opportunities for uncorrelated alternative investment returns. We are excited at the prospects of this strategic partnership and what it means for ourand Nephila’s investors."
Frank Majors said, "We are delighted to join Man in a partnership that will open up international markets and allow us to focus on evaluating investment opportunities and portfolio management."
For further information please contact:
Merlin PR
Paul Downes
Paul Farrow
+44 (0) 7900 244 888
+44 (0) 7747 607 768Notes to EditorsAbout Man Group plc
Man is a world-leading alternative investment management business. With a broad range of funds for institutional and private investors globally, it is known for its performance, innovative product design and investor service. Man manages over USD78 billion1 and employs 1,600 people in 13 countries worldwide.
The original business was founded in 1783. Today, the parent company, Man Group plc is listed on the London Stock Exchange and ranked in the top 40 companies of the FTSE 100 Index, with a market capitalisation of about USD20.7 billion1.
Man supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes and the Man Group International Climate Change Award. Further information can be found at www.mangroupplc.com
About Man Environmental Capital Opportunities
Man Environmental Capital Opportunities (Man ECO) is a multi-strategy private equity manager within Man Investments which seeks to capitalise on investment opportunities arising from environmental concerns. It seeds and manages funds specialising in environmental investment projects and other areas where investment returns are driven by the natural environment. It began operations in 2006 and was established as a single-manager of Man Investments in 2008. Man ECO has funds under management of about USD600 million1
Further information can be found at www.man-eco.comAbout Nephila
Founded in 1998, Nephila is a leading alternative investment manager specialising in insurance-based instruments. The company currently manages about USD2.4 billion across a range of vehicles. In addition to insurance linked instruments, which are primarily related to natural catastrophe risk, Nephila has been trading weather risk since 2000 and launched a dedicated weather vehicle in 2005. Further information can be found at www.nephilacapital.com.
