Hedge fund manager Man Group has got shot of the last of its exposure to the estates of collapsed US bank Lehman Brothers.
Hutchinson Investors LLC, managed by the Baupost Group, has paid $456m in cash for the Lehman claims Man Group acquired in 2011. The claims were valued at $346m on Man's books.
The transaction allows Man to benefit from the payment of the total consideration, while retaining certain obligations to the funds, the statement from Man said. The proceeds will increase Man's regulatory capital surplus and further enhance its net cash position.
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