BlueCrest Capital Management has announced the acquisition by its partners of the 25.5% partnership interests held by Man Group plc for a total consideration of $633m. In addition, BlueCrest has also acquired the remaining partnership interests of retired co-founder Bill Reeves on proportionately similar terms. As a result of these transactions, all of the partnership interests in BlueCrest are now owned by the working partners of the firm. The transaction has been funded by a senior debt facility arranged by HSBC and RBS, the issue of loan notes to both Man Group plc and Bill Reeves, and through existing cash resources.

Michael Platt, Co-Founder of BlueCrest, said: “We are pleased to announce this transaction which simplifies our ownership structure, and results in all of our Partnership interests being held by our working partners. We would like to thank Man Group for the support it has shown us since joining the Partnership in 2003. In addition, I would like to offer my own personal thanks to my co-founder Bill Reeves, without whom BlueCrest would not be the business that it is today.

The transaction will have no impact on our strategy or on our investment teams, and we remain wholly focused on continuing to deliver best-in-class returns for our investors in our core investment strategies of liquid fixed income and systematic trading.”

Peter Clarke, Chief Executive of Man, said: "The sale of our minority interest in BlueCrest is part of our strategic focus on Man's internal investment management capabilities.

“We have had a long and successful relationship with BlueCrest and this transaction crystallises a significant profit for shareholders on our original investment. It also generates substantial cash and regulatory capital resources, further enhances our strong financial position and allows us to continue developing our core investment business, attracting assets and building on our leading global franchise."