The leading London hedge fund player Blaine Tomlinson was considerably better off yesterday after the firm he founded 21 years ago was bought by Man Group for up to $82.8m (£52.3m).
FRM (Financial Risk Management) is a fund of hedge funds business which runs assets worth $8bn.
It was started by South African Mr Tomlinson, pictured, in 1991 as a research firm, branching into fund management six years later. It mainly manages funds from the Far East, and has a strongrelationship with SumitomoMitsui Trust Bank.
The business will be integrated with Man's existing multi-manager business, lifting its assets under management to $19bn. This business is run by Luke Ellis, the former managing director ofFRM, who joined Man two years ago.
Like many hedge fund managers Mr Tomlinson is secretive. He is a trustee of the ARK charity, which was founded by a group of hedge fund managers.