We are currently trialling our new-look independent.co.uk website - please send any feedback to beta@independent.co.uk

Business News

Top London player cashes in after £52m deal with Man

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.