Man Group Invests in Weather |
Date: Monday, June 9, 2008
Author: Paula Schaap
U.K.-based hedge fund firm Man Group is taking a stake in an alternative
investment manger whose portfolio includes weather derivatives in a bid to
expand its range of alternative investment strategies.
Man Group acquired a 25% stake in Bermuda-based Nephila Capital for $50 million
in cash, the hedge fund said in a statement.
Nephila specializes in underwriting natural catastrophe reinsurance and
investing in insurance-linked securities and weather derivatives. The firm has
about $2.4 billion in funds under management.
Nephila’s co-founders, Frank Majors and Greg Hagood, as well as a third managing
principal, Barney Schauble, will continue to manage the business.
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