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NewSmith runs down the flag as Manny marches in

The deal enhances the relationship between NewSmith’s backer Sumitomo Trust and Banking and Man Group

NewSmith runs down the flag as Manny marches in

NewSmith's decision to run down the flag and sell itself to Manny Roman’s Man Group has ended its brave attempt to build a boutique capable of winning clients across the world.

The deal, announced today, enhances the relationship between NewSmith's backer Sumitomo Trust and Banking and Man's FRM fund of hedge funds unit, led by Luke Ellis. Sumitomo was an early investor in FRM.

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