Man Group, the Swiss hedge fund provider, is to acquire its Swiss rival RMF Investment Group for $833m (€899.3m), creating one of the largest alternative asset managements firms with $20bn in assets under management.

RMF has $8.5bn in assets and focuses on the institutional market. Its European focus complements Man's exiting US and global private banking businesses, and Man expects the acquisition to increase its access to high-quality managers with significant additional capacity.