Hedge Fund News Wrap: Week Ending 12/12/14

(Bloomberg News) Man Group Plc (EMG), the largest publicly traded hedge fund manager, will buy fund-of-hedge funds assets from Merrill Lynch Alternative Investments to expand in the U.S.

Man Group’s FRM unit will acquire the contracts to manage Merrill’s $1.2 billion multi-strategy investments, the London-based firm said in a statement today. Man will pay Merrill Lynch $2.9 million when the deal closes and 35 percent of the management fees generated annually for five years, not to exceed $30 million.

Read the entire article at Bloomberg News
More coverage: Hedgeweek and TheStreet

Number of hedge fund launches falls to 240 in third quarter: HFR

(Reuters) Fewer hedge funds opened in the third quarter of 2014 than in any other quarter in a year, according to data released on Thursday by industry research firm Hedge Fund Research.

In the three months through September, only 240 new funds were launched, the smallest number of startups since the third quarter of last year when 233 new funds opened for business, HFR said. During the second quarter of 2014 285 new funds were launched.

Read the entire article at Reuters
More coverage: Hedgeweek and FINalternatives

Banks Urge Clients to Take Cash Elsewhere

(The Wall Street Journal) Banks are urging some of their largest customers in the U.S. to take their cash elsewhere or be slapped with fees, citing new regulations that make it onerous for them to hold certain deposits.

The banks, including J.P. Morgan Chase & Co., Citigroup Inc., HSBC Holdings PLC, Deutsche Bank AG and Bank of America Corp. , have spoken privately with clients in recent months to tell them that the new regulations are making some deposits less profitable, according to people familiar with the conversations.

Read the entire article at The Wall Street Journal
More coverage: ValueWalk and Bloomberg News