Man Group has continued its diversification push by clocking up its fourth acquisition since Emmanuel Roman was named chief executive last year. It takes confirmed spend, pending formal deal completion, to just shy of $250 million under Roman.

The UK-based hedge fund manager today said it had struck an agreement to buy Silvermine Capital Management, a US-based leveraged loan manager with $3.8 billion of funds under management, for an upfront payment of $23.5 million. The price could rise to as high as $70 million over the next five years.