Man Group Plc, the world’s largest publicly traded hedge-fund manager, agreed to buy Numeric Holdings LLC for as much as $494 million. Man Group’s shares rose.

Man Group will pay $219 million in cash and as much as $275 million more to Numeric management and employees five years after the completion of the deal, depending on the profitability of the business, the London-based company said in a statement today. Numeric, a closely held Boston-based firm that trades stock based on signals from mathematical models, manages $14.7 billion, Man Group said.

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