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.

“This appears to us to be a well-priced deal, which is expected by the company to be earnings accretive from completion,” Phil Dobbin, an analyst at Espirito Santo Investment Bank, wrote in a note to clients.

Man Group has sought to diversify its range of funds and expand in the U.S. after its stock price slumped 67 percent since 2010. The Numeric acquisition will help Man Group do both, Chief Executive Officer Emmanuel Roman said in the statement. Numeric has an “excellent track record of performance and innovation,” he said.

Man Group shares rose 4.4 percent to 103.5 pence at 8:52 a.m. in London trading, giving it a market value to 1.8 billion pounds ($3 billion).

Lang Wheeler founded Numeric in 1989 after working for State Street Corp. TA Associates Inc., a Boston-based private- equity firm, acquired a minority stake in Numeric through a $240 million recapitalization in 2004. Its investment funds are primarily “long-only,” meaning they don’t bet on falling stock prices and charge investors lower fees than hedge funds.

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