Man Gets Merrill Vote Of Confidence

Mar 10 2010 | 12:36pm ET

The Man Group’s flagship strategy may have suffered its first-ever annual loss last year, but AHL

“There is no reason to assume AHL is broken,” Bank of America Merrill Lynch told its clients. “Our view is that the current behavior of AHL is relatively typical of the strategy in a trendless market.”

AHL, which manages US$21.7 billion, los 16.9% in 2009. But that is “consistent with its historical record,” Merrill said. “And if history is a guide, it should deliver performance fees” by the end of next year, as it reaches and exceeds its high-water mark.

“As a trend develops, so AHL will increase risk, leading to greater returns.”

“Whilst there is nothing particularly enjoyable about AHL’s recent performance,” the investment bank said, “nor is there anything odd about it.”

Merrill affirmed its “buy” rating for Man, the largest publicly-traded hedge fund manager in the world.

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