Man Profit Down On Shrinking Assets, Poor Performance

May 27 2010 | 11:50am ET

Man Group’s profit dropped more than US$200 million in the fiscal year ended in March as the firm’s assets under management and performance took a big hit.

Pre-tax profit at the firm, which this month announced plans to acquire fellow publicly-listed hedge fund GLG Partners, fell to US$541 million from US$743 million. While that’s marginally less bad then the firm expected, the reasons are troubling: Man’s flagship AHL strategy, home to more than half of its assets, fell by 7.7% over the period, while assets under management fell by about 16% during the fiscal year.

Still, CEO Peter Clarke called the results “satisfactory,” while he said his expectations for 2011 are “measured.”

“The word ‘measured’ is designed to address a couple of things,” he said. “Uncertainty is at the forefront of people’s minds again. There are investors sitting on the fence.”

On the bright side, assets have remained steady over the past two months, Clarke said.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...