Saturday, 20 September 2014
Last updated 21 hours ago
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.