Saturday, 29 November 2014
Last updated 23 hours ago
Sep 28 2010 | 12:21pm ET
Big redemptions and a precipitous drop in performance fees add up to bad news about the Man Group’s first half profit.
The world’s largest public-traded hedge fund firm said its estimated profit for the six months ended Sept. 30 would be 55% lower than last year at US$135 million. Performance fees fell 79% to £10 million in the first half.
The firm’s assets under management are likely to grow US$1 billion to US$39.5 in the three months to Sept. 30, although Man has suffered US$600 million in redemptions during the quarter.
“The last six months have seen further mixed macro signals across global economies and continued uncertainty in markets,” CEO Peter Clarke said. “It has therefore been pleasing to see Man’s investment strategies performing well in these difficult conditions.”
Man is buying hedge fund GLG Partners in a deal expected to close on Oct. 12.
Nov 4 2014 | 9:45am ET
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