Man Profits Hit By Lower Performance Fees

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.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Artivest Announces Funding Round Led by KKR & Co.

May 4 2015 | 9:56am ET

Artivest, a startup that provides individual investors with access to private equity...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note