Man Profit Drops As Assets, Performance Rise

Nov 5 2010 | 11:41am ET

The Man Group said yesterday that its pre-tax profit dropped by more than a fifth in the third-quarter as its fee income dropped sharply.

The firm, which last month completed its acquisition of GLG Partners, still managed to top its own profit forecast at US$227 million. But that was down 22% from the $292 million in pre-tax earnings it took in during the third quarter of last year.

Man suffered a 10% drop in management fee revenue and a nearly two-thirds drop in performance fee revenue during the quarter. Still, the firm’s hedge funds—including its flagship AHL strategy—did well on the quarter, with AHL up 6.6% and now just 6% off its high-water mark, leaving the firm with US$40.5 billion in assets on Sept. 30.

The firm now manages much more, of course, following the GLG acquisition. Man said buying GLG added US$25 billion to its coffers, and that the combined firm currently manages US$67 billion, up from the US$63 billion the merger was expected to produce.

“With a wide range of investment styles now being marketed worldwide and an unrelenting focus on investment performance, Man is well-positioned for asset growth,” CEO Peter Clarke said.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.