Friday, 26 December 2014
Last updated 2 days ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.