Wednesday, 22 October 2014
Last updated 48 min 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...