Monday, 25 May 2015
Last updated 2 days ago
May 26 2011 | 8:36am ET
Hedge fund giant Man Group says its assets have climbed 3% since March to $71 billion thanks in part to the Nomura Global Trend fund (an open-ended version of the company’s flagship AHL fund) which has attracted $2 billion since its April launch.
As reported by Reuters, Man CEO Peter Clarke told a conference call with journalists:"The phenomenal success of the Japan AHL launch demonstrates the concerns people had around the ... earthquake and ... tsunami around our asset-raising were completely unfounded."
The strong Japan fundraising comes despite AHL’s poor performance this month—the $23 billion “blackbox” fund, named for founders Michael Adam, David Harding and Martin Lueck, is down 6% since May 2, thanks to a commodity sell-off.
The firm raised an additional $400 million from the launch of its first guaranteed fund combining AHL and GLG funds, the IP220 GLG product. Man acquired rival hedge fund shop GLG Partners in 2010.
Man reported a $599 million pre-tax profit for the fiscal year ending in March 2011, beating its March forecast of $560 million. Net profit was $211 million (down from $445 million netted in fiscal 2010).
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…