Monday, 27 April 2015
Last updated 1 hour ago
May 31 2007 | 11:54am ET
In a trend that’s either disturbing or encouraging (or both), another big hedge fund says assets and profits are up, even though performance is down.
The Man Group—the world’s largest publicly-listed hedge fund—said that its flagship $18.5 billion AHL Diversified Program lost 4.8% in the fiscal year ending on March 31, driving performance fee income down 20%. But overall income soared 27%, driven by a 24% jump in assets under management, to $61.7 billion, and a consequent 34% rise in management fee income.
Total sales rose 75%, according to the firm, and it said it continues to attract massive amounts of new money, with some $3.5 billion pouring in over the past two months.
As for performance, Man made no promises. “It’s been a difficult year for trend followers, and therefore for AHL,” firm Chairman Harvey McGrath said in a conference call. Man said the group’s performance was badly hit by the market correction earlier this year.
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…