Monday, 22 December 2014
Last updated 17 min ago
Aug 21 2012 | 12:24pm ET
Moody's Investors Service slashed Man Group's credit rating to just above junk after the hedge fund giant's assets under management dropped by a quarter over the past year.
The world's largest publicly-traded hedge fund's debt is now rated Baa3, the lowest investment grade, Moody's announced today. The ratings agency cited "continuing challenges in the company's core business" and warned "there will be little if any retained earnings given Man's dividend policy and ongoing earnings pressure."
Man disputed Moody's pessimism, saying it "remains financially robust and enjoys a strong position in the market."
"Man has made considerable progress in addressing its cost base and expanding its investment management capabilities," it said.
Man's assets dropped from US$71 billion to US$52.7 billion in the year-ended June. Its stock price has been battered and its flagship AHL strategy has performed poorly. The firm announced plans to impose nearly US$200 million in cost cuts this year.
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.