Man Sees Rebound For Funds Of Funds

Mar 12 2013 | 12:58pm ET

The Man Group's new fund of hedge funds chief is bullish on the beaten-down sector.

Keith Haydon, named chief investment officer of Man's Financial Risk Management unit when new Man CEO Emmanuel Roman elevated former FRM CIO Luke Ellis to Man's presidency, said the firm expects its multi-strategy funds of funds to enjoy their best year in four in 2013.

Haydon said that Man's internal analysis suggests an 8.5% return for the funds this year. The funds haven't done that well since 2009, when the largest jumped 13%. It rose just 1.8% last year.

"We've got reasons to think that central banks are beginning to back off quantitative easing," he explained to Bloomberg News. "And there's a slightly more positive growth picture, a more heterogeneous one."

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