Friday, 29 August 2014
Last updated 4 hours ago
Jun 5 2013 | 11:57am ET
The Man Group's flagship strategy suffered its biggest monthly drawdown in more than a decade, sending its share price tumbling in a rude welcome to new CEO Emmanuel Roman and new AHL chief Sanday Rattray.
AHL Diversified dropped 8.74% last month, erasing year-to-date gains that indicated that the quantitative fund might have turned a corner; prior to May, AHL had posted positive returns in six straight months. The $14.1 billion strategy is now down 0.59% on the year.
Roman, who took the reins at Man at the end of February and placed a number of former GLG Partners executives—like himself—in top posts, including former GLG adviser Luke Ellis as president and Rattay at AHL. Man bought GLG in 2010.
AHL's May losses led UBS to cut Man's rating to neutral from buy, and sent shares down almost 17% on the day.
"Man Group remains highly dependent on AHL, which has had a 12% pullback from its recent peak, leading to a significant cut to earnings, but also reducing the probability of flows turning," UBS analyst Arnaud Giblat wrote to clients today.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...