Wednesday, 1 October 2014
Last updated 11 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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