Monday, 4 May 2015
Last updated 17 min 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.
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…