Monday, 4 May 2015
Last updated 51 min ago
Feb 27 2014 | 7:59am ET
Man Group shares rose on Thursday as the hedge fund company posted a 2013 pretax profit of $56 million and Q4 inflows of $700 million.
Man's profit compares favorably with a loss of $748 million in 2012, a year in which it had more than $1 billion of charges, including a $746 million impairment to write down the value of its GLG Partners unit.
Shares in the world's largest publicly traded hedge fund firm gained as much as 11.8% on Thursday as it announced its intention to repurchase $115 million in shares and said it was on track to realize $270 million in cost savings by the end of 2015.
Man also announced plans to pay a final dividend of 5.3 cents per share bringing the total dividend for the year to 7.9 cents.
Hedge funds managed by Man's GLG Partners unit ended 2013 in the black but the firm's flagship AHL Diversified hedge fund contracted to $11.9 billion in assets as of Dec. 31, shrinking for a third straight year.
Said Man CEO Manny Roman in a statement:
“Despite challenging conditions for our business, we continued to make progress against our strategic objectives in 2013. Our priorities remain to deliver superior risk-adjusted investment performance, build options for growth, improve and leverage our distribution capabilities and operate the business as efficiently as possible. We largely completed the restructuring of our cost base and balance sheet during the year, and continued the development of new business areas. Investment performance in 2013 was reasonable on a relative basis and flows showed modest recovery towards the end of the year after a weaker first half.”
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…