Monday, 4 May 2015
Last updated 4 hours ago
May 29 2008 | 11:30am ET
The Man Group’s annual profit soared 60%, with the firm’s flagship AHL futures business leading the way, while its former chief said he is leaving the hedge fund behemoth after more than two decades.
Profit before tax in the fiscal year ending March was US$2.08 billion, up from US$1.3 billion in the previous year, Man said today. Funds under management added 21% to US$74.6 billion, as new sales of US$15.9 billion topped $10.7 billion in redemptions.
Management fee income rose 21%, as well, to US$1.1 billion, while performance fee income soared 161% to US$936 million.
“Our strength is in our wide range of investment management capabilities combined with conservative product structures, both of which have allowed us to perform for our investors through some of the most turbulent markets in recent memory,” CEO Peter Clarke said. “With our product breadth and wide geographical presence, we are able to access the changing patterns of global wealth accumulation and continue to grow our business.”
Man added that it is also off to a good start to the new fiscal year, as assets under management have added another US$4 billion, standing at an estimated US$78.5 billion at the end of this month.
In addition, Stanley Fink, who stepped down from his post last year, said he would leave the company at its July 10 annual meeting. He has served as deputy chairman since retiring as CEO.
Fink said he would focus on his philanthropic interests, including raising money for a children’s hospital and city academy school in London. “I have many commercial and philanthropic interests outside Man Group to which I am increasingly committed and I am eager to purse these, and other opportunities, more fully,” he said.
Fink joined Man in 1987 as finance director, and ran its investment management business before taking the helm as CEO.
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…