Man Group Profit Rises 60%, Fink To Retire

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.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.