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

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note