Man Assets Rise In Second Quarter On Sales, Performance

Jul 11 2008 | 10:50am ET

Despite a difficult first half for hedge funds, the Man Group continues to rake in new assets. The London hedge fund giant said sales were US$5 billion in its first fiscal quarter, against redemptions of just US$2.5 billion. The US$2.5 billion net inflow, alongside US$1.7 billion in performance gains and US$700 million in positive currency moves pushed the firm’s assets under management up 6.6% to US$79.5 billion.

A substantial chunk—US$2.2 billion—of Man’s sales was in its increasingly popular guaranteed products.

“This success in asset-raising reflects the group’s broad geographic presence and the continued attraction of conservatively-structured alternative investment products,” Jon Aisbitt, chairman of Man, said.

While most hedge funds are in the red, Man’s for the most part posted positive performance. Its flagship AHL strategy returned 3.8% on the quarter, while its Glenwood and RMF funds of funds rose about 2.4% and 2.5%, respectively.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…