Saturday, 25 April 2015
Last updated 16 hours ago
Nov 9 2006 | 10:57am ET
It seems that hedge funds don’t have to be profitable in order for the companies that run them to be.
Man Group, the largest publicly-traded hedge fund manager in the world, painted a very rosy picture of its fiscal first half, in spite of that fact that several of its funds were down during the period, including its flagship Man AHL Diversified, which fell 4% in the six months through September. The firm said first-half profit soared 40% to US$637 million on a 50% jump in revenue to US$2.24 billion.
Hedge funds have struggled through much of the year, but that didn’t stop investors from pouring more into Man. Its assets under management rose 28% to US$56.8 billion, thanks in part to fund inflows of some US$7 billion. The firm said more than half of its US$10.6 billion in sales came from private investors – half of which in turn came from Asia-Pacific countries – pushing management fee income up 38% to US$452 million.
Performance fee income rose 33% to US$221 million.
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…