A Good Six Months For Man
Hedge fund manager Man Group saw its shares on the FTSE 100 jump 15% on November 4 as its first half results beat expectations.
Funds under management at September 30, 2010 were $40.5 billion, up from the $38.5 billion recorded in June 2010. The results beat the September 28 pre-close estimate by approximately $1 billion due to strong investment performances and favourable FX movements at the end of the reporting period.
The group’s flagship computer-driven $21.9 billion fund AHL was up 6.6% in the six months leading up to September 3. AHL, which follows trends in the global markets had benefited from the weak dollar.
“AHL performance has benefitted from strongly trending bond and currency markets,
but also from increased research capacity and our unique collaboration with Oxford University,” said Peter Clarke, chief executive officer at Man.
The results do not reflect Man’s acquisition of its rival GLG last month. The combined business of Man GLG now has an estimated $67 billion in assets under management.