Tue, Sep 27, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Man Group’s Annual Report reflects impact of 'a turbulent market and economic background’

Monday, March 18, 2013

Beverly Chandler, Opalesque London: The Man Group Annual Report for 2012 shows a further decline in profitability for the group due to a 43% drop in high margin guaranteed product FUM and $7.3bn of net outflows. Other highlights include:

  • $979 million goodwill impairment leads to a statutory loss
  • Significant progress made in reshaping the business
  • Acquisition of FRM completed in July and integration into the Multi-Manager business now complete
  • $95 million of operating cost savings announced in January 2012 delivered and on track to deliver further annual cost savings of $100 million by the end of 2013
  • Improvement in capital and liquidity through sale of assets in the Lehman estates and positive operating cash flow.
Funds under management with the group stood at $57bn at end December 2012, down 2% year on year. The decrease comprises: net outflows of $7.3bn de-gearing and other movements of $3.4bn, negative FX of $0.3bn, partly offset by acquired FRM FUM of $8.3bn and positive investment performance of $1.3bn.

Sales stood at $12.8bn, split between $9.0bn alternatives and $3.8bn long only. Net outflows of $7.3bn in total, with net outflows of $6.8bn out of alternatives and $0.5bn out of long only. Sales were $16.7bn for the prior nine month period.

Gross revenue comprised $1,209m of management fees and $90m of performance fees. Revenue was imp......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  2. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  3. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  4. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  5. Trend reversals lead to losses as managed futures drops 1.52% in August[more]

    Komfie Manalo, Opalesque Asia: Trend reversals in August have led managed futures traders to lose 1.52% last month according to the Barclay CTA Index compiled by BarclayHedge. The Index is up 0.62% year to dat