Thu, Oct 19, 2017
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. Regulatory - David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge, Carried interest tax: How much does it matter?, Odey sees 'terrifying' mix in MiFID, tapering, asset values, Hedge funds come together to share cost of MiFID and research, SEC turns up the heat on U.S. investment advisers, India's Sebi asks hedge funds to report investments in commodity derivatives[more]

    David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge From CNBC.com: David Stockman is warning about the Trump administration's tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off. Stockman, the R

  2. North America - Puerto Rico rejects loan offers, accusing hedge funds of trying to profit off hurricanes[more]

    From TheIintercept.com: Puerto Rico has rejected a bondholder group's offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico's Fiscal Agency and Financial Advisory Authority said the offer was "not viable" and would harm the islan

  3. Investing - WPP targeted by short-selling American hedge fund, Sun co-founder sells secretive hedge fund on big chip trade[more]

    WPP targeted by short-selling American hedge fund From Cityam.com: An American hedge fund has mounted a bet against WPP, the world's largest advertising group, with a trade worth almost £90m. Lone Pine Capital has built a short position worth 0.51 per cent of the FTSE 100 company,

  4. Hedge funds up as industry adjusts to rising rates[more]

    Komfie Manalo, Opalesque Asia: Hedge funds have reshuffled their portfolio after nearly four weeks of rising rates as the Lyxor Hedge Fund Index was up +0.2% from 19 September to 26 (+1.1% YTD), fuelled by strong results of global macro funds, Lyxor Ass

  5. Manager Profile - How the world's hedge fund king used 'idea meritocracy' to become a billionaire[more]

    From Forbes.com: In 1982, Ray Dalio made what he calls the biggest mistake of his life. He made a bet that there would be an economic collapse stemming from a debt crisis. And he was wrong. He lost money. He lost his client's money. He had to let people go from his firm and borrow money from his dad