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Alternative Market Briefing

Man Group to curtail its guaranteed products business

Wednesday, August 28, 2013

Manny Roman
Beverly Chandler, Opalesque London:

Bloomberg reported that the $52bn Man Group is to close Man Vision, a $40m fund and is believed to be looking at closing other guaranteed funds linked to the performance of AHL Diversified.

The AHL fund is the $14bn trend following hedge fund that was at the heart of the Man business. Performance has been challenging for funds in this strategy overall with performance in the six months to 30 June 2013 for the AHL Diversified Programme at -3.2%. In the 2nd August six month interim results statement, Manny Roman, Chief Executive Officer of Man, said: "While the first quarter of the year benefited from a more stable environment in financial markets, the second quarter was characterised by renewed volatility.

Against this background, Man’s investment performance was varied: good in discretionary and challenging in trend following. In terms of flows, investor appetite remained muted as renewed market volatility tempered investors’ willingness to put their money to work. A sustained improvement in investment performance, particularly from AHL, remains the key prerequisite for an improvement in net flows."

The invention of the guaranteed fund in the late 1980s which offered investment perfor......................

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