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Benedicte Gravrand, Opalesque Geneva: Man Group Plc, the largest publicly traded hedge fund manager, saw its funds under management (FuM) go up 8% in the first half of this year, from $72.9bn at the end of 2014 to $78.8bn at the end of June, according to the firm’s interim results announcement. FuM at the end of 2013 amounted to $54.1bn.
Man’s profit before tax (PBT) of adjusted net management fee was higher than last year, at $108m compared to $83m in H1 2014. Adjusted performance fee PBT was also higher, at $172m compared to $65m.
Compared to the first half of last year, gross sales were lower ($10.5bn compared to $12.4bn in H1 2014), redemptions were higher ($13.1bn compared to $9.6bn), net outflows were slightly lower ($2.6bn compared to $2.8bn), and investment movement increased greatly ($3.8bn compared to $0.7bn).
The outflows in H1 were skewed by $3.4bn of outflows from Man’s Japan CoreAlpha strategy (which won an award in November). But there were strong flows in the quant strategies, including a large institutional mandate in AHL.
$1.6bn of H1 2015’s FuM came from the ...................... To view our full article Click here
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