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Komfie Manalo, Opalesque Asia: Man Group, the world’s largest listed hedge fund firm, reported a decline in profits and assets in the first half of this year, ahead of the departure of Manny Roman as chief executive officer.
Releasing its interim results for the six months of 2016, Man Group reported $8m in earnings from performance fees as of June 30 this year, down from $172m recorded a year earlier. The hedge fund said that overall profits also fell to $98m from $280m, in line with analysts' forecasts.
Roman commented, "The first half of 2016 has been a particularly challenging period for the global investment management industry. The first quarter of the year was a highly volatile period in financial markets. AHL’s momentum strategies performed well, but it was a difficult time for our long only strategies. Markets reversed in the second quarter, and as a result, AHL’s momentum strategies gave back the gains they had made in the first quarter."
Assets fell on 'highly volatile’ market
The London-based firm reported that assets fell to $76.4bn as of end June 30 from $78.7bn as of end December 31, 2015. Man Group manages assets including large computer-driven hedge funds and portfolios run by human traders.
Roman added that the recent volatility post-Brexit has benefitted AH...................... To view our full article Click here
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