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From Komfie Manalo, Opalesque Asia: Peter Clarke, chief executive of Man Group Plc, announced on Wednesday that the company would survive the challenges it had faced this year due to the lingering economic crunch, but said the firm had initiated mitigating measures for better market access and sought investment opportunities to reinforce the group’s competitive position.
Clarke’s statement was made ahead of today (Wednesday)'s conference call for investors and analysts, which will outline the strategies and the company’s Fund Under Management (FUM) analysis report from 3 months to 31 December 2008.
As of end of last year, Man Group, the largest listed hedge fund in the world, had $53.3bln in FUM, sliding $14.4bln or 21% from $67.6 billion (30 September 2008) and $61bln by the beginning of November.
He said in the statement, “Through these turbulent markets, we have preserved financial resources, maintained surplus capital and acted to protect investors.”
According to Clarke, market conditions in the last quarter of 2007 were “extremely challenging, with high volatility, low levels of liquidity, limited availability of leverage and year-end redemptions by many investors.” However, he said the firm had initiated mitigating measures in response to calls by private investors for conservatively-s...................... To view our full article Click here
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