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From the Opalesque team:
Man Group, one of the largest listed hedge fund groups, which proposed to buy competitor GLG Partners on 17th May, released its financial results for the first quarter of 2010 (Q1-10), ending 31st March 2010.
At the end of Q1-10, funds under management (FuM) amounted to $39.4bn, compared to $42.2bn in Q4-09 and $46.8bn in Q1-09. As of 27th May, FuM remain broadly unchanged at $39bn with the FX impact of the weak Euro counterbalancing the effects of AHL's (Man's flagship quant fund) positive performance.
Lower average assets over the period, $42.6bn compared to prior year $65.1bn, translated into lower net management fee income of $463m, said the quarterly review. Performance fees were modest at $97m, 27% of the prior year. The combined effect saw profits before tax and adjusting items of $560m, down from $1.2bn the previous year.
Profit before tax amounts to $541m (compared to $743m in 2009); and diluted earnings per share are at 24.8 cents (compared to 28.4 cents in 2009). The Board also confirmed that it will recommend a final dividend of 24.8 cents per share for Q1-10, giving an unchanged total dividend for the year of 44 cents per share. Man announced its intention to recommend a total dividend of at least 22 cents per share for the full year dividend for 2010/11 and to adopt a progressive dividend policy from here forward.
AHL doing better this year ...................... To view our full article Click here
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