Just a quick snap – as yet unspotted elsewhere by FT Alphaville – from Wealth Bulletin (emphasis ours):
Man Group, the hedge fund manager whose share price has fallen by 60% this year, is planning to double the size of its flagship AHL fund despite analyst concerns it is too reliant on the computer-driven product.
The group’s chief executive Peter Clarke said Man was seeking to double assets in its AHL fund to $48bn (€37.6bn) over the next three years. This would increase Man’s total assets in model-driven funds by more than 10%.
Of course, seeking is rather a different proposition from actually doing. This said barely two weeks after Man reported troubled H1 results and funds under management falling 9 per cent.
And it also gives more weight to the notion of Man “flying on one engine” as Citigroup analysts wrote last week. The flagship AHL fund has been exceptionally successful. Man’s other funds, not so much.
According to the latest numbers seen by FT Alphaville, AHL Alpha is up 14.33 per cent ytd, down 2.37 per cent mtd, while AHL Diversified is up 20.27 per cent ytd, down 3.25 per cent mtd.
Who said quantitative finance was dead?
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