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’Snap news
Breaking pre-market news on Thursday,
- Greek finance minister is against holding a referendum — report and confirmation.
- BNP Paribas reports 72 per cent fall in Q3 earnings after taking bigger than expected 2bn Greek debt hit – statement.
The descent of Man (Group)
Missing – dead cat bounce. Answers to the name of Man Group. If found, please contact Peter Clarke on 0207 144 1000.
Ugly eh?
Since last month’s dismal results, shares in Europe’s biggest hedge fund manager by assets have sunk further and further and further.
Man alive!
The price action in the eponymous hedge fund manager.
That follows a shocking second quarter trading update that rightly or wrongly is bound to raise questions about the acquisition of GLG. But before we come to that,
Snap news
Breaking pre-market news on Wednesday,
- Man Group says clients pulled out $2.6bn of cash in Q2 – statement.
- Tullow Oil says Enyenra-3A appraisal well a success — statement.
- Norlisk Nickel announces share buyback — statement.
Snap news
Breaking pre-market news on Monday,
- Glencore to acquire 70 per cent stake in Mina Justa Project for $475m – statement.
- Man Group to acquire Lehman exposure from its GLG Partners subsidiary – statement.
Snap news
Breaking pre-market news on Thursday,
- UBS planning to separate its investment bank and incorporate outside of Switzerland — report.
- Jupiter Properties makes conditional 120.5p a share cash offer for Minerva — statement.
Man alive
We’d been wondering how those trend-following black boxes performed during last week’s commodity rout and now, thanks to Man Group, we have an inkling.
The following went up on the hedge fund managers website on Monday night and shows the AHL strategy lost 5.3 per cent last week due to the wild swings in commodity prices and to a lesser extent,
Man in Japan
After losing a lot (some estimated up to $2bn) as a result of Japan’s March 11 earthquake and tsunami, and giving a bit ($1m) to Japan’s relief effort, Man Group is recouping some losses and is back in serious business in Japan – and wants everybody to know about it.
Snap news
Breaking pre-market news on Tuesday,
- Germany’s Metro on target to meet full year earnings forecast — statement.
- Thorntons warns on profits; blames warm easter weather — statement.
- Nasdaq and ICE launch hostile offer for NYSE — statement.
Japan’s hedgie trap
Some more insights into the (financial) traps and machinations of Japan’s post-March 11 markets and their impact on investors — this time from the FT’s Sam Jones, formerly of the FT Alphaville’s parish.
Snap news
Breaking pre-market news on Tuesday,
- Wolseley H1 profit up 64 per cent on cost cutting, demand – statement.
- Kazakhmys net income rises to $1.49bn from $602m – statement.
- Man Group adjusted full-year pretax profit $560m,
The hot money speaks on emerging markets
Efforts by emerging market governments and central banks to shut out hot money to protect their economies are doomed to fail – or so says the hot money.
Bart Turtelboom and Karim Abdel-Motaal, who run the emerging markets hedge fund at GLG,
Snap news
Breaking pre-market news on Thursday,
- Man Group suffers single redemption of over $1bn — statement.
- Aviva plans to cut hybrid debt by at least £700m over next three years — statement.
- RSA warns of £255m of weather related losses — statement.
Man overboard?
Hedge fund manager Man Group was one of the best performers on the London stock market last week.
Its shares rose 15.5 per cent, against a 1.65 per cent gain for the FTSE 100:
The gains were fueled by further spurious bid speculation and the continued strong performance of AHL Diversified,
Maneater?
Brevan Howard — Europe’s largest hedge fund manager, the world’s 4th — is launching a new fund, the FT reports.
A new computer-driven fund.
Which is, in itself, unusual.
After all, Brevan is a firm where almost all trading is done by people.
Snap news
Breaking pre-market news on Tuesday,
- Xstrata says condition for all-cash offer for Sphere Minerals satisfied – statement.
- RBS CEO Stephen Hester to present at banking conference – statement.
Snap news
Breaking pre-market news on Thursday,
- Connaught says CEO and FD to leave company; starts review of accounting policies — statement.
- BP pushing to plug Gulf of Mexico leak by July 27 — report.
[GAIM conference 2010] ‘We’re here to take risks’
The weather is wanting here in Monaco:
On the plus side, bright sunlight is probably not what everyone needs right now, after a night propping up the bars of Monte Carlo’s hotels.
(On an entirely unrelated note,
Snap news
Breaking pre-market news on Thursday,
- Man Group says funds under management little changed from end of March figure of $39.4bn; confirms dividend cut – statement.
- Daily Mail & General Turst expects to achieve good earnings growth this year – statement.
GLG lurches down a potholed Memory Lane
Remember the heady days of GLG Partners’ US listing back in 2007 when the UK-based fund achieved a stock market valuation of $3.4bn?
Here’s a Lex note from the time;
By folding itself into a US shell company,
One giant leap for ManGLGed (Group) Part II
(We have updated the header with the new name for Man/GLG and there’s added comment).
Shares in Man Group are the biggest faller in the FTSE on Monday morning, as investors digest its transformational deal – the acquisition of GLG Partners for $1.6bn.
One giant leap for Man (Group)
Man Group has made a bold move to diversify its business — it’s buying GLG Partners for $1.6bn.
Via Reuters:
MAN GROUP PLC – VALUES THE FULLY DILUTED SHARE CAPITAL OF GLG AT APPROX $1.6 BLN
MAN GROUP PLC ACQUISITION EXPECTED TO BE EARNINGS ACCRETIVE IN THE FINANCIAL YR ENDING IN 2012
The deal is being structured as a cash offer — $4.50 a GLG share,
Key man risk, defined
Ever wondered what it might look like?
Here’s the answer:
Since Gartmore announced Guillaume Rambourg, one of its star fund managers, had been suspended on Tuesday afternoon the share price of the fund management group has fallen almost 45 per cent,
Snap news
Breaking pre-market news on Wednesday,
- Easyjet confirms Carolyn McCall as new CEO – statement.
- Icap says H2 profit margins maintained or improved – statement.
- Delta receives another offer – statement.
Dividend overboard at Man Group?
Strange but true. One of the highest-yielders in the FTSE 100 is Man Group. Shares in the struggling hedge fund manager offer a prospective dividend yield of almost 12 per cent (in dollar terms).
Usually when a blue chip company yields that much it can only mean one thing — the dividend is about to be slashed.
Man hunt
That’s the price action in Man Group on Wednesday and over the past year.
At the time of writing, Man was the biggest faller in the FTSE 100 following another weak reading from is flagship managed futures fund.
Snap news
Breaking pre-market news on Friday,
- Hershey said to be accelerating efforts to prepare Cadbury offer – Bloomberg.
- Man Group funds under management suffer $1.2bn negative investment movement in Q4 – statement.
Man Group sees new investment
Redemptions from institutional investors have continued to drain capital from Man Group, the world’s largest listed hedge fund manager, over the past seven months. However, the group’s first-half results showed outflows from institutions were partially offset by surging investment from Asia and the Middle East.
Snap news
Breaking pre-market news on Thursday,
- BNP Paribas reports gross third quarter operating profit of €1.3bn – statement.
- Quintain Estates announces £191.2m fully underwritten rights issue – statement.
Man sees return of private investors
Investors have begun to return to funds run by Man Group, which on Wednesday signalled a change in fortune over the second quarter at the world’s largest listed hedge fund manager. Total assets under management,