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’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,
Snap news
Breaking pre-market news on Wednesday,
- International Power acquires Canadian wind farm developer — statement.
- Man Group says assets rise to $43.8bn — statement.
- Corporate: Travis Perkins,
UK hedge funds to launch onshore vehicles
Some of London’s largest hedge funds are poised to launch onshore funds in order to trump strict new regulations expected from the EU. Cheyne Capital, the $6bn hedge fund manager, is set to become the latest big UK name to launch a so-called Ucits III fund – the term under the EU’s framework for an investment vehicle that can be marketed across the Union.
Lex: Hedge funds
Cash may have been pouring into hedge funds at a faster rate in the past quarter, but the little fish may soon find themselves on the hook…
The hedge fund industry remains shakey and needs to string together a series of quarters of stable returns to soothe investors’ nerves.
Snap news
Breaking pre-market news on Thursday,
- Man Group FUM is $43.3bn at June 30, compared with $44bn last year — statement.
- Charlemagne Capital AUM up 28.2 per cent to $2.4bn in three months — statement.
Man Group profits tumble
Man Group’s annual profit tumbled by nearly two-thirds while investors continued to pull out billions of dollars after March 31. Assets under management by the UK’s biggest listed hedge fund group dropped 7.8% to $44bn after the end of the fiscal year,
Man Group chief warns regulators
Increased regulation of hedge funds will drive some out of business and lead to a shrinkage of the industry, Peter Clarke, chief executive of Man Group, the UK’s biggest listed hedge fund manager, warned Thursday.
Man Group makeover
Man Group has called in the re-branding experts.
The RMF and Glenwood fund of fund businesses are being crunched together to form a “new” integrated hedge fund management division, which does not appear to have a name.
Man Group fees hit heights
Wealthy investors in Man Group’s main guaranteed hedge funds pay fees of 8.5% a year, with performance fees on top, according to UBS research. The level of base returns required before clients break even is far higher than Man’s disclosed 4.36% gross margin from private investors,
QE and exploding pensions
Pensions, accounting and quantitative easing tend to be rather dry subjects.
But, if you put the three together, as Citi has in a research note, you get something quite interesting.
Here’s the basic premise…
Snap news
Breaking pre-market news in London on Wednesday:
- RBS confirms disposal of 4.26% (£1.6bn) stake in Bank of China – reduction of £4bn in RWAS – statement
- UK Govt releases details of £20bn Enterprise
Half of Madoff loss borne by foreigners
Roughly half the estimated losses from Bernard Madoff’s alleged $50bn “Ponzi” are being borne by non-US investors, according to an analysis of available data. While most of the small individual investors appear to be in the US where Madoff’s main business was based,
Fink aims to raise $5bn for ‘eco funds’
Stanley Fink is aiming to raise $5bn within five years for a new environmentally-focused fund manager he has set up with former colleagues from Man Group, where he was chief executive until last year. Fink will chair Earth Capital Partners,
Man’s quant creep
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.
Man shares dive after profit fall
Shares in Man Group, one of the world’s biggest listed hedge fund groups, plunged 31% on Thursday as investors reacted to worse-than-expected falls in half-year profits and performance fees, and grim news on one of Man’s core product divisions.
Man down
Oh dear. Man Group – the biggest publicly-traded hedge fund – dropped 25 per cent, 96p to 296p, during early trade in London on Thursday.
It’s all because of a 25 per cent decline in fiscal half-year profit outlined in their interim results.
Snap news
The latest on Thursday,
- Man Group sees profits fall 24%; $6bn of redemptions – statement
- Old Mutual sees funds under management fall 9% to £254.4bn ytd – statement
- Henderson Group sees
Man veterans to target hedge start-ups
A group of former Man Group executives, including ex-chairman Harvey McGrath, has formed a new company to invest in early stage hedge funds. Daniel Barnett, former Man finance director, John Kinder, former head of sugar trading,
Snap news
The latest on Monday,
- Kazakhgold confirms approach from Polyus Gold for $14.73 a share – statement
- Man Group reports $5bn fall in funds under management – trading statement
- ICAP says H1 revenue up 20% on H1 07 – trading statement
- Thomas Cook has withdrawn from merger discussions of Condor,
UK rejects wider shorting ban
The UK financial watchdog has slapped down efforts by more than a dozen big companies to have short selling of their shares banned, changing its rules so they only apply to firms whose main business is financial services.
Snap news
On FT Alphaville this morning,
- Man Group – restrictions on short selling are affecting the equity long/short style – statement
- EDF (Lake Acquisitions) makes 774p (£12.5bn) bid for British Energy – statement
- IG Group to raise £82m in placing;
Man asks to go on “no short” list
Man Group, the biggest listed hedge fund, has asked to be added to the list of stocks in which short selling is banned, following fears that rival hedge funds unable to short banks, and insurers, are picking on it.
Man notches up hedge fund record
Man Group, the listed fund manager, managed to buck the trend as it set a record for sales of its hedge funds in the past three months, while many in the industry suffered heavy withdrawals from investors.
Man Group in Gulf waste move
Man Group has teamed up with an Abu Dhabi-owned investment company to make electricity from the gas produced as a byproduct of oil drilling, which is currently wasted in the form of flaring. The launch of the MENA Associated Gas and Global Environment fund is the latest attempt by Europe’s biggest hedge fund manager to cash in on the boom in environmental investing.
Weekend catch-up
In case you missed these stories:
Man Group buys tranche of Nephila
Man Group, the world’s biggest listed hedge fund manager, is paying $50m to buy 25% of Nephila Capital, a Bermuda-based hedge fund specialising in catastrophe insurance and weather derivatives.
Snap news
The latest on Friday,
- Standard & Poor’s finally removes triple A ratings from bond insurers MBIA and Ambac. Bloomberg. S&P statement
- SABMiller and Molson Coors get US regulatory nod to pursue MillerCoors joint venture.
As Fink departs, Man signals ambitions
Man Group signalled on Thursday that it intends to scoop up smaller rivals as Stanley Fink, its long-time leader, announced his retirement from the FTSE100 hedge fund company. The news of Fink’s departure,
Man Group to beat expectations
Man Group on Thursday predicted that full year pre-tax profits would exceed market expectations of $1.8bn as the world’s largest listed hedge fund manager highlighted higher performance fee income and strong figures at its flagship AHL fund.
Bears gorge on MF Global
Is this the market eating itself? If so, brunch for Wall Streeters on Monday was MF Global, the former brokerage arm of Britain’s proud hedge fund colossus Man Group.
Rumours surrounding the firm, which bought the defunct Refco the year before last,