MAN shares boosted by a stronger AHL


first_img whatsapp Thursday 4 November 2010 11:38 pm Tags: NULL MAN Group saw client assets rebound more strongly than expected, boosting its shares and raising the prospect that the world’s largest listed hedge fund company can finally start winning back investors.Man – which has just bought smaller rival GLG with its $25bn (£15.4 bn) of assets to become less reliant on computer-driven funds — said it ran $40.5bn at the end of September, $1bn more than an earlier forecast.Stronger returns from Man’s flagship fund AHL have driven the recovery. AHL, the $21.9bn fund that latches onto trends in global futures markets, is named after 1980s founders Michael Adam, David Harding and Martin Lueck. The funds have recently benefited from the weakness of the dollar.“This better run from AHL combined with the potential from the GLG acquisition provides Man with strategic opportunities for the second half of 2011 and into 2012,” said Evolution’s Michael Sanderson, who yesterday published a ‘buy’ recommendation on the stock.Man declined to say whether October marked a turnaround in outflows after clients pulled out money for the eighth straight quarter in the three months to the end of September, even as the wider industry has started to win back clients. The shares surged 12.6 per cent to close at 290.8p after the announcement, having underperformed the FTSE All-Share by 24 per cent so far this year. Man said that client outflows – institutional as well as private investor money – in the three months to 30 September were $600m.The firm also said pre-tax profit for the six months to September before adjusting items was $227m, above the $215m it forecast in September.Man has said it will make $50m worth of cost savings in the aftermath of the GLG takeover and analysts are expecting around 180-200 redundancies. Share KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raidercenter_img Show Comments ▼ whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap MAN shares boosted by a stronger AHL last_img

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