Hedge Fund News From HedgeCo.Net


Man jumps 9% as debt repayment news cheers hedge fund’s investors

Gaurdian.co.uk – Hedge fund group Man has jumped 9% despite clients continuing to withdraw cash, after it announced a debt restructuring.

News that it was using around $470m of surplus cash to buy back debt and save $78m a year overshadowed a $3.7bn outflow of funds in the first quarter. The company has taken advantage of a change in its regulatory status, which gave a $550m boost to the surplus cash it is required to hold. Hence the debt restructuring.

Its shares have climbed 9.5p to 115.8p, with investors also cheered by a better performance from its key AHL product, which has gained 10.4% so far this year.

Ahead of its annual meeting later on Friday, new chief executive Manny Roman said Man had seen a solid performance across its three main divisions, as the market environment stabilised. But he added: “This was a disappointing quarter from a flows perspective with sales at a similar level to the previous quarter and increased redemptions, chiefly due to the loss of three sizeable low margin mandates. We remain cautious in our outlook as we will need a more sustained period of performance, particularly from AHL, before we see an improvement in net flows.”

Read Complete Story

Related Posts Plugin for WordPress, Blogger...

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>