Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Forbes – British hedge fund manager Man Group on Friday said it had agreed to sell its remaining stake in futures and options broker MF Global to Japanese bank Nomura.
Man, the world’s biggest listed hedge fund manager, said it will get initial proceeds of $112 million from the sale, while its regulatory capital will rise by $90 million.
MENAFN - U.K. hedge fund manager Man Group reported a further decline in its assets under management Thursday, but said institutional customers have significantly slowed their withdrawals and private investor sales have been strong.
The group said funds under management at the end of its fiscal first quarter were $43.3 billion, down 7.5% from $46.8 billion at the end of March.
The Guardian – Hedge fund manager Man has moved to the top of the FTSE 100 risers, as traders heard talk it may dispose of its remaining stake in broker MF Global.
Man spun off the brokerage in July 2007 by means of a flotation in the US, but retained an 18.5% stake, worth around $130m. The suggestion it might now be looking to sell this has helped send Man shares 17.5p higher to 283.25p. In its latest annual report it classifies the residual MF shareholding as "available-for-sale financial assets."
Evening Standard – This year could see the bounceback of the hedge fund industry after a pretty disastrous 2008, Peter Clarke , chief executive of the world’s largest publicly quoted hedge fund manager Man Group , said today.
But news that the group took a $900 million (£565 million) hit on its funds in the final week of March, just after its most recent trading update, pushed the shares 10% or 25p lower to 225p.
Despite confirming a 40% fall in Man’s dollar profits for the year to the end of March and a 37% drop in funds under management, Clarke said: "Certainly 2009 has begun very well for the hedge fund industry with positive returns across the industry overall."
Marketwatch – Shares in hedge fund manager Man Group jumped around 11% Thursday after the firm maintained its dividend payout and launched a new investment management business.
The firm said it expects adjusted pretax profit for the year ending March 31 to fall around 43% to $1.2 billion from $2.1 billion due to the impact of falling markets and withdrawals by institutional investors.
