Man Group Pre-Close Trading Update: financial year ending 31 March 2011

Key points – operating
• Funds under Management (FUM) at 31 March 2011 currently estimated at $69.0 billion (31 December 2010: $68.6 billion)
• Q4 expected to see net inflows of approximately $0.7 billion, reflecting $5.3 billion sales (predominantly in open ended alternatives and long only) and $4.6 billion redemptions
• Investment movement flat across the firm in January and February, with positive performance at GLG counterbalancing a negative period for AHL; performance turned sharply down with markets after the Japanese earthquake but has since partially recovered
• Good progress on strategic objectives: integration of GLG; sale of BlueCrest stake; significant Multi-Manager mandate win
• Definitive agreement to acquire the remaining 50% of Ore Hill and integrate into GLG.
Key points – financial
• Statutory profit before tax from continuing operations of an estimated $280 million including the impairment of Multi-Manager goodwill (2010: $541 million); adjusted profit before tax estimated at $560 million (2010: $560 million)
• Diluted statutory EPS from continuing operations of an estimated 7.5 cents per share (2010: 24.8 cents per share); adjusted EPS of an estimated 24 cents per share (2010: 25.5 cents per share)
• Financial position remains strong; regulatory capital surplus of around $350 million increases to around $850 million with BlueCrest proceeds; net cash including the BlueCrest proceeds of $900 million.

About Alex Akesson

Alex has been specializing in hedge fund and alternative investment news since April 2006. Working mainly in research and manager interviews, she has published breaking news on the hedge fund industry on her blog, as well as several industry publications. Her access to hedge fund managers gives her insight into news stories as well, and the ability to track press releases and other breaking news in real time.
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