Hedge fund group Man leads FTSE lower on growth fears

Guardian.co.uk  – Man, the world’s largest quoted hedge fund, led the market lower on fears about its future growth.

The company’s shares dropped 17.1p to 246p – a 6.5% decline – after it announced that the net asset value of its key AHL fund had fallen by 3.57% last week. At the same time Credit Suisse cut its price target from 320p to 300p. The bank said:

“We are edging down our forecasts for Man group to incorporate guidance given on the conference call following the recent trading update and the weak AHL returns in the last fortnight. With the shares off 25% in the last three months it looks to us that the new numbers are fully reflected in the share price. It may however require a recovery on AHL/private client flows for the shares to start outperforming again.”

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