Neptune buys Man Group, sees M&A among fund firms

Reuters – Equity investors are too negative about the hedge fund industry, says Neptune’s Jeremy Smith, who has recently bought shares in Man Group and expects more consolidation among traditional fund firms.

Smith, who manages the 42 million-pound Neptune UK Equity fund, said that while performance of Man’s flagship AHL managed futures strategy has been poor this year, shares in the world’s biggest listed hedge fund firm still look cheap.

”A lot of fund managers have written off the hedge fund industry but from anecdotal evidence it seems a lot of money is being raised” he said at a briefing with reporters late on Wednesday.

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