Reuters- Man Group, the world’s largest listed hedge fund firm, said on Tuesday that its assets under management have risen to $68 billion (34 billion pounds) from $61.7 billion at the end of March.
The firm (EMG.L: Quote, Profile, Research), whose assets stood at $67 billion at the end of June, said sales for the six months to end-September are estimated to be $7.8 billion, while redemptions were $4.3 billion.
Net management fee income will be up by over 15 percent on a year ago, while net performance fee income will also be up, it said in a note to the Stock Exchange.
Diluted earnings per share on continuing operations are expected to be up by over 10 percent.
Chief Executive Peter Clarke said that none of the firm’s structured products had to de-gear during the period, which has seen sharp volatility in markets.
At 8:45 a.m. Man Group’s shares were up 2.5 percent at 536.5 pence.
Landsbanki analyst Katrina Preston, who rates the stock a ‘buy’, said in a note that Man’s assets under management figure was just over $1 billion below her forecast.
“The performance of Man’s funds is likely to remain volatile but we expect asset gathering and longer-term performance trends to remain supportive,” she said.
