Times Online – Man Group said it is managing investment funds worth more than $60 billion (\u00c3\u201a\u00c2\u00a331 billion), as it prepares to hand control of the group to a new chief.<\/p>\n
The hedge funds group said a flood of new money had helped it to increase the value of funds under management from $56.8 million at the end of September last year.<\/p>\n
The improvement, revealed in the group’s third-quarter trading update, illustrates the strength of demand for its funds in recent years, which seek to profit from both falling and rising markets.<\/p>\n
In the space of five years the group has increased its funds under management fivefold. In March 2002 it had $10.7 billion of funds under management.<\/p>\n
The release of the figures comes just months ahead of the departure of Stanley Fink, who has driven the group’s development as chief executive. He steps down at the end of March and will be succeeded by Peter Clarke, finance director.<\/p>\n