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Thursday May 20, 04:57
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Hedge manager Man tops on FY, highly confident outlook
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Man Group, the world’s largest publicly-traded hedge fund manager, on Thursday said year to March 31 pre-tax profits before goodwill amortization and exceptional items rose 39.1 percent to 484.5 million pounds, with the group now up to $38.5 billion in assets under management from $26.1 billion a year ago. That topped consensus forecast profits of 457 million pounds, which were lifted after the group raised profit expectations in March. Man, which said it was "highly confident" on profits for the next fiscal year, said the "appetite for our fund products remains strong... Funds under management have been impacted by some negative investment performance, particularly in AHL during April, which has recently partly reversed in May. The Brokerage business has also enjoyed a good start to the year, with continued record levels of market volumes," it said.
(CBSMarketWatch.com)
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