Money managers under the microscope
Asset levels were actually down since the end of March (from $39.4 bln to $39 bln), but such have been the outflows from Man’s funds that these figures imply a stabilisation of assets and, according to Credit Suisse, zero net outflows.
Man still isn’t fully benefiting from the renewed investor appetite for absolute return funds that much of the wider hedge fund industry is seeing, but investors are taking heart from today’s update.
If institutional investors follow the lead of private investors, who have been net investors into Man’s funds over the past year, then flows could quickly turn positive.
In our investor profile of GLG’s Pierre Lagrange, we highlight two very different sides of London’s hedge fund industry and a potential culture clash in Man Group’s surprise takeover of GLG this month.
In many ways, Lagrange symbolises the informal, star manager culture that GLG has based its growth on (although also suffered from after Greg Coffey’s departure and Philippe Jabre’s FSA fine).
Reports of potential shareholder unrest at Man Group.
A Times article reports on fund manager anger over an “arms race” in executive pay and juxtaposes this against Man CEO Peter Clarke’s $14.4 mln pay.
It says several institutional investors it contacted “said that they had not yet decided whether to protest over remuneration at Man”.
The hedge fund circuit can be exhausting.
Last Thursday saw the plush fundraising dinner of ARK, the charity headed by Arpad Busson, fiance of Uma Thurman, at London’s Waterloo International.
The next date in the European hedge fund industry’s diary is next week’s annual GAIM conference, held in Monaco (where else?).