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Money managers under the microscope

Man and Lion

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Man Group shares were down this morning after last night’s news that AHL dropped 1.76 pct last week, taking losses since Nov 1 to nearly 4 percent. Broker Oriel estimates this leaves AHL 8 percent off its high-water mark.

“November’s performance will disappoint those who expected AHL to string together a good run of investment returns. The company have blamed central bank interventions since the credit crisis for AHL’s poor returns,” Oriel said.

Much has been said this year about AHL: initially speculation that the model might be broken, and then a burst of strong performance in recent months that has seemingly swept the doubts aside. This month’s losses are hardly large but anything that takes AHL away from its high-water mark, where it earns fees, won’t be welcomed.

Meanwhile, positive noises from Liontrust in its H1 results today, with more inflows adding weight to the company’s suggestion in September that its business had stabilized.

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