LONDON, Feb 28 (Reuters) – The arrest of an employee in an
investigation into insider dealing and yet more cash withdrawals
by clients overshadowed hedge fund firm Man Group’s
first results under new chief executive Manny Roman on Thursday.
Reporting an 8 percent drop in assets under management since
September to $55 billion, Man said an unidentified employee in
its GLG division was arrested by Britain’s financial markets
watchdog and police on Wednesday.
LONDON (Reuters) – Man Group (EMG.L: Quote, Profile, Research, Stock Buzz), trying to turn around the fortunes of its flagship fund AHL, will report its first set of results under new CEO Emmanuel Roman on Thursday.
Man, with $60 billion in assets, is trying to stem persistent client withdrawals and reverse the poor fund performance that has contributed to a fall in its share price by around two-thirds since the start of 2011.
LONDON (Reuters) – It’s all go at Peter Stratford’s Aston Martin dealership in London.
“There is more money than there was before,” he said, pointing to a recent 1 million pound ($1.5 million) sale. “Aston Martin prices have gone through the roof in the last couple of years.”
LONDON (Reuters) – Hedge fund managers who profited from a huge rally in credit since last summer are seeking ways to protect themselves against a sharp market sell-off if investor confidence evaporates.
Managers have been selling some bonds, increasing short positions or moving away from areas of the market more sensitive to a swing in sentiment, following a 38 percent drop since June in the iTraxx index, which measures the credit risk premium for a basket of high quality European bonds.
LONDON, Feb 21 (Reuters) – HSBC’s asset management
arm said cash withdrawals by investors meant it was to close an
India-focused hedge fund run by high-profile manager Sanjiv
Duggal and which made strong returns last year.
A spokesman for HSBC Global Asset Management told Reuters on
Thursday it was to close the India Alpha fund, a long-short
equity fund launched in 2007.
LONDON, Feb 21 (Reuters) – Emerging markets fund manager
Ashmore Group posted a 7 percent fall in first-half
profit, driven by lower returns from funds and a shift by
clients towards portfolios that do not charge performance fees.
While Ashmore has been winning clients, it is seeing margins
drop as it attracts institutional investors, such as insurers,
who tend to pay lower fees than retail clients.
LONDON, Feb 20 (Reuters) – Revived markets and increasing
cash inflows from some investors have made British upmarket
investment manager Rathbone Brothers more optimistic on
the outlook as it posted full-year profit slightly ahead of
“We’ve used the phrase ‘cautious optimism’ for a number of
years. We decided this year to drop the word ‘cautious’. There
is an undercurrent that is seemingly more positive,” Finance
director Paul Stockton told Reuters.
LONDON, Feb 18 (Reuters) – Man Group has appointed a
new head of its struggling flagship hedge fund, as part of
sweeping changes under incoming CEO Emmanuel Roman to revive
investment performance and win back clients to the embattled
hedge fund firm.
The reshuffle is the most significant change yet announced
by chief operating officer Roman, who will take over from
current CEO Peter Clarke at the end of the month.
ZURICH/LONDON, Feb 15 (Reuters) – JP Morgan’s trader
Deepak Gulati is to give the Swiss hedge fund industry a boost
with the second-quarter debut of a major fund, a source close to
the matter said, in a tough environment for start-up managers.
His new firm Argentiere Capital was entered in Switzerland’s
commercial register last July and has already raised a
substantial sum of money for the fund, the source said, although
he declined to confirm the sum or a fundraising target.
LONDON (Reuters) – Winton Capital, one of the world’s most successful hedge fund firms, has seen clients pull $1 billion of cash out of its portfolios amid falling returns from computer-driven fund managers.
The firm set up by Cambridge physicist David Harding, one of Britain’s richest financiers, said that assets had dropped to about $26 billion at the end of 2012, from $29 billion in May.