Did a computer-driven fund get caught too long the Nikkei and too short the yen? Man Group (MNGPY.PK, MNGPF.PK) - the world's largest publicly traded hedge fund operator - tumbles 13.5% in London after disclosing its flagship AHL fund fell 8.9% in the week ended June 3, its biggest loss ever (let's hope so). Adding in the previous week's 3.1% loss, the formerly hot fund is now in the red for the year.
Man Group (MNGPF.PK) -17% in London after saying AUM fell 8% to $65B despite record fund sales. Redemptions shaved $2.6B; negative performance $1.5B; and a stronger dollar (vs. euro and aussie) drove AUM down $1.9B. The drop underscores how volatile markets are eroding AUM at hedge funds and other asset managers.
Man Group (MNGPF.PK), the world's largest publicly traded hedge fund group, is buying GLG Partners (GLG), one of its biggest rivals, for $1.6B. Man Group is trying to diversify after facing criticism for its reliance on AHL, a trading program that accounts for half of its assets. (PR)
Man Group's (MNGPF.PK) assets under management fell 21% in the last 3 months of 2008. Most of the decline was from removing leverage, though some came from redemptions and two Madoff-related funds that Man Group wrote down to zero.
Man Group (MNGPF.PK), the world's largest publicly traded hedge-fund group, whose shares fell 31% yesterday after a sharp drop in performance, sees governments reining in the largely-unregulated industry.
Man Group PLC is a global provider of alternative investment products and solutions for private and institutional investors to deliver returns with a low correlation to equity and bond market benchmarks.