Harvey McGrath, the chairman, told investors: “Demand for our fund products has been very strong, both from private investors and institutions.” Mr McGrath said Man Financial had “started the year strongly…. The board remains very confident of the group’s prospects for the year.”

In an update to investors at its annual meeting, Man also said its brokerage unit, Man Financial, had experienced record trading volumes since the end of March. Net redemptions amounted to $1.5 billion in the quarter, with private investors withdrawing $600 million.

Shares in Man Group were up 0.8 percent, outperforming fund management sector rivals, Man now manages funds totalling $32.5 billion on behalf of wealthy private investors. It looks after $21.5 billion of institutional money, an increase on the $19.5 billion three months ago.

Man added that it was not including in its totals some $600 million of funds raised from its most recent global launch, Man AP Enhanced Series 3 Ltd, which will not start trading until the middle of the month.

Man’s prospects are buoyant, in part because hedge funds, which can make money in different market conditions, are well-placed to profit from current equity volatility and investors’ desire to protect capital.

Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net

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