London-based Man Group plc, the world's largest listed hedge fund company, has announced record full-year profits as pre-tax earnings rose by 51%, thanks to an increase in client money and growth in performance fee income, at a time when hedge funds have enjoyed their best and most consistent returns for years.
Man Chief Executive Stanley Fink announced yesterday that assets under management, which were $50 billion at year end, have risen to around $54 billion currently. This reflects a combination of positive performance and strong asset raising, with the full effect of the record $2.3 billion Man IP 220 launch - the largest global private client launch of a hedge fund product - now included in assets under management.
Man's profit before tax and exceptionals rose 51% to a record $1.306 billion.
"With positive performance across our core managers over the two month period since year end, and an exciting range of new product launches in the pipeline, momentum in asset raising looks set to continue," Mr Fink stated.
While early reports have indicated that most hedge fund mangers endured a miserable month in May, the Greenwich-Van Global Hedge Fund Index was up 2.23% in April - its sixth-straight gain - with strong commodity markets and emerging markets a key driver of recent hedge fund performance. According to Greenwich Van, more than 85% of the funds reported a positive return in April, and the index was up 8% year-to-date by the end of the month.
Meanwhile, in Brokerage, Man's Mr Fink explained that the integration of Refco - formerly America's largest independent futures broker - is running on track in terms of cost and timing, and the acquired activities are performing ahead of expectations. Activity levels remain high across the markets and volumes are strong, he added.
The Man CEO also expressed optimism over the company's prospects for the future.
"The Board is very confident about the Group’s prospects for the coming year and about the opportunities which lie ahead," he observed.
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