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Cash Pours In For Man Group's Hedge Funds

by Carla Johnson, Investors Offshore, London

12 July 2002


At Man Group's Annual General Meeting this week, Chairman Harvey McGrath, said: 'Group funds under management at today's date are estimated to be around $21 billion. This total includes $9 billion for RMF, up from $8.5 billion, and $11.9 billion for the balance of Man Investment Products, up from $10.7 billion at 31 March 2002. The increased level of Group funds under management will continue to underpin a significantly higher run-rate of net management fee income than last year.

'Demand for our fund products continues to be strong, both from private clients and institutions. The increase in funds under management due to sales in the three months to 30 June was around $1 billion, which includes the latest retail product launches, Man AP Strategic 2 Ltd and OM-IP 220 Limited Series 7, both of which closed in June and raised around US$140 million and US$110 million respectively.

' Investment performance from AHL has been particularly strong recently with the weighted average of all AHL funds recording net returns of 10.8% for the three months to 30 June. One third of the AHL range of products is now at, or very close to, performance fee highs. Glenwood and most of our other managers remain at, or close to, performance fee highs.

Mr McGrath said that the integration of Swiss-based RMF, acquired in June, was going smoothly. Man Group acquired RMF for $833m in cash and shares, and claims that it has thus become the biggest hedge fund manager in the world. Man paid $510m in cash and the balance in newly issued shares for RMF. Harvey McGrath said the deal was transformational for Man, broadening its product range, improving access to asset management capacity and diversifying the client base.


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