UK alternative investment and brokerage house Man Group has posted a 60% rise in assets under management.
The firm, formerly ED&F Man, saw funds under management rise to £4.7bn from £2.9bn for the full year to March 31 2001.
According to Man Group, net growth in assets were achieved through “acquisition, products sales and positive investment movement”.
Gross profits saw a 56% rise to £174m. Profits in asset management rose 67% to £143.5m.
In October 2000 Man acquired the remainder of fund of funds manager Glenwood. The purchase contributed £700m to total assets under management. Man aims to use Glenwood’s existing US institutional business to develop a strong presence in the US private client market.
The group also said that it will continue to make selective investments in new managers. Man hopes to increase the level of funds under management by 200% within three years, part of which is targeted to come from institutional investment in Glenwood Products.
By Madhu Kalia
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