GLOBAL - Man Group (Man), the world's largest investment manager by assets, boasted quarter-on-quarter growth in funds under management.
Speaking at the firm’s annual general meeting, chairman Harvey McGrath said that Man - which has operations in 15 countries - had experienced strong demand from both private and institutional clients. Group funds under management are estimated to be around US$21bn. This total includes US$9bn for recently acquired Swiss alternatives manager RMF, up from US$8.5bn, and $11.bn for Man Investment Products, up from US$10.7bn at the end of March.
The increase in funds under management due to sales in Q2 was around US$1bn. Man stressed robust performance from London based subsidiary AHL with the weighted average of all AHL funds recording net returns of 10.8% during the period.
The news come as index provider MSCI launched its new global hedge fund indices to satisfy investor appetite.
The new index family features more than 90 indices calculated monthly, supported by a growing database of over 750 hedge funds. The MSCI Hedge Fund Composite Index includes over 350 hedge funds which are organised using the MSCI Hedge Fund Classification Standard that sorts hedge funds by investment process. The indices are equal weighted at all four levels of aggregation and asset weighted at the two highest levels. They are also organised into three domicile families - onshore, offshore and all domicile.
Commenting, Henry Fernandez, president and chief executive officer of MSCI said: “While it is currently not possible to build hedge fund indices to the same level of comprehensiveness as equity indices, we believe we have developed a product that will be useful to hedge fund investors.”
Open and closed hedge funds with assets under management in excess of US$15m are the only funds included.
By Madhu Kalia
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.