GLOBAL - The world's largest hedge fund manager, Man Group, has told pension fund investors it is upbeat about its performance in 2002.
The investment manager is predicting positive results ahead of market expectations for the year ending March 31, 2003.
Sales are estimated to be approximately US$6bn (£3.8bn) of which US$1.8bn (£1.1bn) were made by RMF – a Swiss-based fund-of-fund manager acquired by Man Group at the end of 2002.
Funds under management are estimated to be in excess of US$25bn (£1.6bn), including US$11.2bn (£7.1bn) in RMF.
Group profit is forecast to be over 15% ahead of the market consensus forecast despite an adverse currency translation impact of over £20m.
The company attributed its predicted outperformance to “higher than expected” performance fees in the last quarter of 2002.
Separately, Man Investment Products has changed its name to Man Investments. The division will represent the asset management business of Man Group.
The rebrand follows the integration of recent acquisitions including RMF, which focuses on hedge funds, leveraged finance and convertible bonds and private equity manager, Westport.
Man’s additional investment managers comprise AHL, Glenwood, and Man Global Strategies
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