Man Group plc
|Man Group plc|
|Key People||Luke Ellis, chief executive|
|Employees||1,600 in 13 countries|
|Products||hedge funds, leveraged finance, convertible bonds|
Man Group plc, based in London, is one of the financial world's leading providers of 'alternative investment' services for institutional and high net worth investors and is best known for its hedge funds.
Man Group was begun in London 225 years ago as a brokerage by barrelmaker James Man and floated on the London Stock Exchange (LSE) in 1994. It was known as E D & F Man Group plc until September 2000, when its name was shortened to Man Group plc. The group spun off brokerage arm Man Financial, now called MF Global, in 2007 after it had acquired the remnants of failed brokerage Refco the previous year for about $280 million. Man Group retains an 18 percent stake in MF Global.
In January of 2007, Man Group was named to the Top 50 Low Carbon Pioneers by CNBC European Business television.
Acquisitions and Partnerships
On June 9, 2014 Man Group said it had agreed to acquire Pine Grove Asset Management, a hedge fund manager with offices in New York and Summit, N.J., which has about $1 billion in assets under management. The deal was designed to bolster Man's fund-of-funds business, FRM, through new product offerings.
Man Investments, the group's asset-management division, currently has an estimated $70 billion under management in low-correlation alternative investment funds. It operates six core investment managers: AHL, Glenwood, Man Global Strategies, RMF, Pemba and Bayswater.
In April 2008, Man Group announced that the group's chief executive, Peter Clarke, would take direct responsibility for Man Investments after the asset manager's current chief executive John Morrison retired in June 2008.
In November of 2012, it became known that Man Group would sell claims to the estate of defunct U.S. investment bank Lehman Brothers in a $456 million deal that will boost its cash position. Man acquired the claims for $355 million in July 2011 from funds managed by its GLG Partners subsidiary. It has never disclosed the size of the original claims. GLG was one of hundreds of hedge fund and asset managers which had outstanding trades with Lehman that collapsed along with the bank in 2008.
Man Group reported $69.1 billion under management in 2011, more than doubling results from the year ended March 31, 2010. Profits before tax increased nearly 7 percent to $599 million. The group has also continued efforts to expand globally.
Man Group's assets under management jumped by 25 per cent to $72.3bn in the third quarter of 2014, after the acquisition of Numeric and Pine Grove, which added $16.2bn to its AUMs. That, along with improved performance and net inflows, outweighed the impact of the strengthening US dollar.
- Group at a Glance. Man Group plc.
- The Top 50 Low-Carbon Pioneers. CNBC European Business.
- Britain's Man Group to Acquire Pine Grove Asset Management. The New York Times.
- Man Group to Buy Numeric Holdings of Boston. The New York Times.
- 2014-06-19 Acquisition of Numeric by Man Group. Man Group.
- Group Overview. Man Group plc.
- Peter Clarke. Man Group plc.
- Man Group chief to step in as head. Financial News.
- Man Group sells Lehman exposure for $456 million. Reuters.
- Man Group in upside surprise. Yahoo Finance.
- Results for the financial year ended 31 march 2011. Man Group plc.
- Man Group's assets jump to $72bn on acquisitions. The Financial Times.