Man Group Says Funds Under Management At Oct Unchanged From Sep

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11-5-09 2:43 AM EST | E-mail Article

LONDON -(Dow Jones)- Hedge-fund operator Man Group PLC (EMG.LN) Thursday said the funds it manages were broadly unchanged at the end of October from $44 billion at Sept. 30, as the asset manager continues trying to rebuild its shrunken business.

The September figure represented a rise in funds under management from $43.3 billion at June 30. The increase, although modest, has encouraged analysts and investors that the company had turned a corner from the heavy investor redemptions and poor fund performance that had slashed assets from their peak of $79.5 billion in June 2008.

Like other hedge-fund firms, Man Group's prospects have improved as the financial crisis has receded, with both sales of its funds and the funds' performance improving. Its share price has also bounced back from a 150-pence low in March, closing Wednesday at 325 pence.

"The outlook for returns from hedge-fund investing continues to be strong, and the diversification benefits for portfolio construction remain important to investors worldwide," Man Group said in a statement.

"Given the strong momentum in the business, across both products and geographies, Man is well-placed for asset growth," it added.

The company reported $302 million in pretax profit for the six months ended Sept. 30, down 51% from $622 million in the same fiscal 2009 period.

The company's fiscal 2010 year ends March 31.

-By Patricia Kowsmann and Margot Patrick, Dow Jones Newswires. Tel +44(0)207- 842-9295, patricia.kowsmann@dowjones.com


  (END) Dow Jones Newswires
  11-05-090243ET
  Copyright (c) 2009 Dow Jones & Company, Inc.

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