Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
30th September 2011
Man group shares slump following trading update
Man Group issued a pre-close trading update for the six months ending September 30th. This included a forecast profit before tax of $145m (€106m £93m ¥11.1bn Y927m) for the period, DOWN 19%.
AHL, the traditional Man Flagship fund which went through a difficult period of losses is back in business with an investment gain of $1.5bn though net inflow was lower at $0.2bn. GLG with its bias towards Longs did less well with a net outflow of $2.5bn. Overall outflow was $4.1bn for the six months.
Man Group shares were down 27% late Thursday following the results announcement with investors primarily concerned regarding the net outflow. It was certainly the case until August that there was an overall move from equities and bonds directly held and into hedge funds. The extend of the stock price fall may well be a combination of general sentiment and that Man has issued disappointing results for many financial periods in succession. Until now investors were willing to give the company the benefit of the doubt but now patience seems to have run out.