Man Group plc
|Man Group plc|
|Key People||Peter Clarke, chief executive|
|Employees||1,600 in 13 countries|
|Products||hedge funds, leveraged finance, convertible bonds|
Man Group was begun in London 225 years ago as a brokerage by barrel maker 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.
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 retires 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, 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.
- ↑ Group at a Glance. Man Group plc.
- ↑ The Top 50 Low-Carbon Pioneers. CNBC European Business.
- ↑ 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.