HALEY TAM | CITI
Whilst small, we believe this deal demonstrates Man’s intentions to use acquisitions to improve its access to US clients, and to boost its organic earnings growth outlook.
KEITH BAIRD | PANMURE GORDON
The latest acquisition from Man adds only $1bn in assets but the key objective in our view is to add to Man’s so far inadequate US distribution. The continued diversification helps the spread of profits and dilutes AHL.
DAVID MCCANN | NUMIS
We assume that the $1bn of assets under management comes in at a similar fee margin to FRM, we (generously) assume a 50 per cent contribution margin and we assume a negligible impact on group fixed costs and cash position.