LISTED hedge fund Man Group kicked off a new era yesterday with new boss Manny Roman promising to turnaround its troubled flagship quant business.
AHL, which uses complex mathematical algorithms to trade, accounts for 70 per cent of Man’s revenue but it is struggling. A further year of bad performance in 2013 will see AHL’s five year track record, a key barometer of success, turn negative.
Roman said despite slashing a further $100m in costs from the company this year the group would increase spending on AHL, which is being merged with its Man Systematic Strategies
“We are happy about where we are with AHL. We are incredibly committed to this business,” Roman said in a conference call.
Investors pulled more cash from Man funds last year, with funds under management falling $1.4bn. Adjusted profit before tax of $278m was up from $262m.