{"id":4515,"date":"2006-06-01T00:00:00","date_gmt":"2006-06-01T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"man-groups-profits-to-double","status":"publish","type":"post","link":"https:\/\/staging.hedgeco.net\/news\/06\/2006\/man-groups-profits-to-double.html","title":{"rendered":"Man Group&#8217;s Profits to double"},"content":{"rendered":"<div class=\"writeboardbody\">\n<p>    WEST PALM BEACH, FL (HEDGECO.NET) &#8211; The world\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s largest listed hedge fund, Man Group, has more than $48 billion in assets under management when announced last march. They are due to announce on    June 1 a near doubling of profits for last year. Reuters surveyed 10 fund analysts and the average forecast showed Man\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s profits before tax and exceptionals for the year ending March 2006 at    $1.27 billion compared with $863 million last year.  <\/p>\n<p>    Reuters said, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cThe 2006 numbers have already been flagged \u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u00a6 We know they will be higher than the guidance they gave earlier this year,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d one analyst said. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cThe market will be looking for some    color on current trading.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d The median forecast for performance fees earned last year is $420 million, nearly 3 times the $119 million reported for the year ending March 2005.  <\/p>\n<p>    Regarding the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s recent gains, Citigroup said in a research note that, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cDespite recent strong run, we see further upside over next 12-months as the market incorporates a higher valuation    for enlarged brokerage business. If the market fails, Man could look to <span class=\"caps\">IPO<\/span> the brokerage division in the U.S.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d  <\/p>\n<p>    Recently The New York Post reported that Man was one of the final bidders for Dutch Bank <span class=\"caps\">ABN<\/span> Amro\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s futures and commodities trading division, which this week was bought    by Swiss bank <span class=\"caps\">UBS<\/span> for $386 million in cash.  <\/p>\n<p>    Stanley Fink, Man\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s chief executive, told reporters, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe never confirm on or off the record whether we did bid, but certainly we\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2re always very mindful of shareholder value when we look at any    transaction. &#8230;We were surprised at the price it went for.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d  <\/p>\n<p>    Alex Akesson<br \/>    Contributing Writer<br \/>    HedgeCo.Net<br \/>    Email: Editor@hedgeco.net  <\/p>\n<p>    HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge    Funds!  <\/p>\n<p>    <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=\"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong>    and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a>  <\/p>\n<p>    &nbsp;  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WEST PALM BEACH, FL (HEDGECO.NET) &#8211; The world\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s largest listed hedge fund, Man Group, has more than $48 billion in assets under management when announced last march. They are due to announce on June 1 a near doubling of profits [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4515","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4515"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4515\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}