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Man Group plc
Type Public (LSE: EMG)
Founded 1783
Headquarters London, England, UK
Key people Peter Clarke (Chief Executive)
Industry Financial services
Products Investment products
Revenue $2,488 million (2009)[1]
Operating income $723 million (2009)[1]
Net income $503 million (2009)[1]
Employees 1,776 (2009)[1]
Website www.mangroupplc.com

Man Group plc (Man) (LSE: EMG) is a leading alternative investment management business. It provides a range of funds for institutional and private investors globally[2]. Through its principal division, Man Investments, it manages about USD 42.4 billion (Dec 09) and employs around 1,700 people in 15 locations worldwide[3].

Man’s headquarters are at Sugar Quay in London, where it is listed on the London Stock Exchange[4]. It also has offices in the Bahamas, Chicago, Dubai, Dublin, Guernsey, Hong Kong, Miami, Montevideo, New York, Rotterdam, Singapore, Sydney, Switzerland, Tokyo, and Toronto[2]. It is a component of the FTSE 100 Index[5]

Contents

History

The company was founded in 1783, by James Man, a barrel maker.[6] The following year the company secured the contract to supply the Royal Navy with the rum for its daily “rum tot”, a tradition under which all sailors were allocated a daily ration of rum.[6] (This tradition continued until 1970, with Man holding the contract throughout the entire period). In 1860 Edward Desborough Man and Fredrick Man (grandsons of James Man) gave their initials to the name of the company (ED & F Man).[6]

The company moved into rum and sugar broking, and then later expanded into other commodities such as coffee and cocoa. Throughout the nineteenth century and into the twentieth, financial exchanges became established for hedging commodity exposures and grew rapidly over the ensuing decades. Man became a major market participant; and the firm’s twentieth century partners established the company as a broker to third parties.

The physical commodity exchanges, where much of the world’s trading was done were also changing significantly. Increasingly, throughout the 1970s, financial instruments were traded, bringing new participants and increased volumes. Man was a broker to some of these traders, many of whom were trying to use the markets to make a return on price movements, rather than simply attempting protecting themselves against the uncertainties inherent to trading. Man became a partner in 1983 with one of these new money management firms, Mint, which was based in New Jersey.

This venture prompted a move into financial services, which the company increasingly concentrated on. In 2000, the commodity trading companies went private[7] with the result that Man became exclusively a financial services company. The flotation of its brokerage business on the New York stock exchange in 2007[8] moved the company into its present form, as an investment management business, within the alternative (sometimes called “non-traditional”) fund management industry, principally hedge funds. As of September 30, 2009 the Man Group had $44 billion of Assets Under Management[9].

Business Model

Man Investments operates through five internal and semi-autonomous money managers.

Money manager Strategy Performance Last 12 months %
AHL Systematic trend-following portfolios Down 16.6%[10]
Man Glenwood Strategies Multi-strategy and style hedge fund portfolios (merged from Man Global Strategies and Glenwood) No longer operating
Pemba Credit Advisers European credit portfolios No longer operating
Ore Hill Partners Credit focused hedge fund manager No longer operating
RMF Hedge fund style and fund of hedge fund portfolios and convertible bonds No longer operating

Each manager operates in a particular area of the alternative investment industry (see above). These companies are located in the UK, Switzerland, and the USA.

Recent Mergers & Acquisitions

Transaction Date
Man Group acquires a 25% stake in Nephila Capital Ltd[11] June 2008
Man launches a new investment manager Man ECO specialising in financing environmentally
related projects (Man Environmental Capital Opportunities)[12]
April 2008
Man Group acquires a 50% interest in Ore Hill Partners LLC, a provider of Investment Management Services.
Concurrently Ore Hill agreed to acquire a 50% stake in Pemba Credit Advisers Ltd from Man Group[13]
March 2008
Man Group launches Pemba Credit Advisers, an asset manager specialising in European credit portfolios[14] April 2007
Man Group acquires a 25% interest in BlueCrest Capital Management Ltd an investment management services company[15] Dec 2003
Man Group acquires RMF Investment Group[16] May 2002
Man Group acquires Glenwood Capital Investment LLC, Glenwood Global Management LLC
and the remaining 40% stake it did not already own in Man Glenwood GmbHGroup[17]
Nov 2000
Man starts gradual acquisition of AHL[18] 1989 - 1994

Corporate Responsibility

In June 2007, Man sponsored a joint venture with the University of Oxford, the Oxford-Man Institute of Quantitative Finance. Man’s initial financial commitment was £13.75 million, one of the largest single donations to a British higher education institution in recent years.[19]

Man is a member of the FTSE4Good index and the Dow Jones Sustainability World Index.

The company was ranked 7th on the CNBC European Business magazine of the Global Top 100 Carbon Pioneers[20] and is a registered carbon-neutral company.

Man is also known for its support of awards, charities and initiatives around the world, including sponsorship of the Man Booker prize,[21] Man International Booker Prize[22] and Man Asian Literary prize[23], as well as the Man Group International Climate Change Award.[24]

Notable Awards

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2008 Awards

Global Investor Magazine - Investment Excellence Awards
Best Alternatives Firm

Pension and Investment Provider Awards
Best Provider of Hedge Fund of Funds

Institutional Investor
Best European Investor Relations, Buy-Side View
Best European Investor Relations, Sell-Side View

Alternative Investment Awards
Best Managed Futures High Risk Fund over ,<this needs major correction> Years
Best Managed Futures High Risk Fund over Five Years

Euromoney Private Banking Survey
Best Third Party Provider of Managed Futures
Best Third Party Provider of Hedge Fund Investments
Best Third Party Provider of Structured Product Investments

Banker Middle East Industry Awards
Best Hedge Fund Company

Hedge Fund Review Magazine European Fund of Hedge Fund Awards
Best Capital Protected Product

Geld Magazine Österreichischer Dachfonds Awards
Best Hedge Fund of Funds over 3 years

2007 Awards

Funds Europe Awards
European Asset Management Company of the Year

Thomson Extel Surveys
Best Investor Relations Team

Invest Hedge Awards
Best European Equity Fund

Works about Man

Jenkins, Alan C., 1989, The House of Man, London, UK: Rainbird Publishing. ISBN 0099953706

References

See also

External links


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