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% 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.
Man Group posted solid financial numbers in 2007, with funds under management growing more than 10 percent in the six months from March through September to $68.6 billion. The fund manager reported a pre-tax profit on the last half 2007 of $820 million compared to $679 million a year earlier while comparable net performance income figures were $283 in 2007 and $221 million in 2006.