Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
Man Group, the world’s second-largest hedge fund, has revealed an additional $90m in restructuring charges, with $30m set aside to dismiss staff over the course of the next three months – drawing out an already long and painful series of cutbacks.
On the bright side, for the first time in the Manny Roman era, investors are entrusting more money to Man than they are redeeming from it. Which is progress.
Sales of Man Group’s funds totaled $4.1 billion in the third quarter, exceeding $3.4 billion of redemptions, the London-based firm said in a statement today….
Redemptions have been slowing this year as some hedge funds managed by GLG had positive returns and clients became less concerned that the European sovereign debt crisis would hurt investment performance. Still, losses at Man Group’s biggest fund, AHL Diversified, continue to weigh on the company after it fell 9 percent this year through September, data compiled by Bloomberg show.
“Inflows were linked primarily to stronger performance in the first half of the year and were characterized by sizeable asset flows from certain customers, albeit into relatively low-margin products,” said Chief Executive Officer Emmanuel Roman. “We remain cautious in our outlook for asset flows going forward in the light of continued uncertainty in the macro-economic environment.”