Congratulations, Manny Roman! Here's a Celebratory Bag of Sh*t

Manny Roman isn't having a great first day at the helm of the Man Group.
Author:
Publish date:
Updated on

Manny Roman isn't having a great first day at the helm of the Man Group.

Even before he formally took over, things weren't looking good: A GLG analyst, Carl Esprey, was among three hedge funders arrested by the Brits yesterday for insider-trading. Then, to herald his formal ascension, this:

Man Group’s funds had $2.7 billion of net outflows in the three months to Dec. 31, the sixth quarter of outflows in a row. Assets under management fell to $57 billion at the end of December, the company said in a statement on Thursday.

Mr. Roman said in the statement that “2012 was another tough year for Man. Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the U.S. and macroeconomic risks. Investor appetite remained muted.”

Oh yea, and it's not getting any better:

He also said “business conditions remain very tough”, adding that “sales are likely to remain muted in the first half, and we are yet to see a slowdown in the rate of redemptions.”

GLG's Esprey among those arrested by FSA -source [Reuters]
Investor Outflows Continue at Man Group [NYT]
Man Group Assets Fall, Adding to Pressure on New Chief Roman [Bloomberg]

Related

News

Now You Listen Here: Tim Geithner's Bags Are Packed

Earlier today, it was reported that Timothy P. Geithner has informed people that he "plans to leave the administration by the end of January, even if President Barack Obama and congressional Republicans haven’t reached an agreement to raise the debt ceiling." Will this actually happen? Those unfamiliar with the Treasury Secretary's attempts to leave his post in the past will say yes. He's leaving, ship-shape. Those who've watched TPG try and fail to bust out of Washington for the last nineteen months, however, know better. More than likely, he's not going anywhere and it's not because deep down inside he doesn't actually want to go home but because his bosses won't let him. Witness, if you will, a small sampling of examples in which his requests have been denied, either directly (via someone laughing in his face) or indirectly (by giving those who've applied to replace him the wrong directions to their interview):

News

Culture Clash Coming at GLG-Man Group?

GLG founder Pierre Lagrange is mates with Brad PItt, an executive producer on Nicholas Cage’s new flick “Kick Ass” and he’s got rockstar locks of hair. But that kind of flamboyance may not fit hand in glove with the button-down culture of GLG’s new owner, Man Group.