By Max Clarke
Man Group Plc, the leading alternative investments firm, have posted declining full year profits of $213 million, down from $541 million the previous year; while funds under management by the firm have increased to $69 billion from $40 billion for the 12 months ending March 2010.
Since their founding in 18th century London, the firm has spread to 12 countries and is currently described as the world's largest hedge fund manager. In 2010 the Group acquired New York's GLG Partners for $1.6 billion, causing shares in the group to almost double overnight.
Man Group Plc’s Chief Executive, Peter Clarke, commented:
“The calendar year started with markets generally positioned for recovery and economic growth, although subject to frequent reversals. March brought an extraordinary concentration of macro shocks. Chief among these was the Japanese earthquake, which led to decreased risk appetite and increased volatility in markets. I would like to take this opportunity to pay tribute to the extraordinary professionalism and commitment of our staff and partners in Japan despite the very difficult circumstances they have endured.
“Recent market events may affect private investor demand in the short term. However, the work we have done this year to expand the range of investment styles and solutions we offer our investors, coupled with strong performance, broad distribution and a sound financial base, continue to position us well to meet investor demand globally in the coming quarters.”