AppId is over the quota
AppId is over the quota
LONDON | Wed Oct 12, 2011 10:03am BST
LONDON (Reuters) - AHL, the flagship hedge fund of investment manager Man Group (EMG.L), lost 5.5 percent last week after the computer-driven portfolio was caught out by rallying equity markets and a sell-off in bonds.
News that the $24.9 billion fund (15.9 billion pounds), which Numis analysts estimate accounts for around 80 percent of Man's profit, fell heavily in the week to October 10 sent shares in the world's largest listed hedge fund manager down by more than 5 percent by 0820 GMT on Wednesday.
The fund, which is named after 1980s founders Michael Adam, David Harding and Martin Lueck and which tries to make money following market trends, is now down 3.2 percent in 2011.
That leaves the fund between 8 and 9 percent away from its so-called high-water mark, above which it can earn lucrative performance fees.
AHL said in its weekly commentary the reversal in market direction last week had hit its long positions in fixed income, as well as short positions in equity and energy markets.
Stock markets rose sharply in the week to October 10 as investors hoped policymakers would finally get to grips with the intensifying euro zone debt crisis. For example, the FTSEurofirst 300 .FTEU3 index of Europe's leading shares gained around 8.5 percent.
Last month Man Group, which manages $65 billion across AHL, its GLG unit and a fund of hedge funds platform, said clients withdrew money over the summer months at the fastest rate since 2009.
(Reporting by Tommy Wilkes; Editing by Laurence Fletcher and Erica Billingham)
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