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Business News

Japan gives Man a shot in the arm

Man, the London-based hedge fund firm, reported better-than-expected profits and a strong rise in assets yesterday, with the business boosted by the launch of a new version of its flagship AHL fund in Japan.

The FTSE 100-listed group now manages $71bn in client assets, up 3 per cent from the $69.1bn seen at the end of March. The Japan AHL launch alone attracted $2bn.

"The phenomenal success of the Japan AHL launch demonstrates the concerns people had around the earthquake and tsunami around our asset-raising were completely unfounded," the company's chief executive, Peter Clarke, said.

The group reported $599m in pre-tax profits for the year, higher than its March forecast of $560m. Analysts welcomed the figures, with Killik & Co saying it was "encouraged" by the pick-up in assets, particularly by the success in Japan.