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Man Group

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Man Group plc
Company typePublic
ISINGB00B83VD954 Edit this on Wikidata
IndustryFinancial services
Founded1783; 241 years ago (1783)
FounderJames Man
HeadquartersRiverbank House
2 Swan Lane
London, United Kingdom
Area served
Worldwide
Key people
ProductsInvestment products
RevenueIncrease US$1,481 million (2021)[1]
Increase US$590 million (2021)[1]
Increase US$487 million (2021)[1]
AUMUS$142.3 billion (30 June 2022)[2]
Number of employees
Increase 1,400 (2022)[3]
Divisions
Websitewww.man.com

Man Group plc is an active investment management business[4] listed on the London Stock Exchange.[5] It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly traded hedge fund company, reporting $151.4 billion in funds under management as of March 2022.[6] The firm is headquartered at Riverbank House in London and employs over 1,400 people in various locations worldwide.[7][8] The company was a sponsor of the Man Booker Prize from 2002 to 2019.[9]

History

The company was founded by James Man in 1783 as a sugar cooperage and brokerage, based in Harp Lane in Billingsgate. The following year Man Group won the contract to supply the Royal Navy with the rum for its daily "rum tot", a tradition under which all sailors were allocated a daily rum ration. This tradition continued until 1970, with Man Group holding the contract throughout.[10] The company further expanded from sugar and rum into other commodities such as coffee and cocoa. The company traded as a commodities business throughout the 19th and 20th century, gradually diversifying into financial services following the advent of financial exchanges to hedge commodity exposures.[10]

The firm was renamed ED&F Man in 1869, based on the initials of James Man's grandsons Edward Desborough Man and Fredrick Man. ED&F Man listed on the London Stock Exchange in 1994. In 2000 the company divided into two entirely separate businesses, with Man Group plc focusing exclusively on financial services and ED&F Man (the commodities division) taken private in a management buy-out.[11]

In 2007 Man Group moved into its present form as an investment management business, following the demerger and flotation of its brokerage business (known as MF Global) on the New York Stock Exchange.[12] Man Group attained its current structure over time through acquisitions, which have now been fully integrated to form investment engines. Man AHL is the oldest investment manager of the group, having been acquired over time from 1989 to 1994. Man Group's other investment managers were formed via acquisition between 2010 and 2017, beginning with the 2010 acquisition of Man GLG (previously GLG Partners) for $1.6 billion,[13] followed by Man FRM in 2012,[14] Man Numeric in 2014 and Man GPM in 2017.[15]

In late 2017, Man Group announced the creation of a quantitative hedge fund in China. The firm has held licenses to operate in the country since 2012, but was provided clearance to operate as a private securities investment fund manager: Man is one of the first systematic investment managers to receive this accreditation. The fund will be managed by Man's AHL division.[16] More recently, Man AHL received approval for a qualified foreign institutional investor ("QFII") license in China.[17]

Structure and operations

Man Group has five investment engines that offer a broad range of alternative and long-only strategies, run on a systematic and discretionary basis across liquid and private markets. It employs over 500 quants and technologists, offers over 75 investment strategies across a variety of investment approaches, styles and asset classes and trades in over 800 markets around the world.[18]

Man AHL

Founded in 1987, Man AHL is a diversified quantitative investment manager offering absolute return and long-only funds, with both momentum and non-momentum strategies.[19]

Man Numeric

Man Numeric was established in 1989 and acquired by Man Group in 2014. A Boston-based quantitative asset manager, Man Numeric offers long-only, active extension and hedged equity strategies. Man Group acquired Man Numeric to build a diversified quantitative fund management business in non-momentum strategies, and to develop Man Group's presence in the North American market.[20]

Man GLG

Man GLG was established in London in 1995 as GLG Partners. It was publicly listed in 2007 before being acquired by Man Group in 2010 for $1.6 billion. Man GLG is a multi-team discretionary investment manager. Man GLG utilises absolute return and long-only strategies across asset classes, sectors and geographies. The January 2015 acquisition of Silvermine was expected to boost the division's US CLO business.[21]

Man FRM

Established in 1991, and acquired by Man Group in 2012, Man FRM's research and investment professionals operate from London, New York, Tokyo, Guernsey and Pfäffikon (SZ), Switzerland.[22]

Man GPM

Man Global Private Markets Group (Man GPM) launched in 2017, with the completed acquisition of Aalto Invest Holding AG, a real estate investment management company with $1.7bn in assets under management at the time.[23]

Senior Management

Luke Ellis was appointed as Man Group's CEO in September 2016.[24]

In September 2021, Man Group announced a number of changes to its senior management, which became effective from 1 October 2021. Mark Jones, previously the firm’s CFO, was appointed Deputy CEO for Man Group with responsibility for Man AHL, Man Numeric and the Group's technology functions. In addition, Antoine Forterre, previously Co-CEO of Man AHL, was appointed as Man Group's CFO and joined the Board.[25]

Mergers and acquisitions

RMF and Bernard Madoff

RMF, a former division of Man Group, invested 0.5% of its funds under management at the time with various third-party funds which, in turn, had positions in funds ultimately managed by Bernard Madoff. RMF was one of 107 financial institutions and 13,000 individuals to invest in such funds. As of 2014, 59% of all such funds have been recovered and returned to various institutions and individuals.[43]

Man Booker Prizes

Man Group sponsored the Man Booker literary prize from 2002 to 2019.[44][45] Described by The Telegraph as "...arguably the UK's most prestigious" literary prize, the £50,000 award was created in 1973 to increase the reading of quality fiction and attract "the intelligent general audience".[46][47]

Corporate responsibility

Man Group supports various charitable initiatives focused on promoting education, which are run primarily through the Man Charitable Trust and the Man US Charitable Foundation:[48]

Man Charitable Trust and the Man US Charitable Foundation

Set up in 1978, The Man Charitable Trust is an independent registered charity that funds small to medium-size charities focusing on literacy and numeracy programmes. It also funds programmes in support of access to education for disadvantaged people. In 2019, Man Group launched the Man US Charitable Foundation to provide funding and volunteering opportunities in the US. In 2021, Man Group donated $4 million dollars to both charities.[48][49]

King's Maths School

Man Group is a charitable supporter of King’s College London Mathematics School ('King's Maths School'), a specialist state-funded school for gifted mathematicians aged 16-19 that is run in partnership with King's College London. The school brings high quality mathematics education to students who have a particular aptitude and enthusiasm for the subject, and it offers a genuine access route for students who come from backgrounds that are often underrepresented in mathematical sciences.[50]

Oxford-Man Institute

In June 2007 Man launched a joint project with the University of Oxford, the Oxford-Man Institute of Quantitative Finance. Man Group's initial financial commitment to the institute was £13.75 million, one of the largest single donations to a British higher education institution in recent years.[51] In 2016 the Oxford-Man Institute expanded its focus on machine learning and data analytics, becoming part of the University of Oxford's Department of Engineering Science. The development of the OMI's focus creates a hub for machine learning and data analysis at Eagle House, the current home of the OMI and Man AHL's Oxford Research lab.[52]

In December 2019, The University of Oxford and Man Group announced that funding support for the Oxford-Man Institute (OMI) had been agreed for a further five years.[53]

Former sponsorships and charitable initiatives

Man Group is a former sponsor of the Man Group International Climate Change Award and the Man Asian Literary Prize.[54][55] In the 1990s, Man was a founding member of the East London Partnership, which became the East London Business Alliance, a business-community outreach charity promoting corporate social responsibility and employee volunteering.[56]

See also

References

  1. ^ a b c "Annual Results 2021" (PDF). Man Group. Retrieved 1 March 2022.
  2. ^ "Half year results 2022". Man Group. Retrieved 8 August 2022.
  3. ^ "Man Group relocates staff as it overhauls office for flexible working". Investment Trust Insider. 3 February 2021. Retrieved 17 February 2022.
  4. ^ "Man Group boss confident that performance will pick up". Financial Times. 23 January 2017. Retrieved 30 October 2017.
  5. ^ "Stock". www.londonstockexchange.com. Retrieved 27 May 2022.
  6. ^ "Trading statement for the quarter ended 31 March 2022".
  7. ^ "Man Group annual report 2021 - page 2".
  8. ^ Global 50 Funds of Hedge Funds, The Hedgefund Journal, June 2009.
  9. ^ Sutherland, John (9 October 2008). "The Booker's Big Bang". New Statesman. Retrieved 3 September 2009.
  10. ^ a b "Man Group: Timeline" (PDF). Archived from the original (PDF) on 16 February 2011. Retrieved 18 April 2011.
  11. ^ "Corigins". strauscom.com. Retrieved 30 March 2015.
  12. ^ Man Group's MF Global unit files for IPO Reuters, 1 June 2007
  13. ^ a b Man agrees takeover of GLG FT, 17 May 2010
  14. ^ a b Man Group to acquire rival FRM FT, 21 May 2012
  15. ^ a b Man Group's flagship funds stage continued recovery Financial Times, 8 September 2014
  16. ^ Man Group to launch quant hedge fund in China Financial Times, December 2017
  17. ^ "Man AHL receives approval for QFII license in China". Man Group. 29 September 2020. Retrieved 27 May 2022.
  18. ^ "Our offering". Man Group. Retrieved 22 April 2017.
  19. ^ "Quant hedge fund of the year: Man AHL". Risk.net. 8 December 2017. Retrieved 26 March 2018.
  20. ^ "Man Group to Buy Numeric Holdings of Boston". Deal Book. 19 June 2014. Retrieved 27 March 2018.
  21. ^ Miles Johnson (17 December 2014). "Man Group buys Silvermine for $23.5m". Financial Times. Retrieved 14 July 2015.
  22. ^ "Man Group to Buy FRM Holdings for Up to $83 Million". The New York Times.
  23. ^ Khan, Mehreen. "Man Group completes deal for property manager Aalto Invest". Financial Times. Retrieved 30 October 2017.
  24. ^ Eschenbacher, Stefanie (20 July 2016). "Luke Ellis, the New Man in Charge at Man Group". Wall Street Journal. Dow Jones. Retrieved 10 November 2016.
  25. ^ "News article". www.lseg.com. Retrieved 27 May 2022.
  26. ^ Man Is Feeling The Pull Of Gravity Business Week, 1 November 2004
  27. ^ ED&F Man Group PLC acquires Glenwood Capital Investements Thomson, 10 November 2000
  28. ^ Man Group buys Australian hedge fund group Financial News
  29. ^ Man Group PLC acquires RMF Investment Group Thomson, 31 May 2002
  30. ^ Man Group PLC acquires a minority stake in BlueCrest Capital Management Thomson, 31 December 2003
  31. ^ Jones, Sam (23 March 2011). "Man Group sells BlueCrest stake". Financial Times. Pearson. Retrieved 16 July 2015.
  32. ^ Man Group sets sail with Pemba into credit Hedge Funds Review, April 2007
  33. ^ Man Group PLC acquires Ore Hill Partners LLC (pending) Thomson, 31 March 2008
  34. ^ Man ECO announces $635 million raised for China Methane Recovery Fund CPI Financial, 10 April 2008
  35. ^ Man Group PLC acquires a minority stake in Nephila Capital Ltd Thomson, 6 June 2008
  36. ^ Acquisition of FRM Holdings Limited by Man Group Archived 7 July 2014 at the Wayback Machine maninvestments.com.au, 17 July 2012
  37. ^ "Man Group closes Pine Grove Asset Management acquisition". Hedgeweek.com. Hedgeweek. 5 August 2014. Retrieved 20 July 2015.
  38. ^ Man Group Buys Merrill Lynch's $1.2 Billion Funds of Hedge Funds Bloomberg, 8 December 2014
  39. ^ a b c "Man Group trading statement - March 2015". Man.com. Man Group. Retrieved 18 March 2019.
  40. ^ Man Group to Acquire Silvermine Capital Management Bloomberg, 19 December 2014
  41. ^ Man Group to buy asset manager NewSmith Financial Times, 20 February 2015
  42. ^ Man Group acquires Aalto to launch private markets arm Investment Week, 14 October 2016
  43. ^ Larson, Erik (8 January 2014). "Madoff Trustee Tops $10 Billion Recovery With Bank Deal". Bloomberg.com. Retrieved 14 July 2015.
  44. ^ "The Man Booker Prize". The Man Booker Prize. Retrieved 18 April 2011.
  45. ^ "Booker Prizes Lose Major Sponsor". Retrieved 27 January 2019.
  46. ^ Stock, Jon; Rigden, Kealey (15 October 2013). "Top 25 Literary Prizes". Telegraph.co.uk. London. Retrieved 17 June 2015.
  47. ^ "The Prizes". Man Booker. Archived from the original on 18 June 2015. Retrieved 17 June 2015.
  48. ^ a b "Man Group annual report 2021 - page 45". 1 March 2022.
  49. ^ "Our Supporters". Beanstalk. Archived from the original on 20 July 2014. Retrieved 14 July 2015.
  50. ^ "Diversity & Inclusion". www.man.com. Retrieved 27 May 2022.
  51. ^ Oxford-Man Institute of Quantitative Finance officially opened University of Oxford, 19 September 2007
  52. ^ "Areas of research". Oxford-man.ox.ac.uk. Oxford Man Institute. Retrieved 17 June 2015.
  53. ^ "Man Group extends Oxford-Man Institute funding". eng.ox.ac.uk. Retrieved 27 May 2022.
  54. ^ MALP News. "Man Asian Literary Prize". Man Asian Literary Prize. Retrieved 18 April 2011.
  55. ^ Allen, Katie (18 October 2012). "Asian Literary Prize seeks new sponsor". The Bookseller. Retrieved 19 November 2012.
  56. ^ Ball, Stephen J; Junemann, Carolina (2012). Networks, New Governance and Education. p. 89: 'And Man was a founding member of what was called East London Partnership, which became East London Business Alliance, a business-community outreach charity promoting corporate social responsibility (CSR) and employee volunteering. ISBN 9781847429797. Retrieved 1 September 2014.

Further reading

  • Jenkins, Alan C., 1989, The House of Man, London, UK: Rainbird Publishing. ISBN 0-09-995370-6
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