Analyst Research Report Snapshot

Title:

MAN GROUP - AUM UNDER PRESSURE

Price:

$10.00

Provider:

Edison Investment Research

Date:

08 Mar 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

EMG.L

Available for Immediate Download
Summary:

Along with peers, MAN Group has rallied strongly over the last three months gaining c 25% as markets have been buoyed by an increase in risk appetite. MAN Group has been one of the top performing in the sector as investors have speculated about further possible restructuring plans, bid rumours and hopes that new management will be able to revitalise performance. Despite this, the group’s fundamentals have continued to deteriorate, with net AUM outflows during 15 of the last 17 quarters. This has resulted in adjusted profits falling 31% to $278m in 2012 (Edison: $199m, consensus $189m). MAN’s concentrated product portfolio means outflows from its higher-margin guaranteed products have a disproportionate effect on revenue growth. We have updated our fair value to 70p reflecting the sector re-rating, but still believe MAN’s share price will come under increasing pressure without a sustained improvement in performance at AHL.

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