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By Tom Wilson
LONDON (Reuters) -Property managed by hedge fund Man Group jumped to a document $178.2 billion within the first half of 2024, with the corporate citing development in its liquid credit score methods and stable U.S. direct lending.
The efficiency within the six months to the top of June, which beat the expectations of 10 analysts with a rise of 17.5% over the then-record $151.7 billion the corporate oversaw on the finish of June 2023.
Man Group’s shares rose as a lot as 2.5% on the outcomes.
The London-listed firm, which makes cash from administration charges, posted a six-month core internet administration payment income of $551 million, 19.7% up from $460 million in June final yr.
“We now have began the yr strongly, delivering for our shoppers in a market surroundings pushed by the evolution of ahead rates of interest, expectations of technological disruption, and the end result of elections globally,” mentioned Robyn Grew, Man Group’s chief government.
Grew cited a prevailing narrative within the first half of the yr of a “Goldilocks” financial system, “neither too scorching to extend rates of interest at latest highs, nor too chilly to hinder development”.
The agency recorded internet inflows of $900 million for 2024, down 65% from a yr earlier.
Hedge fund efficiency has been combined this yr as election and political dangers surged in Asia, Europe and america and central banks take a various strategy to combating inflation.
Knowledge agency Hedge Fund Analysis’s (HFR) weighted hedge fund index returned 4.97% to the top of June, underperforming benchmark indices such because the MSCI All Nation World Index, which was flat on Friday.
Development-following friends of Man Group tracked by Societe Generale (OTC:) had been up roughly 9% for the yr ending in June.
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