24th Sep 2008 07:00
Man Group plc
23 September 2008
Statement on impact of short selling restrictions
Man Group makes the following comments in response to speculation about the impact of the new short selling regimes on the alternative investment industry.
Restrictions on short selling introduced in certain markets and sectors are predominantly affecting the equity long/short style, and to a lesser extent hedging strategies in other styles. Man's assets under management have historically been allocated underweight equity/long short strategies, and remain so, at 14%* compared to the industry average of 33%*.
Man is allocated overweight managed futures predominantly through exposure to AHL. AHL is not expecting to be impacted by the recent short selling restrictions given that its core programme trades its equity component through stock indices.
Whilst performance for the industry in the first 8 months of the year has been broadly negative, managed futures has been one of the few styles to have generated positive performance. Man AHL Diversified Futures Ltd is up 2.3% for the calendar year to 22 September reflecting this.
Man does not expect that there will be any material impact for the funds or the Group from counterparty exposures to Lehman Brothers or AIG.
Man Group will make its pre-close interim trading statement on Monday 29 September, as announced.
* As estimated at 31 March 2008
Enquiries
David Browne
Head of Group Funding & External Relations
+44 207 144 1550
Miriam McKay
Head of Investor Relations
+44 207 144 3809
Merlin PR
Paul Downes
+44 7900 244 888
Paul Farrow
+44 7747 607 768
About Man Group plc
Man is a world-leading alternative investment management business. With a broad range of funds for institutional and private investors globally, it is known for its performance, innovative product design and investor service. Man manages over USD79.5 billion and employs 1,800 people in 13 countries worldwide.
The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange and ranked in the top 40 companies of the FTSE 100 Index, with a market capitalisation of USD21 billion.
Man supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes and the Man Group International Climate Change Award. Further information can be found at www.mangroupplc.com.
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