World's largest hedge fund sets sights on Jersey

Monday 15 October 2018

The world's largest hedge fund has announced plans to set up in Jersey.

Publicly traded Man Group revealed the plans to incorporate a new group holding company in their latest trading statement, which showed their funds under management had gone up in the third quarter, standing at $114.1 billion at the end of September.

Following what they describe as "significant growth" in US business over the past five years, as well as in other international markets and the UK, the Group chose to adjust its international governance and corporate structure. It is hoped the new holding company will allow greater flexibility. 

While the new company would be listed in Jersey, Man Group shares would remain listed in the UK, where the the company will also pay its taxes. The move will have no impact on the business operations in London, home to its headquarters.

Commenting on the results in the third quarter, Luke Ellis, Chief Executive Officer of Man, said: "Funds under management were slightly up in the quarter with net inflows of $0.4 billion, despite the previously announced $2.2 billion infrastructure mandate redemption. Positive investment movements offset negative FX and other movements. We saw continuing inflows into our alternative risk premia strategies and strong flows into our systematic equity strategies.

"Investment performance in the quarter was mixed with strong absolute and relative performance in our momentum and discretionary long only strategies but weaker relative performance in our discretionary alternative and systematic equity strategies. Looking forward, Man Group is well positioned, with strong fundamentals, and we remain focused on enhancing our technology platform and continuing to develop innovative strategies for our clients."