Man Group Japan
Man Group Loses Billions After Devastating Tsunami in Japan
The company on Tuesday warned investors of the impact the crisis was likely to have on its business, but remained upbeat on a medium and long-term view for the company and its investments.
The past few months had been a “negative period” for its computer-driven flagship AHL fund, it said, with performance turning “sharply down with markets” following the earthquake in Japan.
“March brought an extraordinary concentration of macro shocks,” Peter Clarke, chief executive, told shareholders in the FTSE-listed company’s pre-close trading update. The situation in Japan had led to a “decreased risk appetite and increased volatility in markets,” he said.
AHL, which manages about $22bn – almost a third of Man’s $68bn total – has in recent weeks suffered alongside several other large algorithmic funds, some of which have had steep drawdowns. Source