Man Group

HSBC slashes target prices for many large UK-listed groups, claiming the sector is not ‘uniformly good value'

Man Group's shares rose nearly 3% this morning after it reported pre-tax profit of $154m for the six months to 30 September 2011, ahead of the amount it forecast earlier this summer.

The disparity of returns between hedge funds in September was the highest ever seen by Luke Ellis, head of Man's multi-manager unit and a veteran of the fund of hedge funds business.

Crispin Odey has admitted his flagship European hedge fund lost 8.3% last month.

Shares in Man Group have fallen over 20% this morning as the investment manager warned of a $6bn contraction in funds under management in Q3.

Man Group is to acquire the remaining exposure to the estates of bankrupt US investment giant Lehman Brothers from funds managed by its subsidiary, GLG Partners, for $355m (£220.4m) in cash.

Man Group has blamed challenging market conditions for more than $1bn of negative investment movement in the first quarter of 2011.

Man Group has launched a multi-strategy fund investing across a range of its own funds, and those of its subsidiaries including recently acquired GLG Partners.

Man Group has hired ex-Gartmore employee Warren Shiels as director of its UK retail business.

Man Group is planning to follow up the launch of its Nomura Global Trend fund with another vehicle run up by GLG, the fund manager it acquired last year.