Hedge assets of FRM mixed in with Man Group
By Pensions & Investments | October 29, 2012
Re: Pensions & Investments' Sept. 17 special report on hedge funds.
The ranking of hedge funds of funds by assets under management listed Man Group hedge funds-of-funds assets as of June 30, and in a footnote stated the figure contained the assets of FRM. This is not correct. The acquisition of FRM was completed by Man in July and therefore the June 30 numbers submitted by Man in response to P&I's data request did not include FRM's assets. FRM's assets as of June 30 were $8.3 billion, of which 91% were institutional.
It also appears the “Change from 2011” and “Change from 2008” columns were calculated using combined Man and FRM hedge funds-of-funds assets for the 2011 and 2008 periods, but just Man hedge funds-of-funds assets for the 2012 period, thus overstating declines.
Going forward, FRM and Man's hedge funds-of-funds businesses have been integrated and operate under the FRM name, with approximately $19 billion in assets under management.
Co-head of client services
Chief operating officer
EDITOR'S NOTE: The hedge funds-of-funds charts and the accompanying story about hedge funds-of-funds manager declines have been corrected online. FRM did not submit a survey for P&I's Sept. 17 hedge fund special report.
This article originally appeared in the October 29, 2012 print issue as, "Hedge assets of FRM mixed in with Man Group".