AHL down 1.3 while GLG up 1.98 Oct 2014 09:12
AHL down 1.3 while GLG up 1.7
Wasn’t this the reason for the acquisitions, i.e. to stabilize. However, AHL was also up 0.3 on week at $1.3087.
Good point made by wiejse on discussthemarket, is that AHL is a smalller contributer to Man Group now.
So the improvement over the last few weeks from GLG is important, (roughly 1.9% last week).
For anyone interested and mathematically indulgent, June 30th figures for calculation are on https://www.man.com/GB/presentations/ From page 33 I see earnings from performance (pf) fees :-
79% of AHL's FUM is eligible for pf of 18% to 20% and accounted for 21% of Man's total FUM up to June 30th,
45% GLG " "" 15% to 20% " "" 59% " " " "
20% FRM " "" 5% to 10% ! "" 29% " " " "
So in my view, the contributing proportions are, (very roughly), AHL 15% GLG 30% FRM 5% of Man's pf. This means to me that Man's share price should be 48% of its price when AHL was last in the $1.30's. Man's price then ranged between £3 & £5. So my estimation is that Man's SP should be around 137p at least, based on the £3, & up to £2.40 based on the £5 ,
Since June 30th, AHL has improved hand over fidt and GLG has begun improvement., its plain to see that this would be a snip t/o at 140p to 150p. Hence the unfair activities, but I believe that the recent acquisitions will be frustrating any such t/o. So it will be interesting to see, as dduck, has said what Numeric & Pine Grocve can contribute.
Not forgetting that Man are presently arranging fund raising in the form of bonds for another acquisition. Just my quick calculations & as ever DYOR & GL