In an industry where assets under management are often treated as the ultimate scoreboard, Man Group’s latest results delivered a paradox: record AUM, yet softer profits. The headline is jarring at first glance. How can one of the world’s largest publicly listed hedge fund managers oversee more capital than ever and still report a dip in earnings?
The answer reveals far more about the modern alternative asset management business than about a single quarter’s performance. It underscores a stru...
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