- Actor James Gandolfini, star of 'The Sopranos,' dies in Italy
- British Supreme Court ruling threatens Western sanctions against Iran
- Britain to start sale of Lloyds soon, review RBS split |
- US STOCKS-Wall St drops after Bernanke hints at slowing stimulus
- Italian designers Dolce and Gabbana convicted of tax evasion
STOCKS NEWS EUROPE-Man Group up on fund NAV, broker note
Shares in hedge fund firm Man Group (EMG.L) surge 6.6 percent, hitting a more than two-month high and topping Britain's FTSE 100 .FTSE gainers' list, after its main fund AHL posted a 3.8 percent rise in net asset value last week.
Man Group shares are also boosted by a "buy" rating initiation from Execution Noble.
"Given AHL's historical track record, performance will come back, but it is difficult to say when. Until then a dividend yield of 12 percent compensates for the wait," the broker says.
"At 252 pence, even based on our below consensus estimates, the risk reward is extremely favourable and hence we initiate with a buy recommendation and fair value of 300 pence."
Reuters Messaging rm://firstname.lastname@example.org
- Tweet this
- Share this
- Digg this