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
"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."
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