Man Group

“We obviously have a very big quant business and it is so important that people are honest about how many goes they've had at a problem to avoid a data mining issue.”

“I think the proportion of alpha that clients are happy to leave with a manager Has not really changed over years. You know, you can debate, and maybe it's something to do with the quality of the returns, some number between 25 and 30% of alpha that clients are…”

“The days of talking about 10,000 hedge funds are over. I don't know what the right number today is, but the reality is that probably there's a thousand credible hedge funds out there, and the top hundred have a significant proportion of the assets.”

“I've run a private business. I've run a public business. I spend more time on shareholder issues running a private business than I do running a public business.”

“And the incredible thing is asset management as an industry is way nearer the social media end than it is the outsourcing end. It's a sort of 30% margin industry and some parts are significantly better than that.”

“We do a new vehicle basically every day in public markets. So a new fund or a new SMA for someone or a new version of a fund in a different jurisdiction. And we basically bang one out a day.”

“And even if I think the best thing to somewhere between hope and expect to make money out of that change when it happens is trend following. We have a bunch of products, which I think will make our clients a whole load of money in that environment, but it's no…”

“You have to have a repeatable process. It doesn't happen that one day you're a growth investor and the next day you're a value investor, that you're a bit of macro and then you're a bit of bottom up and you're, I don't believe in that.”

“We have a hundred different strategies put through a single infrastructure. The infrastructure is more expensive than if you had one strategy, but it's a heck of a lot cheaper than having a hundred of them.”

“We don't have a discretionary long only U S equity offering that we're out there pushing because we haven't found a team that we think does that in a way that has consistent alpha over time.”

“I think if you look at a number of the problem things in history and you see that the bit of internal competition often creates bad behavior because people are competing with each other and then they start the temptation to cut the corner against the person si…”

“One of the interesting things is it's sort of more than a third of the firm are technologists. And beyond that, I think the last number is more than half of the firm has an active Python license.”

“So we are order of magnitude, 70% quant. So from a pure mass point of view, we're way heavier quant than the industry.”

“Everything has a capacity constraint, and we shut them at the lower of the number the team thinks it's starting to affect the way they're investing, or we as management think it's the lower of those two.”

“What I experienced in investing in funds is alpha maintains much more than people expect for a certain period of time in a strategy, certain size growth in a strategy. But once it starts to drift off, it collapses and goes negative. And once you fall off the c…”

“I like people or processes where their process is in tune with the market. They push hard. And when their process is out of tune with the market, They don't push hard, but they don't do something different. So you can think of it as if your average vol over ti…”

“In the end, I don't think compensation is the way that you create behaviors. Compensation matters. People in this industry get paid a lot of money. One should never Not treat the process of how people get paid seriously, but I don't believe in using compensati…”

“I firmly believe that the client needs to get the majority of the returns needs to get the majority of the alpha. And so we won't do something which while it might make a net return for the client that the client might be interested in, but where 60% of the al…”

“There is nobody inside the organization that you can talk to that it's not a leading conversation. I can't talk to somebody about, yeah, I'm wondering whether this is working or not working. That immediately creates a bad impact you don't want to do. And you c…”