Behind the Money Can the world’s largest listed hedge fund rebound?
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Oct 22, 2025 Join Costas Mourselas, Financial Times hedge fund correspondent, as he delves into the challenges faced by Man Group, the world's largest listed hedge fund. He unpacks the evolution of the firm's innovative quant strategies and discusses why recent trends have struggled amidst market volatility. Costas explores Man Group's dual path—whether to diversify further into private assets or reinvest in hedge funds. With insights on branding and client relationships, he contemplates the potential for Man Group to reclaim its former success.
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How Trend Following Works
- AHL's trend-following model ingests large amounts of market data to latch onto sustained price moves.
- Trend following can profit in downturns by betting that falling markets will continue to fall.
Public Listing Intensifies Volatility
- AHL's volatile performance leads to big profit years and weak years, making Man Group's share price volatile.
- Being a listed hedge fund is both a blessing and a curse because performance swings affect shareholders directly.
Shareholders Vs Fund Investors
- Public shareholders want buybacks and dividends while fund investors want strong long-term performance.
- Those short-term shareholder pressures can conflict with hedge fund managers' investment goals.