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Are Man Group shares a buy?

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Some highlights from todays results  –

Gains of 5% or more in the European long/short, North American Opportunities, Alpha Select, Global Opportunity, Global Convertibles, Market Neutral, European Distressed, Emerging Markets and Multi-Strategy alternative investment styles, with long only Japan Core Alpha up 21.4% and Global Equities up 13.9%

Three quarters of performance fee eligible GLG FUM at or within 5% of high water mark at end March

Man AHL Diversified plc up 0.8% in the year to 26 March; AHL was approximately 14% from peak on a weighted average basis at end March

Financial position remains strong, with a regulatory capital surplus, after a capital buffer, of approximately $550 million and net cash of approximately $250 million.

We covered Man Grp back in January (see link here – http://issuu.com/spreadbetmagazine/docs/capital-spreads) where we postulated if the global asset manager was a Buy. The IMS this morning lead us to believe that the shares are a bargain at this level (97p)

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