I suspect trading tomorrow will probably answer this conundrum, but I know there are some far wiser owls than me that contribute to this bb & I would be interested in their opinions.

My question is this: the chart below looks to me like a pullback of the uptrend (ie when it went north through 14.00) however I am unsure as it has now broken down through 14.00 whether this is trending up or down :-(

So what do you think - up or down, or should I just flip a coin :-)) ?

I agree Chris -
Share price may now be healing as -
Is it Evolution fund system seems to be being incorporated into is it AHL fund ??
Plus new CEO. I hope it recovers to about 120p shortly

What a day today pulling out my hair -
Went short on 60,000 shares at 89.20 looking to buy back at about 87.50
Instead of going down went up to 91.90
Then at end of day back down to 89.30
Still in hoping they will fall back a little tomorrow for a small profit.
I always seem to have high risk going short = it is not recommended
Hope to buy back big time nearer 87.50 to hold for some months

AHL fund up .6% over the past week, new funds to be set up.

Looks like we may have turned the corner and time to start averaging down on a rising chart, possibly?

UBS note today:
"Adding Man Group to most preferred: We are adding Man Group to our most preferred list. Following December’s change of leadership, we believe that management could announce material strategic changes on 28 February (FY results). A review of the company’s distribution capabilities (downsizing and/or adding product at minimal cost) looks likely. Long term, we believe a sale of the company remains a possibility. Please refer to our detailed note, Riding the GEM wave, for more details. We also see the recent 10% pull back in the share price over the past two weeks, while AHL is up 0.2% over the period as an entry point. AHL is at c.9% from high water mark.

Valuation – Man Group at a discount, Schroders have re-rated most Man Group trades on 12.5x, Schroders on 18x and Aberdeen on 14x P/E 13E. Man Group trades on 9.1x EV/NOPAT, Schroders on 13.7x and Aberdeen on 12.9x EV/NOPAT 13E. Since 1 June 2012, implied FY13E management fee multiples have re-rated by 38% at SDR to 15.7x, 4% at Man Group to 5.6x.

Mr Roman was instrumental in the hiring of J Sorrell, who subsequently became CFO and announced the second costcutting phase, totalling US$95m, bringing the total cost reduction plan to US$195m. We believe that there is scope to further leverage distribution by adding product and/or reducing distribution or adjusting the manufacturing base of AHL, and would not be surprised by such an announcement on 28 February. We also believe that a sale of the company remains on the table. Man Group retains a strong manufacturing and distribution franchise, with the main issue being its insufficient scale relative to its distribution footprint. In the long term, we continue to see merit in a potential sale of Man Group to a large US asset manager seeking distribution in Asia, or increased exposure to alternatives. Man Group trades on 10.9x EV/NOPAT (run-rate numbers, assuming US$357m for the run-off of guaranteed products)."

Flippin' 'eck........a quid!

Ssshhhhh, you might frighten it away.,.

No worries Bb. Sailing away at 103p now!

Hi Harrycat,
Do you still hold SEY?

I don't. I get news alerts and keep them on my watch list, but am not currently invested in SEY.

Stop to 97.8 to lock in + 10

111p now and all of the DMA's turning up to hopefully start a trend.

Looking good Houston!

Out for now on the spreads @ 110.9 + 23.1

Merrill Lynch note:
"Man has bounced very sharply of late. We think there are three potential explanations for this.

Normalisation. Our view is that Man’s “normalised” earnings power is well ahead of its current run rate, and that if it shows any signs of returning to this sort of level, it is extremely cheap. If current financial conditions represent normalisation elsewhere (as we think they do), then this happy day could be approaching.

AHL. Historically, Man has responded as AHL has approached performance fee territory. We show a chart of AHL later in this note, but in summary, the strategy has performed strongly this year (up around 3.7% judged by the daily fund the company reports), and is around 9% below performance fee territory.

Restructuring. There is also, apparently, a theory that the company’s new CEO, Manny Roman, will “do something” at the company’s FY 12 results. Broadly, we believe the first two arguments. The first is what lies behind our buy case on Man. We don’t really believe the third, as it is in our view hard to see what exactly the company could do that it is not already doing."

Might be worth a dabble if this drops sub 100p?

Wouldnt that mean it had dropped below its 25 day EMA Harry?.

Bad sign if that happens imo.

It did the same at 90p and bounced back strongly, so not sure if the 25 is much of a barrier either way.

Bit of a gap to fill perhaps? If it does retrace worth a wee punt again @ 90p

RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012

Key points
· Funds under management (FUM) at 31 December 2012 of $57.0 billion (31 December 2011: $58.4 billion)
· Sales of $12.8 billion, redemptions of $20.1 billion, FRM acquisition $8.3 billion, investment movement of $1.3 billion, FX translation effects of $(0.3) billion and other movements, principally guaranteed product de-gears, of $(3.4) billion
· Adjusted profit before tax (PBT) of $278 million, comprising adjusted net management fee PBT of $223 million and net performance fee PBT of $55 million
· Further impairment of GLG goodwill ($746 million) in addition to the impairment reported at 30 June 2012 of $233 million (GLG $91 million and Man Multi-Manager $142 million)
· Statutory loss before tax for the year ended 31 December 2012 of $745 million, reflecting impairment of goodwill and other adjusting items
· $95 million of operating cost savings announced in January 2012 have been delivered
· Further annual cost savings of $100 million announced in July 2012 are on track for delivery by the end of 2013
· Surplus regulatory capital of $795 million at 31 December 2012
· Proposed final dividend of 12.5 cents per share; total dividend for the year expected to be 22 cents

Manny Roman, Chief Executive Officer of Man, said:
"2012 was another tough year for Man. Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the US and macroeconomic risks. Investor appetite remained muted and as expected there was a further decline in Man's product margin mix and revenues.

Management's priority last year was to maintain the focus on delivering investment performance for our investors, while reducing our cost base to a level which reflects the economics of a reduced and different mix of asset flows. On both counts we made good progress.

As of mid-February 2013, most of our strategies were off to a good start and there is no doubt investor sentiment has improved somewhat. The number of requests for proposals and the pipeline of new mandates have increased to a degree. However, given the lead time required by institutional investors to invest, gross sales are likely to remain muted in the first half and we are yet to see a slow down in the rate of redemptions.

We have introduced changes to senior management to further enhance Man's focus on investment performance. We will maintain our efforts to make Man lean and efficient. We have identified areas where over the medium term we can build and enhance our investment platform and deliver profitable growth for our shareholders. This gives grounds for cautious optimism for the medium term, but there should be no doubt that business conditions remain very tough. We will continue to focus on delivering performance for our investors; from that, all else flows."

Dividend
The Board confirms that it will recommend a final dividend of 12.5 cents per share for the financial year to 31 December 2012, giving a total dividend of 22 cents per share for the year. This dividend will be paid at the rate of 8.26 pence per share.(ex-divi 24th Apr 2013)"

Went short @ 105.92 on the spreads, target 95.0, stop now at entry for risk free trade.