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 :-)) ?

hmmmm YUM :-)

Any idea where next guys? Bounce at 140p or........
Not S/B but looking for an entry point.
Next support at.....c120p?

Merrill Lynch summary note:
"PO 170p, AHL driven
Man’s H1 15 results, due on 29th July, are likely to be decent, but we think that H2 will see the impact of the recent falls in AHL. We have trimmed basic eps estimates, and H2 15 and FY 16 performance fees have seen significant falls. We don’t think there is anything especially noteworthy here, and retain our Buy on Man, albeit with a lower PO of 170p (from 200p). FY 16,17 – 19%, 4% downgrades
We have cut estimates by 12% for FY 15, 19% for FY 16 and 4% for FY 17. The main factor here is performance fees; these are likely to normalise by FY 17, we think.
Retain Buy- capital management, diversification Man’s near term performance is inevitably somewhat hostage to AHL’s fortunes. Longer term, we think the company is now a well designed EPS machine; it is diversified, with a capital management policy which mixes buybacks and small acquisitions to boost earnings.
We reiterate our Buy. On under 13x this year’s earnings, the stock looks good value."

StockMarketWire.com
Man Group's funds under management rose 8% to $78.8bn at the end of June (31 December 2014: $72.9bn).

Adjusted profit before tax rose by 89% to $280m. Statutory PBT was up 54% to $163 million (H1 2014: $106 million) reflecting acquired intangibles amortisation ($45 million), impairment of FRM goodwill ($41 million) and other adjusting items ($31 million); diluted statutory EPS1 of 7.5 cents (H1 2014: 5.0 cents).

The interim dividend of 5.4 cents per share is up from 4.0 cents per share last time.

Chief executive Manny Roman said: "While the first quarter of the year saw a more stable environment in financial markets which benefitted all of our strategies and in particular AHL's momentum strategies, the second quarter was characterised by renewed volatility. As a result AHL's momentum strategies gave back the gains they had made in the first quarter however GLG, Numeric and FRM's strategies generated good risk adjusted returns adding to their strong start to the year.

"Flows for the half were skewed by $3.4 billion of net outflows from our Japan CoreAlpha strategy as some investors redeemed following a long period of strong absolute and relative performance. We saw solid flows into our quant strategies including one large institutional mandate into AHL, however elsewhere investor appetite remained muted as renewed market volatility tempered investors' willingness to put their money to work.

"Markets remain very challenging and accordingly we remain cautious in our outlook for the remainder of the year. As ever, we remain committed to investing in talent, research and technology and building the optimal environment to deliver superior risk adjusted performance for our clients which will ultimately translate into the delivery of value for our shareholders."

RBC note today:
"Positive. H1 results show high margin inflows and low margin outflows.
First impression
Today Man reported its H1/15 results:
Total fees: $659MM (RBC: $618MM).
Management fees: $428MM (RBC: $421MM).
Performance fees: $231MM (RBC: $197MM).
Total adjusted PBT: $280MM (RBC: $254MM; consensus: $222MM).
Management fee PBT: $108MM (RBC: $100MM; consensus: $105MM).
Performance fee PBT: $172MM (RBC: $154MM; consensus: $117MM).
Adjusted diluted EPS: 13.9c (RBC: 12.6c; consensus 10.9c).
Dividend: 5.4c (RBC: 5.0c; consensus: 5.0c).
FUM at 30-Jun-15 was $78.8B (RBC: $78.6B; consensus: $78.8B). In H1/15, net flows were -$2.6B (RBC: -$2.6B; consensus: -$2.4B). Q2/15 net outflows were $1.3B against our -$1.3B forecast.
FUM by reporting category is:
Quant alternative (AHL/MSS/Numeric): $14.9B (RBC: $13.6B).
Discretionary alternative (GLG): $18.0B (RBC: $17.4B).
Funds of funds (FRM): $10.8B (RBC: $11.1B).
Quant (AHL/MSS/Numeric) long only: $18.1B (RBC: $17.8B).
Discretionary (GLG) long only: $15.3B (RBC: $17.3B).
Guaranteed: $1.7B (RBC: $1.4B).
Surplus regulatory capital of $425MM at 30-Jun-15; we forecast a surplus of $500MM at year-end 2015.
Outlook: typically cautious. Man indicates that “markets remain very challenging” and accordingly it remains “cautious in [its] outlook for the remainder of the year.”
Conclusion: Man delivers. We believe that consensus will rebase higher as a result of today’s results. That, and Man’s undemanding valuation, are positives. Man's outlook was typically cautious. Our EPS forecasts remain double digit percentages ahead of Bloomberg consensus throughout our forecast period. We believe the size of the discount that Man trades at to its peers is too wide. Man trades at 9.2x 2016E EPS (sector: 13.2x) and at 6.6x 2016E EBITDA (sector: 9.3x). We believe this attractive valuation more than accounts for the risk inherent in Man."

Missed this rise completely, would have been a good entry point 140p Harry. Showing a breakout, find out whether real or false in next few days. Outside upper Bollinger Band so may pull back initially. Broker forecast's mixed today. Watching.

LATEST BROKER VIEWS

Date Broker New target Recomm.
4 Aug Numis 95.00 Sell
31 Jul JP Morgan... 175.00 Neutral
30 Jul Liberum Capital 216.00 Buy
30 Jul Barclays... 177.00 Equal weight
30 Jul Goldman Sachs 215.00 Conviction Buy
29 Jul Panmure Gordon 180.00 Buy
29 Jul Shore Capital N/A Buy
28 Jul JP Morgan... 175.00 Neutral
24 Jul Jefferies... 169.00 Hold
9 Jul Citigroup 135.00 Neutral

Interesting RNS

http://www.moneyam.com/action/news/showArticle?id=5089864

Stuck in a trading range since August. Interim next week 15th. Wee punt long @ 156.97 initial target 180 stop 149p

Interim next week??? See post 906 above.

55011 - It's a punt. Q3 Interim Management Statement Thursday 15th October 2015.

Stop to entry for risk free trade. Don't trust this market. Review Monday.

StockMarketWire.com
Man Group's funds under management fell to $76.8bn at 30 September - down from $78.8bn at the end of June.

Key points:
- Net inflows in the quarter of $1.4 billion, comprising sales of $5.7 billion and redemptions of $4.3 billion with net inflows into quant and discretionary strategies being partially offset by net outflows from fund of funds strategies

- Overall investment movement of negative $2.7 billion in the quarter driven by negative market movements in GLG's and Numeric's long only strategies, partially offset by positive performance across AHL's strategies

- FX translation effects of negative $0.6 billion in the quarter, driven by the strengthening of the US dollar against Sterling ($0.4 billion) and the Australian Dollar ($0.3 billion), partially offset by Japanese Yen strengthening against the US Dollar ($0.1 billion)

- Other movements of negative $0.1 billion with CLO and guaranteed product maturities of $0.4 billion being partially offset by investment exposure adjustments of $0.3 billion

* Good year to date relative performance across the majority of strategies. Asset weighted net outperformance for GLG's long only and Numeric's strategies of approximately 2.1%1 and 3.7%1 respectively for the year to 30 September 2015 Chief executive Manny Roman said: "Despite the extreme market movements in late August impacting absolute performance across our long only strategies, we have seen good relative performance across the majority of our strategies for the year to date.

"The net inflow for the quarter was driven by flows into our quant strategies and we have a solid pipeline of sales in the near-term. Quarterly flows will continue to be lumpy in nature, particularly in respect of certain FRM managed account mandates that are yet to fund, and the exact timing of which remains to be confirmed.

"The political uncertainties and economic upheaval in parts of the world continue to provide a very challenging market backdrop for our business. Accordingly, the risk appetite of our clients may impact flows, but we remain focused on continuing to generate attractive investment returns across our range of strategies."

StockMarketWire.com
Jefferies has upgraded its recommendation on hedge fund giant Man Group (LON:EMG) to buy from hold which it said was after remodelling its assumptions to take account of higher than previously forecasted net fee attrition and some additional capital expenditure.

The broker added: "But we view net flow into lower net fee but more persistent institutional funds as being value creative over time and Man Group should be viewed as a benefitting from a higher quality income stream."

Analysts have upped their target price to 187 pence a share from 169 pence.

http://www.moneyam.com/action/news/showArticle?id=5146094

CitiBank note today:
"Upgrade to Buy — We raise our management fee EPS forecasts by 6%-17%, and set a new DCF-based 186p price target. At this target, Man would trade at 12.0x 2017E PE, a 14% discount to peers. Upgrade to Buy from Neutral/High Risk: Man Group share price volatility has reduced, and so we remove our High Risk rating.
 Yield and Growth — We forecast 14% CAGR 2015-18E in management fee EPS and therefore in DPS too. 10.4c 2016E DPS = 7.1p, i.e. a 4.3% dividend yield. Man offers a strong, growing yield, well covered by total EPS (1.7x 20).
Comfortable with AHL — AHL accounts for 20%-25% FUM and we forecast will generate 35%-40% net revenue 2016E-18E. In this note we take a ‘deep dive’ into AHL and our confidence in a stable flow and returns outlook. We set out Bull (254p) Bear (113p) Base (186p) valuations.
Hidden Value — This confidence in AHL allows us not only to factor fund flow, performance fee and share buyback expectations into our forecasts, but also to turn our attention to GLG, FRM and Numeric for future additional growth potential.
 Regulation — We expect asset managers to face increasing regulatory scrutiny in 2016-2017. We see Man well placed for this, thanks to its strong balance sheet, large size compared to other hedge funds, and its relatively low exposure to those segments of the industry where we expect to see the greatest operational impact.
 Mainstream Future — As hedge fund investing heads for a more mainstream and transparent future, we see larger, managed account and full service providers like Man Group best placed to win fund flows from institutional investors."

StockMarketWire.com
Man Group's funds under management rose by 8% to USD78.7 billion in the year to the end of December.

Gross sales totalled $22.9 billion (2014: $21.9 billion); redemptions totalled $22.6 billion (2014: $18.6 billion) and there were net inflows of $0.3 billion (2014: net inflows $3.3 billion).

Other key points:
- Investment movement of $2.4 billion (2014: $3.6 billion)

- FX translation effects and other movements of -$3.0 billion (2014: -$4.3 billion)

- Acquisition of Silvermine, NewSmith and the BAML fund of hedge funds portfolio completed during the first half of the year, adding $6.1 billion to FUM.

Man reports an adjusted profit before tax of $400 million compared with $481 million in 2014.Statutory PBT fell to $184 million from $384 million).

The proposed final dividend of 4.8 cents per share takes the total dividend for the year to 10.2 cents (2014: 10.1 cents).

Chief executive Manny Roman said: "Against a backdrop of challenging market conditions, 2015 was another year of good progress for Man Group. We have delivered against our strategic objectives, continuing to enhance our investment capabilities through the successful integration of three acquisitions that completed in the first half of the year and the appointment of some high calibre investment managers to the firm. FUM increased by 8% driven by acquisitions and flows were slightly positive in the year with net inflows of $2.9 billion in the second half. "Looking forward, the on-going volatility in the markets in which we operate remains very challenging and, accordingly, the risk appetite of our clients might impact flows. However, we now have a more diversified offering and a range of attractive options for growth, which have strengthened the firm and enhanced our resilience as a business."

Credit Suisse today reaffirms its outperform investment rating on Man Group PLC (LON:EMG) and cut its price target to 170p (from 180p).

Barclays Capital today reaffirms its equal weight investment rating on Man Group PLC (LON:EMG) and cut its price target to 165p (from 177p).

Bloomberg Business:
"Man Group Plc, the world’s largest publicly traded hedge fund firm, hired former Millennium Capital Management money manager Abhijeet Gaikwad as it seeks to build a new quantitative-investment unit.
The firm started hiring for the Oxford, England-based “quantitative incubating” unit last month, according to a spokeswoman. Sanatan Rai, who previously worked at BlueCrest Capital Management, has also joined as a money manager.
The unit will give capital to individual money managers to use mathematical models to trade across asset classes. It’s part of Man Group’s $17 billion AHL division that uses computer-driven strategies and is led by Francois Moreau and Jaco Vermaak, according to a person familiar with the matter. Three more money manages are expected to join this year, said the person, asking not to be identified because the information is private.
The Man Group spokeswoman declined to comment on hiring plans.
Man Group managed $78.7 billion in assets at the end of last year and has been hiring money managers to diversify its business. It has benefited from a mounting regulatory burden that’s forcing many traders to abandon plans to start their own funds and instead join existing firms. Investors are also becoming reluctant to give money to startups.
The expansion at AHL is similar to the growth at Man Group’s GLG unit that uses fundamental analysis and has employed more than half a dozen money managers since 2014. It hired former Moore Capital Management LP money managers Rory Hill and Ben Lynch this year, as well as Guillermo Osses, who helped oversee more than $20 billion at HSBC Asset Management."