Broker snap: Worst may be over for Man

30th Sep 2009 11:44

Hedge fund manager Man Group showed a clean pair of heels to most of its fellow FTSE 100 constituents on Wednesday morning after an upbeat trading statement.Evolution Securities rates the shares a 'buy', taking the view that the worst is behind Man now, with funds under management growing and redemptions declining.'We retain our buy recommendation as, with positive momentum developing, we believe Man's growth potential is not currently recognised at 13.6 times 2010 earnings per share,' Evolution analyst Michael Sanderson said.Singer Capital Markets is also a fan, saying the news on current trading was in line with Singer's expectations while the positive noises on the outlook front 'all sounds very positive for shareholders.'