Geoff Miller Quotations

While many commentators question the sustainability of hedge fund fees, we would highlight the long-only retail arena as an area where some fees do not reflect value added for the customer, but rather the distribution capabilities of the product manufacturer,

Just as the institutional long-only market has become more focused on value added, retail funds are likely to follow gradually in the years to come.

Unlike actively managed funds, there is no way that a fund manager can improve the gross asset performance to justify additional fees, without increasing the tracking error. Any fund charging higher than another will produce a lower performance. The range of charges is substantial.

We are likely to upgrade our 2006 numbers slightly as a result, and do not believe that the shares look expensive relative to the peer group, once allowance is made for the cash on the balance sheet.

Better performance fees than we were expecting have driven the earnings number sharply higher.

There will be plenty of opportunities for Man Financial... Refco is one of Man Financial's largest competitors,

The rugby lads won the World Cup and from then things haven't gone quite as they would have wanted since then,

They have the opportunity to increase their share of the futures brokerage business ... They may be able to pick up clients and individuals who work at Refco.

It's extraordinary ... People were saying this business has gone ex-growth. The shares look firmly underpinned at current levels.

The numbers were mostly in line with what we were expecting. We've marginally upped our profit forecast to just above 25 million pounds and are holding our overweight recommendation.