Fitch affirms Man Group

Fitch Ratings said it affirmed Man Group plc's long-term issuer default rating at A- with stable outlook and its $400 million of subordinated debt at BBB+.

The ratings reflect its strong franchise in alternative investment fund management, long track record of strong profitability and cash generation, modest gross leverage and good risk management, Fitch said.

However, Man's business model entails it taking credit- and market-risk exposures to its own funds and to new managers, the agency said, and this limits the upside potential for its ratings.

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