Man AHL Diversified Futures Ltd July 2008 SlideID-10367 Important - - PDF document

July 2008

SlideID-10367

Man AHL Diversified Futures Ltd

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SlideID-15818

Important notes

This material has not been reviewed by the Securities and Futures Commission (the ‘SFC’) in Hong Kong .This presentation is not an invitation to invest with Man AHL Diversified Futures Ltd (the ‘Company’) nor does it constitute an

• ffer for sale of shares issued by the Company. Applications for shares issued by the Company will only be considered
• n the terms of the current prospectus (the ‘Prospectus’). Unless otherwise stated the terms defined in the Prospectus

shall have the same meaning in this presentation. Information contained herein is provided from the Man Investments database except where otherwise stated. Potential investors should note that an investment in alternative investments can involve significant risks and the value of an investment may go down as well as up. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. Investors redeeming shares may be subject to an early redemption fees. Investments involve risk and potential investors should refer to the Prospectus including the risk factor therein for future details. In giving its authorisation the SFC does not take responsibility for the financial soundness of the scheme or for the correctness of any statements made or opinions expressed in this regard. The Company is authorised by the SFC under the Code on Unit Trusts and Mutual Funds as a ‘Futures Fund’ and not as a ‘Hedge fund’. The SFC’s authorisation does not imply official approval or recommendation. This presentation is issued by Man Investments Limited which is authorised and regulated by the Financial Services Authority. The data contained in this document has been calculated using a new relational database system which has enabled a more precise representation of pro forma fee simulations than previously published. www.maninvestments.com

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Global presence – Man Group plc

Man Group plc

• Origins date back to 1783
• Listed as (EMG) on the FTSE 100

Index of leading shares on the London Stock Exchange

• Market capitalisation approximately

USD 21.3 billion1

• Approximately 1,870 employees
• perating in 13 countries2

Man Investments

• A leading provider of alternative

investment solutions since 1983

• Funds under management

approximately USD 79.5 billion2

• Pioneer in principal protected and

structured alternative investment products

London Dublin Miami Bahamas Chicago Singapore Tokyo Toronto Montevideo Guernsey Rotterdam Dubai Hong Kong Sydney Switzerland New York

Source: Man database and Bloomberg. 1At 30 June 2008 (approximately GBP 10.7 billion, EUR 13.5 billion). ²As at 30 June 2008.

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AHL

Key facts

• AHL is an investment division of the Man Group
• Based in London, managing approximately USD 24.7 billion1
• Quantitative investment manager formed in 1987

Man Investments

1As at 31 March 2008. 2Man Investments entered into a strategic partnership with Ore Hill in May 2008. Ore Hill is not a wholly owned subsidiary of Man Group plc.

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The AHL team and investment infrastructure

The AHL team

• Continuity in the investment team helps sustain research and development
• f initiatives
• Team of 70 employees¹

– Research: 40 employees – Trade execution: 17 employees – Trade operations: 13 employees

Investment infrastructure

• Execution team works alongside investment management
• Operating 24-hours a day on a rotational 8-hour shift structure
• Relationships with around 90 different execution brokers – business awarded
• n efficiency
• Disaster recovery site with back-up trading platform

1As at 31 March 2008.

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AHL – a diversified approach

Identifying opportunities 24 hours a day

Portfolio construction Trading strategy Trading duration

• Access to opportunities in over 140 global markets ranging

from the most liquid financial markets to a broad spectrum of commodity futures contracts

• Primarily aims to identify opportunities to profit from price

movements and take advantage of strong market trends

• Direct link to an infrastructure capable of capturing the profit

potential in market moves over time frames ranging from a few days to several months

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1 3 2 4 5 6 7

Portfolio construction: Man AHL Diversified Futures Ltd

Diversification across sectors and markets

Source: Man database. 1The sector allocations are designed to reflect the expected long-term risk exposure to each sector relative to the other sectors in the portfolio. The figures are based on estimates of the risk of each sector for the current portfolio. The portfolio structure and constituents are regularly reviewed by the investment management team and sector allocations will change accordingly.

Market sectors1

As at 30 June 2008 9.2 % Metals 5 17.0 % Stocks 3 16.5 % Energies 4 19.0 % Bonds 2 5.4 % Agriculturals 7 8.7 % Interest rates 6 24.2 % Currencies 1

Around 36 exchanges

11:00

12 11 1 2 3 4 5 6 7 8 9 10

18:00

12 11 1 2 3 4 5 6 7 8 9 10

24:00

12 11 1 2 3 4 5 6 7 8 9 10

Over 140 markets

01:00

12 11 1 2 3 4 5 6 7 8 9 10

Americas Europe Asia Pacific

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Trading strategy: trend-following approach

• Persistent price trends are the key inefficiency exploited by AHL programmes
• Serial correlations in financial markets − past price movements inform about future

price behaviour

• Characteristics of price trends

– Trends vary in intensity, duration, frequency – Universally recurrent across all sectors and markets – Attractive focus for an active diversified trading style

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Profit/loss from trading - example

WTI Crude Oil

Source: Man database. The trading example is for illustrative purposes only and is not indicative of the actual returns likely to be achieved by the investor.

• High volatility – small

positions

• Low volatility – large positions
• Small losses during range-

bound markets

• Potential for large gains in

trending markets

2001 2002 2003 2004 2005 2006 2007 2008 WTI Crude Oil Price Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Long position Short position

2001 2002 2003 2004 2005 2006 2007 2008 Profit/loss Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

2001 2002 2003 2004 2005 2006 2007 2008 AHL position Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

2001 2002 2003 2004 2005 2006 2007 2008 Volatility Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

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Source: Man database. The trading example is for illustrative purposes only and is not indicative of the actual returns likely to be achieved by the investor.

• Upward trends in oil prices have been

caused by an increased demand from emerging markets, supply fears and political tension in the Middle East

• While the long-term trend is upwards,

the price is volatile, with numerous short-term corrections and rallies

• The charts demonstrate how AHL has

captured both long and short

• pportunities in WTI crude oil over a

number of time horizons and at varying levels of exposure

Trade example

AHL's positions in WTI crude oil

2006 2007 2008 WTI Crude Oil Price Year 6 Year 7 Year 8

2006 2007 2008 AHL position Year 6 Year 7 Year 8

Long position Short position

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A rigorous approach to risk control

• All systems designed to target defined volatility levels rather than returns
• Risk control is integral to each part of the investment process
• Computer-supported analytical instruments and management information systems
• Risk monitoring measures and focus areas

– Value-at-risk (VaR) – Stress testing – Implied volatility – Leverage – Margin-to-equity ratios – Net exposures to sectors and different currencies

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Man AHL Diversified Futures Ltd

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The opportunity for investors

Man AHL Diversified Futures Ltd

• Targets substantial medium-term capital growth while aiming to restrict the

associated risk1

• Has a long, impressive track record and has historically had a very low correlation

to other asset classes

• When added to an investment portfolio of stocks and bonds may help to reduce
• verall portfolio risk and enhance returns

Source: Man database. 1There is no guarantee of trading performance and past performance is no indication of current or future performance/results.

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SlideID-15880 SlideID-15880

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Index value USD (log scale) 500 1000 1500 2000 2500 3000 3500 4000 Taiwan stocks Hong Kong stocks World stocks Man AHL Diversified Futures Ltd¹

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. Taiwan stocks: Taiwan Weighted Stock Index (total return). Hong Kong stocks: Hang Seng Total Return Index (dividend reinvested). Taiwan stocks, Hong Kong stocks, world stocks and world bonds have been used for information purposes only and have different risk profiles to the Company. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹The Company is valued weekly, and statistics are calculated using the last weekly valuation of each month. For comparative purposes, other indices are based on the last monthly business day value. 2Compound annual rate of return since inception. Calendar year returns since inception are as follows: 1998 (part-year from May): 21.4%, 1999: 3.6%, 2000: 18.4%, 2001: 15.6%, 2002: 9.8%, 2003: 19.4%, 2004: 4.6%, 2005: 16.2%, 2006: 5.4%, 2007: 18.0%. 3Sharpe ratio is calculated using the risk-free rate in the appropriate currency over the period analysed.

Man AHL Diversified Futures Ltd1

An impressive ten year track record

12 May 1998 to 30 June 2008

Hong Kong stocks Taiwan stocks World stocks Total return 292.5 % 112.9 %

• 9.4 %

18.1 % Annualised return² 14.4 % 7.7 %

• 1.0 %

1.7 % Annualised volatility 15.3 % 24.8 % 26.7 % 14.2 % Sharpe ratio3 0.70 0.27 n/a n/a Worst drawdown

• 17.4 %
• 50.4 %
• 63.1 %
• 47.9 %

Date of worst drawdown Oct 01 to May 02 Mar 00 to Mar 03 Mar 00 to date Aug 00 to Mar 03 Months to recovery 3 42 n/a 49 Man AHL Diversified Futures Ltd¹

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• Annualised return since inception: 14.4% through 30 June 2008

18.0 % 2007 15.1 %3 2008 5.4 % 2006 16.2 % 2005 4.6 % 2004 19.4 % 2003 9.8 % 2002 15.6 % 2001 18.4 % 2000 3.6 % 1999 21.4 %3 1998

Annual return Calendar year

Man AHL Diversified Futures Ltd1

Consistently positive calendar returns

Calendar returns from 12 May 1998 to 30 June 20082

Source: Man database. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹Please note this fund is valued weekly, however statistics have been calculated using the last weekly valuation of each month. ²Net of all fees. 3Part year.

• 5 %

0 % 5 % 10 % 15 % 20 % 25 % 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Annual return

³

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Man AHL Diversified Futures Ltd1

Consistent performance over the medium term

12 May 1998 to 30 June 2008

2004 2005 2006 2007 2008 5 year rolling return

• 10 %

0 % 10 % 20 % 30 % Man AHL Diversified Futures Ltd¹ World stocks Taiwan stocks Hong Kong stocks

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. Taiwan stocks: Taiwan Weighted Stock Index (total return). Hong Kong stocks: Hang Seng Total Return Index (dividend reinvested). Taiwan stocks, Hong Kong stocks and world stocks have been used for information purposes only and have different risk profiles to the Company. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹The Company is valued weekly, and statistics are calculated using the last weekly valuation of each month. For comparative purposes, other indices are based on the last monthly business day value.

Five year rolling returns versus equities

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12 May 1998 to 30 June 2008

Man AHL Diversified Futures Ltd1

Positive performance regardless of market direction

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. World bonds: Citigroup World Government Bond Index hedged to USD (Total return). There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹The fund is valued weekly, and statistics are calculated using the last weekly valuation of each month. For comparative purposes, other indices are based on the last monthly business day value.

• 5 %

0 % 5 % 10 %

Man AHL Diversified Futures Ltd1 World stocks (USD) World bonds (USD)

0.8 % 7.9 % 3.6 % 6.2 %

• 7.4 %

0.7 % 0.7 % 2.2 % 1.3 %

Return (USD) Average return during world stocks up quarters Average return during world stocks down quarters Average return during all quarters

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99 00 01 02 03 04 05 06 07 08 Index value USD (log scale) 1000 3000 5000 7000 Periods of equity market difficulty World stocks Man AHL Diversified Futures Ltd1

Man AHL Diversified Futures Ltd1

Performance during difficult equity market conditions

• 17.3 %

22.9 % Subprime crisis 1 Jul 2007 to date

• 8.0 %

11.8 % Russian crisis and LTCM difficulty 1 Aug 1998 to 31 Oct 1998

• 47.8 %

63.5 % Equity bear market 1 Apr 2000 to 31 Mar 2003 World stocks Man AHL Diversified Futures Ltd1 Total return over the period

1 2 3

12 May 1998 to 30 June 2008

1 2 3 The periods selected are exceptional and these results do not reflect typical performance. As a consequence, they give no indication of likely performance.

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹The fund is valued weekly, and statistics are calculated using the last weekly valuation of each month. For comparative purposes, other indices are based on the last monthly business day value.

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Index value USD (log scale) 1000 1500 2000 2500 3000 3500 4000 Man AHL Diversified Futures Ltd1 Drawdown Months to recovery

• 17.4 %

3 m

• 14.1 %

2 m

• 13.4 %

11 m

• 8.3 %

3 m

Man AHL Diversified Futures Ltd1

Four worst drawdowns and recovery speed since inception

36.9 % 18.4 % 24.2 % 47.4 %

Performance in 12 months following drawdown trough

4 1 2 3

Source: Man database and Bloomberg. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹Please note this fund is valued weekly, however statistics have been calculated using the last weekly valuation of each month. Analysed period: 12 May 1998 to 30 June 2008.

1 2 3 4

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SlideID-16706

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. World bonds: Citigroup World Government Bond Index hedged to USD (Total return). Taiwan stocks: Taiwan Weighted Stock Index (total return). Hong Kong stocks: Hang Seng Total Return Index (dividend reinvested). Taiwan stocks, Hong Kong stocks, world stocks and world bonds have been used for information purposes only and have different risk profiles to the

• Company. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹The fund is valued weekly, and statistics are calculated using the last weekly valuation of each
• month. For comparative purposes, other indices are based on the last monthly business day value.

Hong Kong stocks Taiwan stocks World stocks World bonds Man AHL Diversified Futures Ltd¹ Man AHL Diversified Futures Ltd¹

• 0.07
• 0.12
• 0.31

0.30 1.00 World bonds

• 0.19
• 0.25
• 0.39

1.00 World stocks 0.67 0.47 1.00 Taiwan stocks 0.50 1.00 Hong Kong stocks 1.00 12 May 1998 to 30 June 2008

Man AHL Diversified Futures Ltd1

Low correlation to traditional asset classes

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Man AHL Diversified Futures Ltd1

Diversification benefits within a traditional portfolio (using Hong Kong stocks)

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. World bonds: Citigroup World Government Bond Index hedged to USD (Total return). Hong Kong stocks: Hang Seng Total Return Index dividends reinvested. Cash: 3 month USD LIBOR. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. ¹Man AHL Diversified Futures Ltd is valued weekly. However, for comparative purposes, statistics have been calculated using the last weekly valuation for each month. 2Sharpe ratio is calculated using the risk-free rate in the appropriate currency over the period

• analysed. Because the Sharpe ratio is an absolute measure of risk-adjusted return, negative Sharpe ratios are shown as n/a as they can be misleading.

USD 1,742 USD 1,836 USD 2,034 USD 1,650 USD 1,000 invested at inception would be worth Enhanced portfolio Traditional portfolio Sharpe ratio2 Worst drawdown Annualised volatility Annualised return Total return 0.20 0.25 0.38 0.15

• 29.6 %
• 25.9 %
• 19.0 %
• 33.1%

11.2 % 10.5 % 9.4 % 11.9 % 5.6 % 6.2 % 7.2 % 5.1 % 74.2 % 83.6 % 103.4 % 65.0 %

12 May 1998 to 30 June 2008

Man AHL Diversified Futures¹ 10% Traditional portfolio 90% Man AHL Diversified Futures¹ 5% Traditional portfolio 95% Man AHL Diversified Futures¹ 20% Traditional portfolio 80% World stocks 40% HK stocks 30% World bonds 20% Cash 10%

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Man AHL Diversified Futures Ltd1

Diversification benefits within a traditional portfolio (using Taiwan stocks)

USD 1,390 USD 1,484 USD 1,684 USD 1,301 USD 1,000 invested at inception would be worth Enhanced portfolio Traditional portfolio Sharpe ratio2 Worst drawdown Annualised volatility Annualised return Total return n/a 0.05 0.18 n/a

• 31.2%
• 27.7%
• 20.4%
• 34.6 %

10.9 % 10.2 % 9.1 % 11.6 % 3.3 % 4.0 % 5.3 % 2.6 % 39.0 % 48.4 % 68.4 % 30.1 %

12 May 1998 to 30 June 2008

Man AHL Diversified Futures¹ 10% Traditional portfolio 90% Man AHL Diversified Futures¹ 5% Traditional portfolio 95% Man AHL Diversified Futures¹ 20% Traditional portfolio 80% World stocks 40% Taiwan stocks 30% World bonds 20% Cash 10%

Source: Man database and Bloomberg. World stocks: MSCI World Index hedged to USD (price return). This index is a price return index that does not include reinvestment of dividends. Man AHL Diversified Futures Ltd (the ‘Company’) is not a dividend paying product and the Company’s performance includes income reinvestments. World bonds: Citigroup World Government Bond Index hedged to USD (Total return). Taiwan stocks: Taiwan Weighted Stock Index total return. Cash: 3 month USD LIBOR. There is no guarantee of trading performance and past performance is no indication of current or future performance/results. 1Man AHL Diversified Futures Ltd is valued weekly. However, for comparative purposes, statistics have been calculated using the last weekly valuation for each month. 2Sharpe ratio is calculated using the risk-free rate in the appropriate currency over the period analysed. Where an investment has underperformed the risk-free rate, the Sharpe ratio will be negative. Because the Sharpe ratio is an absolute measure of risk-adjusted return, negative Sharpe ratios are shown as n/a as they can be misleading.

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SlideID-15918

Man AHL Diversified Futures Ltd

Key facts

Minimum investment USD 20,000 and minimum additional subscriptions

• f USD 10,000

Minimum holding USD 20,000 or 2,000 shares based on the last published NAV, whichever is lesser Minimum redemption 200 shares Dealing frequency and dealing day Weekly, on the first business day after a valuation point Valuation point Every Monday of each week Subscription deadline Applications and funds should be received not later than four business days prior to the dealing days Sales charge There is no sales charge. Please refer to the Prospectus for other charges and fees. Redemption notice period and early redemption fees Shares are redeemable weekly upon three business days written notice, prior to a dealing day. Redemptions will be subject to the following fees: Shares redeemed on a dealing day before they have been in issue for: Redemption fee per share: 2 years 4.0 % of redemption price per share 4 years 2.5 % of redemption price per share 6 years 1.0 % of redemption price per share There will be no redemption fee applied on shares which are redeemed after they have been in issue for six years

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Man AHL Diversified Futures Ltd

Key facts (continued)

Investment manager Man Investments Limited Portfolio manager AHL Reporting Investors can access prices through the following media:

• www.maninvestments.com
• International Herald Tribune, South China Morning

Post, Hong Kong Economic Journal and Hong Kong Economic Times

• Reuters, Bloomberg, Morningstar and Telekurs

electronic data services

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Appendix

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Man Group’s summary of recent awards

1Private Banking Survey, Euromoney, January 2008. 2Funds europe awards 2007 by Funds Europe at www.funds-europe.com. 3Private Banking Survey, Euromoney, January 2007. 4FinancialNews, June 2006

Man Investments

European Asset Management Firm

• f the Decade4

Man Group

Asset Management Company of the Year2

2007 2006

Man Investments

Best provider of hedge fund investments3

Categories: Australia, Austria, China, Indonesia, Qatar

Man Investments

Best third party provider of managed futures1

Categories: Western Europe, North America, Latin America and the Middle East

2008

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Oxford-Man Institute of Quantitative Finance

• The Oxford-Man Institute of Quantitative Finance was opened in September 2007
• The aim is to build the world’s leading institute for research in this subject
• Man Group’s initial contribution is GBP 13.75 million
• Currently employs a staff of around 20, drawing on Oxford’s world-class researchers
• In addition, Man has co-located its Research Laboratory at the Institute

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Biographies

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Biographies of the key professionals

Tim Wong is the CEO of AHL. He is also a member of the Man Global Strategies investment committee and is on the Man Investments management committee. Mr Wong joined AHL in 1991 as a research analyst, and later assumed overall responsibility for the day-to-day running of the research and investment management operations. Mr Wong graduated from Oxford University in 1991 with a first class honours degree in engineering science. He subsequently gained an MSc in statistics and operational research from London University. He is an associate of the UK Society of Investment Professionals. is the head of trading operations for AHL. Prior to transferring to Man Investments in 1996 to run the 24-hour trading desk, Mr Hutton joined the cocoa division of Man in 1990. In 1978, he joined Gill and Duffus Limited in the forward accounts department and later the terminal market operations department where he was involved in all aspects of futures operations and later also managed the compliance functions. Mr Hutton has been employed within the futures industry since 1977, starting with Marshall French and Lucas Limited. is the head of non-directional strategies research for AHL, focusing on the application of statistical techniques to the modelling and prediction of financial instruments in the development of trading systems. Mr Sinclair joined the AHL research and investment management team in 1996. Mr Sinclair holds a BA in mathematics from Trinity Hall, Cambridge, and an MSc in applied statistics from Oxford University. Andy Hutton Andrew Sinclair

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Biographies of the key professionals

is the head of directional strategies research. He specialises in modelling financial markets in order to develop directional trading systems and has further experience in portfolio construction and risk analysis. He joined the AHL investment management team in 1999, prior to which he held a post-doctoral position in statistics at the University of Surrey. Dr Robinson received his PhD in extreme value statistics from Lancaster University in 1997. is the director of research in the Man Research Laboratory (Oxford) and focuses on electronic trading systems development and market microstructure modelling. Prior to joining the AHL investment management team in 2001, he lectured in statistics at the University of Surrey. Dr Ledford studied mathematics at Cambridge University and holds a PhD from Lancaster University in the development and application of multivariate extreme value methods. is the director of the Man Research Laboratory (Oxford) focussing on research into the application of computer science to quantitative investment strategies and developing the relationship with Oxford University. He joined AHL in 1992 as a quant with responsibility for special projects and subsequently has held a number of senior management positions in Man Investments. He graduated from Manchester University with a first class honours in mathematics and computer science in 1979. He holds a PhD in numerical analysis from the same university and an MSc in financial economics from Birkbeck College, London

• University. Dr Hoggard is a Chartered Engineer.

Mike Robinson Anthony Ledford Tim Hoggard

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is the head of the AHL portfolio management team, and has specialised in portfolio construction and risk measurement since he joined AHL in 2004. Prior to this he completed a masters degree in financial mathematics at Victoria University of Wellington, New Zealand and a PhD degree in mathematical finance at Tilburg University, The Netherlands with a thesis on numerical methods for the pricing of high-dimensional American options. is the Chief Operations Officer for AHL with principal responsibility for trade and risk monitoring, data management and the implementation of changes to the trading system. Prior to joining AHL in 2003, Mr Sathyan was the head of State Street Analytics-UK for 6 years, where he managed departments in London and Edinburgh to provide portfolio and fund investment analysis to State Street's institutional and private clients based in the UK, Scandinavia, Middle East and South Africa. He began his career at Legal & General, where he worked within insurance & pensions actuarial services. He has a BSc in banking & international finance from City University, London. Riju Sathyan

Biographies of the key professionals

Steffan Berridge

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is a senior quantitative analyst for AHL. He is responsible for the application of AHL's trend following systems to new instruments and for developing new systematic strategies. Prior to joining Man Investments in early 2004, Mr Rzym spent many years trading interest rate, credit, emerging markets and exotic products. Mr Rzym received his BA/MA in Natural Sciences from Cambridge University. is the head of technology for AHL and is responsible for the development and delivery of trading systems and providing AHL’s technical platform. Prior to joining AHL in 2007, Mr Pilsworth was a foreign exchange automated trading strategist at JP Morgan. He has also led electronic trading systems development efforts across a number of investment banks and

• consultancies. Mr Pilsworth graduated from Southampton University in 1988 with an honours

degree in electronic engineering, and gained a Masters in Finance from London Business School in 2000. is an investment manager with AHL. Prior to joining AHL in 2005, Mr Skaliotis was involved in equity portfolio construction at JPMorgan Fleming Asset Management. He has a BSc in economics, accounting & finance from the London School of Economics, and an MPhil in finance from Cambridge University. Mr Skaliotis is a CFA charterholder. Harry Skaliotis

Biographies of the key professionals

Andre Rzym Den Pilsworth