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

This year profits are going to be down on last year [but] most of them will still make money.

It's always the 'What if?' but man, if we had Benny Sheets, you never know, we could have been right in that wild-card hunt. We get him back strong next year and we add a few players, we'll be right there.

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.

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.