Inside $178 billion Man Group’s Oxford gathering: Academic hotshots, internal rising stars, and $25 trillion in institutional capital

The 10th iteration of the Man Alternative Investment Symposium starts Tuesday night with a drinks reception and private viewing at Oxford’s Ashmolean Museum. Then it will dive into two days of speakers, including BBC broadcaster Tom Holland, nature walks, and more. It’s an example of how the biggest asset managers in the world are growing more intertwined with their biggest backers.

“It’s a look into how we interact with them,” said Steven Desmyter, the president of the $178 billion Man Group, who leads the event planning for the conference. The conference comes at a strong point for Man: The firm’s assets and revenues have jumped up so far this year, and first-half profits nearly doubled those of 2023, according to a midyear earnings report.

The expectation now, he said, is their large, complex institutional clients want fewer but deeper relationships with external fund managers. This conference is a key part of how Man builds these with their clients.

“The interaction goes beyond just what is in our portfolios.”

The numbers

The gathering might seem quaint compared to productions like Milken or Davos, but the manager has focused on quality over quantity.

The attendance is capped — no more than 50 to 60 people from the firm’s investors base attend each year, Desmyter said, but will represent roughly $25 trillion in institutional capital. Man also has around 60 of their own people come, with some flying in to hear the speakers — and their clients.

“We have the benefit of also attending,” he said, explaining that portfolio managers rubbing shoulders with sovereign wealth heads is beneficial for each side.

While Desmyter is proud of the agenda he puts together, he knows plenty of allocators also come to hear from their peers.

“Our investors span from Hawaii to Sydney, so it’s truly a global group,” he said.

While the firm did not hold the conference in 2020, it only missed a year for the pandemic. He believes you can’t replace the connection you get in person over a long period of time.

“There’s a limit to video chats. I find if we don’t have a set-up where there’s a fixed agenda, it’s only then when we can think a little more outside the box,” he said.

Academics, nerds, and rising stars

The speakers over the two-plus days are roughly half Man employees and half external invitees. The firm looks for “stars within their field,” not necessarily the biggest names.

“We don’t mind nerdiness, we are nerds ourselves,” Desmyter said.

Each year, there’s a loose theme — past ones have been “proof” and “data” — and 2024 is no different. “Decisions” will be the motif of this year’s confab, and external speakers include aforementioned BBC historian Holland, Morgan Stanley EMEA head Clare Woodman, political scientist John Curtice, and the cofounders of neuro11, a neuroscience-focused sports training firm.

The roster of past speakers has a smattering of academics and authors, but also plenty of big names from finance and business, such as JPMorgan CEO Jamie Dimon, former Goldman Sachs CEO Lloyd Blankfein, and Mike Lynch, the billionaire British tech founder who died in August when his superyacht sank off of Italy’s Sicilian coast.

The firm balances the external speakers — from finance and other disciplines — with a line-up of Man executives and internal rising stars who are working on something that ties into the overall theme.

For example, tech portfolio manager Sumant Wahi is speaking this year about “new perspectives” while Vinayak Kumar, an associate quantitative researcher for Man Numeric, is giving a presentation titled “Rise of the machines: learning to decide.”

“Innovative ideas come from all parts of the firm,” said Desmyter, and while plenty of executives speak, the firm has historically tried to find people at all levels to present.

Library stacks, not seafood towers

Compared to the average investing conference, it’s much more academic, which is fitting given Man’s long-running relationship with Oxford, where the firm created the Oxford Man Institute in 2007 to research quant finance.

“The only logistical challenge is Oxford is not a conference place, it’s a university town,” Desmyter said.

While the firm intentionally holds the conference before students return, there can still be trouble finding a venue. It’s been in Rhodes House and Union House previously, and this year will be on Trinity College’s grounds for the first time.

Oxford offers plenty of advantages for the firm’s leadership to get to know the decision makers at these firms. The relative remoteness — compared to New York or London or Dubai — means people can’t leave for another meeting or a quick dinner.

Everyone invited eats two dinners together, Desmyter said, and an optional walking tour around the grounds is typically well-attended.

“It’s serene, not flashy,” Desmyter said.

As the conference has become more popular among the allocator set, Desmyter said he has had to make the hard call to decline extra representatives from different organizations to keep the gathering the appropriate size.

“This isn’t Vegas,” he said.

The main focus, above all, for Man is to get to know their clients.

“It’s really important to me that we are not trying to push product,” Desmyter said.