Man Group

Man Group plc is a London-listed alternative-investment manager whose quantitative units — Man AHL (systematic trend-following and multi-strategy) and Man Numeric (quantitative equity) — are long-established systematic trading franchises. It appears in this vault as the clearest documented case of a major systematic manager that openly publishes named-author regime research, rather than merely commenting on regimes in marketing copy.

The concrete evidence is Mulliner et al. 2025 — the paper “Regimes,” authored by Man AHL / Man Numeric researchers (Chao Xia, Ed Fang, Otto Van Hemert) with Campbell Harvey, and published by Man Group as “Regimes, Systematic Models and the Power of Prediction.” That paper states regimes “have been integral to our research for many years” and names two pre-existing internal Man regime frameworks: Man Numeric’s “Macroscope” models and the “Fire and Ice” inflation-modelling framework. This moves Man Group beyond the generic-disclosure category: the firm demonstrably builds, uses and discloses regime-detection methodology as a recurring part of its research process.

Man’s disclosed regime work uses a Similarity-Based Regime Detection method (non-parametric distance-to-history) and applies it to Factor Timing across six long-short equity factors — squarely the Regime Classification / Regime-Based Asset Allocation use mode. Man’s research arm (the Man Institute) also publishes regularly on trend-following behaviour across regimes and on crisis/drawdown analysis, consistently framing regimes as context for risk and allocation.

Crucially, the evidence has limits the firm itself flags. The “Regimes” paper reports only Sharpe ratios with no transaction-cost treatment, admits its variable selection “induces look-ahead bias,” and describes itself as “not intended to be either complex or comprehensive.” No public Man Group document presents a standalone Markov/HMM model with an audited, post-cost live track record substantiating standalone alpha. Man Group is therefore consistent with the vault’s verdict: regime classification is a real, confirmed and disclosed institutional practice, while the standalone-Markov-profit claim remains inside the Live Regime-Model Evidence Gap — Man’s own live trading signals stay proprietary.

Connections

• Mulliner et al. 2025 — has_live_evidence, source: https://www.man.com/insights/regimes-systematic-models-power-of-prediction
• Similarity-Based Regime Detection — detects_regime, source: https://www.man.com/insights/regimes-systematic-models-power-of-prediction
• Factor Timing — tests_strategy, source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5164863
• Regime Classification — detects_regime, source: https://www.man.com/insights/regimes-systematic-models-power-of-prediction
• Regime-Based Asset Allocation — relates, source: vault synthesis
• Live Regime-Model Evidence Gap — relates, source: vault synthesis
• Campbell Harvey — relates, source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5164863
• Two Sigma — relates, source: vault synthesis

Ontology

Man Group funds Mulliner et al. 2025 Man Group supports Regime Classification Mulliner et al. 2025 part-of Man Group

Sources

• Man Group (2025). “Regimes, Systematic Models and the Power of Prediction.” https://www.man.com/insights/regimes-systematic-models-power-of-prediction
• Mulliner, A., Harvey, C. R., Xia, C., Fang, E. & Van Hemert, O. (2025). “Regimes.” SSRN 5164863. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5164863