BUZZ-Man Group: 'A misunderstood Man' - Berenberg
** Berenberg initiates Man Group with "buy" rating and 35% upside to target price of 206p
** "Freed from the earnings drag created by run-off of legacy products," broker believes co reached an inflection point in its growth
** Expects legacy products to generate less than 3.5% of group's management fees (17% in 2014)
** This will allow the underlying growth delivered by Man Group to come to the fore, broker says
** Broker finds it compelling that even "stripping out" performance fee earnings and assuming zero share buybacks, co’s shares still trade on just 17.6x P/E (2020E) for 16% EPS growth
** Adds Man Group is now more diversified than listed fund managers like Jupiter and Standard Life Aberdeen