Man Group hit by further client withdrawals
HEDGE fund firm Man Group saw assets fall further over the past three months as investors continued to withdraw their money during a volatile period for markets.
Man, which is in the process of buying smaller rival GLG Partners , said total assets under management – on which fund firms earn fees – fell 2.2 per cent over the past three months to $38.5 billion (£25.3bn), as clients pulled out a net $1bn.
The outflows marked a seventh consecutive quarter of net outflows for Man, the world’s largest listed hedge fund firm, which has been hampered by poor performance from its flagship AHL fund and which has missed out on the inflows seen by the wider hedge fund industry over the past year. “Given the continued market uncertainty, sales in the quarter have, as anticipated, remained subdued,” said chief executive Peter Clarke in a statement.
In May the firm raised hopes it had finally stemmed outflows with news that asset levels were little changed between the end of March and the end of May