Thursday, 25 December 2014
Last updated 23 hours ago
Jul 8 2010 | 1:31pm ET
Investors pulled US$1 billion from the Man Group in the second quarter, despite above-average returns for its flagship strategy.
The net withdrawals pushed the firm’s assets under management down 2.2% to US$38.5 billion between April and June. It is the seventh consecutive quarter in which Man, which is buying GLG Partners, has suffered an net outflow.
“Given the continued market uncertainty, sales in the quarter have, as anticipated, remained subdued,” CEO Peter Clarke said in a statement.
The declines came despite relatively strong performance by Man’s AHL managed-futures strategy, which rose 2.3% though May.
Unable to staunch its own asset losses, Man is looking to GLG to diversify its asset base. It is also looking to China, where it hopes to begin selling its products within the next few years.
Clarke said at Man’s annual general meeting that Man is hoping to attract some state-run Chinese institutions, and eventually wants to sell its hedge funds directly to private investors on the mainland.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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