Man Hit With Outflows As Big Investor Bolts

Jan 20 2011 | 3:27pm ET

The world's largest publicly-traded hedge fund continues to lose investors, despite a major acquisition last year.

The Man Group said it suffered investor outflows for the ninth consecutive quarter in the three months ended Dec. 31. Much of the decline came from a single US$1 billion redemption, although long-only funds at GLG Partners, which Man bought last year, also suffered outflows.

On the bright side, Man's hedge funds took in US$100 million in the fourth quarter and investment gains pushed assets under management up US$1.6 billion to US$68.6 billion following the October acquisition of GLG.

The US$1 billion redemption was from a long-only fund; the investor wanted to get out of European stocks, Man said.

Man did offer some positive signs for the future, saying new products and a new managed account mandate would add nearly US$2 billion to its assets under management in the first quarter. What's more, the firm's flagship AHL strategies are nearing their high-water mark, which would allow Man to begin charging performance fees on its largest family of hedge funds once again.


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