New Man Group CEO Emmanuel Roman certainly took over a mess today.
The former GLG Partners executive formally took the reins at the world's largest publicly-listed hedge fund manager today—just in time for it to announce another US$2.7 billion in net outflows and that an analyst had been arrested on suspicion of insider-trading.
Man said it suffered its sixth-straight quarterly outflow in the fourth quarter, leaving its assets under management at US$57 billion. Man managed US$69 billion in the wake of its 2010 merger with GLG.
Man lost US$745 million last year.
"2012 was another tough year for Man," Roman said. "Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the U.S. and macroeconomic risks. Investor appetite remained muted."
And would likely remain so: Roman said that "business conditions remain very tough" and that "sales are likely to remain muted in the first half, and we are yet to see a slowdown in the rate of redemptions."