Friday, 28 April 2017
Last updated 18 hours ago
Oct 17 2013 | 3:06pm ET
For the first time in more than two years, the Man Group took in more money than it paid out in redemptions, but the news was far from all good at the world's largest publicly traded hedge funds.
The third-quarter net inflows went primarily to Man's GLG Partners unit. All told, the firm took in US$4.1 billion against US$3.4 billion in outflows. Assets under management edged up US$500 million to US$52.5 billion.
GLG's fund took in US$300 million, which Man's flagship AHL program lost a further 10% of its assets during the quarter.
"Inflows were linked primarily to stronger performance in the first half of the year and were characterized by sizeable asset flows from certain customers, albeit into relatively low-margin products," CEO Emmanuel Roman, himself a former GLG executive, said. "We remain cautious in our outlook for asset flows going forward in light of continued uncertainty in the macro-economic environment."
Man also said it had taken another $90 million charge, one-third of which will go to cutting staff over the next three months.