Monday, 29 August 2016
Last updated 2 days ago
Sep 30 2008 | 9:37am ET
The Man Group expects sharply lower performance fees for its fiscal first half as its hedge funds have suffered alongside its peers in the year’s market roller-coaster.
The London-based hedge fund giant warned that performance fees would by 40% lower in the six months ending today due to “extremely difficult” markets. Poor performance and risk management drove assets under management down 6% to US$70.3 billion, it said, despite a net inflow of US$4.1 billion.
Management fee income, by contrast, is expect to rise 10%, Man said, as sales for the six-month period roughly doubled to US$10 billion.