Man Assets Fall 21%, Investors Yank $3.2 Billion

Jan 14 2009 | 1:56pm ET

The Man Group said today that its assets under management dropped sharply in its fiscal third quarter as the firm struggled, like many others, with poor performance and huge investor redemptions.

The London-based firm said it managed US$53.3 billion on Dec. 31, a 21.2% drop from the US$67.6 billion it managed at the end of its fiscal second quarter quarter. The hedge fund group blamed market volatility, low levels of liquidity, limited leverage and year-end redemptions for the losses.

More than half of the decline, US$9.7 billion, was blamed on the firm’s effort to cut exposure across its MGS product range. Year-end net redemptions totaled $3.2 billion.

On the bright side, Man’s flagship AHL strategy soared during the quarter, rising 22%.

"The outlook for institutional sales remains very subdued in the short term and continued institutional redemptions mean that we will see institutional net outflows until markets stabilise and confidence returns," said Chief Executive Peter Clarke.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR