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Man Group's assets decline by 8.5 per cent
  Hedgeweb - WED, SEP 28 2011
Funds & Investment Shares in Man Group tumbled after the hedge fund manager reported an 8.5 per cent decline in assets under management, as volatile markets led investors to seek safer havens for their cash.

Man on Wednesday reported net outflows of $2.6bn from its funds in the three months to September 30. Assets under management slipped to $65bn from $71bn at the end of June, missing analysts?? consensus forecasts of $72bn.

The news dragged down Man Group shares by 16 per cent, or 38.3p, to 201.3p in early London trading.

??The extreme volatility of markets in recent months has created challenging performance conditions across asset classes,? said Peter Clarke, chief executive.

Man Group, the world??s largest listed hedge fund by assets under management, was hit by a $1.9bn loss in the quarter from foreign exchange translation effects, as well as a $1.5bn negative investment movement.

The losses dragged on pre-tax profits, which fell from $180m to $145m year-on-year for the six months to September 30.

Management fees fell from $234m to $200m ?? also missing analysts?? consensus forecasts of $220m ?? partially reflecting the group??s higher cost base following its $1.6bn purchase last year of GLG Partners.

The performance of AHL, Man??s computer-driven flagship fund, was a positive for the fund manager, contributing $1.5bn in the period after a strong summer. The fund rose by 7.7 per cent in the five months to the end of August but fell back to be ??broadly flat? on September 26.

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