With its trading update this week, hedge fund manager Man Group estimated that its funds under management had slipped about 10 per cent in the year to end-September, to $39.5bn (£25bn). While private investor net outflows of $700m are anticipated for the quarter to end-September.
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Reflecting the outflows, as well as sliding performance fees, adjusted pre-tax profit in the half-year to end-September fell to $215m from last year's $268m. Although the group's main AHL fund did manage a 7.6 per cent return in the year to end-August. Man is also spending $1.6bn buying New York-based fund manager GLG Partners - creating a group with about $63bn of assets under management.
