Man Group funds down as institutional investors pull out in search of liquidity
MAN Group, the world’s biggest hedge fund, has continued to bleed funds over the past six months as institutional investors seeking liquidity outweighed a resurgence in personal investment.
Man’s funds under management were down six per cent to $44bn (£26.5bn) in the six months to 30 September and 41 per cent lower over a 12-month period.
The hedge fund said over the past three months withdrawals had slowed and funds under management had risen two per cent.
Private investors tipped $5bn into Man, making for a net inflow of £2.7bn, and institutions contributed $700m. But both of the group’s main funds, AHL and IP 220, recorded net outflows of $1.9bn in the first half.
Man Group chief executive Peter Clarke said he expected inflows to turn positive by the fourth quarter.
Man said pretax profit more than halved to $302m from $622m a year before. The profit slide was nonetheless on the high side of expectations, eight per cent above the group’s estimate in September.