Man Group said clients pulled money from the firm in the first half, reducing assets under management by 8.8% to $52bn.
Bloomberg News reports that investors redeemed $11.5bn from Man Group’s funds, offsetting new sales of $6.5b, the London-based company said in a statement Friday. Barclays analyst Daniel Garrod estimated that assets would fall to $51.6bn.
Man Group shares have plunged 38% from their 2013 high reached in May, putting renewed pressure on Chief Executive Officer Emmanuel Roman to stem client outflows and boost investment returns. AHL Diversified, the firm’s biggest hedge fund, which holds $16.3bn of assets, posted losses in the second quarter as bonds and currencies fell amid signs the U.S. Federal Reserve may scale back asset purchases.
'Trading conditions remain tough and we do not see any improvement in the near-term outlook,' Roman said in the statement. 'Investor appetite remained muted as renewed market volatility tempered investors’ willingness to put their money to work.'
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