Increased redemptions hit Man Group performance

Suzie Neuwirth

INVESTMENT firm Man Group today announced outflows of $3.7bn in the first quarter, with redemptions increasing to $6.2bn.

The company – which was demoted from the FTSE 100 last year – has struggled to turn around its performance, with assets under management dropping to $54.8bn, down from $57bn at the end of 2012.

“This was a disappointing quarter from a flows perspective with sales at a similar level to the previous quarter and increased redemptions, chiefly due to the loss of three sizeable low margin mandates,” said chief executive Manny Roman.

“Investment performance is the lifeblood of our business and in time we expect good performance to translate into flows.”