Man Group assets fall

 
City A.M. Reporter

ASSET manager Man Group this morning posted falling funds under management (FUM), as it confirmed the arrest of an employee as part of a probe into insider trading.

FUM fell to $57bn (£38bn) at the end of last year, from $58.4bn at the end of 2011. At the end of February, assets stood at $55bn.

Clients pulled out $2.7bn in the final three months of the year, beating forecasts, although withdrawals continued into this year, the firm said.

The underwhelming results compounded news that an analyst employed within its GLG unit was arrested by the Financial Services Authority on Wednesday on suspicion of insider dealing.

"Man has been informed by the Financial Services Authority that the investigation concerns the individual's actions as a private individual and not as an employee of Man or GLG," a spokeswoman said.