Man Group reports $2.2bn outflows in third quarter

 
City A.M. Reporter
Hedge fund Man Group reported $2.2bn (£1.3bn) in outflows over the three months to September, up from $1.4bn over the previous quarter.

The outflows were concentrated in lower margin product lines, said Man.

The group said this morning total assets rose 14 per cent over the three months to the end of September to $60bn, boosted by the recent acquisition of fund of funds firm FRM.

Peter Clarke, chief executive of the hedge fund, said today:
“The flow environment continues to be challenging and this was reflected in lower sales in the quarter.

“Redemptions were in line with the levels experienced in the second quarter, which resulted in increased net outflows, albeit in lower margin product lines. Investor sentiment, and consequently the outlook for flows, continues to be subdued.”