Man Group, the world's largest listed hedge fund manager, continued to see client outflows, it said on Thursday, despite its recent acquisition of smaller rival GLG.
Man, which has seen net client outflows for eight straight quarters even as rivals have won back investors, saw $1bn (£627m) of net outflows for the three months to end-December.
Analysts had expected net inflows of between $550m and $900m.
Man bought GLG last year for $1.6bn to boost assets and diversify away from computer-driven funds, and is incorporating its flows into its figures for the first time.
Total assets for the combined company rose to $68.6bn – around the level that Man was running before the collapse of Lehman Brothers and Man's subsequent performance and client losses.
City A.M. Reporter