SHARES in Man Group were the biggest riser on the FTSE 100 yesterday after the world’s largest listed hedge fund reported a fall in outflows.
The stock soared 12.68 per cent to 147.5p, providing some relief for management who have seen the value of Man’s shares halve over the past year.
Man’s assets under management have risen 1.9 per cent to an estimated $59.5bn (£37.3bn) since the end of December, mainly due to the performance of its funds.
Chief executive Peter Clarke said there had been a “significant” fall in net client outflows this year but told City A.M. that the impact of an easing of the Eurozone crisis would not be felt immediately.
“It will take longer than two months for people to respond to (Man’s) good performance and stable markets... Sentiment remains fragile.”
Man shocked the market in September when it reported its fastest rate of outflows since early 2009 but its shares have inched up this year.
The group, which is shifting the timing of its financial year, posted a pre-tax profit of $262m for the nine months to the end of December. It also announced plans to boost future dividends by paying out all its adjusted earnings from management fees.