MAN Group, the world’s biggest hedge fund, has continued to bleed funds over the past six months as institutional investors seeking liquidity outweighed a resurgence in personal investment.
Man’s funds under management were down six per cent to $44bn (£26.5bn) in the six months to 30 September and 41 per cent lower over a 12-month period.
The hedge fund said over the past three months withdrawals had slowed and funds under management had risen two per cent.
Private investors tipped $5bn into Man, making for a net inflow of £2.7bn, and institutions contributed $700m. But both of the group’s main funds, AHL and IP 220, recorded net outflows of $1.9bn in the first half.
Man Group chief executive Peter Clarke said he expected inflows to turn positive by the fourth quarter.
Man said pretax profit more than halved to $302m from $622m a year before. The profit slide was nonetheless on the high side of expectations, eight per cent above the group’s estimate in September.
