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Alternative Market Briefing

Man Group’s FuM now at $58.4bn (est.), down 9.5% from Q3 due to tough trading conditions

Wednesday, January 18, 2012

Benedicte Gravrand, Opalesque Geneva: Man’s funds under management (FuM) for the three month period to 31 December 2011 is currently estimated at $58.4bn – compared to $64.5bn in September (a drop of -9.5%) and $69.bn in March (a drop of 15.5%).

According a release from the group, Q4 sales amounted to $3.1bn and redemptions to $5.6bn, giving a net outflow of $2.5bn. Furthermore, there were negative investment movement of $1.5bn in Q4, with AHL Diversified plc (Man's flagship quant fund) down 7.7% - although GLG, an asset manager acquired by Man in 2010, posted positive overall performance.

FX and other movements lead to a negative $2.1bn, due to degears and translation effects.

Man Group, Europe's largest listed hedge funds group, announced a year ago that its FuM amounted to $68.6bn (end-2010) - representing a drop of around 15% year on year.

Man continues to review operating costs and efficiencies - and more cost reductions will be implemented by the end of 2012.

The group's financial position remains robust, with net tangible assets of $1.6bn , net cash of $600m and total available liquidity resources of $3.2bn, says the release.

Peter Clarke, CEO of Man, said that trading conditions had been tough for Man in H2-2011. Investment performance varied significantly across styles, with market volatility and reduced market liquidity impacting trad......................

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