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Beverly Chandler, Opalesque London: Man Group’s interim figures to June 30th showed a drop in funds under management from $58.4bn to $52.7bn over six months, reflecting net outflows of capital with sales of $7.2bn and redemptions of $9.6bn.
Peter Clarke, Chief Executive of Man, said, in a statement: "Against a turbulent market and economic background, Man’s funds under management have declined in the period principally as a result of continued net outflows and the deleveraging of our guaranteed products. The result is a marked decline in underlying profitability which, after goodwill impairments, produced a statutory loss."
Clarke continued: "We have made progress in the last six months to address costs across our business and we continue to expand our investment management capabilities both organically and through acquisition. At AHL we have continued to refine our trading models, invested in senior hires and seen signs of improvement in performance versus leading peers. GLG generated over two thirds of our $7.2 billion sales in the period, delivered strong performance in credit strategies, market neutral and European long short styles and launched complex thematic products such as TailProtect. The FRM acquisition closed on 17 July, ahead of schedule, and creates the largest independent non-US based fund of hedge funds in an industry where economies of s...................... To view our full article Click here
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