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Mark Enman Benedicte Gravrand, Opalesque Geneva:

Man’s FuM down by around 8.45% in Q2 but overall hedge fund performance positive Man Group, one of the world’s largest independent asset managers, posted today (28 Sept) a pre-close trading update for the six months ending 30 Sept.2011.

Assets moved up and down in Q2; there were inflows from AHL and institutional FoHFs and outflows from guaranteed products and GLG, leading to a second quarter (Q2) outflow of $2.6bn (H1 inflow of $1.1bn). Also, sales decreased and redemptions increased that quarter.

Alternative funds "generated positive investment movement of $0.4bn" in Q2 and negative of $0.8bn for H1; AHL generated positive movement of $1.5bn in Q2 and $0.9bn for H1; GLG had negative movement of $1.1bn in Q2 and $1.4bn for H1; and institutional FoHFs’ performance was flat in Q2 and $0.3bn negative for H1.

All in all, total FuM at Man were $65bn at 30 Sept. 2011 – compared to $71bn in June and $69.1bn in March.

Peter Clarke, CEO of the Swiss-headquartered group, confirmed that the recent extreme market volatility had been challenging across all asset classes; it tested investor appetite and reinforced the need for diversification.

"AHL is up 7.7% in the five months to end August and is around 5% from high water mark, and GLG macro and European long/short strategies were a......................

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