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Laxman Pai, Opalesque Asia: The world's largest publicly traded hedge fund manager Man Group Man was hit by $5.5bn (GBP4.2bn) in outflows during the three months to September.
The multi-strategy firm reported assets under management (AuM) of $174.9bn (GBP134.7bn) as of 30 September. That figure compares to $178.2bn (GBP137.3bn) at the end of June, with Man Group pinning the decline mainly on outflows from a single large client in its systematic long-only fund.
The London headquartered money manager said this withdrawal amounted to $7bn (GBP5.4bn) during the third quarter. It flagged the development in July, but the redemption was around $300m (GBP231m) higher due to a better-than-expected investment performance.
The FTSE 250 firm said a strategic client switched its entire equities allocation to a passively managed, index-based portfolio. According to reports, Man Group had flagged the redemption in July, which came in slightly higher due to increased performance. "The client decided to switch their entire equities allocation to a passively-managed, index-based portfolio," Man Group's half-year trading statement said.
London-based hedge fund said that inflows aside from the redemptions still tallied at $1.5 billion for the quarter.
As per Reuter's report, several of Man Group's systematic funds which take only long bets, expecting assets to rise in price, returned over 5% on investment including Man's Numeric Global Core fund which poste...................... To view our full article Click here
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