Man hit by massive investor retreat
Man Group, a hedge fund specialist, said total funds under management fell to $65 billion (£41.6bn) at 30 September, 8 per cent lower than three months earlier. Its shares dived 25 per cent in the FTSE 100 index, wiping around £1bn from its value.
Chief executive Peter Clarke said: “As anticipated, investor sentiment continued to weaken across the summer with lower sales in our second quarter and some increase in redemption rates, notably in September.”
Man’s investors pulled out $7.1bn from its funds in the second quarter of its financial year to September. New sales also halved to $4.5bn in the period, making a net outflow of $2.6bn.