Man Group says loses another USD6bn from asset base

1/18/2012 12:40:01 PM

LONDON - British hedge fund manager Man Group on Wednesday said it lost an additional $6.0 billion (€4.7 billion) from its asset base in the last quarter of 2011. Man Group, which had already lost $6.0 billion from its base in the quarter to September, said its funds under management stood at $58.4 billion at the end of last year, down from $64.5 billion on September 30. "Trading conditions have been tough for Man in the second half of 2011," group chief executive Peter Clarke said in the company's trading update. "Although some of our funds performed strongly and sales held up well, we experienced a net outflow in the last two quarters, albeit with reduced redemptions in the final three months," he added. Investors are pulling money out of hedge funds as they seek safety for their cash amid growing fears that the eurozone debt crisis could help spark another fierce worldwide recession. Looking ahead, Clarke said Man Group was "well placed to benefit when investor demand improves." Copyright AFP All rights reserved. This material may not be reproduced, published, broadcast, rewritten or redistributed without prior permission in writing from AFP.

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