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Man Group sees clients exit in volatile summer


Date: Wednesday, September 28, 2011
Author: Laurence Fletcher, Reuters

* Net outflows $2.6 bln over three months to end-Sept

* Funds under management $65 bln vs $71 bln at end-June

* H1 pretax profit estimated at $145 mln

LONDON, Sept 28 (Reuters) - Man Group saw clients pull out $2.6 billion of cash in the three months to end-September, as volatility in world markets knocked the world's largest listed hedge fund manager's recovery from the credit crisis off course.

The firm, which had seen $4.4 billion of subscriptions in the first half of the year after two years of clients pulling out their money, said total assets under management fell to $65 billion at end-September from $71 billion at end-June.

Analysts at Singer Capital Markets had been expecting net outflows of $200 million in the three months to end-September.

"Looking ahead, we are assuming that investor appetite will be generally suppressed for the remainder of the year," said CEO Peter Clarke in a statement.

Man's total assets under management have rebounded from below $40 billion last year, helped by last year's $1.6 billion acquisition of GLG and a bumper Japan launch of a version of its flagship AHL fund.