Hedge fund firm Man Group posts $2.2 bln client outflows

Date: Thursday, October 18, 2012
Author: Reuters

Man Group posted its fifth consecutive quarter of outflows on Thursday, as the embattled hedge fund firm's struggle to revive its fortunes is hampered by poor performance from its flagship fund.

The firm reported net outflow of $2.2 billion over the three months to September. It said the increase over the second quarter was concentrated in lower margin products.

Broker RBC Capital Markets had been expecting net outflows of $2.5 billion.

Total assets under management rose 14 percent over the three months to end-September to $60 billion, boosted by the recent acquisition of fund of funds firm FRM.