Reuters reports that Man Group, the world's largest listed hedge fund manager, said clients withdrew money over the summer months at the fastest pace since early 2009 amid "relentless volatility" in world markets, knocking its fragile recovery.
Man Group shares traded 19.3 percent lower at 193.4 percent at 1131 GMT after the firm said clients pulled out a net $2.6 billion in the three months to end-September, with its GLG unit particularly suffering. Shares had earlier hit a five-week low at 187.7 pence.
Outflows accelerated in September, Peter Clarke, CEO said, making the latest quarter the worst for the group since shortly after the collapse of U.S. investment bank Lehman Brothers.
Man's trading update raises the possibility of heavy client outflows across the $2 trillion hedge fund industry, which has recovered strongly after suffering nearly $300 billion of redemptions during the credit crisis in 2008 and 2009, according to Hedge Fund Research…
Read all about it at http://www.reuters.com/article/2011/09/28/us-mangroup-idUSTRE78R22P20110928
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