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AuM Fell At Hedge Fund Heavyweight In Q4 Of 2011
Tom Burroughes
18 January 2012
Man Group, the world’s largest listed hedge fund company, said funds under management at the end of 2011 fell to $58.4 billion from $64.5 billion at the end of September that year, while the firm logged net outflows of $2.5 billion in the final three months of last year. The London-listed firm suffered an adverse market movement of $1.5 billion. Its flagship AHL Diversified business fell 7.7 per cent in the quarter, although its GLG business enjoyed “positive overall performance”, the firm said in a statement today. Foreign exchange and other negative movements amounted to $2.1 billion, it said. In general, the world’s $2 trillion-plus hedge fund industry suffered a difficult year in 2011, as volatility from developments such as fears about the eurozone hit returns in some strategies. Man Group said final results for 2011 will be issued on 1 March. Separately, Man said that Noam Gottesman, a founding partner and principal of GLG Partners - now part of the Man empire - has stepped down as co-chief executive of GLG and has taken on the role of non-executive chairman of GLG’s business and interests in the US. Manny Roman continues as sole CEO of GLG and chief operating officer of Man Group.