Man suffers after £700m withdrawal

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads KCS-content Show Comments ▼ SHARES in hedge fund manager Man Group fell yesterday after it revealed a single client had pulled $1.1bn (£694.4m) from its long only funds in the third quarter, despite analysts remaining upbeat about the company.Investors pulled money from its funds as well as from GLG Partners, the rival hedge fund group it bought in October last year.Yet Man still managed to grow its funds under management (FUM) to $68.6bn, boosted in part by the acquisition of GLG.The company added $2.7bn on to the $25.4bn taken on from GLG and the $40.5bn it already held at the end of its second quarter.Analysts say the loss of the $1.1bn investment would not impact on the future performance of the group, due to its relatively low basis point fee, and a suite of new products yet to be launched by the firm.Shore Capital analyst Paul Dobbin said: “It gives the impression of another quarterly outflow, yet there are signs elsewhere of things improving. Without that [outflow] I think there would’ve been a different story.“I don’t think anything changes in terms of the long-term story for Man Group.”The company, which started as a sugar broker in 1783, said it held a regulatory capital surplus of around $300m and over $1.8bn in cash at the end of last year.Chief executive Peter Clarke said: “With strong performance and a clear marketing focus for new and existing investment ideas, there is significant momentum for the business in the year ahead.” More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comcenter_img whatsapp whatsapp Thursday 20 January 2011 8:17 pm Man suffers after £700m withdrawal Tags: NULLlast_img

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