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Man Group funds hit by market turbulence

Reuters UK – British listed hedge fund manager Man Group Plc said on Monday first-half sales rose by about 25 percent to $10 billion, but its shares fell as market turbulence hit its funds under management.

Funds under management fell by $5.0 billion to about $70.3 billion — 12 percent down on the $79.5 billion at end-June — reflecting negative investment movement, Man said. Net inflows for the period rose 14 percent at $4.1 billion.

Shares in the group, which have lost 32 of their value over the last month, were down a further 5.4 percent at 353.5 pence, valuing the group at about 6.35 billion pounds, at 0737 GMT.


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