This Is Money – These are supposed to be dire days for the once invincible-seeming hedge funds. On Wednesday shares in Man Group crashed by almost a quarter after it revealed clients pulled out $2.6billion (£1.6billion) in funds over the past three months.
The news is a hammer-blow to Man, which only last year bought rival GLG for $1.6billion, and comes after Labour leader Ed Miliband slammed companies’ behaviour at the party conference in Liverpool, warning Britain should discriminate between ‘wealth creators’ and ‘asset strippers’.
