CNBC – Shares in Man Group, the world’s biggest listed hedge fund firm, slid on Wednesday after it said funds under management fell 21 percent and that it would sue over its exposure to the Madoff scandal.

Man said its assets totalled $53.3 billion at the end of last year, below Citi analysts’ expectations and down from $67.6 billion at the end of September. Part of the drop was due to net redemptions, which reached $3.2 billion in the three months to December.

Man Group’s shares were down 5 percent at 214 pence at 1014 GMT, up from a trough of 200 pence earlier. The blue chip FTSE 100 Index was 1.6 percent lower

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