Persistent withdrawals brought
Man Groups assets under management stood at $44 billion at the end of May, down 41% from $74.6 billion in March 2008. The hedge fund said it is bracing for an additional $2 billion in redemptions by July but inflows to return in the second half of the year.
While hedge fund performance has improved recently, industry experts say it could take several quarters for hedge fund assets to rise again. That will continue to put pressure on revenues.
As Man Group CEO Peter Clarke said, With lower levels of assets, were going to see lower levels of management-fee income.