Man Group reported that its total assets under management in the fiscal third quarter ended Dec. 31 fell 4% from $44 billion to $42.4 billion, as a result of $1.5 billion in redemptions and investment losses of $1.2 billion.

At its height in June 2008, Man Group managed $79.5 billion.

Viewed as a bellwether for the hedge fund industry, which had heretofore been seen as on the mend, the news was not good for hedge funds, but CEO Peter Clarke attributed the disappointing results to normal seasonal declines. He maintained the company is in good shape and said the hedge fund industry is gaining momentum.

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