Man Group’s assets as of the end of the third quarter stood at $67.6 billion a 9% decline since the end of March. Its pretax profit declined 24% to $622 million, as a result of lower fees.


Certainly, the rough patch Man Group is going through could portend that the predictions are right, that as many as 25% to a third of all hedge funds, particularly the smaller ones, will close their doors by the end of the year.


A spokesman for Man Group said the firm is expected a protracted downturn in the market, given the severity of the crisis.


“The period under review witnessed unprecedented levels of turmoil in financial markets, with turbulence moving globally through credit, equity, commodity, and, more recently, currency markets,” said Man Group Executive Vice President Peter Clarke.


Nonetheless, he added, other hedge funds are experiencing larger withdrawals and weaker performance. “Against this challenging backdrop of extreme volatility, Man has delivered robust results overall, as a result of its broad geography of asset raising, wide product range and capital strength,” he said.

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