More cost cutting at Man as profits slump

Hedge fund manager Man Group saw funds under management slump in the first half 0f 2012 as nervous customers withdrew funds, resulting in a concomitant dive in profits.

Hedge fund manager Man Group saw funds under management slump in the first half 0f 2012 as nervous customers withdrew funds, resulting in a concomitant dive in profits.

Funds under management (|FuM) at the end of June stood at $52.7bn, down from $58.4bn at the end of 2011. Although the group achieved a $7.2bn inflow of new funds during the reporting period, $9.6bn of funds were withdrawn, while the deleveraging of the group's high-margin guaranteed products accounted for another $2.5bn of the decline in FuM.

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