Stock market crash for Man Group, the second largest hedge fund in the world. Yesterday, the group's shares lost 40% on the London exchange, after revealing that in the last quarter it suffered redemptions of 7,1 billion dollars from customers. Assets under management fell by 6 billion from the 71 already under management. On the contrary, analysts expected an increase.
Revenues from management fees, on the other hand, dropped from 234 to 200 million dollars (worse than the estimates, which spoke of 220 million), while the quarterly net result recorded a loss of 1,9 billion dollars, of which a portion equal to 1,5 can be attributed to the negative trend of investments. According to the managing director Peter Clarke, the negative performance is linked "to the extreme volatility of the markets in recent months has created difficult conditions for the asset classes".
