Man Group assets fall 8% amid 'challenging time'
LONDON (Reuters) - British hedge fund manager Man Group <EMG.L> recorded an 8% fall in assets in the first six months of 2020 as the new coronavirus pandemic dragged down performance by $5.4 billion (4.16 billion pounds).
Man Group's total assets under management at the end of June fell to $108.3 billion from $117.7 billion on December 31.
On top of performance losses, assets were hindered by negative currency movements of $2.8 billion and net outflows of $1.2 billion.
The second quarter saw a rise in investors pulling their cash, with $300 million pulled from Man GLG's long-short funds in the six months to June 30.
Man's computer-driven long-only strategies fell 5% while discretionary long-only lost 11% in the first half of the year, partially offset by stronger performance from GLG Global Emerging Market Debt Total Return, which made 9% in the same period.
"The first half of 2020 was a challenging time for everyone," Man Group Chief Executive Officer Luke Ellis said in the statement on Thursday.
"Global markets were also heavily impacted by COVID-19. We saw significant declines in most asset classes in Q1, followed by steep rallies."
(Reporting by Maiya Keidan; Editing by Rachel Armstrong)