Man Group reported $39.4 billion in assets under management for the year ended March 31, a decline of 16% for the hedge fund and fund-of-funds manager from the previous year, according to its earnings statement.
Institutional assets totaled $12.6 billion as of March 31, down 34% from the prior year, while private investor assets dropped 4% to $26.8 billion.
“During the year, we have taken decisive action to address changes in our industry, as well as the impacts on our own business of redemptions from institutions seeking liquidity within their portfolios and a period of negative performance (of) AHL (Man Group’s flagship single-manager hedge fund),” Man Group CEO Peter Clarke said in the earnings release.
Mr. Clarke noted that Man Group received $1.5 billion in hedge fund-of-funds commitments from institutional investors that he did not identify.
Pretax profit was $541 million for the year ended March 31, down 27% from a year earlier, and diluted earnings per share was 24.8 cents, down 3.6 cents from March 31, 2009, according to Man’s financial statement.