Man Group has seen net inflows of $500m (£382m) in the second quarter of 2016 but was further dragged down by significant outflows from GLG’s alternatives and long only business.
The GLG arm suffered £1.5bn of net outflows in the first half overall. The business continued to lose capital from the Japan CoreAlpha fund run by Stephen Harker, whose underperformance has deterred investors.
GLG saw some £750m leave each of its alternatives and long only businesses.
Total assets under management are now $26bn, down from $30.5bn at the end of 2015 after both segments suffered negative market movements. GLG as a whole lost 4.1 per cent in aggregate over the first six months of 2016.
Man Group’s gross inflows in the first half of 2016 were down on 2015 flows by 7 per cent, which the firm attributed mainly to GLG.
The firm recently decided to close its American Growth fund after the fund suffered £103m of net outflows in May, leaving it with only £24m.
In the results, Manny Roman, Man Group’s outgoing chief executive, confirmed the business would retain its UK headquarters despite the decision to leave the EU.
Mr Roman is leaving to takeover as chief executive of Pimco.
