Man GLG  

'Disappointing' year sees Man GLG assets tumble

'Disappointing' year sees Man GLG assets tumble

Man GLG has pointed to efforts to improve the consistency of its returns following a year of "difficult business performance" which involved a tumble in assets as well as lower management and performance fees.

In its results for the financial year ended December 31 2016, parent company Man Group noted that it had been a "difficult" year for the GLG arm, evidenced in a $281m (£227m) impairment on its goodwill and intangibles to reflect lower revenues.

At the end of December 2016 Man GLG had some $26.7bn in funds under management, down from $30.5bn a year before.

In a statement, Man Group chief executive Luke Ellis said: "GLG's performance has been variable in recent years and this resulted in continued outflows during 2016, although these did moderate in the fourth quarter as performance improved.

"We have already taken steps to improve the consistency of GLG's performance. We appointed Pierre-Henri Flamand as the GLG chief investment officer in September and we restructured the risk team to bring best practices in risk management and technology to bear from across the group.

"GLG has also been part of our cost restructuring effort, where we have closed a number of underperforming strategies to improve returns and reduce costs."