Man Group, the London-listed alternative investment group
that includes GLG Partners, has issued a trading statement for
the nine months to the end of December showing a further drop
in assets under management on the back of weak performance by
its core AHL systematic trading engine in 2011 and investor
outflows across its range of products.
Separately, the publicly-quoted firm also announced that
Noam Gottesman - the original co-founder of GLG along with
Pierre Lagrange and Jonathan Green in the early 1990s and the
firm's co-CEO in recent years - was stepping back from
day-to-day executive responsibilities to become non-executive
chairman of GLG's US operation.
Man's funds under management fell to $58.4 billion at the
end of the calendar year - down from $64.5 billion at the end
of September 2011 and $69.1 billion at the end of March 2011 -
with sales in the third quarter of $3.1 billion...