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Manny Roman isn’t having a great first day at the helm of the Man Group.
Even before he formally took over, things weren’t looking good: A GLG analyst, Carl Esprey, was among three hedge funders arrested by the Brits yesterday for insider-trading. Then, to herald his formal ascension, this:
Man Group’s funds had $2.7 billion of net outflows in the three months to Dec. 31, the sixth quarter of outflows in a row. Assets under management fell to $57 billion at the end of December, the company said in a statement on Thursday.
Mr. Roman said in the statement that “2012 was another tough year for Man. Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the U.S. and macroeconomic risks. Investor appetite remained muted.”
Oh yea, and it’s not getting any better:
He also said “business conditions remain very tough”, adding that “sales are likely to remain muted in the first half, and we are yet to see a slowdown in the rate of redemptions.”