CORRECT: Man Group Assets Shrink 2.3% In 1Q On Volatile Markets

8th Jul 2010 09:27

("=Man Group Assets Under Management Shrink 2.3% In 1Q" at 0623 GMT, misstated the amount of funds under management in the second paragraph. The error was repeated in an update at 0727 GMT. The correct version follows:) By Patricia Kowsmann and Margot Patrick Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Hedge fund giant Man Group PLC (EMG.LN) Thursday said its assets under management shrank 2.3% in the first fiscal quarter, as investors pulled money from its funds. Funds under management at June 30 were around $38.5 billion, the company said, down from $39.4 billion at March 31. Man Group in late May said assets were still around that level. "The quarter to June 30 has seen a return to increased volatility and uncertainty in financial markets," Chief Executive Officer Peter Clarke said in an update before the company's annual general meeting. Man Group, which is in the midst of a takeover of rival hedge-fund group GLG Partners Inc. (GLG) that will lift its total assets to around $63 billion, said it registered $600 million in net private investor outflows in the first quarter, and a $400 million net outflow from institutions. -By Patricia Kowsmann and Margot Patrick, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires July 08, 2010 04:27 ET (08:27 GMT)