* Net outflows in 3 months to Dec $2.5 bln
* To cut a further $75 mln of costs
* Assets under management $58.4 bln, down from $63.5 bln at
By Laurence Fletcher
LONDON, Jan 18 Man Group, the
world's biggest listed hedge fund manager, reported a second
consecutive quarter of heavy client outflows and announced plans
for further cost cuts, as nervous investors pulled out of its
The firm, which shocked investors in September when it
reported its fastest rate of outflows since early 2009, said
clients pulled out a net $2.5 billion over the three months to
end-December, roughly in line with analyst forecasts.
The firm also said it would cut an extra $75 million from
costs, on top of previously-announced savings of $40 million.
Man, whose share price has slumped from around 300 pence a
year ago to 107 pence at Tuesday's close, said total assets
under management fell to $58.4 billion at end-December from
$63.5 billion at end-October.
While fund managers have seen clients exit as Europe's debt
crisis hits financial markets, Man has also been hindered by the
performance of some funds in its GLG unit, which it bought for
$1.6 billion in 2010, while its flagship $21 billion
computer-driven fund AHL lost 6.4 percent in 2011.
Man also said that GLG founder Noam Gottesman has stood down
as co-CEO of GLG and taken the role of non-executive chairman of
GLG's business and interests in the U.S.