LONDON Man Group (EMG.L) has won a mandate to run 1.2 billion euros (1.0 billion pounds) for German pension fund BVK, as the world's biggest listed hedge fund firm tries to woo clients after bleeding assets during the crisis.
The mandate, mentioned in Man's January trading statement, will see Germany's largest public pension fund Bayerische Versorgungskammer invest this year in so-called managed accounts -- portfolios where the investor still controls the assets.
Man will provide services such as operational due diligence and risk management, although BVK will choose which hedge funds it invests in.
Man, which last year bought smaller rival GLG to bulk up assets and reduce dependence on computer-driven funds, has been struggling to keep pace with the $1.9 trillion (1.2 trillion pounds) hedge fund industry's revival since the credit crisis.
In January, the firm revealed it had seen $1 billion of net client outflows in its third quarter, mainly due to one redemption of more than $1 billion from an investor switching out of European equities.
At 0837 GMT Man's shares were down 0.2 percent, while the FTSE 100 .FTSE was down 0.1 percent.
(Editing by Jane Merriman) (Twitter: @reutersfletcher. To read the Reuters Funds Blog click on blogs.reuters.com/fundshub; for the Global Investing Blog click here) (Reporting by Laurence Fletcher, editing by Sinead Cruise)