British hedge fund Man Group assets fall 0.5 pct in 2018

LONDON, March 1 (Reuters) - British hedge fund firm Man Group said on Friday total funds under management fell 0.5 percent to $108.5 billion in the year to end-December on market weakness and currency losses.

Man Group added $10.8 billion in new client money during the year but was hit by negative investment movements of $7.7 billion and currency translations and other movements of $3.7 billion.

“2018 was a more difficult year for asset management industry, characterised by periods of higher volatility which impacted performance across asset classes and investment styles,” said Luke Ellis, Chief Executive Officer in the statement. (Reporting by Maiya Keidan; editing by Simon Jessop)