GLG posts $1bn drop in assets for Q4 2011

Funds under management at Man Group-owned GLG shrank by $1bn in the three months to the end of 2011, according to a trading statement released today.

Man Group said it saw net outflows of $1bn in GLG, its open-ended alternatives arm, with emerging markets, UK alpha select and European opportunities strategies seeing most of the outflows. The group as a whole saw AUM shrink from $64.5bn at the end of September to $58.4bn on 31 December. Redemptions of $5.6bn were offset by $3.1bn sales for the entire group, resulting in a total net outflow of $2.5bn. Despite the asset falls, Man Group's shares were up 5.79% this morning to 113.5p, as the group said it would reduce costs by $75m. The GLG long-only Japan strategy, including the Ja...