Man Group's shares dive 13% on fresh hedge fund losses

Hedge fund manager Man Group's shares nosedived on Wednesday, after its flagship hedge fund AHL reported one of its biggest weekly losses.

The group's share price was down 13% by 10am on Wednesday at 101p, as the losses suffered by the hedge fund wiped out all profits made so far this year. Over the week to June 3, the hedge fund had lost 8.9%, one of the largest weekly losses in its history. The $14.1bn fund has been running since 1987, but has struggled recently and lost money in three out of the past four years. In order to maintain a positive five-year track record, the fund would have to make nearly 12% this year, but performance has continued to disappoint. The 8.9% loss last week added to the 3.1% decline th...