Man Group drops sharply but FTSE holds on to gains

Today's biggest loser on the FTSE 100 - Man Group - has continued its slide this afternoon, falling over 6% after warning of losses of $1bn from its funds this quarter.

Shares in the company were down 6.06% or 6.5p, to 97p, by mid-afternoon after the update worried investors. The hedge fund group said funds under management stood at $59bn as at the end of March 2012, up year on year, while three quarters of GLG funds under management were at or within 5% of high watermarks by the end of March. However, it said its AHL strategy remained around 14% from its peak on a weighted average basis as of the end of the quarter. Though Man AHL Diversified was up 0.8% for the year to 28 March, AHL redemptions stood at $700m for the quarter, with the strategy's...