GLG fund performance costs Man Group $1bn in Q1

Man Group has blamed challenging market conditions for more than $1bn of negative investment movement in the first quarter of 2011.

According to the company's interim management statement, poor performance from certain AHL and GLG funds led to a $1.1bn fall in assets under management in this part of the business in the quarter. However, funds under management for the group as a whole increased 2.75% from $69.1bn to $71bn. Record sales of $9bn over the period led to a net inflow of $3.7bn following $5.3bn of redemptions, the firm said. Sales grew by $9bn for the quarter, resulting in a net inflow of $3.7bn after redemptions of $5.3bn. There was a net inflow into alternative funds of $4.1bn and an outflow of $400m f...