Man Group suffers net outflows but profits jump 89%

Man Group saw $2.6bn of net outflows during the first half of the year, largely driven by redemptions from the group's long-only portfolios including GLG's Japan CoreAlpha strategy, but performance fees helped profits jump 89%.

Despite a strong start to the year, the group said renewed market volatility in the second quarter "tempered investors' willingness to put their money to work".  CEO Manny Roman said: "The six months to 30 June 2015 have been challenging in terms of trading conditions and investor risk appetite. Flows were negative in the half, skewed by $3.4bn of outflows from the Japan CoreAlpha strategy as some clients chose to redeem after a sustained period of strong performance. "We saw solid flows into our quant strategies, including one large institutional mandate into AHL, however elsewhere i...