Assets in Man Group, the world’s largest publicly traded hedge fund, continues to shrink.
London-based Man announced in a statement Friday that investors redeemed $11.5 billion in the first half of 2013, leaving the firm with $52 billion in assets as of June 30. Man had $57 billion in AuM at the end of last year, after it experienced a nearly 60% increase in liquidations in the third quarter of 2012.
While Man CEO Manny Roman said in the statement that “trading conditions remain tough and [Man does] not see any improvement in the near-term outlook,” the firm has shifted its focus to investment performance and diversifying its investment management activities which it believes will “cope with such circumstances.”
London-based Odey Asset Management cut its holding in Man to 6.72% last month after the latter’s share price drop nearly 40% over the last month.