Man Group, the world’s largest publicly traded hedge fund, is shutting down its $40 million pool after failing to meet performance targets.
Bloomberg reported that the London-based firm is closing Man Vision—which aims to protect clients from losses-- after it fell 5.6% in the first half of 2013. Man Vision is linked to the performance of AHL Diversified, the firm’s largest hedge fund. That fund, which uses computer algorithms to try to profit from trends in asset prices, suffered recently after the U.S. Federal Reserve indicated that it may decrease its bond purchases.
Man is planning to move all of Vision’s investments in AHL by September 1 to cash and bonds; clients can either hold their investments until maturity, redeem or reallocate their money to a different Man fund.
Man currently manages about $52 billion in assets after investors redeemed $11.5 billion in the first half of the year.