Man Group PLC which runs Man Investments (MI) just reported numbers that are a bit jaw dropping. On June 30, 2008, MI had around USD 79.5 billion in assets under management (AUM). This week they reported they have about USD 61 billion, that is a 23% drop in AUM and they expect another USD 4 billion drop by the end of the year. The drop in AUM is combination of investor withdrawals and investing strategies gone wrong.
MI is no slouch, they are “the guys” when it comes to automated trading strategies. MI was started when it acquired a piece of Mint Investment Management run by Larry Hite and Michael Delman in 1983. Then things really took off when it acquired a piece of AHL in 1987, I wrote a bit about some of the guys behind AHL. AHL continues to be the center piece of MI and hopefully will continue in the future.