Hedge fund manager Man Group Plc said clients continued to pull money out of its funds but at a slower rate than some analysts had forecast, helping lift its shares from recent lows. The former member of the bluechip FTSE 100 index, whose shares are down nearly 70 percent since the start of 2011 on the back of poor fund performance and client outflows, also said its performance fees were boosted by a strong first half from its GLG unit.
Man said clients withdrew $1.3 billion during the second quarter, making it Man's eighth consecutive quarter of outflows, but beating forecasts from analysts at RBC Capital Markets of $2.1 billion. The outcome was also less than the $3.7 billion withdrawn in the first quarter. Man shares were 7.7 percent higher at 90.15 pence by 0744. The stock has bounced from a one-month low of 79.41p set early this week but remains a fraction of a 639p high set in 2008.