Man Group hedge fund says clients withdraw $1.0 billion
Man Group on Tuesday said that clients pulled out a net $1.0 billion (754 million euros) from the British hedge fund manager in the first quarter of the year amid "fragile" investor sentiment.
Man Group said its total funds under management stood at $59 billion at the end of March, down $600 million compared with the end of 2011.
"After a strong start to the year, markets came back under pressure in March," chief executive Peter Clarke said in a statement, adding that "investor sentiment remained fragile."
Many of the investors who are pulling their money out of hedge funds are seeking safety amid growing fears that the eurozone debt crisis could help spark another deep worldwide recession.
© 2012 AFP