Man Group’s Asset Growth Marred by Redemptions; Shares Drop

Man Group Plc’s clients withdrew cash in the first quarter, hurting asset growth at the world’s largest publicly listed hedge fund. Shares tumbled.

Clients pulled a net $1 billion from the firm’s alternative strategies, and $0.6 billion from its long-only offerings. A large redemption of $6.1 billion from a single client in long-only systematic equity impacted flows, the company said in a statement on Thursday.