Hedge funds: Dash to pull out cash 'slowing'

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The Independent Online

Man, the world's largest listed hedge fund manager, saw clients pull out cash at a slower pace in October than September, raising hopes it may be able to staunch withdrawals in spite of the eurozone's deepening debt crisis.

Man said assets under management fell by $1bn to $63.5bn in October, driven by poor performance of its flagship AHL fund. In September, Man said clients pulled out money at the fastest pace since early 2009, sending its shares plunging 25 per cent in a single day.