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Shares in Man Group, the world’s largest listed hedge-fund, have slumped nearly 10 per cent this morning after it revealed a $272m pre-tax loss in 2016.
Man Group was down as much as 9.4 per cent at the start of Wednesday’s trading, with shares recovering to decline around 6.9 per cent at publication time.
It is the biggest faller on the UK’s FTSE All Share this morning with shares on course for their worst single day drop since the aftermath of the Brexit vote in late June.
Earlier this morning, the hedge fund said its full year loss was driven by its GLG discretionary hedge fund unit after a $184m profit recorded in 2015.
Still, analysts at Liberum repeated their “buy” recommendation on the stock, adding that the fund’s optimistic outlook and record assets under management were provided a “reasonably confident” view for the future.