British hedge fund manager Man Group on Tuesday revealed a first-half net loss of $164 million (135 million euros), blaming "turbulent" financial markets and economic uncertainty.
The loss after tax, suffered in the six months to the end of June (see interim report), compared with a net profit of $70 million in the first half of 2011, Man Group said in a statement.
Total funds under management dived almost ten percent to $52.7 billion at the end of June from $58.4 billion at the end of December.
"Against a turbulent market and economic background, Man's funds under management have declined," said chief executive Peter Clarke.
"The result is a marked decline in underlying profitability."
Clarke unveiled another round of cost-cutting measures to save the group $100 million over the next 18 months and steer it back to profit.
