By Iain Withers

LONDON (Reuters) -London-listed hedge fund Man Group (LON: EMG ) said on Thursday that its assets under management fell by about $5.6 billion in the two weeks to April 14, in trading dominated by the fallout from U.S. President Donald Trump’s barrage of trade tariffs.

Man Group said its assets stood at an estimated $167 billion on April 14, down about 3% from $172.6 billion at the end of March. It did not give any reasons for the dip in its sparse first-quarter trading update.

Man Group shares fell more than 3% in early trading, hitting their lowest since 2021, with the stock down more than a quarter year-to-date.

Hedge funds globally have been whipsawed by volatile trading since Trump announced sweeping U.S. tariffs on April 2, clouding the global economic outlook and prompting recession fears.

"The recent weakness in markets has, inevitably, taken its toll (on Man Group assets)... as it has everywhere," analysts at Panmure Liberum said in a note.

The bulk of Man Group’s trading update covered the three months to end-March - before Trump’s tariffs announcement - with assets under management beating analyst forecasts after rising to $172.6 billion from $168.6 billion at the end of 2024.

Man Group also reported net inflows of $3.6 billion in the three months to March 31.

Man Group’s disclosure of lower assets subsequently at April 14 - as well as 4% lower run-rate net management fees of just over $1 billion - would lead to downgrades for the company’s full-year income forecasts, Goldman Sachs analysts said in a note.

Systematic strategies and trend-follower funds offered by hedge funds - for which Man Group is well known - have struggled in particular to navigate Trump’s trade policy reversals this year.

Several funds run by Man Group have posted negative returns year to date, with one down as much as 18% to April 15, according to the firm’s website.