UK-listed alternative investment firm Man Group has failed to secure performance fees from its mainstream AHL funds since November, as a result of a slump in the latter's performance.

An analysis of weekly data suggests that at the start of last week the price of the AHL Alpha fund was 13.7% below its high water mark. AHL Diversified Futures and AHL Diversified were down 18.8% and 19.1% respectively. Subsequent trading indicates there has been a recovery in the Diversified funds, but they remain well below high water.