Significant redemptions and poor performance caused by market turmoil has forced hedge fund manager Man Group to become the third prominent industry name in two weeks to be involved in closing, or significantly restructuring, a hedge funds product.

The closed-ended Close Man hedge fund, which invested part of its assets in a hedge fund managed by $70.3bn (€51.8bn) manager Man Group, fell by more than 94% since its 2004 launch to below £4m today, at which point Man could force the directors to propose a wind-up vote. It is only four years into its eight-year life.