MAN Group needs to focus on the “baffling” lack of performance from its flagship hedge fund, analysts said yesterday, after the asset manager revealed another quarter of outflows.The listed behemoth reported a 2.2 per cent net slide in assets under management to $38.5bn (£25.3bn) in the three months to 30 June as clients pulled money out amid choppy markets. Investors’ disappointment at the seventh consecutive quarter of declines in Man’s asset base was tempered by the fact the torrent of outflows seen last year appeared to have slowed to a drip.AHL, Man’s main quantitative fund run by a legion of PhD graduates, has gained 3.1 per cent this year until the end of June after slumping 16 per cent last year. It generated 0.9 per cent in the turbulent second quarter, despite wobbles in the Eurozone, a result chief executive Peter Clarke described as “pleasing”.“However, given the continued market uncertainty, sales in the quarter have, as anticipated, remained subdued,” Clarke said.Keith Baird at Oriel Securities said cranking up AHL’s returns would be crucial to improving sales. He said: “Man’s sales figures are weak. The two things they need are better investor confidence and better performance from AHL. It’s baffling as to why it can’t make more money.”Man’s asset base will grow to around $63bn after it takes over rival GLG Partners. The acquisition is due to close at the end of September.