Investors are rapidly pulling money out from the Man Group, in fact faster than in 2009, according to the world's largest listed hedge fund.
Man shocked the UK banking industry when it said clients withdrew a net £1.67 billion between the start of July and the end of September. This was much beyond analysts' projections of net outflows at around $200 million.
Meanwhile, the Man board is said to be discussing whether the market announcement could have been better handled.
Man's total assets under management fell to $65 billion, down 8.45 per cent from $71 billion at the end of June. This caused Man shares to fall 24.9 per cent to 180p last night.
While responding to a question as to whether the eurozone crisis was nearly as bad as the crash of 2008-09, chief executive, Peter Clarke, told City AM, London's free business newspaper, it was and the problems needed to be resolved.
According to Man it was able to continue to buy and sell financial instruments comfortably, warning at the same time, that investor appetite would be ''generally suppressed'' for the rest of the year.