Man Group PLC (LON:EMC), the hedge fund manager, has said assets managed rose in its third-quarter driven by alternative asset demand and its long-only products.
Total funds under management rose by 4% to US$113.1bn as alternatives saw a US$1.7bn inflow following a slowing of redemptions while a good market performance by the long-only funds added US$1.7bn in spite of a US$200mln outflow.
Favourable foreign exchange movements also added US$1.4bn.
In a trading update, Luke Ellis, Man Group's chief executive, said: "We are pleased to report good performance in the third quarter and strong growth in funds under management.
“This was driven by robust net inflows into alternatives as anticipated, as well as performance gains across both alternative and long-only strategies. Engagement with clients remains good, although there is increasing uncertainty due to upcoming political events and current COVID-19 trends.”