Man Group assets hit record $140bn after cash injection
Hedge fund manager Man Group has received $5.3bn cash, raising its assets to a new record of $139.5bn, the company said in an update to investors this morning.
Funds under management rose by three per cent in the third quarter after the Group secured $5.3bn (£3.9bn) worth of cash – the highest quarterly amount in over a decade, according to Bloomberg.
The new funding came mostly from the company’s alternative strategies, as well as its positive investment performance of $0.4bn.
Man Group chief executive Luke Ellis said: “Looking forward, we see positive momentum continuing into the fourth quarter, with a high level of client engagement on a number of larger institutional mandates”.
Shares in the global investment management firm, which is headquartered in London, rose 7.2 per cent this afternoon following the update.