Assets under management jump at Man Group

(Sharecast News) - Man Group, the world's largest listed hedge fund, posted a jump in assets under management on Thursday. Updating on third-quarter trading, the firm said AUM had reached $161.2bn as at 30 September, up from £151.7bn at the end of the previous three months.

Net flows were $700m.

Analysts had been expecting net flows of $800m and AUM of $163.5bn, according to Reuters.

Total return products were $39.6bn, up from $29.4bn, after Man benefited from $10.5bn of foreign exchange movements.

It was further boosted by the $183m acquisition of US private credit firm Varagon Capital Partners, which completed at the start of September. Varagon had $11.8bn of assets at the end of 2022.

The numbers are the first to be released under Robyn Grew, who took over as chief executive of the firm last month. Grew is Man's first female chief executive in its 240-year history.

As at 1100 BST, the FTSE 250 stock was ahead 1% at 216.15p.