Man Group Gets $5.3 Billion to Lift Assets to Another Record

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(Bloomberg) -- Man Group Plc pulled in $5.3 billion in new cash during the third quarter, the highest for any quarter in at least a decade, showing the rising interest in the hedge fund industry. Its shares rose.

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The world’s largest publicly traded hedge fund firm said assets hit yet another record of $139.5 billion, thanks mainly to inflows into its alternative funds and $400 million in performance gains. Inflows beat analyst forecasts.

“We see positive momentum continuing into the fourth quarter, with a high level of client engagement on a number of larger institutional mandates across our systematic long-only and multi-manager strategies,” Chief Executive Officer Luke Ellis said in a statement on Wednesday.

Man Group runs a well-diversified range of funds and is seen as a barometer for investors’ appetite in hedge funds. Investors poured almost $38 billion into the industry through August this year after taking out $59 billion in 2020, according to data compiled by eVestment.

Analysts expected Man Group to pull in a net $1.7 billion during the third quarter, according to data compiled by Bloomberg. Most of the inflows were driven by the firm’s AHL TargetRisk and Man Institutional Solutions money pools.

Man Group shares gained as much as 7.4%, the biggest increase in almost a year. They traded up 6.4% at 8:55 a.m. in London.

(Updates with details on the inflows in the fifth paragraph)

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