Man Group Plc assets under management hit a record $151.7 billion, bolstered by fresh inflows and $4.4 billion of investment gains during the second quarter.
(Bloomberg) — Man Group Plc assets under management hit a record $151.7 billion, bolstered by fresh inflows and $4.4 billion of investment gains during the second quarter. Â Â
The world’s largest publicly traded hedge fund firm said clients added a net $1.5 billion to its funds in the three months through June, according to a statement Tuesday. Both inflows and assets beat analyst forecasts.
Man Group runs a diversified investment management business ranging from hedge funds, long only to quant strategies and is among a few hedge fund firms seeing inflows amid wider outflows from the industry. Analysts forecast the firm would collect a net $1 billion during the three months and manage $150 billion at the end of June, according company-compiled analyst estimates.
Inflows were predominately in its long only investment funds, while its alternative range of money pools suffered net outflows during the period.
Earlier this year, Man Group appointed its first female chief executive officer Robyn Grew who will take over from Luke Ellis on Sept. 1, the firm said in a statement in May.Â
Man Group is further diversifying its range of money pools. The firm said last month that it was buying a controlling stake in private credit manager Varagon Capital Partners, signaling a major push into the booming market.
On deal completion, the new unit will be known as Man Varagon and will sit alongside the firm’s other major product lines such as Man AHL, Man Numeric, Man GPM, Man GLG and Man Solutions to bolster its $151.7 billion asset management business.
Man Group shares have risen almost 12% this year.
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