By Maiya Keidan
LONDON (Reuters) – Man Group <EMG.L>, the world’s largest listed hedge fund, said on Friday that funds under management rose 0.4 percent in the third quarter, helped by investment gains and net inflows.
Total assets under management hit $114.1 billion (£86.2 billion) at the end of September, up from $113.7 billion at the end of the prior quarter, Man said in a trading statement.
Man saw overall net inflows of $400 million, with strong inflows into its computer-driven equity strategies, although positive investment performance of $900 million was offset by negative currency and other market moves, it said.
The net inflows follow a mixed quarter for asset managers as investor sentiment took a knock from rising concerns about global growth amid political and trade tensions in countries including Italy.
Man also announced a proposal to incorporate a new group holding company in Jersey to simplify its regulatory oversight, which will be subject to shareholder approvals.
The hedge fund expects to reap net proceeds of around $130 million from the sale of its management fee only profit interest in Nephila Holdings, which is set to be acquired by Markel Corporation.
(Editing by Simon Jessop)