LONDON (Reuters) - Man Group's (EMG.L) funds under management (FuM) rose 7 percent to $57.7 billion (34.18 billion pounds) in the first half helped by net inflows of $2.8 billion, the London-listed hedge fund firm said on Friday.
Sales rose 91 percent to $12.4 billion in the first half as compared with the same period last year, while redemptions fell 17 percent to $9.6 billion, the money manager said, adding that it remained cautious heading into the second half of the year.
Investment performance added $700 million in the first half, led by a 8.7 percent gain in its quant driven AHL Diversified Programme, as stronger equity and bond markets and lower correlation between asset classes benefited the strategy.
At its GLG unit, the hedge fund firm recorded positive performance in credit strategies but the equity strategies had below average performance, as sector rotation and reversals inmomentum and value hurt certain parts of the equity market, the firm said in a statement.
"Whilst it has been a positive first half for the firm and we recorded another quarter of net inflows in Q2, we remain cautious as we look to the second half of the year," said Chief Executive Manny Roman in the statement.
Editing by Simon Jessop