Shares of Man Group PLC (LON: EMG) soared over 9% on Friday after the hedge fund manager reported a 4% rise in assets under management to $113.1 billion.
Strong demand for alternative assets resulted in a $1.7bn inflow in this portfolio. The group added that favourable foreign exchange movements additionally contributed with $1.4 billion, while long-only funds added $1.7 billion.
“We are pleased to report good performance in the third quarter and strong growth in funds under management.
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“This was driven by robust net inflows into alternatives as anticipated, as well as performance gains across both alternative and long-only strategies. Engagement with clients remains good, although there is increasing uncertainty due to upcoming political events and current COVID-19 trends,” said Luke Ellis, Man Group’s chief executive, in a trading update.
Man Group share price rose over 9% to 128.45p, the highest EMG traded since August.
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