UPDATE 1 — Man Group's assets under management hit record $270.9 billion, volatility drives inflows
(Adds additional details and context from second paragraph) LONDON, Oct 16 (Reuters) — Hedge fund Man Group said on Friday its assets under management hit a record $270.9 billion at the end of September, beating expectations and marking a rise of 6.8% from three months earlier, as a volatile market environment drove inflows. Citi said overall analyst consensus was for assets under management, which rose 26% year on year, to reach $260.1 billion in the third quarter. Investors added $10.1 billion to Man Group's funds in the quarter, above expectations, $1.9 billion to its alternative funds, and $8.2 billion to its long only funds. Market volatility has increased the appeal of hedge funds geared to make money on more unpredictable environments. The third quarter was volatile for global markets, as oil pushed back above $100 a barrel on Iran war jitters. September saw a dramatic government bond selloff, as investors processed a growing government debt burden, inflation fanned by high energy costs and competition for capital from a global data-centre boom. Investor attitudes towards the tech sector also waxed and waned in the quarter as they tried to assess the implications on companie
(Adds additional details and context from second paragraph) LONDON, Oct 16 (Reuters) — Hedge fund Man Group said on Friday its assets under management hit a record $270.9 billion at the end of September, beating expectations and marking a rise of 6.8% from three months earlier, as a volatile market environment drove inflows. Citi said overall analyst consensus was for assets under management, which rose 26% year on year, to reach $260.1 billion in the third quarter. Investors added $10.1 billion to Man Group's funds in the quarter, above expectations, $1.9 billion to its alternative funds, and $8.2 billion to its long only funds.
Market volatility has increased the appeal of hedge funds geared to make money on more unpredictable environments. The third quarter was volatile for global markets, as oil pushed back above $100 a barrel on Iran war jitters. September saw a dramatic government bond selloff, as investors processed a growing government debt burden, inflation fanned by high energy costs and competition for capital from a global data-centre boom. Investor attitudes towards the tech sector also waxed and waned in the quarter as they tried to assess the implications on companies' huge spending on AI on both buyers of chips and those that sell them.
(Reporting by Alun John, editing by Amanda Cooper) ((mailto:alun.john@thomsonreuters.com;)