Man posts first quarterly net inflows in two years

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Man Group, the world’s largest publicly traded hedge-fund firm, posted its first quarterly net inflows in two years as clients added money to funds at its GLG Partners unit.

Bloomberg reports that sales of Man Group’s funds totalled $4.1bn in the third quarter, exceeding $3.4bn of redemptions, the London-based firm said in a statement Thursday.

The $700m inflow bucked the predictions of analysts including Peter Lenardos of RBC Capital Markets in London, who had estimated $500m of outflows. Assets under management rose to $52.5bn from $52bn on 30th June.

Redemptions have been slowing this year as some hedge funds managed by GLG had positive returns and clients became less concerned that the European sovereign debt crisis would hurt investment performance.

'Inflows were linked primarily to stronger performance in the first half of the year and were characterized by sizeable asset flows from certain customers, albeit into relatively low-margin products', said CEO Emmanuel Roman, who joined Man Group in 2010 as part of the company’s $1.6bn acquisition of GLG. 'We remain cautious in our outlook for asset flows going forward in the light of continued uncertainty in the macro-economic environment'.

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