LONDON (ShareCast) - (Sharecast News) - Active management business Man Group said on Wednesday that funds under management had grown to a fresh record high in the three months ended 30 September thanks to strong net inflows throughout the period.
Man Group said FUM had increased from $135.3bn on 30 July to $139.5bn at the end of its most recent trading quarter.

The FTSE 250-listed firm's performance was predominantly driven by net inflows of $5.3bn, as well as a positive investment performance of $400.0m and negative FX and other movements of $1.5bn due to a stronger US dollar against sterling and the euro.

Elsewhere, Man Group noted that on 12 October, it had completed $62.0m of the $100.0m share buyback it announced in July.

Chief executive Luke Ellis said: "We are pleased to report a further increase in funds under management in the third quarter, reaching a new peak of $139.5bn driven by very strong net inflows of $5.3bn and solid investment performance for our clients.

"Looking forward, we see positive momentum continuing into the fourth quarter, with a high level of client engagement on a number of larger institutional mandates across our systematic long-only and multi-manager strategies."

As of 0845 BST, Man Group shares were up 6.66% at 216.30p.

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