Update: Man Group shares rise 4% despite FUM fall

Offset by positive performance at AHL

Man Group's GLG saw funds under management (FUM) fall by $2.3bn during the third quarter, but the discretionary division's losses were offset by positive performance in the group's AHL quant strategies.

In a quarterly report for the three months to 30 September 2015, Man Group said overall funds under management fell to $76.8bn from $78.8bn at the end of June. Shares in Man Group rose 4% in early trading, despite the falls, to trade at 157.3p. $2.7bn was wiped out during the "extreme market movements" driven by the group's GLG and Numeric long-only strategies but AHL's positive performance meant FUM fell by $2bn. Inflows showed similar movements with overall net inflows of $1.4bn comprising of sales of $5.7bn and redemptions of $4.3bn - net inflows into quant and discretionary str...