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Laxman Pai, Opalesque Asia:

Man Group, one of the world's largest managers of hedge funds, reported that first-quarter funds under management (FUM) increased 4% to $112.3bn.

The British hedge fund firm said that positive investment movement of $4.5bn, partially offset by net outflows of $0.7bn, helped assets rise by 3.5%.

Luke Ellis, Chief Executive Officer of Man Group, said: "We are pleased to report a $3.8bn increase in our funds under management in the first quarter to $112.3bn, driven by strong investment performance from our quant alternative strategies and positive market movements."

The investment performance more than offset the previously indicated outflows in the quarter, which were concentrated in discretionary long only, including European retail investors reducing exposure to Japan and institutional clients reducing exposure to global equities, Luke added.

"While we expect clients to continue adjusting their portfolio allocations during the second quarter, we see ongoing engagement with clients on new mandates and, in particular, continuing strong demand for our total return strategies," he said.

Absolute return FUM decreased by $0.2bn in the quarter. Total return FUM increased by 11% during the quarter.

Net inflows of $2.2bn were seen across strategies, with diversified risk premia being the largest contributor. The investment movement of $0.2bn was driven by positive performance in the diversified risk premia strategy.

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