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Laxman Pai, Opalesque Asia:

British hedge fund manager Man Group, which had $117.7 billion in assets at December 31, said that it took in $500 million in new investor money in the first quarter as the novel coronavirus hit global markets.

The investment firm said in a press release that its funds under management fell 11.5% to $104.2 billion during the period amid unprecedented volatility in global markets.

Man Group lost $10.7 billion on negative investment performance and $3.3 billion from currency and other movements.

Man Group CEO Luke Ellis said that the group's balance sheet remained strong and it was planning to proceed with its announced dividend and share buyback plans.

"The health and wellbeing of our colleagues and the performance of our clients' assets are our foremost priorities in what has been an unprecedented and testing period for everyone. I am pleased to report that all parts of the firm have pulled together and have done an exceptional job, particularly our technology teams whose outstanding efforts meant we have been able to keep operating as usual despite everyone working remotely," he said.

"Given the extreme volatility in all markets, we are pleased to have outperformed peers on an asset-weighted basis across the firm by 2.5% in the first quarter and to see our absolute return strategies make gains for clients despite the large sell-off seen. We saw net inflows in the quarter and continue to win mandates but we have seen a recent ......................

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