JAPAN INFLOWS BOOST MAN

MAN Group’s recovery from the financial crisis gathered place yesterday as the world’s largest listed hedge fund manager reported a net inflow of $3.7bn (£2.3bn) in its first quarter.

Shares in the firm rose 8.8p to 255.7p as it provided the market with further proof it was turning itself around after nine consecutive quarters of funds flowing out. It said its recently launched open ended onshore fund in Japan is now managing $2.3bn of funds.

Peter Clarke, chief executive of Man, said it had successfully integrated hedge fund group GLG Partners, bought for $1.6bn last year, and struck an upbeat note despite the weak state of global markets. GLG sales rose to $3.3bn but its Alpha Select product was down by 5.6 per cent in the two months to the end of May.