Man Group sees record sales

Man Group saw a stronger than expected influx of client cash in the three months to 30 June, as a recent bumper fundraising in Japan helped the world's biggest listed hedge fund manager recover from the credit crisis.

Man, the world's largest hedge fund manager only began winning back investors earlier this year after two years of outflows, reported net inflows of $3.7bn (£2.3bn), up from $700m in the three months to end-March.

Analysts at Singer had expected $2.5bn of net inflows.

Total assets rose to $71bn, marginally below analysts' forecasts, after tough markets knocked $1.1bn off the value of its funds.

Man said the open-ended version of flagship "black box" fund AHL in Japan has now raised $2.3bn.