Shares in Man Group jumped last week after the firm revealed its sharp decline in outflows.
Financial Times reported that London-based Man stock increased 11.65% on Thursday-- the largest daily rise this year. Outflows at the firm fell 51% to $3.6 billion.
Man’s assets under management fell from a peak of almost $80 billion in 2008 to $54.1 billion, while about 700 people have left the company since its merger with GLG Partners in 2010.
Chief executive Manny Roman explained that the firm has “made progress in 2013 in…a challenging situation."
eVestment previously reported that investors redeemed about $11.5 billion in the first half of this year from Man Group, leaving the firm with $52 billion as of June 30. Man had $57 billion in AuM at the end of last year, after it experienced a nearly 60% increase in liquidations in the third quarter of 2012.
Previously the largest publicly traded hedge fund in the world, Man Group was knocked out of the spot by Jersey-based Brevan Howard, according to The Hedge Fund Journal’s listing of the 50 largest European hedge funds.