Assets in hedge fund giant Man Group continue to rise.
The Wall Street Journal reported that London-based Man Group posted its third consecutive quarter of inflows, as clients invest money into the firm’s GLG Partners unit. The firm received a net $2 billion from investors in the three months to the end of March, bringing its total assets under management to $55 billion, up 2% from the end of last year.
GLG, which hired former Goldman Sachs Groups proprietary trader Pierre-Henri Flamand earlier this week, received $3.2 billion of net client money during the first three months of this year.
The inflows is a recent turnaround; investors redeemed $11.5 billion from Man in the first half of 2013, leaving the firm with $52 billion in assets in the middle of last year. Man had $57 billion in AuM at the end 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.