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Laxman Pai, Opalesque Asia:

The world's largest publicly traded hedge fund manager Man Group said net inflows from clients and strong investment performance helped its assets under management grow by 17.5% in the first half to record highs of $178.2 billion.

The multi-strategy firm, which runs a swath of hedge-fund strategies, took in $900 million of new client money in the first half of 2024-compared to broader outflows for the hedge-fund industry. Man also recorded about $11 billion in investment gains.

The London headquartered money manager, which is known for its artificial intelligence-driven approach to investing, in turn, saw its fee income increase 26% year-on-year as it reaped $1.13 billion in management fees and a further $170 million in performance fees.

The multi-strategy firm, which was started as a sugar trading firm in 1783, said it outperformed its rivals by 2% during the period. Shares in Man Group (UK: EMG), listed on the London Stock Exchange, increased 2% on Friday having gained 12% in the year-to-date.

"We have started the year strongly, delivering for our clients in a market environment driven by the evolution of forward interest rates, expectations of technological disruption, and the outcome of elections globally," Man Group CEO Robyn Grew said in a statement.

The hedge fund CEO noted that the 14.5% surge in the S&P 500 in the first half on excitement around AI had helped boost Man Group's gains as she said monetary......................

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