Man Group increased its assets under management by almost $2 billion in the second quarter of 2011, according to the firm’s financial results released yesterday.

The London-listed hedge fund giant managed $71 billion in client assets on 30 June, up from $69.1 billion on 31 March, an increase of 2.8 per cent.

Over the same period, Man recorded $1.1 billion of negative investment movement. “Current markets are creating challenging performance conditions for most asset classes, and our assumption is that investor sentiment will remain patchy over the summer months,” said Peter Clarke, chief executive of Man.   

The firm also reported that revenue from GLG Partners, which Man bought for $1.7 billion last autumn, was $1 billion from an emerging markets currency product in Japan and $400 million from the first product blend, Man IP 220 GLG. 

With a regulatory capital surplus of $900 million, net cash of $900 million and total available liquidity resources of $4.8 billion in approximate figures, Man judges its overall financial position to be strong.

In the previous quarter, the company bolstered its board with the appointments of Emmanuel Roman as an executive director and Matthew Lester as a non-executive director.