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Man Group Posts 4.5% Rise in Funds

Man Group, one of the world's largest hedge fund managers, said Thursday assets under management in the three months ended Dec. 31 rose 4.5 percent to $71.7 billion held back by a declining growth in sales.

Sales during the period were $4.2 billion, the company said in a statement. Man did not provide a comparative figure.

Man Group sold U.S. brokerage business MF Global for about $38 per share last summer.

Man Group boosted funds under management more than tenfold under the watch of chief executive Stanley Fink, who stepped down last April after seven years. His successor, Peter Clarke, was previously chief financial officer.

Man shares dropped 3.7 percent to $10.01 on the London Stock Exchange.