UPDATE: Man Group shares dive 7% on Q3 outflows

Funds under management at Man Group grew by 14% in the third quarter, supported by the acquisition of FRM, although the firm saw increased net outflows of $2.2bn for the period.

Shares in the fund giant dropped 7.56% to 85.55p on the outflows and subdued sales for the period during which Man Group acquired rival hedge fund firm FRM, adding $8.3bn to the firm's AUM bringing it to $60bn. However, overall the group saw $2.2bn outflows, an increase from the second quarter figure of £1.4bn, due to flows from long-only products in the GLG arm and institutional funds of funds. Long only funds' AUM shrunk by $100m in the quarter with $300 of net outflows largely offset by FX movements but the group also warned it had been notified of further redemptions from the long...