Man Group has reported a drop in assets under management of 6% over the three months to the end of June, due to the impact of volatility in global financial markets.

Client assets dropped to $142.3 billion from $151.4 billion as of 31 March 2022, following losses of $4.6 billion from currency moves and another $4.6 billion from investments. 

Despite the fall in AUM, higher net management fees and core performance fees helped drive core profit before tax to $395 million, an increase of 22% on the $323 million achieved in the six months ended 30 June 2021.

Chief executive Luke Ellis said: "We enter the second half with high performance fee potential and a good level of client engagement. While we expect some volatility in flows in the near term, as clients access liquidity and rebalance their portfolios due to market movements, we remain focused on the long term. We are confident that our diversified range of investment strategies and continued focus on alpha generation position us well for future growth."