Assets under management at Man Group fell to $138.4 billion at the end of September, down from $142.3 billion on 30 June, in what it the company describes as a "very difficult" quarter for the asset management industry.

Assets under management at Man Group fell to $138.4 billion at the end of September, down from $142.3 billion on 30 June, in what it the company describes as a "very difficult" quarter for the asset management industry.

The listed hedge fund giant, which saw $0.5 billion of net outflows, took a significant hit from $4.5 billion of negative currency swings, mainly attributed to the strength of the US dollar, although this was partially offset by performance-linked leverage movements.

On the upside, absolute return strategies generated $1.6 billion and multi-manager solutions $0.1bn, although this positive performance was partly offset by a $0.2bn decline in total return strategies.

In terms of individual fund performance, AHL Diversified has seen the best returns YTD with an increase of 23.2% over nine months, while AHL Alpha is up 15.3%, AHL Dimension 12.7%, and the Man Alternative Risk Premia Strategy (up 11.8%).

The biggest loser so far this year is the GLG Continental European Growth long-only fund which is down over 27%.