Bluebay Asset Management, the UK-listed fund manager, has reported a 2.3% fall in assets under management in the third quarter of this year. However, the firm said it had still brought in £1.9bn (€2.4bn) of new institutional money in that period.

In the three months to the end of September, assets under management fell from $21bn (€15.5bn) to $20.5bn. However, the fund manager said that this was in part due to the translation of Euro-denominated assets into US dollars, which had a negative impact of $1.1bn. It said that excluding the translation effect, assets under management actually rose by 3.2%.