Man Group’s acquisition of FRM, the fund of funds firm, masked outflows at the world's largest listed hedge manager in the third quarter, as assets under management rose by 14% during the period.

Overall assets under management at Man Group rose to $60bn at September 30, following its acquisition of FRM, which closed on July 17. The deal added $8.3bn to Man's asset base and created the largest independent fund of hedge funds manager outside the US.