Man Group, the world's largest publicly traded hedge fund manager, today said the funds it manages fell to $53.3bn (€40.2bn) in its fiscal third-quarter due to increased redemptions from clients and a move to cut its investment exposures.

The amount of funds as of December 31 marks a 21% fall on the $67.6bn Man Group managed at the end of September and indicates a reversal of the steady increases it saw last year.