Man Group said on Wednesday that investor redemptions and negative returns at some of its funds wiped $6bn from its asset base since June, highlighting how volatile markets are eroding the amount of money managed by hedge funds and other asset managers.

The world's largest listed hedge-fund group said assets fell by more than 8% between June 30 and Monday, to $65bn. Assets under management had been $71bn at June 30. Investors redeemed a net $2.6bn, negative fund performance was $1.5bn and a strengthened dollar against funds denominated in euros and Australian dollars took off a further $1.9bn.