Man Group suffered net outflows of $3.7bn in the first three months of the year but Manny Roman, the hedge fund manager's new chief executive, will take encouragement from continued improvement at the group's flagship AHL strategy.

Assets under management at Man fell to $54.8bn at the end of March, down from $57bn at the end of December, the firm said in an interim management statement today. The "disappointing" net outflows were the result of $6.2bn in redemptions being offset by sales of $2.5bn.