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Man Group funds under management rise 7 pct to $78 bln

LONDON, May 8 (Reuters) - Man Group Plc (LSE: EMG.L - news) 's funds under management (FuM)) rose 7 percent to $78.1 billion in three months to end of March, the world's biggest listed hedge fund firm said on Friday.

Positive investment performance boosted the assets by $4.3 billion, softening a hit from $1.3 billion in net outflows and $2 billion loss due to foreign exchange movements.

The money manager added $3.8 billion in assets through acquisition of Silvermine that completed in January.

The company is also searching for a new chairman after announcing that Jon Aisbitt intends to step down from his role in May 2016. (Reporting by Nishant Kumar, editing by Sinead Cruise)