Strong net inflows drive Man Group's Q3 to new peaks

LONDON (Reuters) - UK fund manager Man Group said on Wednesday its assets under management rose to a record $139.5 billion in the third quarter driven by strong net inflows and solid investment performance.

CEO Luke Ellis said he expected positive momentum into the fourth quarter after funds under management rose by 3% following $5.3 billion of net inflows in the three months to Sept. 30.

The UK-listed fund manager's alternative strategies offering, which aims to provide diversification to conventional assets, increased by $4.4 billion in the quarter.

However, long-only funds under management decreased by $0.2 billion in choppy markets.

Ellis said he expected a continuing high level of client engagement on a number of larger institutional mandates across systematic long-only and multi-manager strategies.

(Reporting by Kirstin Ridley; editing by Jason Neely)