Man Group, the world's largest listed hedge fund firm, saw investors pull more than $1.6bn (£1.29bn) from its funds during the first three months of 2024, its second straight quarter of redemptions following outflows of $300m in Q4 2023, according to the group's Q1 results.

The withdrawals, the highest seen since the second quarter of 2020, were at odds with analyst predictions with Jeffries forecasting positive net inflows of around $1.3bn.

The the FTSE-250 fund manager also reported a 4.9% increase in assets under management (AUM) over the same time period, bringing total AUM to $175.7bn as of 31 March 2024.

On a year-on-year basis, total AUM across all funds at Man Group, which runs both quantitative and discretionary strategies, has increased by more than 21 per cent, on the back of a $9.8bn positive swing in the group’s investment performance.