Shares in Man Group surged to a six-month high in trading in London on Friday after the world’s largest listed hedge fund manager reported a 22% rise in assets under management to a record $213.9bn, according to a report by Reuters.

The stock jumped 2.6%, outperforming the broader market as investors cheered stronger-than-expected inflows and performance gains.

Analysts had forecast AUM of around $201.7bn, but Man, read by CEO Robyn Grew, beat expectations thanks to $10bn in investment performance — up 177% from the previous quarter — and robust net inflows across its long-only and credit strategies.

Man’s systematic long-only funds were key drivers, adding $4.8bn in performance and attracting $6.5bn in new client capital, cementing the firm’s position as one of the hedge fund industry’s most diversified growth stories.