Man said in its trading update and funds under management statement that while markets have adversely impacted performance across all asset classes industry-wide, the bulk of Man's product range has performed as well as or better than relevant benchmarks for the calendar year to date. However, the funds under management held by Man in the period have been reduced by USD5bn, to an estimated USD70.3 billion, down 6% from March 31, 2008.

Despite the turmoil in global financial markets, Man said that demand for its products has remained "very strong," with sales in the six months to September 30 estimated to be USD10bn, 25% higher than for the equivalent period last year. Private investor and institutional redemption rates have remained low, it added, in line with last year's levels. Estimated net inflows for the period are USD4.1bn, up 14%.

Net management fee income will be in line with the first six months to September 30, 2007, but net performance fee income will be around 40% below the comparable period last year, primarily as a result of a lower contribution from the AHL fund, the company revealed.

The group continues to hold excess regulatory capital of about USD1.5bn, and during the first half, USD674mn of cash has been returned to shareholders through a combination of the final dividend (USD423mn) and share repurchases (USD251mn).

Peter Clarke, Group Chief Executive of Man Group, said: "At times of market stress our conservative product range, with its focus on investment styles with low correlation to equity and bond markets, has particular appeal to investors. Strong sales across this period of extraordinary market turbulence demonstrate the value of our investment approach and the power of our wide-reaching sales network.

He added: "With surplus capital and a continued commitment to invest in people, products and innovation, we are very strongly positioned for the future."