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Assets under management at Man Group, the world’s largest listed hedge fund manager, hit a record high in the first half of the year, although the group’s profits fell.

Man had assets under management of $152bn at the end of June, up from $143.3bn at the end of last year as customers gave the company more money to manage. However adjusted pre-tax profits fell from $395mn to $137mn, driven by lower performance fees.

The $32mn in performance fees, down from $404mnin the first half of last year, reflected a “difficult first quarter” for trend following strategies, which make money by betting on the overall direction of markets, the company said.

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