Assets under management at the world’s biggest listed hedge fund manager fell almost 3pc in the quarter to $76.8bn by the end of September. Its assets have fallen back from a record-breaking $82bn earlier in the year.

“Despite the extreme market movements in late August impacting absolute performance across our long-only strategies, we have seen good relative performance across the majority of our strategies for the year to date,” said Manny Roman, chief executive.

The firm’s shares, which have fallen 8pc in the past two weeks, bounced more than 4pc higher to 157p after the trading update. The FTSE 250-listed stock is about a quarter lower than it was in April, when it peaked at 217p.

“In our opinion, this is the most positive outlook statement that this management team has issued, which is encouraging,” said RBC Capital Markets analyst Peter Lenardos.

Philip Middleton, an analyst at Merrill Lynch, said the update represented “a positive outcome against a difficult background”.

The upbeat statement from Man Group contrasted with a worsening picture for Ashmore, the investment firm with a focus on the volatile emerging markets.

In the last quarter alone, Ashmore’s assets have shrunk by $7.8bn, or 13pc, to end September at $51.1bn.

However, Ashmore said there were opportunities to buy high-yield corporate credit and local currencies after the recent sell-off lowered prices. Chief executive Mark Coombs said some investors were now “acting upon the value apparent in the emerging markets” and increasing allocations.