The world's largest listed hedge fund manager, Man Group has raised more than $2bn in the final quarter of 2004.

Highlighting, hedge funds as the current glory sector of the financial services sector. Man now has $42bn under management. Redemptions were only $1.3bn.

The fund raising has to be seen against the news last week that the net asset value of AHL, Man's flagship fund had dropped 4%. AHL represents a quarter of assets, but more by revenue.

Man's figures are important because as a listed company they have to disclose them. In an opaque industry, they are seen as an important bellwether.

Total managed funds is an important statistic as hedge funds take a percentage.