Shares in Man Group, the largest listed hedge fund group with more than $30bn under management, fell 9 per cent on Friday after it emerged that it had shelved the New York float of a new hedge fund following recent turmoil in markets.

Man Dual Absolute Return fund was to be floated in September as the first true New York-listed hedge fund. It would have followed a series of hedge fund flotations in Europe over the past year or so.