Man Group has put on hold the flotation of a hedge fund on the New York Stock Exchange as bankers said its main manager, Tykhe Capital, has been hit by losses.

Steep falls and high volatility in the equity markets, especially among financial stocks, have contributed to the decision by the UK-listed group to delay the listing of the fund, according to sources close to the situation. It had originally planned to list the fund in September and it would have been the first hedge fund listed in the US.