17th Oct 2024 12:14
(Clarifying that Man Group operates in both public and private markets.)
(Alliance News) - Man Group PLC on Thursday said assets under management climbed year-on-year despite falling in the quarter just ended from three months before.
The London-based investment manager in public and private markets said AuM was USD174.9 billion at September 30, down 1.9% from USD178.2 billion at June 30. On year, AuM climbed 8.5% from GBP161.2 billion.
AuM in the higher-margin alternative business fell 1.6% to USD108.5 billion from USD110.3 billion quarter-on-quarter. Long-only AuM declined 2.2% to USD66.4 billion from USD67.9 billion.
Net outflows totalled USD5.5 billion in the quarter.
Citi analysts said overall AuM is in line with consensus although the mix is "unfavourable".
The broker pointed out the higher-margin alternative unit is 3% below consensus while the lower-margin long only arm is 5% above consensus.
"As such, we expect low single-digit consensus [earnings per share] downgrades," Citi added.
Shares in Man Group were down 1.2% to 211.31 pence each in London midday Thursday.
By Jeremy Cutler, Alliance News reporter
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