19th Oct 2022 11:12
(Alliance News) - Man Group PLC on Wednesday said its assets under management decreased as its net outflow turned negative, citing "a very difficult quarter for the asset management industry".
The London-based hedge fund manager reported AuM at September 30 was down 2.7% to USD138.4 billion from USD142.3 billion at June 30. Man noted it suffered a USD500 million net outflow, swung from a USD5.3 billion net inflow a year ago.
Further, it was hit by a USD4.5 billion negative foreign exchange impact, widened from USD1.5 billion a year prior, mostly due to the strong dollar for both periods.
More positively, it noted an investment performance of USD1.6 billion from its absolute return strategies, surging from USD100 million a year ago.
This was more than offset by long-only strategies, whose negative performance ballooned to USD1.7 billion from USD100 million a year before. Overall investment performance swung to a negative USD200 million from a positive USD400 million.
Man Group shares fell 3.3% to 210.50 pence each in London on Wednesday morning.
By Tom Budszus; [email protected]
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