16th Oct 2014 06:55
LONDON (Alliance News) - Man Group PLC Thursday said funds under management grew by a quarter during the third quarter, as its acquisition of Numeric and Pine Grove, and USD1.3 billion of net inflows and performance, offset a USD2.9 billion hit from the rise in the US dollar.
Sales slowed at its GLG fund, but AHL performed well, leading to a significant new institutional mandate, it said.
In a statement, the fund management group said funds under management were USD72.3 billion on September 30, up 25% from USD57.7 billion at the end of June, with US-based Numeric and Pine Grove adding USD16.2 billion of assets.
It reported net inflows of USD0.4 billion as USD4.5 billion of sales more than offset redemptions of USD4.1 billion, and a positive investment movement of USD0.9 billion.
It said net inflows into quant alternatives and long only strategies were partially offset by net outflows from discretionary alternatives, fund of funds alternatives and guaranteed products. Its positive investment performance in quant alternatives, fund of fund alternatives and discretionary long only was partially offset by negative investment performance in discretionary alternatives and quant long only.
The currency hit came from the strengthening of the US dollar against the Euro, a USD1.3 billion Hit, the Yen with a hit of USD$0.8 billion and Sterling at a USD$0.5 billion hit.
"Looking forward, whilst there is a solid sales pipeline in place, and we are seeing increased appetite in long only strategies and for managed accounts, our outlook for flows is mixed and will depend on performance. We continue to focus on delivering superior risk-adjusted returns for clients across the business," Chief Executive Manny Roman said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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