17th Oct 2013 06:25
LONDON (Alliance News) - Man Group PLC Thursday said it had net inflows for the third quarter, breaking a string of eight consecutive quarters of net outflows at the hedge fund manager.
Man Group said net inflows over the third quarter totalled USD700 million over the quarter to September 30, comprising sales of USD4.1 billion and redemptions of USD3.4 billion. Net inflows into GLG alternatives and long-only funds being partially offset by net outflows from AHL and FRM funds.
In the corresponding period last year, the hedge fund manager saw net outflows of USD2.2 billion.
Man Group's funds under management rose to USD52.5 billion on September 30 from USD52.0 billion on June 30, which the hedge fund manager described as "broadly flat".
"The net inflow in the quarter was driven by institutional flows into discretionary alternatives and long-only strategies. Inflows were linked primarily to stronger performance in the first half of the year and were characterised by sizeable asset flows from certain customers, albeit into relatively low-margin products," Chief Executive Manny Roman said in a statement.
"Despite better flows in the third quarter, we remain cautious in our outlook for asset flows going forward in the light of continued uncertainty in the macro-economic environment," Roman added.
Man Group shares Wednesday closed at 82.90 pence, down 0.80 pence, or 1.0%.
By Samuel Agini; [email protected]; @samuelagini
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