9th May 2014 08:29
LONDON (Alliance News) - Man Group PLC Friday said its funds under management increased over the course of the first-quarter, boosted by net inflows, but Chief Executive Manny Roman said the hedge fund manager remains cautious with regards to the remainder of the year.
In a statement, Man Group reported USD2.0 billion in net inflows over the course of the quarter ended March 31, made up of USD6.5 billion in sale and USD4.5 billion in redemptions.
Net inflows into GLG alternative-investment and long-only funds were partially offset by net outflows from FRM funds and guaranteed products.
Investment performance was negative, down USD700.0 million. Foreign exchange movements contributed USD300.0 million, driven by the weakening of the US dollar against the Japanese yen.
Overall, funds under management increased by USD900.0 million to USD55.0 billion in the quarter.
"The market environment in the first quarter has been particularly challenging and March was a very difficult month for the industry. In this context, performance across the firm was reasonable on a relative basis," Roman said in a statement.
"Whilst we are pleased to have recorded a solid quarter of net inflows, we remain cautious in our outlook for asset flows for the rest of the year given recent mixed absolute investment performance," Roman added.
Man Group shares were Friday quoted at 99.25 pence, down 1.4%.
By Samuel Agini; [email protected]; @samuelagini
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