16th Apr 2021 08:54
(Alliance News) - Hedge fund manager Man Group said on Friday it saw a rise in funds under management in the first quarter, driven by investment gains and net fund inflows.
London-based Man Group said it had funds under management of USD127.0 billion on March 31, up 2.8% from USD123.6 billion at the end of December.
The improvement was driven by net inflows of USD600 million, as USD800 million in net inflows into alternative investment strategies outweighed USD200 million in net outflows from long-only strategies.
Man also recorded a positive investment performance of USD3.5 billion, composed of USD2.8 million from long-only strategies and GBP700 million from alternative strategies.
This was balanced by negative foreign exchange and other movements of USD700 million, due to a stronger dollar against the euro and yen, the company said.
Going forward, Main remained buoyant, saying it expects customers to put more money into funds in the coming quarters, encouraged by growing confidence in the markets.
"I am pleased we have delivered another quarter of growth, with funds under management increasing by USD3.4 billion to reach USD127.0 billion. This reflects both investment gains for our clients and continuing net inflows and underscores the strength of our business model," said Chief Executive Luke Ellis.
"Client engagement on a number of larger mandates has been positive this year, and as a result we expect to see increased inflows in the coming quarters. In the long term, it is our state-of-the-art technology and the strength of our client relationships combined with the quality of our people that define our firm and give me great confidence for the future."
Man also said it entered the second quarter of 2021 with a "strong balance sheet and liquidity position".
Shares in Man Group were quoted at 166.20 pence each in London on Friday Morning, up 0.5%.
By Will Paige; [email protected]
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