15th Oct 2015 06:48
LONDON (Alliance News) - Man Group PLC, a London-listed hedge fund manager, on Thursday said it had USD1.4 billion of net inflows in the third quarter, driven by flows into its quant strategies, although overall funds under management fell due to negative investment movements of USD2.7 billion and a USD600,000 hit from the strength of the US dollar.
The quarter coincided with tough conditions towards the end of August, with market volatility up due to fears about China's economy and concerns about a looming US interest rate rise and its likely effect on emerging markets.
"Despite the extreme market movements in late August impacting absolute performance across our long-only strategies, we have seen good relative performance across the majority of our strategies for the year to date," Chief Executive Manny Roman said in a statement.
Roman said that Man Group has a "solid pipeline" of sales in the near-term, although he expects quarterly flows to remain "lumpy" in nature.
"The political uncertainties and economic upheaval in parts of the world continue to provide a very challenging market backdrop for our business. Accordingly, the risk appetite of our clients may impact flows, but we remain focused on continuing to generate attractive investment returns across our range of strategies," Roman said.
By Samuel Agini; [email protected]; @samuelagini
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