13th Oct 2021 09:39
(Alliance News) - Man Group PLC on Wednesday said it hit record funds under management driven by a rush of net inflows for its Alternative funds.
Shares in the FTSE 250-listed hedge fund manager were 7.1% higher in London on Wednesday morning at 217.10 pence each.
At the end of September, Man's funds under management stood at USD139.5 billion, up from USD135.3 billion at June 30, the end of the company's second quarter.
"We are pleased to report a further increase in funds under management in the third quarter, reaching a new peak driven by very strong net inflows of USD5.3 billion and solid investment performance for our clients," Chief Executive Luke Ellis said.
The majority of the USD5.3 billion of net inflows came from Man's Alternative funds, drawing USD5.1 billion, which benefited from USD2.1 billion net inflows from its Absolute return and USD2.6 billion from Total return funds.
Particularly, Man pointed to its AHL TargetRisk and Man Institutional Solutions strategies for the inflow surge, but was partly offset by outflows from Alternative Risk Premia.
The fund manager was able to add USD400,000 from its investment performance, with Alternative funds once again leading the way - overcoming a USD400,000 loss from Systematic long-only funds.
Ellis continued: "Looking forward, we see positive momentum continuing into the fourth quarter, with a high level of client engagement on a number of larger institutional mandates across our systematic long-only and multi-manager strategies."
By Paul McGowan; [email protected]
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