15th Apr 2016 06:17
LONDON (Alliance News) - Man Group PLC, the FTSE 250 hedge fund manager, on Friday reported stable funds under management in a volatile first quarter of 2016, warning that market uncertainty has the potential to hit its clients' appetite for risk and have a knock-on effect on the company.
Funds under management edged down slightly to USD78.6 billion from USD78.7 billion in the three months ended March 31, a result of net inflows of USD0.5 billion, a USD0.7 billion hit from the value of investments, and a USD0.8 billion boost from the weakening of the dollar against the yen and euro.
In addition, Man reported other negative movements of USD0.7 billion, citing "negative investment exposure adjustments" and collateralized loan obligation and guaranteed product maturities.
"Against the backdrop of challenging market conditions for the global investment management industry, we have delivered results for the first three months of the year that demonstrate the value and benefits of a diversified business model. Investment performance across our quantitative strategies and net inflows meant that group funds under management remained stable over a highly volatile quarter," Chief Executive Officer Manny Roman said in a statement.
"The ongoing uncertainty in the markets remains challenging and, accordingly, the risk appetite of our clients has the potential to impact flows. However, the ongoing diversification of our business has enhanced our resilience as a firm, and positions us well to navigate the current economic climate," Roman said.
By Samuel Agini; [email protected]; @samuelagini
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