LONDON (ShareCast) - (Sharecast News) - Hedge fund manager Man Group's funds under management fell in the first quarter as the Covid-19 pandemic took its toll on global markets.
Man Group said FUM declined 11.5% to $104.2bn in the three months ended 31 March as a result of a negative investment performance and a $3.3bn hit from currency and other movements.

The FTSE 250 firm's long-only computer-driven and discretionary strategies were hit the hardest during the period, losing $10bn in investment movement and a further $1.4bn in outflows.

Man said 15 of its 23 funds had lost money in the quarter, the worst of which was down 34.5%, with just six eking out positive returns.

However, Man said its 2019 final dividend and current share repurchase programme were both proceeding as planned as it highlighted its "robust and highly liquid" balance sheet.

As of 0845 BST, Man Group shares were up 1.60% at 124.10p.

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