Man Group funds under management take a dip in latest quarter
By Josh White
Date: Friday 11 Oct 2019
(Sharecast News) - Man Group reported funds under management of $112.7bn at the end of its latest quarter on Friday, falling slightly from $114.4bn at the end of June.
The FTSE 250 company said it saw positive investment movement of $0.7bn in the three months ended 30 September, offset by net outflows of $1.1bn, with negative currency and other impacts of $1.3bn.
It said it redeemed $150m in Tier 2 notes on 16 September, with an annualised interest saving of around $4.5m.
The firm also completed its $100m share repurchase earlier in the month, bringing the total amount repurchased since 2014 to $0.7bn.
Man Group said it intended to repurchase up to another $100m of shares, with the board adding that it would continue to review further potential acquisition opportunities.
"In the third quarter, we saw a continuation of the trends experienced in the first half of the year with strong absolute performance and inflows into our quant alternative strategies, and outflows from our long only equity strategies," said chief executive officer Luke Ellis.
"Foreign exchange moves were negative in the quarter, which led to an overall dip in funds under management to $112.7bn, but year-to-date assets are up 4%."
Looking ahead, Ellis said the company was encouraged by its good performance fee earning potential, although uncertain economic conditions meant the outlook for flows remained mixed.
"The diversified nature of the business means that we remain well positioned and, given our continued strong cash generation, we are pleased to announce a further return of capital."
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