Man Group sees decent improvement in funds under management
Man Group reported a 4% improvement in funds under management in the quarter ended 31 March on Thursday, to $112.3bn, compared to $108.5bn at the end of December.
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The FTSE 250 active management company said that was the result of positive investment movement of $4.5bn in the quarter, and net outflows of $0.7bn.
It said it had completed around $65m of the $100m share repurchase programme, announced in October, equating to around 36 million shares at an average price of 140p per share.
Man Group’s proposed change to its corporate structure was said to be “on track”, with the necessary approvals now received from regulators.
Approvals from shareholders would be sought in May, the board said.
“We are pleased to report a $3.8bn increase in our funds under management in the first quarter to $112.3bn, driven by strong investment performance from our quant alternative strategies and positive market movements,” said chief executive officer Luke Ellis.
“The investment performance more than offset the previously indicated outflows in the quarter, which were concentrated in discretionary long only, including European retail investors reducing exposure to Japan and institutional clients reducing exposure to global equities.
“While we expect clients to continue adjusting their portfolio allocations during the second quarter, we see ongoing engagement with clients on new mandates and, in particular, continuing strong demand for our total return strategies.”