Investment manager Man Group reported $500.0m in outflows and a drop in assets under management in what it called a “very difficult” quarter for the sector.
Man Group said it had been impacted by a massive $4.5bn in negative currency swings, principally due to the US dollar’s strength throughout the period, although it noted this has been partially offset by performance-linked leverage movements.
Assets under management also suffered, dropping to $138.4bn on 30 September from $142.3bn at the midway point of the trading year.
On the other hand, Man Group delivered an investment performance of $1.6bn from absolute return strategies and $100.0m from multi-manager solutions, with a $200.0m decline in total return strategies only partly offsetting the falls.
Net flows into multi-manager of $3.4bn were offset by $1.5bn in outflows from absolute returns and $1.0bn from total returns, leading to a positive flow of $900.0m into alternative strategies.
As of 0920 BST, Man Group shares were down 3.68% at 209.60p.
Reporting by Iain Gilbert at Sharecast.com
