Man Group FuM up 4% despite net outflows

Funds under management riseMan Group’s total funds under management (FuM) rose 4% to $112.3 billion (€99.6 billion) in the first quarter of this year despite net outflows of $0.7 billion.

The London-based hedge fund firm’s increase in FuM was “driven by strong investment performance from its quant alternative strategies and positive market movements,” chief executive Luke Ellis said.

“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,” he said.

“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.”

Man says that proposed changes to its corporate structure “remain on track with necessary approvals now received from regulators”. It will seek shareholder approval in May this year. Its general annual meeting takes place on May 10.

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