Man Group sees record inflows despite ‘difficult’ market backdrop

London-based hedge fund Man Group has reported record inflows of $8.3 billion (€7.1 billion) for the first half of this year.

The inflows brought the group’s total assets under management to $113.7 billion, up 4.2% from $109.1 billion at the end of December, as a result of negative foreign exchange movements and the negative performance of some of its funds.

Adjusted profit before tax rose 5% to $153 million in the first half of this year, compared with $145 million in the first half of 2017.

Man Group chief executive Luke Ellis said that a “difficult market backdrop and weaker performance in the first half” had led to “more limited” adjusted profit and assets growth.

“Business momentum remains good with solid management fee growth,” he said. “However, as we have said many times before, and will probably say again, the institutional nature of our business means that flows are likely to be uneven on a quarter-to-quarter basis.”

©2018 funds europe

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