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AGM and Quarterly Funds Under Management Statement 2008

10 July 2008

AGM Statement

"Demand for our fund products has remained strong, both from private investors and institutions, with sales in our first quarter to 30 June 2008 totalling $5.0 billion.  This success in asset raising reflects the Group's broad geographic presence and the continued attraction of conservatively structured alternative investment products. We have also benefited from reduced redemption rates in the quarter which, combined with positive performance across our core investment managers, has increased Group funds under management from $74.6 billion at 31 March 2008 to $79.5 billion at 30 June 2008.

With the continued expansion of our sales network and our product range, the Board remains confident of the Group's prospects for the year."

First Quarter FUM Statement

Sales for the three months to 30 June 2008 were $5.0 billion.  The three months sales comprised guaranteed products which accounted for $2.2 billion; open-ended private investor sales for $1.3 billion; and institutional sales for $1.5 billion.  Funds under management have risen to $79.5 billion at 30 June 2008, up from $74.6 billion at 31 March 2008.  The split of funds under management is private investor $48.3 billion (31 March 2008: $43.5 billion) and institutional $31.2* billion (31 March 2008: $31.1 billion).

For the three months ended 30 June 2008, overall product performance was positive, with AHL** up 3.8%, Glenwood** up 2.4%, Man Global Strategies** up 1.7% and RMF** up 2.5%.  Redemptions for the three months to 30 June 2008 totaled $2.5 billion, of which private investor were $1.5 billion.  Positive investment movement was around $1.7 billion with FX and other movements* adding $0.7 billion. 

*Within other movements, the impact of the 50% disposal of Pemba net of the 50% acquisition of Ore Hill is to reduce institutional funds under management by $0.6bn.
**As represented by the performance of Athena Guaranteed Futures Limited, Man-Glenwood Multi-Strategy Fund Limited, Man Multi-Strategy Guaranteed Ltd and RMF Absolute Return Strategies I in the three months to 30 June 2008. All performance figures are estimates except for Athena Guaranteed Futures Limited.

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