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First quarter interim management statement 2010

08 July 2010

  • Funds under Management (FUM) at 30 June 2010 of $38.5 billion (31 March 2010: $39.4 billion)
  • Private investor FUM of $27.1 billion (31 March 2010: $26.8 billion), reflecting positive AHL performance
  • Institutional FUM of $11.4 billion (31 March 2010: $12.6 billion), reflecting a modest net outflow, FX and other effects
  • Financial position remains strong, with a regulatory capital surplus of around $1.5 billion at 30 June 2010 and available liquidity resources of around $5.4 billion
  • Proposed acquisition of GLG Partners, Inc (“GLG”) proceeding according to plan.

Peter Clarke, Chief Executive, said:

"The quarter to 30 June has seen a return to increased volatility and uncertainty in financial markets. Against the backdrop of falling equity markets, with world stocks down 11.6%1 in the quarter, it is pleasing to see AHL generating a positive return of 0.9%2 over the same period. However, given the continued market uncertainty, sales in the quarter have, as anticipated, remained subdued.

“Meeting increasing investor demand for onshore products remains a key component of our distribution franchise, and we continue to expand the range and depth of our private investor offering. Our recently expanded UCITS product range has now raised over $350m in Europe and we have new onshore initiatives in Brazil, South Korea and Singapore.

“Institutional demand remains focused on tailored portfolio solutions and managed account structures, providing transparency, control and flexibility for investors. This is demonstrated by our recent mandate wins for managed account investments which, as they begin to fund over the coming months, provide a strong indication of future sales inflows.

“The proposed acquisition of GLG provides us with a wide range of liquid investment strategies through which we can meet investor demand. The transaction remains on track for completion in September and integration planning continues to make good progress. Once completed, this transaction will provide a unique combination of strong global distribution and an extensive range of liquid trading strategies with an established track record of performance.

“With continuing performance and an exciting acquisition to expand our business, we are strongly positioned to deepen our product range across markets and accelerate asset raising."

1 Represented by MSCI World Index price return hedged to USD.
2 Represented by Man AHL Diversified plc. Managed futures manager AHL is Man’s largest single manager, with FUM of $21.2 billion at 30 June 2010. Man AHL Diversified plc is valued weekly, but for comparative purposes the last weekly valuation of the month has been used.

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