15 January 2010
- Funds under Management (FUM) at 31 December 2009 of $42.4 billion compared to $44.0 billion at 30 September
- Reduction of FUM in the quarter was principally due to AHL negative investment movement of $1.2 billion, reflecting difficult trading conditions for managed futures strategies particularly in December
- Private investor sales for the quarter of $1.1 billion combined with low redemptions to give a small net outflow of $0.1 billion
Institutional redemptions of $1.4 billion in the course of the quarter resulted in an institutional net outflow of $1.0 billion
- Significant new institutional mandate for Man’s managed account business in January.
Peter Clarke, Chief Executive, said: “The financial third quarter is seasonally a quiet period for sales. The negative performance of AHL in December and a net institutional outflow for the quarter resulted in a 4% reduction in our funds under management as at 31 December.
“Momentum continues to build across the business and activity levels with investors and distributors remain high. New assets raised in the third quarter include onshore regulated products in Brazil, the UK and Continental Europe.
“Our new managed account business is seeing continued high levels of interest from institutional investors and we have just been selected by a large pension fund as the preferred provider for a mandate that could potentially reach around $1 billion. The deal, subject to contract, will be for a minimum of three years with allocations commencing in the first quarter of 2010.
“With a promising outlook for hedge fund flows and significant recent progress in our managed account business, Man remains very well placed to grow assets.”