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Interim Management Statement for the quarter ended 30 September 2013

17 October 2013

Key points

  • Funds under management (FUM) at 30 September 2013 of $52.5 billion (30 June 2013: $52.0 billion
  • Net inflows in the quarter of $0.7 billion, comprising sales of $4.1 billion and redemptions of $3.4 billion with net inflows into GLG alternatives and long only funds being partially offset by net outflows from AHL and FRM funds
  • Overall investment movement of negative $0.1 billion in the quarter:
    • The majority of GLG alternative strategies had positive performance in the quarter, adding $0.3 billion to FUM
    • GLG long only strategies contributed positive investment movement of $0.4 billion in the quarter with the Japan Core Alpha fund up 4.4% and the Global Equity fund up 7.4%
    • AHL Diversified programme was down 6.6% in the quarter which was the main driver of the negative investment movement of $0.5 billion in Quant strategies
    • Performance at FRM was negative overall which reduced FUM by $0.3 billion in the quarter
  • FX movements of positive $1.2 billion in the quarter, driven by the weakening of the US dollar against the Euro and Sterling
  • Other negative movements of $1.3 billion driven by guaranteed product degears of $1.0 billion and product maturities and other movements of $0.3 billion
  • Previously announced cost savings programmes remain on track


Manny Roman, Chief Executive Officer of Man, said:

“The net inflow in the quarter was driven by institutional flows into discretionary alternatives and long only strategies. Inflows were linked primarily to stronger performance in the first half of the year and were characterised by sizeable asset flows from certain customers, albeit into relatively low margin products.

The equity rally in July, followed by a sell-off in August, and volatility in financial markets in September provided challenging market conditions for hedge funds, and in particular CTAs. As a result performance in the majority of the AHL and FRM strategies was negative in the quarter, although performance at GLG overall was positive.

Despite better flows in the third quarter we remain cautious in our outlook for asset flows going forward in the light of continued uncertainty in the macro-economic environment. ”


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