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Interim Management Statement for the quarter ended 30 September 2014

16 October 2014

Key points

  • Funds under management (FUM) up 25% to $72.3 billion at 30 September 2014 (30 June 2014: $57.7 billion) with the acquisition of Numeric and Pine Grove adding $16.2 billion of assets, net inflows and performance adding another $1.3 billion of FUM and negative FX movements reducing FUM by $2.9 billion
    • Net inflows in the quarter of $0.4 billion, comprising sales of $4.5 billion and redemptions of $4.1 billion with net inflows into quant alternatives and long only strategies being partially offset by net outflows from discretionary alternatives, fund of funds alternatives and guaranteed products
    • Overall investment movement of positive $0.9 billion in the quarter with positive investment performance in quant alternatives, fund of fund alternatives and discretionary long only being partially offset by negative investment performance in discretionary alternatives and quant long only
    • FX translation effects of negative $2.9 billion in the quarter, driven by the strengthening of the US dollar against the Euro ($1.3 billion), Yen ($0.8 billion) and Sterling ($0.5 billion)
    • Guaranteed product regears of $0.3 billion offset by Pemba maturities of $0.3 billion
  • $150 million lower tier 2 debt issuance on 16 September 2014 at a rate of 5.875% giving a current regulatory capital surplus of around $450 million before planned usage for seeding activity of up to $75 million

Manny Roman, Chief Executive Officer of Man, said: “We have continued to make progress against our strategic objectives in Q3 2014, completing the acquisitions of US-based Numeric and Pine Grove and achieving another quarter of net inflows. AHL’s traditional momentum strategies have continued their strong run of absolute and relative performance which led to a significant new institutional mandate and offset the impact of a slowdown in sales at GLG.

Looking forward, whilst there is a solid sales pipeline in place, and we are seeing increased appetite in long only strategies and for managed accounts, our outlook for flows is mixed and will depend on performance. We continue to focus on delivering superior risk-adjusted returns for clients across the business.”

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