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Interim management statement for the quarter ended 31 March 2014

9 May 2014

Key points

  • Funds under management (FUM) as at 31 March 2014 of $55.0 billion (31 December 2013: $54.1 billion)
  • Net inflows in the quarter of $2.0 billion, comprising sales of $6.5 billion and redemptions of $4.5 billion with net inflows into GLG alternatives and long only funds being partially offset by net outflows from FRM funds and guaranteed products
  • Overall investment movement of negative $0.7 billion in the quarter:
    • AHL Diversified programme was down 2.2% in the quarter which was the main driver of the negative investment movement of $0.3 billion in Quant alternatives strategies
    • Performance in GLG alternative strategies was flat overall with positive performance in credit strategies being offset by negative performance in equity and macro strategies
    • Performance at FRM was positive overall which increased FUM by $0.1 billion in the quarter. FRM Diversified strategies were up 0.5% in the quarter
    • The majority of GLG Long only strategies had negative investment performance in the quarter. Japan CoreAlpha strategy was down 5.9% which contributed to the majority of the negative investment movement of $0.5 billion
  • FX movements of positive $0.3 billion in the quarter, driven by the weakening of the US dollar against the the Japanese Yen
  • Other negative movements of $0.7 billion driven by guaranteed product degears of $0.3 billion and product maturities and other movements of $0.4 billion
  • Completed $68 million of the $115 million share repurchase programme announced on 6 March 2014 equating to 40 million shares

 

Manny Roman, Chief Executive Officer of Man, said: “The market environment in the first quarter has been particularly challenging and March was a very difficult month for the industry. In this context, performance across the firm was reasonable on a relative basis.

Whilst we are pleased to have recorded a solid quarter of net inflows, we remain cautious in our outlook for asset flows for the rest of the year given recent mixed absolute investment performance.”

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