7 July 2011
- Funds under Management (FUM) at 30 June 2011 of $71.0 billion (31 March 2011: $69.1 billion)
- Record sales in the quarter of $9.0 billion to give a net inflow of $3.7 billion after redemptions of $5.3 billion
- Recently launched open ended onshore AHL fund in Japan now has $2.3 billion under management
- Revenue synergies from the GLG acquisition include $1.0 billion from an emerging markets currency product in Japan and $400 million from the first guaranteed product blend – Man IP 220 GLG
- Challenging market conditions led to $1.1 billion of negative investment movement in the quarter
- AHL down 0.6% in the period, and 12% from peak on a weighted average basis
- Within GLG’s diverse product range, European long short and European distressed styles had positive performance in the period and global macro and other long short strategies were negative
- Other movements of $1.8 billion were driven by routine rebalancing of investment exposure in the guaranteed products after negative AHL performance in the rebalancing period; FX movements added $0.8 billion; acquisition of the remaining 50% of Ore Hill added $0.3 billion
- Financial position remains strong, with a regulatory capital surplus of around $900 million, net cash of around $900 million and total available liquidity resources of around $4.8 billion.
Peter Clarke, Chief Executive of Man, said:
“We are pleased to be reporting strong net inflows from investors over the last quarter. Following the successful integration of GLG at the end of 2010, we are seeing revenue synergies building, with investor flows into AHL, GLG strategies, and combination products.
“Current markets are creating challenging performance conditions for most asset classes, and our assumption is that investor sentiment will remain patchy over the summer months. The combination of our broad range of liquid investment styles, ability to craft portfolio solutions for investors, and the wide geography of our franchise, is a key advantage in these markets."