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.”
Contact
Global Communications
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- Georgiana Brunner
- Man Group, Head of Communications
- Tel: +44 (0) 20 7144 1000
- Rebecca Hooper
- Man Group, Communications Director
- Tel: +44 20 7144 1103
Mobile: +44 7513 712636 - Neil Doyle
- FTI Consulting
- Tel: +44 (0) 7771 978 220
United States
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- Robin Pertusi
- Man Group, Senior Communications Manager, Americas
- Tel: +1 212 649 6859
- Prosek Partners – US
- Tel: +1 212 279 3115
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