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Trading statement for the quarter ended 30 September 2015

15 October 2015

Key points

  • Funds under management (FUM) of $76.8 billion at 30 September 2015 (30 June 2015: $78.8 billion)
    • Net inflows in the quarter of $1.4 billion, comprising sales of $5.7 billion and redemptions of $4.3 billion with net inflows into quant and discretionary strategies being partially offset by net outflows from fund of funds strategies
    • Overall investment movement of negative $2.7 billion in the quarter driven by negative market movements in GLG’s and Numeric’s long only strategies, partially offset by positive performance across AHL’s strategies
    • FX translation effects of negative $0.6 billion in the quarter, driven by the strengthening of the US dollar against Sterling ($0.4 billion) and the Australian Dollar ($0.3 billion), partially offset by Japanese Yen strengthening against the US Dollar ($0.1 billion)
    • Other movements of negative $0.1 billion with CLO and guaranteed product maturities of $0.4 billion being partially offset by investment exposure adjustments of $0.3 billion
  • Good year to date relative performance across the majority of strategies. Asset weighted net outperformance for GLG’s long only and Numeric’s strategies of approximately 2.1%1 and 3.7%1 respectively for the year to 30 September 2015

Manny Roman, Chief Executive Officer of Man, said: “Despite the extreme market movements in late August impacting absolute performance across our long only strategies, we have seen good relative performance across the majority of our strategies for the year to date.

The net inflow for the quarter was driven by flows into our quant strategies and we have a solid pipeline of sales in the near-term. Quarterly flows will continue to be lumpy in nature, particularly in respect of certain FRM managed account mandates that are yet to fund, and the exact timing of which remains to be confirmed.

The political uncertainties and economic upheaval in parts of the world continue to provide a very challenging market backdrop for our business. Accordingly, the risk appetite of our clients may impact flows, but we remain focused on continuing to generate attractive investment returns across our range of strategies.”

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