Trading statement for the quarter ended 30 September 2018
12 October 2018
Key points
- Funds under management (FUM) of $114.1 billion at 30 September 2018 (30 June 2018: $113.7 billion)
- Net inflows in the quarter of $0.4 billion, notwithstanding the previously announced $2.2 billion infrastructure mandate redemption
- Positive investment movement of $0.9 billion in the quarter
- Negative FX movements of $0.7 billion in the quarter
- Other movements of negative $0.2 billion in the quarter
- Markel Corporation ("Markel") have entered into a definitive agreement to acquire Nephila Holdings Limited ("Nephila"). The sale of Man Group’s 18.5% management fee only profit interest in Nephila would generate net proceeds of around $130 million
- Proposed realignment of international corporate structure to reflect growth in the business
Luke Ellis, Chief Executive Officer of Man, said:
"Funds under management were slightly up in the quarter with net inflows of $0.4 billion, despite the previously announced $2.2 billion infrastructure mandate redemption. Positive investment movements offset negative FX and other movements. We saw continuing inflows into our alternative risk premia strategies and strong flows into our systematic equity strategies. Investment performance in the quarter was mixed with strong absolute and relative performance in our momentum and discretionary long only strategies but weaker relative performance in our discretionary alternative and systematic equity strategies.
Looking forward, Man Group is well positioned, with strong fundamentals, and we remain focused on enhancing our technology platform and continuing to develop innovative strategies for our clients."
