Trading statement for the quarter ended 30 September 2019
11 October 2019
- Funds under management (FUM) of $112.7 billion at 30 September 2019 (30 June 2019: $114.4 billion)
- Positive investment movement of $0.7 billion in the quarter
- Net outflows of $1.1 billion in the quarter
- FX and other impacts of negative $1.3 billion in the quarter
- $150 million Tier 2 notes redeemed on 16 September 2019 with an annualised interest saving of approximately $4.5 million
- Completion of the $100 million share repurchase announced in 2018 earlier this month, bringing the total amount repurchased since 2014 to $0.7 billion
- Intention to repurchase up to $100 million of shares; we will continue to review further potential acquisition opportunities
Luke Ellis, Chief Executive Officer of Man, said:
"In the third quarter, we saw a continuation of the trends experienced in the first half of the year with strong absolute performance and inflows into our quant alternative strategies, and outflows from our long only equity strategies. FX moves were negative in the quarter, which led to an overall dip in FUM to $112.7 billion, but year to date assets are up 4%.
As we look ahead, we are encouraged by our good performance fee earning potential, although uncertain economic conditions mean the outlook for flows remains mixed. The diversified nature of the business means that we remain well positioned and, given our continued strong cash generation, we are pleased to announce a further return of capital."
Contacts mentioned herein retain the right to record any telephone calls made to them for training and monitoring purposes.