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Trading statement for the quarter ended 31 March 2016

15 April 2016

Key points

  • Funds under management (FUM) of $78.6 billion at 31 March 2016 (31 December 2015: $78.7 billion)
  • Net inflows in the quarter of $0.5 billion, comprising sales of $5.1 billion and redemptions of $4.6 billion:
    • Net inflows across quant alternative ($1.3 billion) and for quant long only strategies ($0.4 billion), partially offset by;
    • Net outflows from discretionary alternative ($0.6 billion), discretionary long only ($0.5 billion), and guaranteed products ($0.1 billion);
    • Net flows for fund of fund alternatives flat for the quarter
  • Overall investment movement of negative $0.7 billion in the quarter:
    • Positive investment performance across AHL’s range of strategies, adding $0.8 billion to FUM, more than offset by;
    • Negative investment performance for GLG, mainly across their long only strategies, reducing FUM by $1.5 billion;
    • Investment performance for Numeric and FRM broadly flat for the quarter
  • FX movements of positive $0.8 billion in the quarter, primarily driven by the weakening of the US Dollar against the Japanese Yen and Euro
  • Other negative movements of $0.7 billion in relation to negative investment exposure adjustments ($0.4 billion) and CLO and guaranteed product maturities ($0.3 billion)

Manny Roman, Chief Executive Officer of Man, said:

“Against the backdrop of challenging market conditions for the global investment management industry, we have delivered results for the first three months of the year that demonstrate the value and benefits of a diversified business model. Investment performance across our quantitative strategies and net inflows meant that group funds under management remained stable over a highly volatile quarter.

The ongoing uncertainty in the markets remains challenging and, accordingly, the risk appetite of our clients has the potential to impact flows. However, the ongoing diversification of our business has enhanced our resilience as a firm, and positions us well to navigate the current economic climate. As we have previously indicated, we continue to explore new options for growth, both organically and by acquisition, within our disciplined financial framework.” 

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