Trading statement for the quarter ended 31 March 2020
17 April 2020
- Funds under management (FUM) of $104.2 billion at 31 March 2020 (31 December 2019: $117.7 billion)
- Negative investment movement of $10.7 billion as COVID-19 impacted global markets
- Net inflows of $0.5 billion in the quarter
- Negative FX and other movements of $3.3 billion
- Asset weighted outperformance versus peers1 across our strategies of +2.5%
- Robust and highly liquid balance sheet
- The 2019 final dividend and current share repurchase programme proceeding as planned
Luke Ellis, Chief Executive Officer of Man Group, said:
“The health and wellbeing of our colleagues and the performance of our clients’ assets are our foremost priorities in what has been an unprecedented and testing period for everyone. I am pleased to report that all parts of the firm have pulled together and have done an exceptional job, particularly our technology teams whose outstanding efforts meant we have been able to keep operating as usual despite everyone working remotely.
“Given the extreme volatility in all markets, we are pleased to have outperformed peers on an asset weighted basis across the firm by 2.5% in the first quarter, and to see our absolute return strategies make gains for clients despite the large sell off seen. We saw net inflows in the quarter and continue to win mandates but we have seen a recent increase in redemptions as clients adjust their allocations in response to the market moves and heightened economic uncertainty.
“Our balance sheet and liquidity position remain robust, and we will proceed with our dividend as announced and continue with our share buyback as planned.”
1 The asset weighted performance relative to peers for the period stated is calculated using the daily asset weighted average performance relative to peers for all strategies where we have identified and can access an appropriate peer composite. The performance of our strategies is measured net of management fees charged and, as applicable, performance fees charged. As at 31 March 2020, it covers 88% of the FUM of the Group and excludes infrastructure mandates, Global Private Markets and collateralised loan obligations.
Contacts mentioned herein retain the right to record any telephone calls made to them for training and monitoring purposes.