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Alternative Market Briefing

Man Group’s assets fell 5% to $54.1bn in 2013, sees challenges ahead this year

Friday, February 28, 2014

Komfie Manalo, Opalesque Asia:

The world’s largest publicly traded hedge-fund firm Man Group reported a 5% decline in funds under management (FUM) in 2013 to $54.1bn from $57bn a year ago, as it sees challenges ahead this year. In the fourth quarter, Man Group generated $700m in inflows while net outflows fell 51% in 2013 to $3.6bn from $7.3bn in 2012. The firm is also on track to deliver total cost savings of $270m by the end of 2015.

Manny Roman, Chief Executive Officer of Man, said in a statement, "Despite challenging conditions for our business, we continued to make progress against our strategic objectives in 2013. Our priorities remain to deliver superior risk adjusted investment performance, build options for growth, improve and leverage our distribution capabilities and operate the business as efficiently as possible. We largely completed the restructuring of our cost base and balance sheet during the year, and continued the development of new business areas. Investment performance in 2013 was reasonable on a relative basis and flows showed modest recovery towards the end of the year after a weaker first half."

The fund management firm reported fresh money from investors after it announced plans to repurchase $115m shares. Investors redemptions also fell 2% to $19.......................

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