|
Laxman Pai, Opalesque Asia: Man Group funds under management grow 4% by alternative strategies demand
Funds under management at the British hedge fund manager Man Group totaled $113.1bn in the third quarter of 2020, up 4.4% from the second quarter.
The UK-based hedge-fund firm said in a press release that results were fuelled by net inflows of $1.7bn and positive investment performance of $1.7bn, which is seen as a bellwether for the industry.
"The net inflows of $1.7 billion is mostly from alternative strategies as redemption levels normalized following Covid-19 related rebalancing in the second quarter," the release added.
Favorable foreign exchange movements also added US$1.4bn, the FTSE 250-listed investment manager said.
"We are pleased to report a good performance in the third quarter and strong growth in funds under management. This was driven by robust net inflows into alternatives as anticipated, as well as performance gains across both alternative and long-only strategies," Chief Executive Luke Ellis said.
According to a Reuters report, the company, which has a trading history that spans more than 230 years, had seen an 8% fall in AUM in the first half of the year after several investors pulled out cash amid the pandemic-driven weakness in the markets.
However, markets have recovered from their March lows - when Wall Street's fear gauge touched levels last seen during the 2008 financial crisis - as investors have price...................... To view our full article Click here
|
RSS
