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Laxman Pai, Opalesque Asia: British hedge fund manager Man Group said it saw a rise in funds under management in the first quarter, driven by investment gains and net fund inflows.
The London-listed company said it had funds under management of USD127.0 billion on March 31, up 2.8% from USD123.6 billion at the end of December.
The hedge-fund manager said it had net inflows of $600 million for the period, primarily from its alternative strategies, and investment performance of $3.5 billion, mostly from its long-only strategies. It also had a negative foreign exchange and other movements of $700 million, driven by a stronger dollar, the company said.
Man also recorded a positive investment performance of USD3.5 billion, composed of USD2.8 million from long-only strategies and GBP700 million from alternative strategies.
This was balanced by negative foreign exchange and other movements of USD700 million, due to a stronger dollar against the euro and yen, the company said.
Luke Ellis, Chief Executive Officer of Man Group, said: "I am pleased we have delivered another quarter of growth, with FUM increasing by $3.4 billion to reach $127.0 billion. This reflects both investment gains for our clients and continuing net inflows and underscores the strength of our business model."
"Client engagement on a number of larger mandates has been positive this year, and as a result, we expect to see increased inflows in the coming quarters. In the long term, it is our stat...................... To view our full article Click here
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