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Laxman Pai, Opalesque Asia: World's largest publicly traded hedge fund Man Group reported a nearly five percent increase in its assets under management (AUM) for the first quarter of 2024, compared to the last quarter of 2023.
The British hedge fund manager said in a press release that its AUM totaled $175.7bn by 31 March, up from the $167.5bn reported at the end of the 2023 financial year.
The increase was a result of a $9.8bn positive swing in investment performance, slightly offset by $1.6bn in net outflows, the active investment management firm said.
The AUM by product category showed that its absolute return was $50.3bn for Q1 of 24, while its total return was $43.3bn - all up on the previous quarters of 2023. Long-only funds also saw inflows, partially offset by a decrease in multi-manager solutions. In terms of product categories, notable increases in AUM were recorded for 'Japan equity', 'credit and convertibles', and 'global equity'.
However, its multi-manager solutions dipped to $17.7bn, compared to $19.4bn for the same trading months last year. But its systematic long-only ($39.7bn) and discretionary long-only ($24.7bn) were up.
This comes after the group revealed that its pretax profit more than halved to $340m in 2023 from $779m the year before. On a year-on-year basis, total AUM across all funds increased by more than 21%. ...................... To view our full article Click here
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