(Sharecast News) - Hedge fund Man Group reported a rise in third-quarter funds under management on Friday, partly thanks to "robust" net inflows, although it also struck a note of caution about the outlook.
In the quarter to the end of September, FUM increased 4% to $113.1bn. This was driven by net inflows of $1.7bn, mainly from the company's alternative strategies, as redemption levels normalised following Covid-19 related rebalancing in the previous quarter.
Man highlighted a positive investment performance of $1.7bn, primarily from its long-only strategies, as well as positive FX and other movements of $1.4bn, resulting from a weaker US dollar against the euro and the pound.
Chief executive officer Luke Ellis said: "We are pleased to report 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.
"Engagement with clients remains good, although there is increasing uncertainty due to upcoming political events and current Covid-19 trends."
Man (EMG)24 Jun 2024 09:44
LONDON BROKER RATINGS: Peel Hunt cuts Flutter to 'hold'
(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and on Friday:
