New York (HedgeCo.Net) – Man announced in its interim management statement for the quarter ended 30 September 2013, that its funds under management (FUM) at 30 September 2013 has reached $52.5 billion with net inflows of $0.7 billion.
“The net inflow in the quarter was driven by institutional flows into discretionary alternatives and long only strategies. Inflows were linked primarily to stronger performance in the first half of the year and were characterized by sizable asset flows from certain customers, albeit into relatively low margin products.” Manny Roman, Chief Executive Officer of Man, said. “The equity rally in July, followed by a sell-off in August, and volatility in financial markets in September provided challenging market conditions for hedge funds, and in particular CTAs. As a result performance in the majority of the AHL and FRM strategies was negative in the quarter, although performance at GLG overall was positive.”
FX movements of positive $1.2 billion in the quarter, driven by the weakening of the US dollar against the Euro and Sterling.
Also in the news, GLG Partners, the investment firm acquired by Man Group in 2010, has started a hedge fund modeled after its flagship European equity pool that will trade the stocks of global companies.
The majority of GLG alternative strategies had positive performance in the quarter, adding $0.3 billion to FUM. GLG long only strategies contributed positive investment movement of $0.4 billion in the quarter. AHL Diversified programme was down 6.6% in the quarter.
Alex Akesson
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