British hedge-fund operator Man Group Plc. (EMG.L,MNGPY.PK,MNGPF.PK) issued interim management statement for the first-quarter ended 31 March 2013.
The company said Funds under management or FUM at 31 March 2013 of $54.8 billion, compared to $57.0 billion at 31 December 2012.
Net outflows in the latest-quarter were $3.7 billion, comprising sales of $2.5 billion and redemptions of $6.2 billion.
The company reported Positive investment movement of $2.8 billion in the quarter.
The company posted FX movements of negative $1.6 billion in the quarter, driven by the strengthening of the US dollar against the Yen, Euro and Sterling.
Guaranteed product funds under management increased by $0.3 billion in the quarter to $6.0 billion. There were no guaranteed product launches in the quarter. Redemptions were $0.3 billion, in line with the previous quarter.
Sales of open-ended alternatives were $1.3 billion and redemptions were $2.5 billion giving a net outflow of $1.2 billion for the quarter.
Manny Roman, Chief Executive Officer of Man, said, "Investment performance is the lifeblood of our business and in time we expect good performance to translate into flows. However, we remain cautious in our outlook as we will need a more sustained period of performance, particularly from AHL, before we see an improvement in net flows. We continue to make good progress against our key business priorities and the recently announced improvement in our capital position, together with our announcement today of the intended buyback of our debt securities, has delivered value for shareholders."
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