Plus   Neg

Man Group Q3 Funds Under Management Down - Quick Facts

Man Group Plc (MNGPF.PK,MNGPY.PK,EMG.L) reported Friday that its third-quarter funds under management or FUM declined to $112.7 billion from $114.1 billion last year.

Sequentially, FUM declined from $114.4 billion in the preceding second quarter.

According to the company, the decline in FUM reflected net outflows of $1.1 billion and negative FX and other movements of $1.3 billion, partially offset by positive investment movement of $0.7 billion.

Net outflows comprised sales of $6.6 billion and redemptions of $7.7 billion.

The company further announced its intention to repurchase up to $100 million of shares. The company would also continue to review further potential acquisition opportunities

Luke Ellis, Chief Executive Officer, said, "In the third quarter, we saw a continuation of the trends experienced in the first half of the year with strong absolute performance and inflows into our quant alternative strategies, and outflows from our long only equity strategies. FX moves were negative in the quarter, which led to an overall dip in FUM to $112.7 billion, but year to date assets are up 4%."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Kingdom's Competition and Markets Authority (CMA) has launched an investigation into technology giant Apple Inc. (AAPL) following complaints that its terms and conditions for app developers are unfair and anti-competitive. iPhone maker Apple also operates the App Store, which is the only... Supermarket chain Kroger Co. on Thursday reported that it posted a loss for the fourth quarter compared to a profit last year, hurt by pension plan withdrawal liabilities. Adjusted earnings per share topped analysts' estimates, while quarterly revenues missed it. However, the company initiated adjusted earning guidance for the full-year 2021, well above analysts' estimates. Retail sales are projected to grow at a potentially record rate during 2021, but the ongoing COVID-19 pandemic remains the biggest challenge for the year, according to the National Retail Federation. "There is no doubt the economy is positioned for growth in 2021, but how much growth comes down to a single non-economic force - the coronavirus," NRF Chief Economist Jack Kleinhenz said.
Follow RTT