Man Group, the alternative investment manager has recorded a 25 per cent increase in assets under management to $72.3bn (£45.1bn) in the three months to September 30 2014.
It notes that the acquisitions of US-based firms Numeric and Pine Grove added $16.2bn of assets, while net inflows and performance netted a further $1.3bn of funds under management, which helped offset the effects of negative foreign exchange movements.
Meanwhile it noted that funds under management within GLG’s discretionary alternatives business fell 9 per cent in the quarter to $16.3bn, attributed to negative foreign exchange movements as the dollar strengthened against both the euro and sterling.
Within GLG’s discretionary long only business funds under management “remained broadly flat” as net inflows and performance were again offset by negative currency movements. Among the more popular funds, however, were the Japan CoreAlpha strategies which saw inflows of roughly $1bn, while the same strategy also contributed approximately $400m of positive investment performance in the quarter.
Manny Roman, chief executive of Man Group, said: “We have continued to make progress against our strategic objectives in Q3 2014, completing the acquisitions of US-based Numeric and Pine Grove and achieving another quarter of net inflows. AHL’s traditional momentum strategies have continued their strong run of absolute and relative performance which led to a significant new institutional mandate and offset the impact of a slowdown in sales at GLG.
“Whilst there is a solid sales pipeline in place, and we are seeing increased appetite in long only strategies and for managed accounts, our outlook for flows is mixed and will depend on performance. We continue to focus on delivering superior risk-adjusted returns for clients across the business.”
