BREAKING NEWS

BREAKING NEWS

Man Group third quarter assets up 7.9 percent on market gains, inflows

Now Reading:

Man Group third quarter assets up 7.9 percent on market gains, inflows

Text size Aa Aa

LONDON (Reuters) – British hedge fund Man Group’s <EMG.L> assets rose 7.9 percent in the third quarter, boosted by market gains and net inflows to its funds, including in emerging market debt. Total assets rose from $95.9 billion (£85.42 billion) at the end of June to $103.5 billion at the end of September, at the top end of consensus figures that ranged from $98.2 billion to $103.5 billion. The firm took in $2.8 billion in fresh investor cash, generated $900 million in currency gains and $3.3 billion from positive investment movements, it said. Among Man Group’s business to increase assets, the long-only stock-picking unit rose by 11 percent to $19.7 billion, with investors adding $600 million to emerging market debt strategies and $500 million to the European equities strategy. Flows were partially offset by $400 million of redemptions pulled from funds of funds and $400 million from equity long short strategies as well as $300 million yanked from computer-driven strategies. Man Group said its decision to absorb research costs for the majority of its business in 2018 under MiFID II reforms is estimated to impact the business by $10 to $15 million. “Whilst we did not think it was inevitable that liquid alternative managers would absorb research costs in the near term, we view this as a sensible decision for the business,” said a report from Credit Suisse. “It could, arguably, also be a modest competitive advantage for Man if its unlisted competitors do not follow suit.” Man Group also announced a new $100 million share buyback.

(Reporting by Maiya Keidan; editing by Simon Jessop and John Stonestreet)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.