LONDON (dpa-AFX) - Man Group plc (MNGPF.PK, MNGPY.PK, EMG.L) reported Friday that its third-quarter funds under management or FUM was $113.1 billion as of September 30, a growth of 4 percent from preceding second quarter's $108.3 billion.
The company said the growth was driven by net inflows of $1.7 billion primarily from alternative strategies as redemption levels normalised following COVID-19 related rebalancing in the previous quarter.
Positive investment performance of $1.7 billion was largely from its long-only strategies, and positive FX and other movements of $1.4 billion resulted from a weaker US dollar particularly against sterling and the euro.
Alternative FUM grew to $72.4 billion from $69.4 billion in the second quarter.
Luke Ellis, Chief Executive Officer of Man Group, said, 'This was driven by robust net inflows into alternatives as anticipated, as well as performance gains across both alternative and long-only strategies. Engagement with clients remains good, although there is increasing uncertainty due to upcoming political events and current COVID-19 trends.'
Further, the company said its $100 million share buyback programme announced in September is proceeding at the maximum permitted pace.
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