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Net outflows of $1.1B, negative forex moves cut Man Group's FUM 1% in Q3

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Net outflows of $1.1B, negative forex moves cut Man Group's FUM 1% in Q3

British asset manager Man Group Ltd. recorded funds under management of $112.7 billion for the quarter ended Sept. 30, compared to $114.4 billion at June-end.

The U.K. asset manager said the 1% decrease in funds under management in the quarter was driven by net outflows of $1.1 billion, comprising sales of $6.6 billion and redemptions of $7.7 billion, and negative foreign exchange and other movements of $1.3 billion. The decrease was partially offset by positive investment movement of $700 million.

Absolute return funds under management totaled $30.3 billion at the end of the third quarter, compared to $29.9 billion at June-end. Total return funds under management grew to $25.9 billion in the third quarter from $25.5 billion at June-end, while multi-manager solutions funds under management increased on a quarterly basis to $13.9 billion from $13.5 billion.

Systematic long-only funds under management came in at $25.6 billion at September-end, compared to $27.0 billion at the end of June, while discretionary long-only funds under management fell on a quarterly basis to $17.0 billion from $18.4 billion.

Man Group redeemed $150 million Tier 2 notes on Sept. 16 and intends to repurchase up to $100 million of shares. The asset manager will also continue to review opportunities for potential acquisitions, according to the Oct. 11 release.

"[W]e are encouraged by our good performance fee earning potential, although uncertain economic conditions mean the outlook for flows remains mixed," Man Group CEO Luke Ellis said.