Thu, 01/10/2009 - 06:05
Man Group has reported sales of USD5.7bn for the last six months, including USD2bn in the most recent quarter.
Total funds under management were estimated to be at USD43.8bn for the six month period, compared to USD43.3bn as at 30 June 2009.
Man sold an estimated USD5.0bn to private investors in the six months to 30 September 2009, including estimated private investor sales of USD1.6bn in the second quarter.
It experienced strong demand for its products throughout its distribution network, with good flows from Japan, Hong Kong, the Middle East, Europe and Latin America.
Redemption levels were materially lower in the second quarter, leading to an estimated private investor net inflow of USD2.7bn for the six months to 30 September 2009.
Taking into account investment movement, FX and other effects, private investor funds under management increased to USD29.1bn at 30 September 2009 (30 June 2009: USD27.3bn).
While Man’s institutional sales remained muted, institutional redemptions declined markedly. They are expected to total USD1.7bn for the second quarter compared to USD3.6bn in the first quarter. This slowing of redemptions is set to continue, with quarterly redemptions to be paid on 1 October of USD0.7bn.
In total, institutional investor funds under management at 30 September 2009 are expected to be USD14.7bn (30 June 2009: USD16.0bn).
Peter Clarke, chief executive of Man, says: "Our assets under management have increased in the second quarter of the financial year and private investor inflows have remained strong across the first half. Redemption rates have also continued to improve, substantially so amongst institutional investors.
“These developments are consistent with our expectations for the period and reflect the wide geographic spread of our investors and Man’s differentiation through its scale and resources. Investors are increasingly selective as they assess their portfolio needs and reassess investment management providers. They continue to focus on transparency, liquidity and, increasingly, onshore product offerings for accessing hedge fund returns. Man's established presence in these markets, our capital strength and long-standing relationships with global regulators continue to create substantial advantage in this changed environment.”
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