Man Group FUM down five per cent in 2013
Man Group has reported a reduction in funds under management (FUM) of five per cent to USD54.1bn for the year 31 December 2013 (31 December 2012: USD57.0bn).
FUM excluding guaranteed products are up one per cent to USD51.8bn (2012: USD51.3bn).
Gross sales for the year were up 26 per cent to USD16.1bn (2012: USD12.8bn), while redemptions were down two per cent to USD19.7bn (2012: USD20.1bn), and net outflows were down 51 per cent to USD3.6bn (2012: outflows of USD7.3bn).
Manny Roman, chief executive officer of Man, says: “Despite challenging conditions for our business, we continued to make progress against our strategic objectives in 2013. Our priorities remain to deliver superior risk adjusted investment performance, build options for growth, improve and leverage our distribution capabilities and operate the business as efficiently as possible. We largely completed the restructuring of our cost base and balance sheet during the year, and continued the development of new business areas. Investment performance in 2013 was reasonable on a relative basis and flows showed modest recovery towards the end of the year after a weaker first half.
“We have taken steps to strengthen Man for the long-term and position the company for future growth. The merger of AHL and MSS at the start of 2013 has created a broader, more diverse quant offering for investors including trend and non-trend following products. GLG also launched several new, scalable investment strategies during 2013, and a number of senior hires were added to the teams. FRM is now a fully integrated part of the firm, further diversifying our range of solutions for investors.
“However, market conditions remain challenging and we maintain our cautious outlook. Generating superior risk-adjusted returns for our fund investors through the quality of our research, investment in technology, the talent of our investment managers and the strength of our operations and risk infrastructures, remains our core focus.”
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