Man Group’s funds under management for the six month period to 30 September 2010 totalled USD40.5bn.
This was up five per cent from the 30 June 2010 figure of USD38.5bn and ahead of the 28 September pre-close estimate of USD39.5bn.
Man says the rise is due to strong investment performance and favourable FX movements at the end of the reporting period.
AHL, Man’s quantitative managed futures manager, was up 9.0 per cent in the calendar year to 30 September and AHL’s Ucits funds Diversity and Trend also delivered returns of 6.2 per cent and 8.1 per cent respectively in the same period. As at 30 September, AHL was 6.0 per cent from peak on a weighted average basis.
GLG, which is now a wholly owned subsidiary of Man following completion of the acquisition on 14 October 2010, continues to outperform across a wide range of styles, with the top performing styles in the calendar year to 30 September 2010 being European distressed (+36.52 per cent); global macro (+28.55 per cent); market neutral (+28.38 per cent); and emerging markets (+10.06 per cent).
Man Multi-Manager also performed well in the calendar year to the 30 September 2010, with flagship multi-style portfolios such as Man Dynamic Selection returning 3.7 per cent, compared to the HFRI Fund of Funds Composite Index which was up 2.1 per cent.
Peter Clarke, chief executive, says: “In the lead up to the acquisition of GLG, both Man and GLG delivered excellent investment performance – the key catalyst to flows. AHL returned 9 per cent in the calendar year to end September with performance benefitting from strongly trending bond and currency markets, and GLG’s range of alternative and long only strategies continued to perform strongly. The quarter to 30 September also saw our first positive institutional flows for over two years, confirming investor demand for the liquidity, transparency and risk-adjusted returns offered by Man Multi-Manager.
“We have made a fast start to GLG integration and expect to deliver revenue synergies from marketing GLG strategies on a wider global scale, and from new, blended products, the first of which will be launched in the first quarter of 2011. With a wide range of investment styles now being marketed worldwide and unrelenting focus on investment performance, Man is well positioned for asset growth.”
Funds under management for the combined Man and GLG business at the end of October are estimated at USD67bn.