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Man assets drops 3.9% as CEO calls for ‘more sustained period of performance’

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The amount of money managed by Man Group dropped during the first quarter of the year despite a positive contribution from its investments.

Man’s assets under management fell 3.9 per cent in the three-month period, moving from $57bn (£36.7bn) at the start of the year to $54.8bn by 31 March.

The group reports positive investment movement of $2.8bn for the quarter, with “the majority” of the funds in its GLG retail business generating positive returns.

Stephen Harker, Jeff Atherton and Neil Edwards’ £1bn GLG Japan Core Alpha had the strongest performance of the quarter, gaining 24 per cent.

However, Man witnessed net outflows of $3.7bn during the quarter after sales of $2.5bn were offset by $6.2bn in redemptions.

The GLG funds were hit by outflows of £600m, as was the company’s flagship $14.4bn computer-driven AHL fund.

Man chief executive Manny Roman, who took over from Peter Clarke at the end of February, says: “This was a disappointing quarter from a flows perspective with sales at a similar level to the previous quarter and increased redemptions, chiefly due to the loss of three sizeable low margin mandates.

“Investment performance is the lifeblood of our business and in time we expect good performance to translate into flows.

“However, we remain cautious in our outlook as we will need a more sustained period of performance, particularly from AHL, before we see an improvement in net flows.”

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