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Man Group outflows rise to $2.2bn in Q3

Alternative investment manager Man Group has reported an increase in net outflows to $2.2bn during the third quarter, concentrated in its lower merging products.

The outflows are up from $1.4bn of outflows reported during the second quarter and were seen largely in institutional fund of funds and long-only GLG funds.

The group did report a 14 per cent rise in funds under management in the three months to 30 September, increasing from $52.7bn at the end of June to $60bn.

However, this coincided with the closure of the acquisition of FRM, which added $8.2bn to funds under management. Positive investment movement of $500m was reported during the third quarter.

Man Group chief executive Peter Clarke says: “The flow environment continues to be challenging and this was reflected in lower sales in the quarter.

“Redemptions were in line with the levels experienced in the second quarter which resulted in increased net outflows, albeit in lower margin product lines. Investor sentiment, and consequently the outlook for flows, continues to be subdued.

“Against this backdrop, our focus remains on delivering performance for our investors and improving efficiency. We continue to attract high quality talent from the industry to bolster existing investment teams and to launch new product lines. We remain on track to deliver the cost savings announced in H1.”


PRA may fight EU rules preventing ‘proximity to failure’ disclosure

The Prudential Regulation Authority may fight European rules which prevent it from disclosing to firms its assessment of their “proximity to failure”. The FSA and the Bank of England today published a document setting out the regulatory approach of the PRA. The document outlines the method the PRA will use to assess how close it […]


Andrew Bailey: ‘Banks deserve a thank you’

FSA managing director of prudential regulation Andrew Bailey says banks deserve a “thank you” for the way in which they have helped thousands of borrowers in financial difficulty to avoid losing their homes. Since the financial crisis, the Government and regulator have pushed banks to employ forbearance measures such as payment holidays, temporary reductions in […]


Sanlam acquires Bermuda-based investment firm

Sanlam Investment Holdings has acquired a majority stake in Bermuda-based investment firm P2international. Sanlam says the move will give its clients access to international equity and bond funds. It adds the investment will allow P2 to expand into more countries across Africa, Asia Europe and the Middle East Sanlam Investment chief executive John van der […]

FSA bans and fines ex-MD of sub-prime lender £100k

The FSA has banned and fined former Welcome Financial Services managing director John Blake £100,000 for providing false and misleading statements about the quality of the sub-prime lender’s loan book. Between August 2007 and February 2009, Blake was the managing director at Welcome, a subsidiary of sub-prime lender Cattles. Welcome provided low value secured, unsecured […]

Inheritance tax when it is relevant

Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]


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