Man Group (LON: EMG) have provided the markets with a trading update for the quarter ended 30th September 2019.
Key points
· Funds under management (FUM) of $112.7 billion at 30 September 2019 (30 June 2019: $114.4 billion)
o Positive investment movement of $0.7 billion in the quarter
o Net outflows of $1.1 billion in the quarter
o FX and other impacts of negative $1.3 billion in the quarter
· $150 million Tier 2 notes redeemed on 16 September 2019 with an annualised interest saving of approximately $4.5 million
· Completion of the $100 million share repurchase announced in 2018 earlier this month, bringing the total amount repurchased since 2014 to $0.7 billion
· Intention to repurchase up to $100 million of shares; we will continue to review further potential acquisition opportunities
Luke Ellis, Chief Executive Officer of Man Group plc, said:
“In the third quarter, we saw a continuation of the trends experienced in the first half of the year with strong absolute performance and inflows into our quant alternative strategies, and outflows from our long only equity strategies. FX moves were negative in the quarter, which led to an overall dip in FUM to $112.7 billion, but year to date assets are up 4%.
“As we look ahead, we are encouraged by our good performance fee earning potential, although uncertain economic conditions mean the outlook for flows remains mixed. The diversified nature of the business means that we remain well positioned and, given our continued strong cash generation, we are pleased to announce a further return of capital.”
