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Man Group PLC posts slight increase in Q3 funds under management, proposes new holding company

The hedge fund said funds under management rose to US$114.1bln in the quarter ended September 30, from US$113.7bln at the end of the second quarter
Man Group PLC posts slight increase in Q3 funds under management, proposes new holding company
Net assets at the long-only stock-picking unit rose to US$49.4bln

Hedge fund heavyweight Man Group PLC (LON:EMG) on Friday posted a slight increase in third-quarter funds under management, and the company said it is proposing the establishment of a new holding company in Jersey.

The hedge fund said funds under management rose to US$114.1bln in the quarter ended September 30, from US$113.7bln at the end of the second quarter.

Net inflows, or fresh investor cash, rose to US$400mln, notwithstanding a previously announced $2.2 billion infrastructure mandate redemption, the company said. 

Man’s long-only stock-picking unit increased net assets to US$49.4bln, from US$47.9bln in the second quarter.

The company posted positive investment movement of US$900mln, saying that offset negative FX and other movements. It registered negative FX movements of US$700mln, and other movements of negative US$200mln.

“We saw continuing inflows into our alternative risk premia strategies and strong flows into our systematic equity strategies,” said Luke Ellis, chief executive officer of Man Group, in a statement. 

“Investment performance in the quarter was mixed with strong absolute and relative performance in our momentum and discretionary long-only strategies but weaker relative performance in our discretionary alternative and systematic equity strategies,” he said.

Realignment proposal

The company also said it is proposing to incorporate a new group holding in Jersey, saying an adjustment of its international governance and corporate structure is needed because of “significant growth” in the size of its US business over the past five years, and because of growth in international markets and in the UK.

Man said, among other things, the group’s shares would remain UK-listed, with no expected changes to inclusion in indices, and that it would remain a UK tax resident.

“The proposed structure should provide greater flexibility for the Group going forward, support the effective and efficient governance of the business as we continue to deliver for our clients and invest for our shareholders, and is consistent with market practice for many global institutional asset management businesses,” Man Group said. 

The proposal is subject to shareholder approval.

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Man Group Timeline

May 21 2012
January 18 2012

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