Busi­ness In­sight

Man Group

The Daily Telegraph - Business - - Business Comment -

Man Group rode out a tough start to 2018 by at­tract­ing al­most $5bn in new money over the three months to March, writes Lucy Bur­ton.

The Bri­tish hedge fund gi­ant, which in 2017 saw its as­sets sur­pass the $100bn (£70bn) mark for the first time in its 235-year his­tory, said yes­ter­day that the $4.8bn worth of net in­flows boosted its funds un­der man­age­ment by 3.3pc to $112.7bn de­spite the chal­leng­ing pe­riod.

Chief ex­ec­u­tive Luke El­lis, who had warned in­vestors ear­lier this year that the vi­o­lent stock mar­ket volatil­ity seen in Fe­bru­ary had rat­tled the firm’s in­vest­ment per­for­mance, said the first quar­ter of 2018 was “a weaker en­vi­ron­ment for eq­uity mar­kets”.

He added that while he ex­pects to see con­tin­u­ing in­ter­est from clients in the fu­ture “the in­sti­tu­tional nature of our busi­ness means that flows are likely to be un­even on a quar­terto-quar­ter ba­sis”.

How­ever shares in the FTSE 250 group jumped 8pc on the an­nounce­ment af­ter the fig­ures sur­passed the City’s ex­pec­ta­tions, with an­a­lysts hail­ing the “ex­cep­tion­ally” strong flow of new money. It also said it was keep­ing an eye on po­ten­tial ac­qui­si­tions.

Man Group’s Lon­don head­quar­ters: its shares rose 8pc yes­ter­day

Luke El­lis Chief ex­ec­u­tive

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