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