Man Group’s assets under management grew 2.8% in the first quarter to $127 billion, bolstered by positive investment performance and net inflows.
The London-based manager's assets under management grew 21.9% over the year ended March 31.
Net inflows totaled $600 million for the first quarter, with alternatives strategies attracting $800 million but long-only fund net outflows of $200 million, an update said Friday. Outflows were driven by Numeric U.S. strategies, but partially offset by inflows into Numeric global strategies and the firm's discretionary long-only Japan equity strategy run under affiliate GLG.
For the three months ended Dec. 31, total net inflows were $1.3 billion, while in the first quarter 2020, net inflows were $500 million.
Positive investment performance added $3.5 billion in the three months ended March 31, compared with a positive $7 billion in the three months ended Dec. 31 and a negative impact of $10.7 billion in the three months ended March 31, 2020.
Negative foreign-exchange and other impacts detracted $700 million from assets under management in the first quarter, compared with a $2.2 billion addition in the fourth quarter and a $3.3 billion loss in the first quarter 2020.
"Client engagement on a number of larger mandates has been positive this year, and as a result we expect to see increased inflows in the coming quarters," CEO Luke Ellis said in the update. "In the long term, it is our state-of-the-art technology and the strength of our client relationships combined with the quality of our people that define our firm and give me great confidence for the future."