Man Group's assets under management fell 11% to $104.2 billion for the quarter ended March 31, driven by the coronavirus impact on financial markets and investor redemptions.
Negative investment movements of $10.7 billion hit assets under management in the quarter, said a trading update Friday, as the firm's long-only strategies declined with equity markets.
For the same quarter in 2019 the firm saw a positive investment impact of $4.5 billion. Assets fell 7% for the year ended March 31, 2020.
The firm will proceed with the distribution of dividends and a share buyback as planned, CEO Luke Ellis said in the update.
A dividend of 5.1 pence a share for the year ended Dec. 31, announced Feb. 28, will be paid on May 15. The share buyback program was announced in October.
Net inflows were $500 million for the quarter, compared with $700 million of net outflows for the same quarter a year earlier. Total return and absolute return strategies recorded net inflows of $1.6 billion and $400 million, respectively. Inflows were partially offset by net outflows from long-only strategies and multimanager assets.
Foreign exchange and other movements lost the firm $3.3 billion in the quarter compared with a flat impact in the three months ended March 31, 2019.
For the three months ended March 31, the firm's alternatives strategies assets under management fell 2% to $70 billion, but assets were up 4.3% for the year. Net inflows into alternative strategies for the quarter were $1.6 billion.