Man Group's assets under management rose 4.4% to $113.1 billion in the quarter ended Sept. 30, buoyed by net inflows to alternatives, positive investment performance and foreign-exchange impacts, a trading statement released Friday showed.
In contrast, Man Group's total assets were essentially flat — up 0.4% — over the year ended Sept. 30, the trading statement for Sept. 30, 2019 showed. Second-quarter figures were not available.
Overall AUM growth over the three-month period was fueled by total net inflows of $1.7 billion; $1.7 billion of investment gains; and $1.4 billion from the positive impact of FX movements and other causes.
Man Group attributed overall growth in the quarter primarily to net inflows of $1.9 billion to its alternative strategies "as redemption levels normalized following COVID-19-related rebalancing in the previous quarter."
Strategies within Man Group's alternatives group include funds-of-funds, total-return funds and multimanager solutions.
Assets managed in alternatives increased 4.3% to $72.4 billion over the three months ended Sept. 30, also buoyed by $300 million of positive investment performance and $800 million of FX activity. Assets managed in alternatives were up 3.3% compared to Sept. 30, 2019.
Assets managed in Man Group's long-only systematic and discretionary strategies rose 4.6% to a total of $40.7 billion in the third quarter, through a combination of $1.4 billion of positive investment performance and $600 million from FX impacts, less $200 million of net outflows. However, over the year-long period, AUM managed in the firm's long-only strategies declined 4.5%.
"We are pleased to report good performance in the third quarter and strong growth in funds under management. This was driven by robust net inflows into alternatives as anticipated, as well as performance gains across both alternative and long-only strategies," CEO Luke Ellis said in the update.
He added that "engagement with clients remains good, although there is increasing uncertainty due to upcoming political events and current COVID-19 trends."