Man Group's assets under management fell 1.5% for the quarter and 1.2% for the year ended Sept. 30 to $112.7 billion, driven by in part by negative foreign exchange moves.
A financial update Friday said net outflows for the quarter were $1.1 billion — the same amount withdrawn in the entire first half — compared with $400 million of outflows for same quarter a year earlier.
Investment movements added $700 million to assets under management in the third quarter vs. a positive impact of $900 million for the same period in 2018.
Foreign exchange and other movements lost the firm $1.3 billion in the recent quarter, compared to the $700 million that was added in three months ended Sept. 30, 2018.
For three months ended Sept. 30, the firm's alternatives strategies assets under management grew 1.7% to $70 billion, while assets rose 8.5% for the year. Net inflows into alternative strategies for the quarter were $700 million.
Long-only strategies recorded a 6.2% drop for three months and fell 13.7% for the year ended Sept. 30 to $42.6 billion, with net outflows of $1.7 billion for the three-month period.
Negative foreign exchange resulted in losses of $700 million from long-only assets and $600 million from alternative strategies.
Assets in guaranteed strategies fell to less than $100 million during the three months, as the firm continued to wind down the legacy strategies.
"In the third quarter, we saw a continuation of the trends experienced in the first half of the year with strong absolute performance and inflows into our quant alternative strategies, and outflows from our long only equity strategies," CEO Luke Ellis said in a news release accompanying the update. "FX moves were negative in the quarter, which led to an overall dip in funds under management to $112.7 billion, but year-to-date assets are up 4%."
Mr. Ellis also said that "uncertain economic conditions mean the outlook for flows remains mixed."
Bloomberg contributed to this report.
