Asset manager Man Group yesterday gave a cautious forward outlook due to the challenging macro environment, despite reporting net inflows for the first time this year.
The FTSE 100-quoted firm saw net inflows of $1.4bn (£907m) in the third quarter, beating analysts’ expectations, thanks to a stronger performance in its algorithm-based trading funds and its discretionary funds.
However, concerns of a global growth slowdown linked to China’s stock market crash have weighed on the company’s assets, with the total value of funds under management dropping 2.5 per cent quarter-on-quarter to $76.8bn at the end of September, in line with consensus forecasts.
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Chief executive Manny Roman said quarterly flows “will continue to be lumpy” despite yesterday’s results.
“The political uncertainties and economic upheaval in parts of the world continue to provide a very challenging market backdrop for our business,” he said.
“Accordingly, the risk appetite of our clients may impact flows.”
Man Group’s share price jumped out of bed to climb by 5.16 per cent throughout the day, making it one of the top gainers on the benchmark index. It closed at 159p.
Credit Suisse analysts called it “a credible performance by Man during a difficult quarter”.