Alternatives added $5.1bn of inflows in the three months to 30 September 2021, with a further positive investment performance of $500m, compared with the long-only suite’s $200m of net inflows and negative investment performance of $100m.
However, both product suites suffered from the strength of the dollar against the pound and euro, combining for a $1.5bn FX-related loss for the firm.
Despite total net inflows of $5.3bn across the quarter, FUM only grew $4.2bn (3%) owing to these performance and FX issues.
AHL TargetRisk and Man Institutional Solutions were the biggest alternatives inflow contributors for the firm, while GLG Alpha Select (3.8%) and AHL TargetRisk (3.7%) saw the strongest performance.
In long-only, GLG High Yield enjoyed the greatest inflows, while the strong performance of GLG Japan CoreAlpha (5.2%) was more than negated by Numeric Emerging Markets (-7.6%).
The firm has now completed $62m of the $100m share buyback scheme it announced in July 2021.
Man Group CEO Luke Ellis said: “We are pleased to report a further increase in funds under management in the third quarter, reaching a new peak of $139.5bn driven by very strong net inflows of $5.3bn and solid investment performance for our clients.
“Looking forward, we see positive momentum continuing into the fourth quarter, with a high level of client engagement on a number of larger institutional mandates across our systematic long-only and multi-manager strategies.
We continue to invest in our talent and technology, which underpin our growth and ability to deliver superior risk-adjusted investment performance for our clients and generate value for our shareholders.”