Greater than $1.6bn (£1.29bn) was withdrawn from Man Group funds in the course of the first quarter of the yr, the corporate has revealed.
Analysts at Jeffries had predicted optimistic web inflows of round $1.3bn.
The FTSE-250 fund supervisor additionally reported a 4.9 per cent improve in belongings below administration (AUM) over the identical time interval, bringing complete AUM to $175.7bn as of 31 March 2024.
Learn extra: Man Group drops GLG, Varagon manufacturers amid credit score push
On a year-on-year foundation, complete AUM throughout all funds has elevated by greater than 21 per cent. This was on account of a $9.8bn optimistic swing within the group’s funding efficiency.
The fund supervisor’s various technique was value $111.3bn by the tip of the primary quarter, regardless of $3.2bn in outflows. The group additionally reported that its US direct lending AUM fell to $10.7bn within the first quarter, down from $10.8bn the earlier quarter.
Man Group has been making a push into the credit score markets in current months. In February, the corporate retired the GLG, Man World Non-public Markets and Varagon manufacturers, and reorganised its discretionary buying and selling models with a view to bolstering its credit score credentials.
Learn extra: Moody’s downgrades three direct lending funds
“Occasional highway bumps will not be surprising at Man, however the truth that AUM — together with absolute return, pushed by sturdy efficiency and regardless of the outflows — is at file highs demonstrates the enduring and extra constant progress in administration price profitability,” Jefferies stated, after the outcomes have been introduced.
Following the primary quarter outcomes presentation, Man Group’s share value fell by nearly 5 per cent.
Learn extra: Man Group appears to be like to stability liquidity extra between managers and buyers
