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Man Group PLC on Wednesday said its assets under management decreased as its net outflow turned negative, citing "a very difficult quarter for the asset management industry".
The London-based hedge fund manager reported AuM at September 30 was down 2.7% to $138.4 billion from $142.3 billion at June 30. Man noted it suffered a $500 million net outflow, swung from a $5.3 billion net inflow a year ago.
Further, it was hit by a $4.5 billion negative foreign exchange impact, widened from $1.5 billion a year prior, mostly due to the strong dollar for both periods.
More positively, it noted an investment performance of $1.6 billion from its absolute return strategies, surging from $100 million a year ago.
This was more than offset by long-only strategies, whose negative performance ballooned to $1.7 billion from $100 million a year before. Overall investment performance swung to a negative $200 million from a positive $400 million.
Man Group shares fell 3.3% to 210.50 pence each in London on Wednesday morning.
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