Greater than $1.6bn (£1.29bn) was withdrawn from Man Group funds in the course of the first quarter of the 12 months, the corporate has revealed.
Analysts at Jeffries had predicted constructive web inflows of round $1.3bn.
The FTSE-250 fund supervisor additionally reported a 4.9 per cent improve in property below administration (AUM) over the identical time interval, bringing whole 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, whole AUM throughout all funds has elevated by greater than 21 per cent. This was as a consequence of a $9.8bn constructive swing within the group’s funding efficiency.
The fund supervisor’s different technique was value $111.3bn by the top 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 International 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 street bumps will not be sudden at Man, however the truth that AUM — together with absolute return, pushed by sturdy efficiency and regardless of the outflows — is at document highs demonstrates the enduring and extra constant progress in administration charge profitability,” Jefferies stated, after the outcomes had been introduced.
Following the primary quarter outcomes presentation, Man Group’s share worth fell by nearly 5 per cent.
Learn extra: Man Group seems to steadiness liquidity extra between managers and buyers
