The Man Group has posted outflows for the fifth consecutive quarter, although its assets under management are up, thanks to the recent acquisition of the fund of funds firm FRM.
Man saw net outflows of $2.2 billion in Q3 2012, an increase over the first quarter it said was concentrated in lower-margin products.
Its AUM was up 14% over the three months to September 30, and now stands at $60 billion.
Peter Clarke, chief executive of Man, said: “Man’s funds under management increased in the quarter, driven by the acquisition of FRM which completed in July. This transaction has created the largest non-US based hedge fund of funds business and I am pleased to say that integration has progressed quickly and efficiently with positive feedback from clients.”
He added that the challenging environment for capital raising continues, and redemptions were a result of “subdued” investor sentiment.
“Against this backdrop, our focus remains on delivering performance for our investors and improving efficiency. We continue to attract high quality talent from the industry to bolster existing investment teams and to launch new product lines. We remain on track to deliver the cost savings announced in H1.”