Man Group Plc (LON:EMG) was hit by $1.1bn of net outflows in its third quarter and $1.3bn of currency swings and other negative impacts, which was only partly offset by positive investment movement.
All in all, the hedge fund manager’s funds under management (FuM) fell $1.7bn, or 1.5%, to $112.7bn over the three months to 30 September.
Over the year to date, FuM is up 4%.
“In the third quarter, we saw a continuation of the trends experienced in the first half of the year with strong absolute performance and inflows into our quant alternative strategies, and outflows from our long only equity strategies,” said chief executive Luke Ellis.
Looking ahead, Ellis said the board was “encouraged by our good performance fee earning potential, although uncertain economic conditions mean the outlook for flows remains mixed”.
With cash flowing, Man announce its intention to buy back $100mln of shares and said the company “will continue to review further potential acquisition opportunities”.