Man Group PLC (LON:EMG) predictably saw a massive fall in funds under management in the first quarter despite a net inflow of funds.
Funds under management (FUM) at the end of March stood at US$104.2bn, down from US$117.7bn at the end of 2019.
The period saw the hedge funds manager see net inflows of around US$500,000 but negative foreign exchange rate fluctuations and what the group called “other movements” wiped US$3.3bn off the FUM figure.
Unlike many other companies, Man Group said it is pressing ahead with the final dividend in respect of 2019 and the current share repurchase programme.
"Given the extreme volatility in all markets, we are pleased to have outperformed peers on an asset-weighted basis across the firm by 2.5% in the first quarter and to see our absolute return strategies make gains for clients despite the large sell-off seen. We saw net inflows in the quarter and continue to win mandates but we have seen a recent increase in redemptions as clients adjust their allocations in response to the market moves and heightened economic uncertainty,” said Luke Ellis, the chief executive officer of Man Group.
"Our balance sheet and liquidity position remain robust, and we will proceed with our dividend as announced and continue with our share buyback as planned," he added.
Shares in Man rose 1.5% to 123.95p in early deals.