FUM at Man dip as investors withdraw funds

9th Jul 2009 07:02

Fund manager Man Group reported a slight dip in assets under management in the first quarter as customers withdraw funds, but said it is well placed to grow market share.Funds under Management (FUM) at 30 June stood at $43.3bn compared with $44bn announced at end May (31 March: $46.8bn)Private investor sales totalled $3.4bn. Taking into account investment movement, FX and other effects, private investor FUM fell slightly from an estimated $28.5bn at end May 2009 to $27.3bn.The institutional business saw a net outflow of $3.3bn. Sales remained muted and redemptions, estimated to be $3.8bn at the end of May, came to $3.6bn for the quarter. Institutional investor FUM was $16bn at 30 June compared to an estimated $15.5bn at end May (31 March: $19bn).As at 30 June, the regulatory capital surplus was $1.8bn and available liquidity resources totalled around $4.6bn."With positive industry returns for 2009 to date and increasing investor focus on businesses with the resources and experience to adapt to today's market requirements, Man's financial strength and investment breadth means we are well placed to grow market share," said chief executive Peter Clarke.