Man Group reports FuM growth but outlook cautious

9th May 2014 12:50

Hedge-fund manager Man Group said that net inflows of two billion pounds helped funds under management (FuM) grow in the first quarter, but shares fell after its executives sounded a cautious note on the outlook.FuM totalled $55bn as of March 31st, up from $54.1bn at the end of December, 1% ahead of the $54.3bn Numis Securities had pencilled in.Flows in the GLG business boosted net inflows to $2bn and currency movements contributed $0.3bn, partly offset by other negative movements totalling $1.4bn."The market environment in the first quarter has been particularly challenging and March was a very difficult month for the industry. In this context, performance across the firm was reasonable on a relative basis," said Chief Executive Manny Roman."Whilst we are pleased to have recorded a solid quarter of net inflows, we remain cautious in our outlook for asset flows for the rest of the year given recent mixed absolute investment performance."The stock was 1.9% lower at 98.75p by 14:02.BC