REG - Man Group plc - 1st Quarter Results
17/04/2025 07:00
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RNS Number : 3483F Man Group plc 17 April 2025
Press Release
17 April 2025
TRADING STATEMENT FOR THE QUARTER ENDED 31 MARCH 2025
Key points
· Assets under management (AUM) of $172.6bn as at 31 March 2025 (31
December 2024: $168.6bn)
· Estimated AUM of $167.0bn and run-rate net management fees of
$1,020m as at 14 April 2025
AUM movements for the three months ended 31 March 2025
$bn AUM at 31 Dec 2024 Net flows Investment performance Other(1) AUM at
31 Mar 2025
Absolute return 45.3 0.4 (1.5) (1.1) 43.1
Total return 41.5 0.1 (0.1) 1.1 42.6
Multi-manager solutions 14.4 (0.5) 0.1 0.1 14.1
Alternative 101.2 0.0 (1.5) 0.1 99.8
Systematic long-only 38.6 0.4 0.1 0.5 39.6
Discretionary long-only 28.8 3.2 0.3 0.9 33.2
Long-only 67.4 3.6 0.4 1.4 72.8
Total 168.6 3.6 (1.1) 1.5 172.6
AUM by product category
$bn 31 Mar 2024 30 Jun 2024 30 Sep 2024 31 Dec 2024 31 Mar 2025
Absolute return 50.3 49.2 47.5 45.3 43.1
Institutional solutions(2) 17.4 17.1 16.1 15.7 14.9
Traditional trend-following 9.6 9.5 9.2 8.4 7.7
Multi-strategy quant 6.5 6.3 5.9 5.8 5.5
Discretionary equity 4.6 4.5 4.6 4.4 4.6
Alternative trend-following 5.3 4.8 4.6 4.1 3.7
Other(3) 6.9 7.0 7.1 6.9 6.7
Total return 43.3 45.0 45.0 41.5 42.6
Multi-asset risk parity 15.2 16.2 16.7 15.0 15.5
Alternative risk premia 10.3 11.4 11.4 10.9 11.4
US direct lending 10.7 10.3 10.2 10.3 10.2
CLOs 3.4 3.4 3.0 2.5 2.5
Real estate 2.5 2.4 2.3 1.4 1.6
Other(4) 1.2 1.3 1.4 1.4 1.4
Multi-manager solutions 17.7 16.1 16.0 14.4 14.1
Infrastructure and direct access 12.0 11.5 10.8 9.7 9.3
Segregated 5.3 4.3 4.7 4.2 4.3
Diversified and thematic FoHF 0.4 0.3 0.5 0.5 0.5
Systematic long-only 39.7 41.2 37.1 38.6 39.6
Global equity 22.5 24.0 18.4 19.6 18.3
International equity 7.8 7.2 7.8 8.4 10.3
Emerging markets equity 8.4 8.9 9.5 8.4 8.7
Fixed income 1.0 1.1 1.4 2.2 2.3
Discretionary long-only 24.7 26.7 29.3 28.8 33.2
Credit and convertibles 9.6 10.7 13.5 14.7 18.8
Japan equity 6.3 6.3 6.4 5.7 5.9
UK equity 4.4 5.0 4.9 4.5 4.5
Emerging markets fixed income 0.9 0.9 1.0 0.9 1.1
Europe ex-UK equity 1.9 1.8 1.7 1.3 1.0
Other(5) 1.6 2.0 1.8 1.7 1.9
Total 175.7 178.2 174.9 168.6 172.6
Investment performance
Return (net of fees) Annualised return (net of fees)
Note 3 months to 12 months to 3 years to 5 years to Inception to
31 Mar 2025
31 Mar 2025
31 Mar 2025
31 Mar 2025
31 Mar 2025
Absolute return
AHL Alpha 6 -4.5% -7.8% 1.1% 3.5% 9.6%
AHL Dimension 7 -2.1% -5.6% 4.0% 3.4% 4.5%
AHL Evolution 8 -4.6% -17.3% -2.2% 3.4% 10.4%
AHL Diversified 9 -7.9% -18.4% -3.8% 1.0% 9.4%
Man Alpha Select Alternative 10 0.2% 1.2% 4.8% 5.3% 4.7%
Man Event Driven Alternative 11 2.7% 3.9% 4.2% 7.2% 5.9%
Man Strategies 1783 12 3.4% 7.8% 10.4% 8.3% 7.3%
Total return
Man TargetRisk 13 1.3% 1.8% 2.9% 5.6% 7.5%
Man Alternative Risk Premia 14 2.0% 3.3% 8.0% 6.7% 5.0%
Multi-manager solutions
FRM Diversified II 15 2.5%* 1.2%* 4.3%* 7.7%* 4.1%*
Systematic long-only
Numeric Global Core 16 -1.1% 9.3% 10.2% 18.5% 11.0%
Relative return 0.7% 2.3% 2.6% 2.4% 1.1%
Numeric Europe Core 17 4.4% 7.6% 9.6% 15.8% 9.0%
Relative return -1.5% 0.8% 1.2% 2.3% 2.2%
Numeric Emerging Markets Core 18 2.4% 9.8% 3.8% 11.2% 5.7%
Relative return -0.6% 1.7% 2.4% 3.3% 2.5%
Discretionary long-only
Man High Yield Opportunities 19 2.0% 10.4% 5.1% 12.8% 7.6%
Relative return 1.2% 3.8% 2.0% 7.6% 4.7%
Man Global Investment Grade Opportunities 20 3.1% 12.1% 10.5% - 8.4%
Relative return 1.4% 6.5% 8.4% - 8.8%
Man Japan CoreAlpha Equity 21 -2.4% -0.1% 19.0% 22.8% 6.5%
Relative return 1.0% 1.4% 5.3% 6.4% 2.0%
Man Undervalued Assets 22 1.5% 7.1% 10.3% 14.7% 7.4%
Relative return -3.0% -3.4% 3.1% 2.7% 1.4%
Man Continental European Growth 23 -5.1% -16.5% 2.3% 6.9% 8.5%
Relative return -12.7% -20.3% -6.4% -6.1% 2.3%
Indices
HFRX Global Hedge Fund Index 24 0.5% 3.2% 1.9% 4.4%
HFRI Fund of Funds Conservative Index 24 0.9% 4.6% 4.2% 6.9%
HFRI Equity Hedge (Total) Index 24 -1.3% 5.1% 4.9% 11.2%
HFRX EH: Equity Market Neutral Index 24 2.0% 6.3% 4.4% 3.7%
Barclay BTOP 50 Index 25 0.3% -3.4% 3.0% 7.1%
*Estimated
Past or projected performance is no indication of future results. Financial
indices are used for illustrative purposes only and are provided for the
purpose of making a comparison to general market data as a point of reference
and should not be construed as a true comparison to the strategy.
The information herein is being provided solely in connection with this press
release and is not intended to be, nor should it be construed or used as,
investment, tax or legal advice, any recommendation or opinion regarding the
appropriateness or suitability of any investment or strategy, or an offer to
sell, or a solicitation of an offer to buy, an interest in any security,
including an interest in any fund or pool described herein.
About Man Group
Man Group is a global alternative investment management firm focused on
pursuing outperformance for sophisticated clients via our Systematic,
Discretionary and Solutions offerings. Powered by talent and advanced
technology, our single and multi-manager investment strategies are underpinned
by deep research and span public and private markets, across all major asset
classes, with a significant focus on alternatives. Man Group takes a
partnership approach to working with clients, establishing deep connections
and creating tailored solutions to meet their investment goals and those of
the millions of retirees and savers they represent.
Headquartered in London, we manage $172.6(26) billion and operate across
multiple offices globally. Man Group plc is listed on the London Stock
Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index.
Further information can be found at www.man.com (http://www.man.com) .
Important information
The content of the websites referred to in this announcement is not
incorporated into and does not form part of this announcement. Nothing in this
announcement should be construed as or is intended to be a solicitation for or
an offer to provide investment advisory services or to invest in any
investment products mentioned herein.
Enquiries
Karan Shirgaokar
Head of Corporate Development and Shareholder Relations
+44 20 7144 1434
shareholder.relations@man.com (mailto:shareholder.relations@man.com)
Georgiana Brunner
Head of Communications
+44 20 7144 1000
communications@man.com
Neil Doyle
FTI Consulting
+44 77 7197 8220
man@fticonsulting.com
Notes
1 Includes the impact of foreign currency exchange rate
fluctuations, performance-linked leverage movements, distributions and
realisations (proceeds from maturities or disposals) across private market
strategies, and capital returned to investors from CLO strategies.
2 Includes AHL Institutional Solutions, which invests into a range
of AHL strategies including AHL Alpha, AHL Dimension and AHL Evolution, as
well as other absolute return strategies.
3 Includes AHL other, Numeric absolute return and Discretionary
credit absolute return strategies.
4 Includes Discretionary credit total return strategies.
5 Includes Discretionary equity and multi-asset long-only
strategies.
6 Represented by AHL Alpha plc from 17 October 1995 to 30 September
2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1
October 2012 to 30 September 2013. The representative product was changed at
the end of September 2012 due to the provisioning of fund liquidation costs in
October 2012 for AHL Alpha plc, which resulted in a tracking error compared
with other Alpha Programme funds. Both funds are valued weekly; however, for
comparative purposes, statistics have been calculated using the best quality
price that is available at each calendar month end, using estimates where a
final price is unavailable. Where a price, either estimate or final is
unavailable on a calendar month end, the price on the closest date prior to
the calendar month end has been used. Both track records have been adjusted to
reflect the fee structure of AHL Alpha (Cayman) Limited - USD Shares. From 30
September 2013, the actual performance of AHL Alpha (Cayman) Limited - USD
Shares is displayed.
7 Represented by AHL Strategies PCC Limited: Class B AHL Dimension
USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman) Ltd
- F USD Shares Class from 1 June 2014 until 28 February 2015 when AHL
Dimension (Cayman) Ltd - A USD Shares Class is used. Representative fees of
1.5% Management Fee and 20% Performance Fee have been applied.
8 Represented by AHL Evolution Limited adjusted for the fee
structure (2% p.a. management fee and 20% performance fee) from September 2005
to 31 October 2006; and by AHL Strategies PCC: Class G AHL Evolution USD from
1 November 2006 to 30 November 2011; and by the performance track record of
AHL Investment Strategies SPC: Class E AHL Evolution USD Notes from 1 December
2011 to 30 November 2012. From 1 December 2012, the track record of AHL
(Cayman) SPC: Class A1 Evolution USD Shares has been shown. All returns shown
are net of fees.
9 Represented by Man AHL Diversified plc from 26 March 1996 to 29
October 2012, and by Man AHL Diversified (Guernsey) USD Shares - Class A from
30 October 2012 to date. The representative product was changed at the end of
October 2012 due to legal and/or regulatory restrictions on Man AHL
Diversified plc preventing the product from accessing the Programme's revised
target allocations. Both funds are valued weekly; however, for comparative
purposes, statistics have been calculated using the best quality price that is
available at each calendar month end, using estimates where a final price is
unavailable. Where a price, either estimate or final is unavailable on a
calendar month end, the price on the closest date prior to the calendar month
end has been used.
10 Represented by Man Alpha Select Alternative IL GBP; AUM included
within Discretionary equity under the absolute return product category.
11 Represented by Man Event Driven Alternative IN USD; AUM included
within Discretionary equity under the absolute return product category.
12 Represented by Man Strategies 1783 Class F1 USD from 31 January
2020 to 31 December 2021 (0.50% p.a. management fee and 20% performance fee);
and by Man Strategies 1783 Class A USD from 1 January 2022 to 31 August 2024
(2% p.a. management fee and 20% performance fee). From 1 September 2024 the
performance of Man Strategies 1783 CL B2 USD is used, this has a 1.0%
management fee and a performance fee of 15%, plus additional talent
passthrough costs included within the underlying portfolio; AUM included
within the corresponding underlying product category.
13 Represented by Man TargetRisk Class I USD.
14 Represented by Man Alternative Risk Premia SP - Class A USD.
15 Represented by FRM Diversified II Fund SPC - Class A USD ('the
fund') until April 2018 then Class A JPY hedged to USD thereafter. However,
prior to Jan 2004, FRM has created the FRM Diversified II pro forma using the
following methodology: i) for the period Jan 1998 to Dec 2003, by using the
returns of Absolute Alpha Fund PCC Limited - Diversified Series Share Cell
('AA Diversified - USD') adjusted for fees and/or currency, where applicable.
For the period Jan 2004 to Feb 2004, the returns of the fund's master
portfolio have been used, adjusted for fees and/or currency, where applicable.
Post Feb 2004, the fund's actual performance has been used, which may differ
from the calculated performance of the track record. There have been occasions
where the 12-months' performance to date of FRM Diversified II has differed
materially from that of AA Diversified. Strategy and holdings data relates to
the composition of the master portfolio; AUM included within Diversified and
thematic FoHF under the multi-manager solutions product category.
16 Performance relative to the MSCI World. This reference index is
intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index.
17 Performance relative to the MSCI Europe (EUR). This reference index
is intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index; AUM included within International
equity under the systematic long-only product category.
18 Performance relative to MSCI Emerging Markets. This reference index
is intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index.
19 Represented by Man High Yield Opportunities I EUR. Relative return
is shown vs ICE BofA Global High Yield Index (EUR, TR) Hedged benchmark; AUM
included within Credit and convertibles under the discretionary long-only
product category.
20 Represented by Man Global Investment Grade Opportunities I USD.
Relative return is shown vs ICE BofA Global Large Cap Corporate Index (USD,
TR) Hedged; AUM included within Credit and convertibles under the
discretionary long-only product category.
21 Represented by Man Japan CoreAlpha Fund - Class C converted to JPY
until 28 January 2010. From 1 February 2010 Man Japan CoreAlpha Equity Fund -
Class I JPY is displayed. Relative return shown vs TOPIX (JPY, GDTR); AUM
included within Japan equity under the discretionary long-only product
category.
22 Represented by Man Undervalued Assets Fund - C Accumulation Shares.
Relative return shown vs FTSE All Share (GBP, NDTR); AUM included within UK
equity under the discretionary long-only product category.
23 Represented by Man Continental European Growth Fund Class C
Accumulation Shares. Relative return shown vs FTSE World Europe Ex UK (GBP,
GDTR); AUM included within Europe ex-UK equity under the discretionary
long-only product category.
24 HFRI and HFRX index performance over the past 4 months is subject
to change.
25 The historical Barclay BTOP 50 Index data is subject to change.
26 As at 31 March 2025. All investment management and advisory
services are offered through Man Group affiliated regulated investment
managers. Assets under management include advisory-only assets where Man Group
provides model portfolios but does not have decision making or trading
authority over the assets and dedicated managed account platform services for
which Man Group provides platform and risk management services but does not
provide investment management services.
This document should be read in conjunction with the content and definitions
included in the 2024 Annual Report.
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