REG - Man Group plc - Trading Statement for quarter ended 31 March 2026
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RNS Number : 5581B Man Group plc 23 April 2026
Press Release
23 April 2026
TRADING STATEMENT FOR THE QUARTER ENDED 31 MARCH 2026
Assets under management (AUM) of $228.7bn as at 31 March 2026 (31 December
2025: $227.6bn)
AUM movements for the three months ended 31 March 2026
$bn AUM at 31 Dec 2025 Net flows Investment performance Other(1) AUM at
31 Mar 2026
Liquid alternative 86.8 (1.5) 2.8 1.7 89.8
Private market 17.1 0.5 0.2 (0.7) 17.1
Alternative 103.9 (1.0) 3.0 1.0 106.9
Long-only equity 90.0 (2.8) 0.1 (0.9) 86.4
Long-only credit 33.7 2.2 0.0 (0.5) 35.4
Long-only 123.7 (0.6) 0.1 (1.4) 121.8
Total 227.6 (1.6) 3.1 (0.4) 228.7
Note: net flows include the impact of a $6.1bn redemption from a single client
in long-only equity (systematic).
AUM by product category
$bn 31 Mar 2025 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026
Liquid alternative 85.2 80.1 83.2 86.8 89.8
Solutions(2) 30.7 28.2 29.7 32.0 33.6
Risk premia 11.8 12.4 13.4 14.7 15.3
External alpha 14.6 13.6 14.4 14.8 14.3
Trend-following 10.6 9.0 8.7 8.1 8.2
Multi-asset risk parity 9.5 8.5 8.4 7.9 8.1
Multi-strat 2.8 2.9 2.9 3.1 3.3
Other(3) 5.2 5.5 5.7 6.2 7.0
Private market 14.9 14.1 14.4 17.1 17.1
Private credit 10.9 10.6 10.9 13.0 13.5
CLOs 2.4 2.1 2.1 2.7 2.1
Real estate 1.6 1.4 1.4 1.4 1.5
Long-only equity 50.7 73.6 85.8 90.0 86.4
Discretionary 13.5 15.0 16.3 17.2 17.7
Systematic 37.2 58.6 69.5 72.8 68.7
Long-only credit 21.8 25.5 30.5 33.7 35.4
Discretionary 19.8 23.3 27.7 30.7 32.3
Systematic 2.0 2.2 2.8 3.0 3.1
Total 172.6 193.3 213.9 227.6 228.7
AUM movements for the three months ended 31 March 2026 (legacy reporting)
$bn AUM at 31 Dec 2025 Net flows Investment performance Other(1) AUM at
31 Mar 2026
Absolute return 42.5 (1.1) 1.9 0.8 44.1
Total return 46.6 0.9 1.0 (0.2) 48.3
Multi-manager 14.5 (0.8) 0.1 0.2 14.0
Alternative 103.6 (1.0) 3.0 0.8 106.4
Systematic long-only 76.2 (3.2) (0.3) (0.3) 72.4
Discretionary long-only 47.8 2.6 0.4 (0.9) 49.9
Long-only 124.0 (0.6) 0.1 (1.2) 122.3
Total 227.6 (1.6) 3.1 (0.4) 228.7
AUM by product category (legacy reporting)
$bn 31 Mar 2025 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026
Absolute return 43.1 39.7 40.5 42.5 44.1
Institutional solutions(4) 14.9 13.9 14.9 16.9 17.2
Traditional trend-following 7.7 6.6 6.5 7.0 7.2
Discretionary equity 4.6 4.7 4.6 4.8 5.2
Multi-strategy quant 5.5 4.9 5.3 4.2 4.6
Alternative trend-following 3.7 3.4 3.0 3.4 3.4
Other(5) 6.7 6.2 6.2 6.2 6.5
Total return 42.6 41.1 42.7 46.6 48.3
Alternative risk premia 11.4 11.9 12.9 14.0 14.9
Multi-asset risk parity 15.5 14.3 14.5 14.3 14.7
US private credit 10.2 9.9 10.2 12.2 12.8
CLOs 2.5 2.2 2.1 2.7 2.1
Real estate 1.6 1.4 1.5 1.5 1.6
Other(6) 1.4 1.4 1.5 1.9 2.2
Multi-manager 14.1 13.1 14.1 14.5 14.0
Infrastructure and direct access 9.3 8.3 8.5 8.5 7.5
Segregated 4.3 4.5 5.3 5.7 6.3
Diversified and thematic FoHF 0.5 0.3 0.3 0.3 0.2
Systematic long-only 39.6 61.3 72.7 76.2 72.4
Global equity 18.3 34.8 42.5 42.9 36.4
Emerging markets equity 8.7 11.4 13.6 15.6 17.2
International equity 10.3 12.5 13.4 14.3 15.2
Credit 2.3 2.6 3.2 3.4 3.6
Discretionary long-only 33.2 38.1 43.9 47.8 49.9
Credit and convertibles 18.8 22.1 26.6 29.6 31.2
Japan equity 5.9 6.2 7.0 7.5 8.3
UK equity 4.5 5.1 5.0 5.4 4.9
Emerging markets fixed income 1.1 1.2 1.2 1.2 1.2
Europe ex-UK equity 1.0 0.7 0.4 0.4 0.3
Other(7) 1.9 2.8 3.7 3.7 4.0
Total 172.6 193.3 213.9 227.6 228.7
Investment performance
Return (net of fees) Annualised return (net of fees)
3 months to 12 months to 3 years to 5 years to Inception to 31 Mar 2026
31 Mar 2026
31 Mar 2026
31 Mar 2026
31 Mar 2026
Liquid alternative
AHL Alpha 8 5.7% 16.7% 6.4% 5.6% 9.8%
AHL Dimension 9 5.6% 6.3% 5.1% 5.4% 4.6%
AHL Evolution 10 -0.4% 9.6% 3.0% 4.7% 10.4%
Man Alternative Risk Premia 11 4.7% 16.0% 10.9% 11.0% 6.0%
Man TargetRisk 12 3.7% 10.7% 9.4% 5.6% 7.8%
Man Strategies 1783 13 3.8% 14.5% 12.4% 10.6% 8.4%
Man Alpha Select Alternative 14 6.4% 11.6% 7.1% 7.6% 5.1%
Man Event Driven Alternative 15 1.1% 8.1% 5.7% 4.9% 6.2%
Long-only equity
Man Japan CoreAlpha Equity 16 5.0% 42.5% 28.1% 22.2% 8.1%
Relative return 1.4% 7.8% 4.8% 7.1% 2.2%
Man Undervalued Assets 17 -3.3% 11.0% 12.3% 9.9% 7.7%
Relative return -5.7% -10.5% -1.1% -1.2% 0.5%
Man Continental European Growth 18 -9.7% -1.8% 0.4% 1.2% 8.1%
Relative return -7.8% -18.3% -10.8% -8.6% 1.5%
Numeric Global Core 19 -3.3% 22.6% 20.8% 12.9% 11.9%
Relative return 0.3% 3.7% 4.1% 2.7% 1.3%
Numeric Emerging Markets Core 20 2.0% 36.7% 19.3% 7.0% 7.8%
Relative return 2.2% 7.2% 4.4% 3.3% 2.8%
Numeric Europe Core 21 0.4% 19.6% 15.9% 11.8% 9.4%
Relative return 1.4% 7.9% 4.8% 2.6% 2.4%
Long-only credit
Man High Yield Opportunities 22 0.4% 7.0% 10.9% 6.5% 9.2%
Relative return 1.0% 0.4% 2.1% 2.7% 4.0%
Man Global Investment Grade Opportunities 23 -0.1% 7.0% 13.5% - 8.1%
Relative return 0.4% 2.4% 8.1% - 7.3%
Indices
HFRX Global Hedge Fund Index 24 -0.6% 6.0% 5.0% 2.5%
HFRI Fund of Funds Conservative Index 24 0.8% 8.1% 6.6% 4.9%
HFRI Equity Hedge (Total) Index 24 -0.2% 18.4% 12.3% 6.4%
HFRX EH: Equity Market Neutral Index 24 -2.2% 2.0% 5.2% 2.7%
Barclay BTOP 50 Index 25 7.1% 10.2% 5.9% 7.1%
SG Trend Index 26 7.1% 15.0% 5.2% 7.6%
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 Jersey, we manage $228.7(27) 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 Strategy and Shareholder Relations
+44 20 7144 1000
shareholder.relations@man.com
Georgiana Brunner
Head of Communications
+44 20 7144 1000
communications@man.com
Eilís Murphy
Brunswick Group
+44 7974 982471
emurphy@BrunswickGroup.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 trend-following, multi-asset risk parity and other liquid
alternative strategies distributed via Solutions.
3 Includes other Systematic and Discretionary liquid alternative
strategies.
4 Includes AHL Institutional Solutions as well as other absolute
return strategies.
5 Includes AHL other, Numeric absolute return and Discretionary
credit absolute return strategies.
6 Includes Discretionary credit total return strategies.
7 Includes Discretionary equity and multi-asset long-only
strategies.
8 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.
9 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.
10 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.
11 Represented by Man Alternative Risk Premia SP - Class A USD. AUM
included within Risk premia under the liquid alternative product category.
12 Represented by Man TargetRisk Class I USD. AUM included within
Multi-asset risk parity under the liquid alternative product category.
13 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 Multi-strat under the liquid alternative product category.
14 Represented by Man Alpha Select Alternative IL GBP. AUM included
within Other under the liquid alternative product category.
15 Represented by Man Event Driven Alternative IN USD. AUM included
within Other under the liquid alternative product category.
16 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 Discretionary under the long-only equity product category.
17 Represented by Man Undervalued Assets Fund - C Accumulation Shares.
Relative return shown vs FTSE All Share (GBP, NDTR). AUM included within
Discretionary under the long-only equity product category.
18 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 Discretionary under the long-only equity product
category.
19 Performance relative to the MSCI World (USD). 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 Systematic under
the long-only equity product category.
20 Performance relative to MSCI Emerging Markets (USD). 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 Systematic under the long-only equity product category.
21 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 Systematic under
the long-only equity product category.
22 Represented by Man High Yield Opportunities I H USD. Relative
return is shown vs ICE BofA Global High Yield Index (USD, TR) Hedged
benchmark. AUM included within Discretionary under the long-only credit
product category.
23 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 Discretionary under the long-only credit
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 Formerly known as Newedge Trend Index. Index performance is net of
all fees.
27 As at 31 March 2026. 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 2025 Annual Report.
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