The price of shares in FTSE 250 fund manager Man Group (LON:EMG) rose by 5.71% to 123.95p (as of 11:40 BST) after funds under management increased by 4% during the quarter ended 30th September. The improvement was due in equal part to net inflows and a positive investment performance. Management said that the balance sheet and liquidity positions remained solid and that the buyback programme announced last month was proceeding as quickly as permitted.
CEO Luke Ellis commented: “We are pleased to report good performance in the third quarter and strong growth in funds under management. This was driven by robust net inflows into alternatives as anticipated, as well as performance gains across both alternative and long-only strategies. Engagement with clients remains good, although there is increasing uncertainty due to upcoming political events and current COVID-19 trends.
“Our immediate priorities continue to be the health and well-being of our colleagues and the performance of our clients’ assets. Our diversified range of strategies, our people and technology and a sustainable business model, underpinned by our strong and liquid balance sheet, allow us to manage the firm for the long term. Man Group is well-placed to withstand volatile periods and to grow over time, delivering increasing value to all our stakeholders“.