Man Group, the hedge fund manager, said it took in a further $1 billion of funds in the second quarter, with funds managed by Man Investment Products rising from $10.7 billion at the end of March to $11.9 billion at the end of June.
Group funds under management now total $21 billion, but this figure includes $9 billion from RMF, the Swiss hedge fund of funds manager which the firm acquired earlier this year. However, RMF also put on a further $500 million, up from $8.5 billion, in the second quarter.
Chairman Harvey McGrath said the additional funds would translate into higher net management fee income than last year. “Demand for our fund products continues to be strong, both from private clients and institutions,” he says. “The increase in funds under management due to sales in the three months to 30 June was around $1 billion, which includes the latest retail product launches, Man AP Strategic 2 Ltd and OM-IP 220 Limited Series 7, both of which closed in June and raised around US$140 million and US$110 million respectively. Investment performance from AHL has been particularly strong recently with the weighted average of all AHL funds recording net returns of 10.8% for the three months to 30 June. One third of the AHL range of products is now at, or very close to, performance fee highs. Glenwood and most of our other managers remain at, or close to, performance fee highs. The integration of RMF, our recently acquired Swiss based provider of alternative products, has commenced smoothly. Man’s brokerage division, Man Financial, also continues to perform well particularly in its core Financial Futures, Energy, Metals and Foreign Exchange activities.”