LONDON (Reuters) – British hedge fund firm Man Group (EMG.L) on Wednesday said assets under management rose 4.2 percent in the first six months of 2018, helped by net inflows of $8.3 billion.
Man Group’s total assets under management at the end of June rose to $113.7 billion, up from $109.1 billion at the end of December.
Adjusted profit before tax increased by 5 percent from the first half of 2017, rising to $153 million, from $145 million.
Assets were hindered by investment performance losses of $1.7 billion and negative currency movements of $2 billion as the U.S. dollar strengthened against most major currencies.
“Given the difficult market backdrop and weaker performance in the first half, funds under management and adjusted profit growth were more limited,” Luke Ellis, chief executive officer at Man Group, said in a statement.
Over $1 billion of negative performance was driven by losses in Man Group’s Japanese long-only and emerging market long-only strategies, partially offset by gains in European and UK-focused discretionary strategies.
Redemptions rose to $11.6 billion in the six months to June 30, from $9.3 billion the first half of 2017.
Ellis said third-quarter flows will be hit but the withdrawal of a $2.2 billion redemption from a very low margin infrastructure mandate.
Reporting by Maiya Keidan, editing by Sinead Cruise