Man Group PLC on Thursday said assets under management climbed year-on-year despite falling in the quarter just ended from three months before.
The London-based active investment manager focused on private markets said AuM was $174.9 billion at September 30, down 1.9% from $178.2 billion at June 30. On year, AuM climbed 8.5% from £161.2 billion.
AuM in the higher-margin alternative business fell 1.6% to $108.5 billion from $110.3 billion quarter-on-quarter. Long-only AuM declined 2.2% to $66.4 billion from $67.9 billion.
Net outflows totalled $5.5 billion in the quarter.
Citi analysts said overall AuM is in line with consensus although the mix is ‘unfavourable’.
The broker pointed out the higher-margin alternative unit is 3% below consensus while the lower-margin long only arm is 5% above consensus.
‘As such, we expect low single-digit consensus [earnings per share] downgrades,’ Citi added.
Shares in Man Group were down 1.3% to 211.00 pence each in London on Thursday morning.
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