By Joe Hoppe
Man Group PLC said Friday that assets under management rose 3% in the first quarter of 2021, mainly because of investment gains and net inflows.
The hedge-fund manager said funds under management rose to $127.0 billion as of March 31, compared with $123.6 billion as of Dec. 31.
The London-listed company said it had net inflows of $600 million for the period, primarily from its alternative strategies, and an investment performance of $3.5 billion, mostly from its long-only strategies. It also had negative foreign exchange and other movements of $700 million, driven by a stronger dollar, the company said.
"Client engagement on a number of larger mandates has been positive this year, and as a result we expect to see increased inflows in the coming quarters," Chief Executive Luke Ellis said.
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