The $700m inflow bucked the predictions of analysts including Peter Lenardos of RBC Capital Markets in London, who had estimated $500m of outflows. Assets under management rose to $52.5bn from $52bn on 30th June.
Redemptions have been slowing this year as some hedge funds managed by GLG had positive returns and clients became less concerned that the European sovereign debt crisis would hurt investment performance.
'Inflows were linked primarily to stronger performance in the first half of the year and were characterized by sizeable asset flows from certain customers, albeit into relatively low-margin products', said CEO Emmanuel Roman, who joined Man Group in 2010 as part of the company’s $1.6bn acquisition of GLG. 'We remain cautious in our outlook for asset flows going forward in the light of continued uncertainty in the macro-economic environment'.
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