1 May 2012 – interim management statement

An encouraging management statement from hedge fund manager Man Group has failed to inspire the share price.  After seeing significant levels of funds leaving the group over the last few months, the rate of decline has slowed markedly in the first quarter.  At the end of March the group has $59bn of funds under management compared with $58.4bn at 31 December.  Net outflows of $1.0bn comprised sales of $3.1bn and redemptions of $4.1bn with a positive investment perfromance of $2.0bn during the period.  There were negative movements of $0.4bn on foreign exchange movements.  Although trading conditions remain difficult, the group is on track to deliver cost savings of $75m as announced in January.  The shares remain a TRADING BUY.