Hedge fund group Man Group said its assets under management increased 5% in the first half of 2019 amid strong absolute performance from its quant alternative strategies, however outflows were higher year on year. In the six months to 30 June 2019, the group's funds under management increased 5% to $114.4bn, driven by positive absolute investment movement of $6.8bn. However, it saw net outflows of $1.1bn, comprising sales of $13.5bn and redemptions of $14.6bn. This compares with net inflows of $8.3bn a year earlier. It saw a 3% increase in adjusted pretax profit rose 3% to $157m and a drop in the interim dividend to 4.7 cents per share from 6.4 cents per share a year earlier. 'Across the industry we have seen clients reducing their equity exposure and increasing their allocations to bonds, an area where we have historically been under-represented, which has contributed to net outflows in the half. We nevertheless continued to see ongoing engagement with clients on new mandates and in particular strong demand for our alternative risk premia strategies,' said CEO Luke Ellis. At 8:16am: (LON:EMG) Man Group PLC share price was +6.5p at 173.35p
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