Man Group assets under management reached an all-time high in the last quarter on the back of $700m net inflows into its strategies and the acquisition of US private credit manager Varagon Capital Partners.
In a trading statement today (19 October), the alternatives giant reported its AUM had grown to $161.2bn at 30 September, up 6.2% from $151.7bn at the end of June 2023.
In the three months to the end of September, the firm's absolute return strategies attracted the highest amount of interest from clients, with $1.1bn net inflows, followed by discretionary long-only strategies at $500m.
Man Group completes acquisition of Varagon Partners
The firm's alternatives business grew by $10.9bn during the period, thanks to $700m in net inflows and $300m in total returns with $9.9bn attributed to FX impact.
Its long-only business shrank from $54.7bn at the end of June to $53.3bn due to flat flows, a loss of $200m in investment performance and a negative FX impact worth $1.2bn.
Man Group to acquire $11.8bn US private credit manager
Man Group's multi-manager solutions strategy shed $400m in net outflows, while systematic long-only saw net outflows of $500m and was negatively impacted by a loss of $700m and $500m due to negative investment performance and FX impact, respectively.
The deal to acquire Varagon Capital Partners, which at the end of 2022 had $11.8bn in assets and $15.4bn of total client commitments, for $183m in cash was first announced in July, reaching completion at the start of September.
