Man Group reported first-quarter assets under management (AUM) of $228.7 billion, missing analyst projections of $231.3 billion by $2.6 billion. The company posted net outflows of $1.6 billion for the quarter, reversing market expectations that had pointed to $1.8 billion in inflows.
Outflows were recorded across both of Man Group's main business lines. Alternatives saw negative net money movement of $1.0 billion, while Long-Only recorded outflows of $0.6 billion.
Breaking down the Alternatives segment, Absolute Return registered $1.1 billion of redemptions and Multi-Manager experienced $0.8 billion of outflows. These declines were partially offset by $0.9 billion of inflows into Total Return strategies.
In Long-Only, flows were mixed. Discretionary strategies attracted $2.6 billion of new assets, while Systematic Long-Only recorded $3.2 billion of net outflows. Management attributed the Systematic Long-Only decline primarily to a single-client redemption of approximately $6 billion, which it said reflected an allocation decision rather than concerns about strategy performance. The firm noted that, excluding that one redemption, Long-Only flows would have been positive for the quarter.
At the period end, Man Group's AUM consisted of $106.4 billion in Alternatives and $122.3 billion in Long-Only strategies. The Alternatives total includes $44.1 billion in Absolute Return, $48.3 billion in Total Return and $14.0 billion in Multi-Manager. The Long-Only split comprises $72.4 billion in Systematic strategies and $49.9 billion in Discretionary approaches.
Investment performance added $3.1 billion to AUM during the quarter, while foreign exchange movements and other effects reduced assets by $0.4 billion.
On a strategy basis, Solutions and Risk Premia increased assets by $1.6 billion and $0.8 billion respectively, while Private Credit rose by $0.5 billion. Within Long-Only, Discretionary Long-Only Equity and Long-Only Credit expanded by $0.5 billion and $1.6 billion respectively. By contrast, Systematic Long-Only Equity assets fell by $4.1 billion, reflecting the impact of the single-client redemption.
These figures present a mixed operational picture: selective inflows into discretionary and specialist strategies alongside notable withdrawals from systematic products driven by a concentrated client decision. The quarterly performance contribution was positive, but net client flows and a material one-off redemption left headline AUM below analyst forecasts.