TRADING STATEMENT for quarter ended 30 Sept 2015

RNS Number : 3119C

Man Group plc

15 October 2015

 

Press Release

15 October 2015

TRADING STATEMENT for the quarter ended 30 September 2015

Key points

·     Funds under management (FUM) of $76.8 billion at 30 September 2015 (30 June 2015: $78.8 billion)

o  Net inflows in the quarter of $1.4 billion, comprising sales of $5.7 billion and redemptions of $4.3 billion with net inflows into quant and discretionary strategies being partially offset by net outflows from fund of funds strategies

o  Overall investment movement of negative $2.7 billion in the quarter driven by negative market movements in GLG's and Numeric's long only strategies, partially offset by positive performance across AHL's strategies

o  FX translation effects of negative $0.6 billion in the quarter, driven by the strengthening of the US dollar against Sterling ($0.4 billion) and the Australian Dollar ($0.3 billion), partially offset by Japanese Yen strengthening against the US Dollar ($0.1 billion)

o  Other movements of negative $0.1 billion with CLO and guaranteed product maturities of $0.4 billion being partially offset by investment exposure adjustments of $0.3 billion

·     Good year to date relative performance across the majority of strategies. Asset weighted net outperformance for GLG's long only and Numeric's strategies of approximately 2.1%¹ and 3.7%¹ respectively for the year to 30 September 2015  

Manny Roman, Chief Executive Officer of Man, said:

"Despite the extreme market movements in late August impacting absolute performance across our long only strategies, we have seen good relative performance across the majority of our strategies for the year to date.  

The net inflow for the quarter was driven by flows into our quant strategies and we have a solid pipeline of sales in the near-term. Quarterly flows will continue to be lumpy in nature, particularly in respect of certain FRM managed account mandates that are yet to fund, and the exact timing of which remains to be confirmed.

The political uncertainties and economic upheaval in parts of the world continue to provide a very challenging market backdrop for our business. Accordingly, the risk appetite of our clients may impact flows, but we remain focused on continuing to generate attractive investment returns across our range of strategies."

THIRD QUARTER FUM COMMENTARY

       FUM movements by product type

$bn	FUM at 30 June 2015	Sales	Redemptions	Net inflows / (outflows)	Investment movement	FX	Other	FUM at 30 September 2015
Alternative	43.7	2.8	(1.9)	0.9	0.3	(0.2)	0.1	44.8
Quant (AHL / Numeric)	14.9	1.4	(0.5)	0.9	1.2	(0.2)	0.3	17.1
Discretionary (GLG)	18.0	0.9	(0.6)	0.3	(0.6)	0.0	(0.3)	17.4
Fund of funds (FRM)	10.8	0.5	(0.8)	(0.3)	(0.3)	0.0	0.1	10.3
Long only	33.4	2.9	(2.4)	0.5	(3.1)	(0.3)	0.0	30.5
Quant (Numeric / AHL)	18.1	0.8	(0.4)	0.4	(1.6)	0.0	0.0	16.9
Discretionary (GLG)	15.3	2.1	(2.0)	0.1	(1.5)	(0.3)	0.0	13.6
Guaranteed	1.7	0.0	0.0	0.0	0.1	(0.1)	(0.2)	1.5
Total	78.8	5.7	(4.3)	1.4	(2.7)	(0.6)	(0.1)	76.8

ALTERNATIVES

Quant

Quant alternative (AHL / Numeric) FUM grew by $2.2 billion during the quarter driven by positive performance and net inflows. The net inflow of $0.9 billion included $0.5 billion into Alpha, $0.3 billion into Dimension and $0.1 billion into other AHL styles. Performance was positive across the majority of AHL strategies which drove the $1.2 billion of investment movement, with Diversified up 9.7%, Alpha up 7.0%, Dimension up 7.4% and Evolution up 5.5% in the quarter. Negative FX movements of $0.2 billion were driven by the US dollar strengthening against the Australian dollar. Other movements of $0.3 billion related to investment exposure adjustments. As at 30 September 2015, 63% of AHL open ended funds were at high watermark and 18% were within 5% of high watermark. The weighted average distance from high watermark for AHL guaranteed funds was 12%.

Discretionary

Discretionary alternatives (GLG) FUM decreased by $0.6 billion during the period with net inflows being more than offset by negative performance and maturities. The net inflow of $0.3 billion included $0.2 billion into equity long short strategies and $0.1 billion into credit strategies. Negative investment movement of $0.6 billion in the quarter was mainly due to negative performance in the North American equity strategy which is materially more directional than the other alternatives strategies and was impacted by declining equity markets. FX movements were negligible and CLO maturities were $0.3 billion in the period. As at 30 September 2015, 14% of GLG performance fee eligible FUM was at high watermark and 48% was within 5% of high watermark.

Fund of funds

Alternative fund of funds (FRM) FUM reduced by $0.5 billion during the quarter. Sales of $0.5 billion included $0.2 billion from recently awarded managed account mandates. Redemptions of $0.8 billion included $0.3 billion from one client in an older managed account driven by an asset allocation decision, and $0.2 billion from one client in a segregated portfolio. Performance at FRM was negative overall which decreased FUM by $0.3 billion in the quarter. FX movements were negligible in the period and other movements of positive $0.1 billion related to investment exposure adjustments. 

LONG ONLY

Quant

Quant long only (Numeric / AHL) FUM decreased by $1.2 billion during the quarter with negative performance being partially offset by net inflows. The net inflows of $0.4 billion were mainly into Global strategies. The negative investment movement of $1.6 billion was primarily due to negative market performance in Global Core and Emerging Markets Core strategies, although both these strategies outperformed their respective benchmarks by 0.9% and 0.4% (net of fees) respectively for the quarter and the asset weighted outperformance against a blend of applicable benchmarks (net of fees) across Numeric's product range for the year to 30 September 2015 was strong at approximately 3.7%².

Discretionary

Discretionary long only (GLG) FUM decreased by $1.7 billion mainly due to negative investment movement in the period. Net inflows were $0.1 billion, with $0.5 billion of inflows into the Japan CoreAlpha, European Equity and Undervalued Assets strategies being partially offset by $0.4 billion of outflows from Fixed Income strategies. Japan CoreAlpha was down 14.8% in the period (compared to the Topix which was down 13.5%), which was the main driver of the negative investment movement of $1.5 billion. However year to date performance across GLG's range of long only strategies as a whole has been good with asset weighted outperformance (ie. relative to the weighted performance of relevant reference indices, net of fees) of approximately 2.1%. FX movements of negative $0.3 billion in the quarter were due to the US dollar strengthening against sterling.

GUARANTEED PRODUCTS

Guaranteed product funds under management decreased by $0.2 billion in the quarter to $1.5 billion. There were no guaranteed product launches and redemptions were minimal. Positive AHL performance added $0.1 billion to FUM and FX movements were negative $0.1 billion due to the strengthening of the US dollar against the Australian dollar. The net de-gear in the period was $0.1 billion and there were maturities of $0.1 billion.

^1&2 Numeric’s asset weighted alpha YTD as of 30/09/2015 is calculated using the asset weighted average of the performance relative to the benchmark for all non-restricted strategy composites available net of the highest management fees and, as applicable, performance fees that can be charged.  

FUM by manager

$bn	30 Sep 2015	30 Jun 2015	31 Mar 15	31 Dec 2014	30 Sep 2014
AHL	17.9	15.8	16.5	14.4	13.3
AHL Diversified (inc. Guaranteed)	4.4	4.3	5.1	4.7	4.4
AHL Alpha	4.0	3.0	3.7	3.1	2.8
AHL Evolution	3.0	2.9	3.0	2.8	2.3
AHL Dimension	4.2	3.6	2.4	1.8	1.3
Europe and Asia Plus	1.1	1.2	1.7	1.9	2.5
Other specialist styles	1.2	0.8	0.6	0.1	0.0
Numeric	17.2	18.4	17.8	16.7	15.1
Global	9.3	9.7	9.6	9.1	7.6
Emerging markets	1.9	2.5	2.4	1.9	2.1
US	4.6	4.7	4.3	4.3	4.1
Alternatives	1.4	1.5	1.5	1.4	1.3
GLG	31.0	33.3	33.3	30.5	32.2
Alternatives	17.4	18.0	17.2	14.5	16.4
Europe equity *	3.7	3.4	3.7	3.8	5.8
North America equity	2.2	2.5	2.2	2.2	2.0
UK equity	0.3	0.5	0.3	0.3	0.3
Other equity	0.6	0.6	0.5	0.8	0.7
Convertibles	4.0	4.0	3.8	3.8	4.3
Market Neutral	0.6	0.7	0.7	0.9	1.1
US credit (Silvermine and Ore Hill)**	4.2	4.5	4.5	0.8	0.8
European CLO (Pemba)**	1.0	1.0	0.8	1.0	1.1
Multi-strategy *	0.8	0.8	0.7	0.9*	0.3
Long only	13.6	15.3	16.1	16.0	15.8
Japan equity	7.7	8.7	10.3	10.2	10.5
Global equity	0.6	0.8	1.3	1.3	1.4
Europe equity	1.7	1.6	1.2	1.1	1.1
UK equity	0.6	0.6	0.5	0.6	0.5
NewSmith	0.8	0.9	n/a	n/a	n/a
Fixed income	2.2	2.7	2.8	2.8	2.3
FRM	10.7	11.3	10.5	11.3	11.7
Infrastructure	1.1	1.6	1.7	1.8	2.1
Direct access	0.4	0.5	0.6	0.7	0.7
Segregated	3.1	3.0	3.0	3.3	3.4
Diversified FoHF	4.2	4.6	3.2	3.5	3.4
Thematic FoHF	1.5	1.1	1.4	1.5	1.6
Guaranteed	0.4	0.5	0.6	0.5	0.5
Total	76.8	78.8	78.1	72.9	72.3

*Multi-strategy was re-classified from European equity at 31 December 2014

** $0.3 billion of FuM re-classified from US credit to European CLO

 

	Investment performance
		Total Return		Annualised Return
		3 months to 30 Sep 15	9 months to 30 Sep 15	3 years to 30 Sep 15	5 years to 30 Sep 15
	AHL
	AHL Diversified1	9.7%	2.7%	9.9%	5.1%
	AHL Alpha2	7.0%	4.1%	8.2%	4.8%
	AHL Evolution3	5.5%	8.2%	17.4%	16.1%
	AHL Dimension4	7.4%	7.2%	8.8%	4.9%
	TailProtect5	6.3%	-2.9%	-10.7%	n/a
	MSS Europe6	-8.3%	2.7%	10.8%	n/a
	GLG ALTERNATIVES
	Equity
	Europe
	GLG European Long Short7	-1.0%*	4.2%*	1.8%*	4.5%*
	Man GLG European Equity Alternative UCITS8	-1.1%	3.5%	1.3%	n/a
	Man GLG European Alpha Alternative UCITS9	-2.0%	-0.5%	2.4%	2.3%
	UK
	GLG Alpha Select10	0.5%*	2.1%*	7.8%*	1.6%*
	Man GLG Alpha Select UCITS11	0.2%	1.7%	7.5%	1.2%
	Global
	Man GLG Cred-Eq Alternative Class12	-8.3%	-2.8%	n/a	n/a
	Man GLG Value Opportunity 13	-0.8%*	1.8%*	n/a	n/a
	Convertibles
	GLG Global Convertible14	-3.7%	-1.3%	3.0%	2.3%
	GLG Global Convertible UCITS15	-3.9%	0.7%	5.1%	4.0%
	Market neutral
	GLG Market Neutral16	-3.3%*	0.4%*	2.3%*	5.0%*
	Man GLG European Distressed17	5.1%*	5.7%*	5.6%*	5.5%*
	Multi-strategy
	Man Multi-Strategy18	0.1%*	4.1%*	3.3%*	2.3%*
	Man GLG Global Opportunity19	-0.1%*	1.3%*	0.9%*	-1.1%*
	GLG LONG ONLY
	Man GLG Japan Core Alpha Equity20	-14.8%	4.8%	31.0%	14.0%
	Man GLG Global Equity UCITS21	-7.5%	-2.2%	12.7%	8.7%
	Man GLG Strategic Bond22	-0.8%	-3.0%	4.3%	n/a
	Man GLG Undervalued Assets23	-4.8%	5.5%	n/a	n/a
	GLG European Equity24	-4.5%	6.6%	16.5%	9.1%
	Man GLG UK Select25	-5.5%	-2.5%	12.3%	7.5%
	Man GLG Continental European Growth26	4.5%	17.9%	20.3%	13.3%

 

		Total Return		Annualised Return
		3 months to 30 Sep 15	9 months to 30 Sep 15	3 years to 30 Sep 15	5 years to 30 Sep 15
	MAN MULTI-MANAGER
	FRM Diversified II27	-0.3%*	2.5%*	3.9%*	2.9%*
	Indices
	World stocks28	-7.7%	-4.0%	11.7%	10.0%
	World bonds29	1.9%	1.2%	3.5%	3.5%
	Corporate bonds30	3.1%	-1.4%	2.6%	6.4%
	Hedge fund indices
	HFRI Fund of Funds Composite Index31	-3.3%	-0.7%	4.3%	2.7%
	HFRI Fund Weighted Composite Index31	-3.8%	-1.4%	4.0%	3.3%
	HFRX Global Hedge Fund Index31	-4.3%	-3.0%	1.2%	0.0%
	HFRI Fund of Funds Conservative Index31	-0.9%	1.3%	4.6%	3.0%
	Style indices
	Barclay BTOP 50 Index32	2.4%	-0.9%	3.3%	1.8%
	HFRI Equity Hedge (Total) Index31	-5.8%	-2.2%	5.0%	3.6%
	HFRI EH: Equity Market Neutral Index31	1.1%	3.2%	4.5%	3.1%
	HFRI Macro (Total) Index31	-0.3%	-0.6%	1.2%	0.9%
	HFRI Relative Value (Total) Index31	-2.5%	0.0%	4.5%	4.9%

 

		Total Return				Annualised Return
NUMERIC LONG ONLY		3 months to 30 Sep 2015		9 months to 30 Sep 2015		3 years to  30 Sep 2015		5 years to  30 Sep 2015
U.S. Large Cap Equity
Numeric Core		-5.9%		-3.1%		17.0%		16.5%
Russell 1000®#		-6.8%		-5.2%		12.7%		13.4%
Relative Return		1.0%		2.2%		4.4%		3.1%
Numeric All Cap Core		-7.1%		-4.5%		15.6%		16.3%
Russell 3000®#		-7.3%		-5.5%		12.5%		13.3%
Relative Return		0.2%		0.9%		3.1%		3.0%
Numeric Large Cap Core		-5.7%		-3.3%		17.6%		16.9%
S&P 500®#		-6.4%		-5.3%		12.4%		13.3%
Relative Return		0.7%		2.0%		5.2%		3.5%
Numeric Value		-7.1%		-4.5%		16.3%		15.6%
Russell 1000 Value®#		-8.4%		-9.0%		11.6%		12.3%
Relative Return		1.3%		4.5%		4.7%		3.4%
Numeric Amplified Core (130/30)		-4.0%		-1.2%		21.6%		19.6%
S&P 500®#		-6.4%		-5.3%		12.4%		13.3%
Relative Return		2.4%		4.1%		9.2%		6.3%
U.S. Small Cap Equity
Numeric Small Cap Core		-9.6%		-6.7%		14.4%		15.3%
Russell 2000®#		-11.9%		-7.7%		11.0%		11.7%
Relative Return		2.3%		1.0%		3.4%		3.5%
Numeric Small Cap Growth		-11.4%		-7.0%		15.0%		15.8%
Russell 2000 Growth®#		-13.1%		-5.5%		12.9%		13.3%
Relative Return		1.7%		-1.5%		2.1%		2.5%
Numeric Small Cap Value		-7.5%		-6.3%		14.6%		14.7%
Russell 2000 Value®#		-10.7%		-10.1%		9.2%		10.2%
Relative Return		3.2%		3.7%		5.4%		4.6%
Numeric SMID Growth		-10.4%		-4.8%		16.1%		16.2%
Russell 2500 Growth®#		-11.1%		-3.9%		13.8%		13.9%
Relative Return		0.6%		-0.9%		2.4%		2.2%
Global / Non-U.S. Equity
Numeric Global Core		-7.6%		-1.6%		n/a		n/a
MSCI World®#		-8.5%		-6.0%		n/a		n/a
Relative Return		0.9%		4.4%		n/a		n/a
Numeric Global Small Cap		-6.9%		-2.4%		n/a		n/a
MSCI World Small Cap®#		-9.7%		-4.4%		n/a		n/a
Relative Return		2.9%		2.0%		n/a		n/a
Numeric EAFE Core		-7.8%		1.2%		n/a		n/a
MSCI EAFE®#		-10.2%		-5.3%		n/a		n/a
Relative Return		2.4%		6.5%		n/a		n/a
Numeric International Small Cap		-4.1%		4.8%		14.1%		n/a
MSCI World ex U.S. Small Cap®#		-8.0%		-0.3%		8.6%		n/a
Relative Return		3.9%		5.1%		5.5%		n/a
Numeric Europe Core (EUR)		-7.1%		6.8%		16.4%		12.8%
MSCI Europe®# (EUR)		-8.9%		2.8%		11.2%		8.6%
Relative Return		1.8%		4.1%		5.3%		4.2%
Numeric Japan Core (YEN)		-13.6%		3.1%		29.3%		16.1%
MSCI Japan®# (YEN)		-13.7%		0.1%		25.8%		12.8%
Relative Return		0.1%		3.0%		3.5%		3.3%
Numeric Asia Pacific ex Japan		-16.0%		-8.4%		n/a		n/a
Russell Asia Pacific ex Japan®#		-17.0%		-13.7%		n/a		n/a
Relative Return		1.0%		5.3%		n/a		n/a
Emerging Markets
Numeric Emerging Markets Alpha		-16.4%		-10.4%		4.7%		4.9%
MSCI Emerging Markets®#		-17.9%		-15.5%		-5.3%		-3.6%
Relative Return		1.5%		5.1%		10.0%		8.5%
Numeric Emerging Markets Core		-17.5%		-11.4%		n/a		n/a
MSCI Emerging Markets®#		-17.9%		-15.5%		n/a		n/a
Relative Return		0.4%		4.0%		n/a		n/a
NUMERIC LONG/SHORT
Numeric US Market Neutral		5.3%		9.0%		4.3%		5.7%
Numeric World Market Neutral		4.3%		4.8%		5.7%		6.1%
Numeric Alternative Market Neutral		2.9%		5.8%		7.7%		7.8%
Numeric Absolute Return		2.1%		4.6%		6.0%		n/a
ML 91-Day T-Bill®		0.0%		0.0%		0.1%		0.1%
	Source: Man database, Bloomberg, MSCI and Source. There is no guarantee of trading performance and past or projected performance is not a reliable indicator of future performance. Returns may increase or decrease as a result of currency fluctuations.
	1) Represented by Man AHL Diversified plc from 26 March 1996 to 29 October 2012, and by Man AHL Diversified (Guernsey) USD Shares - Class A from 30 October 2012 to date. The representative product was changed at the end of October 2012 due to legal and/or regulatory restrictions on Man AHL Diversified plc preventing the product from accessing the Programme's revised target allocations. Both funds are valued weekly; however, for comparative purposes, statistics have been calculated using the best quality price that is available at each calendar month end, using estimates where a final price is unavailable. Where a price, either estimate or final is unavailable on a calendar month end, the price on the closest date prior to the calendar month end has been used.
	2) Represented by AHL Alpha plc from 17 October 1995 to 30 September 2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1 October 2012 to 30 September 2013. The representative product was changed at the end of September 2012 due to the provisioning of fund liquidation costs in October 2012 for AHL Alpha plc, which resulted in tracking error compared with other Alpha Programme funds. Both funds are valued weekly; however, for comparative purposes, statistics have been calculated using the best quality price that is available at each calendar month end, using estimates where a final price is unavailable. Where a price, either estimate or final is unavailable on a calendar month end, the price on the closest date prior to the calendar month end has been used. Both of the track records have been adjusted to reflect the fee structure of AHL Alpha (Cayman) Limited - USD Shares. From 30 September 2013, the actual performance of AHL Alpha (Cayman) Limited - USD Shares is displayed.
	3) Represented by AHL Strategies PCC: Class G AHL Evolution USD from 1 November 2006 to 30 November 2011; and by the performance track record of AHL Investment Strategies SPC: Class E AHL Evolution USD Notes from 1 December 2011 to 30 November 2012. From 1 December 2012, the track record of AHL (Cayman) SPC: Class A1 Evolution USD Shares has been shown. All returns shown are net of fees.
	4) Represented by AHL Strategies PCC Limited: Class B AHL Dimension USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman) Ltd - F USD Shares Class from 1 June 2014 until 28 February 2015 when AHL Dimension (Cayman) Ltd - A USD Shares Class is used. Representative fees of 1.5% Management Fee and 20% Performance Fee have been applied.
	5) Represented by TailProtect Limited Class B.
	6) Represented by the official performance of Man GLG Europe Plus Source ETF net of a 0.75% p.a. management fee and no performance fee. Provided by Source.
	7) Represented by GLG European Long Short Fund - Class D Unrestricted - EUR.
	8) Represented by Man GLG European Equity Alternative IN EUR.
	9) Represented by Man GLG European Alpha Alternative IN EUR.
	10) Represented by GLG Alpha Select Fund - Class C - EUR.
	11) Represented by Man GLG Alpha Select Alternative IN H EUR.
	12) Represented by Man GLG Cred-Eq Alternative Class IN EUR
	13) Represented by Man GLG Value Opportunity Class B USD Unrestricted
	14) Represented by GLG Global Convertible Fund - Class A - USD.
	15) Represented by GLG Global Convertible UCITS Fund - Class IM USD.
	16) Represented by GLG Market Neutral Fund - Class Z Unrestricted - USD.
	17) Represented by Man GLG European Distressed Fund - Class A - USD.
	18) Represented by the gross return of Man GLG Multi-Strategy Fund - Class A - USD Shares until 31 December 2012. From 1 January 2013 the performance of Man Multi-Strategy Fund - Class G - USD Shares is displayed.
	19) Represented by Man GLG Global Opportunity Fund - Class Z - USD.
	20) Represented by Man GLG Japan CoreAlpha Equity Fund - Class C to Class I JPY (28/01/2010).
	21) Represented by Man GLG Global Equity Fund - Class I T USD to Class I USD (13/05/2011).
	22) Represented by Man GLG Strategic Bond Fund Class A.
	23) Represented by Man GLG Undervalued Assets Fund - C Accumulation Shares.
	24) Represented by GLG European Equity Class I EUR
	25) Represented by Man GLG UK Select Fund Class A
	26) Represented by Man GLG Continental Europe Fund Class A Accumulation Shares
	27) Represented by FRM Diverisfied II USD A
	28) Represented by MSCI World Net Total Return Index hedged to USD.
	29) Represented by Citigroup World Government Bond Index hedged to USD (total return).
	30) Represented by Citigroup High Grade Corp Bond TR.
	31) HFRI and HFRX index performance over the past 4 months is subject to change.
	32) The historic Barclay BTOP 50 Index data is subject to change.
	Please note that the dates in brackets represent the date of the join in the linked track records.
	*Estimated.

Unless otherwise stated, returns are based on the performance of unrestricted accounts or share classes within each strategy, as applicable. Performance is net-of-fees unless otherwise stated. Returns of accounts with client restrictions may differ.

#The reference index listed by Numeric is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index.

Past or projected performance is no indication of future results. Returns may increase or decrease as a result of currency fluctuations. The information herein is being provided solely in connection with this press release and is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, an interest in any security, including an interest in any fund or pool described herein.

 

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About Man

Man Group is one of the world's largest independent alternative investment managers, and a leader in  liquid investment strategies. Across its four investment managers (Man AHL, Man FRM, Man GLG and Man Numeric), Man Group has diverse hedge funds strategies and long only products across equity, credit, managed futures, convertibles, emerging markets and multi-manager solutions. At 30 September 2015, Man Group's funds under management were $76.8 billion.

The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange under the ticker EMG.L and is a constituent of the FTSE 250 Index.

Man Group also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.man.com.

Forward looking statements and other important information

This document contains forward-looking statements with respect to the financial condition, results and business of Man Group plc. By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Man Group plc's actual future results may differ materially from the results expressed or implied in these forward-looking statements.

The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement. Nothing in this announcement should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services.

 

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