Man Group's FUM climb as managers navigate 'violent sector rotations'

Profits down 17% on 2014

Man Group reported funds under management climbed 8% to $78.7bn in 2015, despite higher redemptions, thanks to acquisitions and strong investment performance in its GLG arm.

Last year the group acquired firms Silvermine and NewSmith, which joined the GLG division, as well as fund of hedge funds portfolio, adding $6.1bn to FUM. Investment movement added $2.4bn to FUM. Chief executive Manny Roman (pictured) said this was mainly in the first half of the year. He said: "2015 was a year of two halves for discretionary hedge fund performance at GLG. While the majority of our alternative strategies produced solid alpha, returns were largely generated in the first half. "In the subsequent six months, investors were forced to navigate violent sector rotations w...