Man Group hit by dollar strength as assets under management fall 2%
Man Group was hit by the devaluation of the pound against the dollar, reporting a negative foreign exchange impact of $4.5bn (£3.9bn).
The investment management group said the value of its assets under management fell 2.7% from $142.3 billion in June to $138.4 billion in the three months to September.
Net outflows, the company said, were $500 million while the absolute return from investment performance was $1.6 billion.
Man Group has also appointed finance veteran Alberto Musalem as a non-executive director.
As of November 1, Musalem will become a member of Man Group’s Audit and Risk Committee as well as the Remuneration Committee.
“He [Musalem] brings a wealth of investment management experience, economic and public policy expertise, and extensive knowledge of capital markets and regulation,” said Chairman John Cryan.
Musalem — currently a director of the home mortgage company founded by Congressman Freddie Mac — has held positions at the Federal Reserve Bank of New York and the International Monetary Fund.