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* Total assets fall 1.5% to $112.7 bln
* Net outflows $1.1 bln, FX losses $1.3 bln
* Investment gains $700 mln
(Recasts, adds detail from statement, CEO quote, bullet points)
By Simon Jessop
LONDON, Oct 11 (Reuters) - British hedge fund manager Man
Group said assets were hit by net outflows of client
cash and adverse currency moves in the third quarter and an
uncertain outlook could weigh on sentiment into year-end.
Markets have been roiled in recent months by a worsening
macroeconomic backdrop and political tensions across the globe,
including a U.S., China trade dispute, slowing growth in Germany
and uncertainty around Britain's exit from the European Union.
With leading stock markets including the S&P 500, the
EuroSTOXX 50 and Britain's FTSE 100 all
trading sideways to lower over the period, Man Group funds
betting on rising stock prices saw the biggest outflows, at $1.7
billion.
Those outflows were partially offset by increased demand to
invest in some of the hedge fund's quantitative alternative
strategies, leaving net outflows for the quarter at $1.1
billion.
Despite its funds performing well overall, rising by a
collective $700 million, the gains were more than swallowed up
by negative currency moves of $1.3 billion, to leave total
assets at the end of the period down 1.5% at $112.7 billion.
"As we look ahead, we are encouraged by our good performance
fee earning potential, although uncertain economic conditions
mean the outlook for flows remains mixed," Chief Executive Luke
Ellis said in a statement.
After completing a $100 million share buyback announced in
2018 earlier this month, the company said it would look to buy
back a further $100 million in shares.
Since the financial crisis, the company has looked to
diversify into new products and geographic regions and said on
Friday it would continue to review further potential
acquisitions, without giving details.
(Reporting by Simon Jessop
Editing by Rachel Armstrong and Carolyn Cohn)
