Half Year 2019 Man Group Ltd Earnings Call Transcript
Good morning all. Great. Well, thank you for coming. As usual, I'll start with an overview of the first half. Mark will take you through the numbers and then I'll talk about some of the industry themes and what it means for us and then a bit about the outlook and then we'll take questions.
After the equity market sell-off at the end of last year, as you all know, we had a much more supportive backdrop for most assets in the first half of 2019. We had a pretty remarkable bond rally towards the end of the half. This led to positive performance across our long-only strategies as well as strong absolute performance from our quant alternative strategies. So that drove a 5% increase in our FUMs under management to $114.4 billion.
However, it was a more challenging period for Alpha generation, particularly anything that's about valuations and I'll come to that in a minute, which led to asset-weighted underperformance versus peers of 1.1% in the period.
In addition, across the industry, we're seeing clients reducing their equity
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