Fri, 01/08/2014 - 11:00
Man Group has reported a positive first half to the year with funds under management, gross sales and net inflows all showing increases during the period.
Funds under management (FUM) are up seven per cent to USD57.7 billion (31 December 2013: USD54.1 billion), gross sales are up 91 per cent to USD12.4 billion (H1 2013: USD6.5 billion) and net inflows are USD2.8 billion (H1 2013: net outflows -USD5.0 billion).
Redemptions, meanwhile are down 17 per cent to USD9.6 billion (H1 2013: USD11.5 billion).
Adjusted profit before tax (PBT) is up 10 per cent to USD148 million (H1 2013: USD134 million).
Manny Roman, chief executive officer of Man, says: “In the first half of 2014, we made progress towards our strategic objectives taking significant steps to position the firm for future growth and largely completing our restructuring process. We were delighted to announce the planned acquisitions of Numeric and Pine Grove in June, two highly complementary businesses which will enhance our offering for clients and increase our geographical footprint in the US.
“Whilst it has been a positive first half for the firm and we recorded another quarter of net inflows in Q2, we remain cautious as we look to the second half of the year. Investment performance in H1 was mixed amid a continued volatile market environment. AHL performed strongly on an absolute and relative basis across all its alternative strategies. Performance elsewhere was good in credit and discretionary long only but below expectations in equities and macro.
“We remain committed to investing in talent, research and technology and building the optimal environment to deliver superior risk adjusted performance for our clients which will ultimately translate into the delivery of value for our shareholders.”
The board has declared an interim dividend for the year to 31 December 2014 of 4.0 cents per share, being the adjusted management fee earnings per share for the six months to 30 June 2014. The interim dividend will be paid at the rate of 2.37 pence per share.
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