Man Group shares rose sharply in trading towards the top of the pan-European STOXX 600 on Friday after the UK’s largest listed hedge fund manager unveiled details a new share buyback programme worth up to $125 million, according to a report by Reuters.
Man Group shares rose sharply in trading towards the top of the pan-European STOXX 600 on Friday after the UK’s largest listed hedge fund manager unveiled details a new share buyback programme worth up to $125 million, according to a report by Reuters.
The report cites a statement made by the London-based investment firm – Britain’s largest listed hedge fund – as saying that the repurchases will run through until 8 December, 2023.
The statement said: “The Share Buyback Programme is in line with the Company’s policy to distribute capital to shareholders while maintaining a prudent balance sheet after taking into account required capital and potential strategic opportunities”.
The announcement comes after Man reported a decline in assets under management in Q3 of this year to $138.4 billion on 30 September from $142.3 billion at the end of the previous quarter.
Shares in the group are down by more than 7% over the last one-year period.
