Man Group, the world’s largest listed hedge fund manager, saw its assets under management hit a record high of $151.7bn in the first half of 2023, surpassing analysts expectations, according to the company’s half-year results for the six months ended 30 June 2023.
Man Group, the world’s largest listed hedge fund manager, saw its assets under management hit a record high of $151.7bn in the first half of 2023, surpassing analysts expectations, according to the company’s half-year results for the six months ended 30 June 2023.
The British firm also reported net inflows of $2.6bn for the period, a fall of about 20% on the same period last year year, but still 2.5% ahead of the industry average.
Shares in the group fell by up to 7.4% on Tuesday after the group revealed fees from fund returns had dropped 92% to $32m in the first half of the year, which in turn contributed to a 65% fall in pre-tax profits to $137m from the $39m reported in H1 2022. Despite the big fall, like flows, profits remained ahead of analyst expectations.
In a statement, Chief Executive Officer Luke Ellis, who is set to retire later this year with Robyn Grew taking on the role of CEO from 1 September, said: “The first half of 2023 was a period of sustained organic growth for Man Group. Flows were 2.5% ahead of the industry, highlighting the broad-based demand we are seeing for the range of differentiated investment strategies and solutions that we offer, as well as the quality of our longstanding relationships with allocators around the world.”
Man Group recently acquired private credit manager Varagon Partners as part of an initiative to diversify the company’s client offering and tap into the fast-growing private lending market.
“Varagon has a strong track record of underwriting discipline, risk management and generating differentiated returns for investors; this gives us confidence in our ability to support their continued growth as a part of Man Group,” Grew said in a statement.
