Alternative asset manager Man Group has reported ‘sustained growth’ during the first six months of 2018, with funds under management (FUM) reaching USD113.7 billion, up from USD109.1 billion as at 31 December 2017.
According to the group’s interim results, adjusted profit before tax for the period was USD153 million, an increase of 5 per cent over the USD245 million reported for the same period in 2017.
Net inflows meanwhile, totalled USD8.3 billion in H1 marginally up on the USD8.2 billion of inflows reported in H1 2017.
Luke Ellis (pictured), Chief Executive Officer of Man Group, says: “The first half of 2018 has been one of sustained organic growth, with high levels of interest from our global client base in a broad range of strategies. I’m pleased to report record net inflows of USD8.3 billion, and a 26 per cent increase in management fee profits. However, given the difficult market backdrop and weaker performance in the first half, FUM and adjusted profit growth were more limited.”
“Business momentum remains good with solid management fee growth. However, as we have said many times before, and will probably say again, the institutional nature of our business means that flows are likely to be uneven on a quarter-to-quarter basis. We continue to invest in talent, research and technology and remain focused on delivering superior risk adjusted performance for our clients, thereby creating long term value for our shareholders.”