FTSE100 alternative investment company Man Group has reported a 60% jump in before tax profit over the year to 31 March, to $2.08bn.
One of the largest hedge fund managers in the world, Man’s funds under management climbed 21% to $74.6bn during the period, with private investors accounting for 58% of FUM.
Man attributes much of its strong profit from continuing operations to a 161% surge in net performance fee income, to $936m.
While redemptions totalled $10.7bn over the year, Man says the figure is at “significantly lower levels” than the industry average.
The 24.8c proposed final dividend takes the total yearly dividend to 44c, more than double from the previous period.
Man Group CEO Peter Clarke says the results reflect the resilience of the firm’s business model in its 225th year.
“Our strength is in our wide range of investment management capabilities combined with conservative product structures, both of which have allowed us to perform for our investors through some of the most turbulent markets in recent memory,” he says.
“With our product breadth and wide geographical presence, we are able to access the changing patterns of global wealth accumulation and continue to grow our business. “
Meanwhile, deputy chairman Stanley Fink has announced he will retire from the Man Group board and will not be seeking re-election as a director at the 10 July AGM.IFAonline
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