(Alliance News) - Man Group PLC on Thursday said that it had wrestled with a challenging geopolitical and economic backdrop in 2023, as the firm reported a significant fall in profits and revenue for the year.
Man Group is a London-based investment management firm, which specialises in real estate equity and private credit.
The company ended 2023 with USD167.5 billion worth of assets under management, up 17% from USD143.3 billion.
Despite its record AuM, however, the firm's results for the year were lacklustre.
Pretax profit more than halved to USD279 million from USD745 million in 2022. This came as the company's core performance fees dropped 77% to USD180 million from USD779 million.
Revenue was down 33% to USD1.17 billion from USD1.73 billion over the year.
Basic earnings per share dropped to 19.9 cents from 47.2 cents in 2022.
However, Man Group also announced a 3.8% increase in its annual dividend per share to 16.3 cents from 15.7 cents, after recommending a final dividend of 10.7 cents.
Chief Executive Officer Robyn Grew said: "2023 was a year that defied market expectations as the world grappled with macroeconomic uncertainty and unforeseen geopolitical events. Against that backdrop, I'm pleased to report a solid set of results for Man Group."
Shares in Man Group were up 2.9% at 248.20 pence each in London on Thursday morning.
By Hugh Cameron, Alliance News reporter
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