(Alliance News) - Man Group PLC on Tuesday reported a record year-end asset total as the firm enjoyed a period of "exceptionally strong" growth.
At December 31, the London-based hedge fund manager held USD148.6 billion in assets under management, up 20% from USD123.6 billion at the same point the year before.
Chief Executive Luke Ellis said: "2021 was an exceptionally strong period of growth for the firm. We ended the year with record assets under management, having delivered USD12.5 billion of positive investment performance for our clients and recorded net inflows of USD13.7 billion into both alternative and long-only strategies."
The firm's Alternative funds - which includes, among others, its Institutional Solutions, Alpha and Dimension assets - rose to USD91.6 billion from USD77.2 billion over 2021. Long-Only funds - which encompass AHL TargetRisk, and Infrastructure Access - rose to USD57.0 billion from USD46.4 billion.
Pretax profit surged to USD590 million from USD179 million. Core pretax profit doubled to USD658 million from USD284 million, as core net management fee revenue rose to USD877 million from USD730 million, with performance fees up to USD569 million from USD179 million.
"Core earnings per share increased by 139% from a solid outcome in 2020, driven by significant management fee growth, material performance fees, and the operating leverage in our business facilitated by our technology capabilities," Ellis said.
"These results demonstrate the potential of the firm we have built and its ability to deliver growth. Our diversified range of products and longstanding client relationships, combined with our diverse talent pool and cutting-edge technology, define Man Group, underpin our strategy and give me great confidence in our ability to continue to deliver value for our clients and shareholders."
Man Group declared a final dividend of 8.4 US cents, giving it a total payout of 14.0 cents for 2021, up 32% from 10.6 cents in 2020.
Shares in Man Group were 1.1% higher in London on Tuesday at 195.05 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Man (EMG)