Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a736556

Man assets drop £1.7bn in 2013 but shares spike

by Robert St George on Feb 27, 2014 at 09:14

Man assets drop £1.7bn in 2013 but shares spike

Funds under management at Man Group declined by 5% last year to £32.5 billion, although subsidiary GLG enjoyed a strong year.

GLG recorded net inflows of £1.1 billion for the year, while the group as a whole suffered a net £2.2 billion outflow. GLG now oversees £18.1 billion, more than half of Man’s total assets, and generated gross performance fees worth £93.1 million last year.

‘We have taken steps to strengthen Man for the long term and position the company for future growth,’ said Manny Roman, Man’s chief executive officer.

‘The merger of AHL and MSS at the start of 2013 has created a broader, more diverse quant offering for investors including trend and non-trend following products. GLG also launched several new, scalable investment strategies during 2013, and a number of senior hires were added to the teams.’

As a group, Man posted an adjusted profit before tax £178.4 million for 2013, 8% higher than the equivalent figure for the prior year.

The stock market welcomed the result, with Man’s share price leaping by 9% to 92p in early trading.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Man Group PLC (EMG.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet