Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Man assets drop £1.7bn in 2013 but shares spike

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: 'for the first time since 1981, I have to watch politics'

Profile: 'for the first time since 1981, I have to watch politics'

James Hambro & Partners’ William Francklin says he is having to factor politics into his thinking for the first time in his 36-year career

Wealth Manager on Twitter