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.