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
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter