Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the FED

Winter market warmers, the post QE world and timing the FED

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter