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Man Group PLC on Tuesday reported a record year-end asset total as the firm enjoyed a period of ‘exceptionally strong’ growth.
At December 31, the London-based hedge fund manager held $148.6 billion in assets under management, up 20% from $123.6 billion at the same point the year before.
Chief Executive Luke Ellis said: ‘2021 was an exceptionally strong period of growth for the firm. We ended the year with record assets under management, having delivered $12.5 billion of positive investment performance for our clients and recorded net inflows of $13.7 billion into both alternative and long-only strategies.’
The firm's Alternative funds - which includes, among others, its Institutional Solutions, Alpha and Dimension assets - rose to $91.6 billion from $77.2 billion over 2021. Long-Only funds - which encompass AHL TargetRisk, and Infrastructure Access - rose to $57.0 billion from $46.4 billion.
Pretax profit surged to $590 million from $179 million. Core pretax profit doubled to $658 million from $284 million, as core net management fee revenue rose to $877 million from $730 million, with performance fees up to $569 million from $179 million.
‘Core earnings per share increased by 139% from a solid outcome in 2020, driven by significant management fee growth, material performance fees, and the operating leverage in our business facilitated by our technology capabilities,’ Ellis said.
‘These results demonstrate the potential of the firm we have built and its ability to deliver growth. Our diversified range of products and longstanding client relationships, combined with our diverse talent pool and cutting-edge technology, define Man Group, underpin our strategy and give me great confidence in our ability to continue to deliver value for our clients and shareholders.’
Man Group declared a final dividend of 8.4 US cents, giving it a total payout of 14.0 cents for 2021, up 32% from 10.6 cents in 2020.
Shares in Man Group were 1.1% higher in London on Tuesday at 195.05 pence each.
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