Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Hedge fund manager Man hiked its dividend as it posted a large rise in first-half profit underpinned by fresh inflows into its funds and higher fee revenue.
Pre-tax profit for the six months through June increased to $280 million, up from $55 million year-on-year.
Man declared an interim dividend of 5.6c per share, up 14% year-on-year.
Assets under management swelled to $135.3 billion, up from $123.6 billion at the end of December and included net inflows of $1.2 billion.
'The first half was a period of excellent growth for Man as we reached record funds under management, continued a trend of positive net inflows, and grew management fee profit by 51% and total profit per share by 246%,' chief executive Luke Ellis said.
'This growth was predominantly driven by strong investment performance for our clients, resulting in both material performance fees from our quantitative strategies and a significant uplift in management fees.'
'The firm's momentum continues as we enter the second half, supported by strong performance fee optionality, a high level of client engagement and a strong sales pipeline.'
'We remain focused on investing in our talent and technology, which are the foundations of the firm and cement our sustainable competitive advantage.'