Man Group profits surge as assets under management hit $148.6bn
Asset management firm Man Group reported a surge in profits today as its total assets under management (AUM) soared to a new high of $148.6bn.
The London-headquartered firm reported a bumper investment performance of $12.5bn, while AUM rose from $123.6 in 2020 to $148.6bn.
The uptick in AUM saw the firm’s profits surge to $590m, up from $179m last year.
Man Group boss Luke Ellis hailed 2021 an “exceptionally strong period of growth”.
“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,” he said.
“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.”
Shareholders are in line for a rise in payouts with the board recommending a final dividend of 8.4¢ per share for the year, resulting in a total dividend of 14¢ per share for the year.
The rise in payouts comes on top of a $350m share buyback programme announced last year.