Media. News and press releases from across Man Group.

26 July 2024

Key points

Strong investment performance across our diversified range of investment strategies and solutions

• Positive investment performance of $11.1 billion, or +2.1% relative to peers^[KPI]
• Net inflows of $0.9 billion, 1.8% ahead of the industry^[KPI]
• AUM¹ of $178.2 billion as at 30 June 2024 (31 December 2023: $167.5 billion)

Core management fee EPS growth^[KPI] of 26%, highlighting the strength of our business model

• Run-rate net management fees of $1,128 million as at 30 June 2024 (31 December 2023: $1,087 million)
• Core performance fees of $170 million from both alternative and long-only strategies
• Statutory EPS (diluted) of 13.8¢ and core EPS (diluted) of 17.1¢^[KPI]

Robust balance sheet and disciplined capital policy to support our long-term growth ambitions

• Net tangible assets of $779 million as at 30 June 2024 (31 December 2023: $782 million)
• Seed investments of $549 million (31 December 2023: $595 million)
• Recommended interim dividend of 5.6¢, in line with previous guidance
• $11 million of the share buyback announced in February 2024 was outstanding at 24 July

Good progress against our multi-year strategic priorities, including:

• Delivered strong growth in liquid credit strategies. US direct lending proceeding in line with expectations
• Launched new initiatives focused on distributing high-quality investment content via the wealth channel
• Completed structural reorganisation around our core competencies of Systematic, Discretionary and Solutions

Robyn Grew, Chief Executive Officer of Man Group, said:

“We have started the year strongly, delivering for our clients in a market environment driven by the evolution of forward interest rates, expectations of technological disruption, and the outcome of elections globally. We generated investment performance of $11.1 billion, with a broad range of our strategies contributing. For context, our flagship multi-strategy alternative offering gained 13.3%. We were also pleased to record net inflows of $0.9 billion during another challenging period for asset raising in the industry. We ended June with AUM of $178.2 billion, and delivered core profit before tax of $257 million in the first half.

“At the beginning of 2024 we outlined our multi-year strategic priorities. We aim to further diversify our investment capabilities, notably in quant equity, credit and solutions; to extend our client reach, with a particular emphasis on North America, wealth and insurance channels; and to leverage our existing strengths and scale. These are not overnight wins, but we are pleased with the progress we have made already and will continue to execute on these objectives.

“While the institutional nature of our business can result in some variability in short term net flows, our business is in great shape going into the second half of the year. We offer a diversified range of investment strategies and solutions, underpinned by our high-quality talent and cutting-edge technology, that are highly relevant to our clients as they try to grapple with volatile markets. I am confident that we will continue to deliver for them.”

‘Core’ measures are alternative performance measures. For a detailed description of our alternative performance measures, including non-core items, please refer to pages 27 to 35.
[KPI] For details of key performance indicators refer to the 2023 Annual Report.
1. Assets under management. A full definition can be found in the 2023 Annual Report.