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Interim results for the half year ended 30 September 2009

05 November 2009

Financial highlights

  • Funds under management at 30 September 2009 of $44.0 billion (30 June 2009: $43.3 billion)
  • Profit before tax of $302 million, 8% above the pre-close estimate after annual fee lock-in at end of September, benefiting from strong end-of-period performance
  • Diluted earnings per share on total operations of 13.8 cents
  • Strong financial position with regulatory capital surplus of over $1.6 billion, cash balances of $2.1 billion and undrawn committed banking facilities of $2.4 billion
  • Interim dividend maintained at 19.2 cents.

Operating highlights

  • Sales for the period of $5.7 billion, with strong private investor sales in Japan, Hong Kong, the Middle East, Europe and Latin America
  • Significant improvement in private investor and institutional redemption rates: quarterly institutional redemptions of $0.7 billion paid on 1 October compared to redemptions of $1.7 billion in Q2 and $3.6 billion in Q1
  • Positive investment performance across the majority of hedge fund styles, the exception being managed futures
  • Launch of regulated onshore funds across a wide range of new and existing geographies including the UK, Continental Europe, Taiwan, Australia and Canada. Release of daily price estimates for a range of AHL funds in the near future to increase transparency for investors
  • Significant due diligence interest from investors in Man's new multi-manager business and managed accounts initiative
  • Funds under management at end October broadly unchanged from end September

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