Media. News and press releases from across Man Group.

Interim results for the half year ended 30 September 2010

4 November 2010

Man Group (“Man”) completed its acquisition of GLG Partners, Inc (“GLG”) on 14 October 2010. As such, the interim results for Man reported below for the six month period to 30 September 2010 do not include funds under management, performance or any other contribution from GLG. Highlights of GLG’s recent fund flows and investment performance (based on unaudited GLG management information) are set out in a separate section below for information purposes only and do not form part of these interim financial statements.

Man highlights for the six months to 30 September 2010

  • Funds under management (FUM) at 30 September 2010 of $40.5 billion (30 June 2010: $38.5 billion), ahead of the 28 September pre-close estimate of $39.5 billion due to strong investment performance and favourable FX movements at the end of the reporting period
  • AHL up 6.6% in the six months to 30 September and guaranteed product flagship IP220 up 13.1% in the same period. As at 30 September, AHL was 6.0% from high water marks on a weighted average basis
  • Diluted earnings per share on continuing operations before adjusting items of 10.2 cents per share; 7.6 cents per share after adjusting items
  • Integration of GLG well advanced, with marketing campaigns under way for focus GLG strategies in each region, and the first product to blend AHL and GLG scheduled for launch in Q1 2011
  • The Board has declared an interim dividend of 9.5 cents per share and its intention remains to pay a total dividend for the year of at least 22 cents per share.

GLG funds under management update

  • GLG funds continue to perform well across a wide range of styles, with the top performing styles in the calendar year to 30 September 2010 being European distressed (+36.52%); macro (+28.55%); market neutral (+28.38%) and emerging markets (+10.06%)
  • At completion of the acquisition on 14 October, estimated funds under management at GLG were $25 billion (30 June 2010: $22.7 billion), of which $12 billion was in alternative strategies and $13 billion in long only strategies
  • Since GLG last reported to the market on 30 June 2010, there have been net inflows of approximately $0.1 billion into alternative strategies and $0.3 billion into long only strategies, together with positive investment and FX movements.

Outlook

  • Funds under management for the combined business at the end of October are estimated at $67 billion. With a wide range of investment styles now being marketed worldwide and unrelenting focus on investment performance, Man is well positioned for asset growth.

Man interim results for the six months to 30 September 2010 – key points

  • Profit before tax from continuing operations and before adjusting items for the six months to 30 September 2010 of $227 million, 5.6% ahead the pre-close estimate due to strong investment performance and favourable FX movements at the end of the reporting period
  • Diluted earnings per share on continuing operations before adjusting items of 10.2 cents per share; 7.6 cents per share after adjusting items
  • Financial position remains strong. There was a regulatory capital surplus of over $1.5 billion and $5.2 billion in cash and undrawn committed facilities at 30 September 2010. Following the closing of the GLG acquisition, Man has a regulatory capital surplus of around $300 million and $4.2 billion of cash and undrawn committed facilities. 

Please update your browser

Unfortunately we no longer support Internet Explorer 8, 7 and older for security reasons.

Please update your browser to a later version and try to access our site again.

Many thanks.