Half year results for the six months ended 30 June 2021

Strong investment performance drives growth and profits

28 July 2021

Key points

• Record high funds under management (FUM)¹ of $135.3 billion (31 December 2020: $123.6 billion)
  • Positive investment performance of $9.5 billion (H1 2020: negative $5.4 billion)
  • Net inflows of $1.2 billion (H1 2020: net outflows $1.2 billion)
  • Positive FX translation and other movements of $1.0 billion (H1 2020: negative $2.8 billion)
• Core earnings per share (EPS)¹ increased by 246% to 18.7 cents (H1 2020: 5.4 cents)
  • Core management fee EPS¹ increased by 51% to 7.4 cents (H1 2020: 4.9 cents)
  • Performance fee EPS of 11.3 cents (H1 2020: 0.5 cents)
• Statutory EPS increased to 15.8 cents (H1 2020: 2.6 cents) and statutory profit before tax increased to $280 million (H1 2020: $55 million)
• Run rate core net management fees¹ of $886 million at 30 June 2021 (H1 2020: $698 million)
• Intention to repurchase an additional $100 million of shares. $99 million of the $100 million share buyback announced in September 2020 was complete at 27 July 2021
• Interim dividend increased by 14% to 5.6 cents per share (H1 2020: 4.9 cents per share)
• Net financial assets¹ of $632 million (31 December 2020: $716 million)

Luke Ellis, Chief Executive Officer of Man Group, said:

“The first half was a period of excellent growth for Man Group 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%. 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.”

1. For details of our alternative performance measures, please refer to pages 31-35.