Half year results for the six months ended 30 June 2022

Differentiated business model drives strong results

2 August 2022

Key points

• Assets under management (AUM) of $142.3 billion (31 December 2021: $148.6 billion)
  • Net inflows of $3.2 billion
  • Positive investment performance of $2.1 billion from alternative strategies
  • Despite generating strong alpha, market beta resulted in negative investment performance of $7.0 billion from long-only strategies
  • Negative FX and other movements of $4.6 billion
• Core earnings per share (EPS) increased by 28% to 24.0¢ (H1 2021: 18.7¢)
  • Core management fee EPS increased by 23% to 9.1¢ (H1 2021: 7.4¢)
  • Core performance fee EPS increased by 32% to 14.9¢ (H1 2021: 11.3¢)
• Statutory EPS (diluted) increased by 44% to 22.7¢ (H1 2021: 15.8¢)
• Run rate net management fee revenue of $937 million as at 30 June 2022 (31 December 2021: $939 million)
• Balance sheet strength and liquidity position support long-term growth
• Recommended interim dividend of 5.6¢ per share, as per guidance (H1 2021: 5.6¢ per share)
• At 29 July 2022 we had completed $39 million of the $125 million share buyback announced in June 2022

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

“The first half of 2022 was yet another strong period for Man Group. Amidst a volatile market environment, we delivered for our clients and shareholders alike, demonstrating the value that active, uncorrelated investment strategies and solutions can bring to portfolios.

“Strong performance from our absolute return strategies, positive alpha from our long-only strategies, net inflows 2.7% ahead of the industry, and a 28% increase in core earnings per share reflect the quality of our people, the benefit of our technology, and the attractiveness of our differentiated business model.

“We enter the second half with high performance fee potential and a good level of client engagement. While we expect some volatility in flows in the near term, as clients access liquidity and rebalance their portfolios due to market movements, we remain focused on the long term. We are confident that our diversified range of investment strategies and continued focus on alpha generation position us well for future growth.”

‘Core’ measures are alternative performance measures. For a detailed description of our alternative performance measures, including non-core items, please refer to pages 28-33 of the press release.