27 February 2014
- Funds under management (FUM) down 5% to $54.1 billion (31 December 2012: $57.0 billion), FUM excluding guaranteed products up 1% to $51.8 billion (2012: $51.3 billion)
- Gross sales up 26% to $16.1 billion (2012: $12.8 billion)
- Redemptions down 2% to $19.7 billion (2012: $20.1 billion)
- Net outflows down 51% to $3.6 billion (2012: outflows of $7.3 billion), Q4 net inflows of $0.7 billion
- Investment movement of $4.3 billion (2012: $1.3 billion)
- FX translation effects and other movements of -$3.6 billion (2012: -$3.7 billion)
- Adjusted profit before tax (PBT) up 8% to $297 million in 2013 (2012: $275 million)
- Adjusted net management fee PBT down 20% to $175 million (2012: $220 million)
- Adjusted net performance fee PBT up 122% to $122 million (2012: $55 million)
- Statutory PBT for the year ended 31 December 2013 of $56 million (2012: $748 million loss)
- On track to deliver total cost savings of $270 million by the end of 2015
- Proposed final dividend of 5.3 cents per share bringing total dividend for the year to 7.9 cents
- Intention to repurchase $115 million of shares
- Surplus regulatory capital of $760 million at 31 December 2013, $550 million pro-forma for final dividend and share repurchase
Manny Roman, Chief Executive Officer of Man, said.
“Despite challenging conditions for our business, we continued to make progress against our strategic objectives in 2013. Our priorities remain to deliver superior risk adjusted investment performance, build options for growth, improve and leverage our distribution capabilities and operate the business as efficiently as possible. We largely completed the restructuring of our cost base and balance sheet during the year, and continued the development of new business areas. Investment performance in 2013 was reasonable on a relative basis and flows showed modest recovery towards the end of the year after a weaker first half.
We have taken steps to strengthen Man for the long-term and position the company for future growth. The merger of AHL and MSS at the start of 2013 has created a broader, more diverse quant offering for investors including trend and non-trend following products. GLG also launched several new, scalable investment strategies during 2013, and a number of senior hires were added to the teams. FRM is now a fully integrated part of the firm, further diversifying our range of solutions for investors.
However, market conditions remain challenging and we maintain our cautious outlook. Generating superior risk-adjusted returns for our fund investors through the quality of our research, investment in technology, the talent of our investment managers and the strength of our operations and risk infrastructures, remains our core focus.”