Results for the financial year ended 31 December 2020
Growth in a challenging environment
02 March 2021
- Record high funds under management (FUM)1 of $123.6 billion (31 December 2019: $117.7 billion)
- Investment performance of $3.3 billion (2019: $10.1 billion)
- Net inflows of $1.8 billion (2019: net outflows $1.3 billion)
- FX translation and other movements of $0.8 billion (2019: $0.4 billion)
- Core earnings per share (EPS)1 decreased by 23% to 16.2 cents (2019: 21.0 cents)
- Core management fee EPS1 increased by 6% to 10.3 cents (2019: 9.7 cents)
- Performance fee EPS decreased by 48% to 5.9 cents (2019: 11.3 cents)
- Statutory earnings per share (EPS) decreased by 49% to 9.3 cents (2019: 18.4 cents) and statutory PBT decreased by 42% to $179 million (2019: $307 million)
- Asset weighted performance versus peers1 across our strategies of -1.0% (2019: -1.1%), with alternative strategies outperforming and valuation-focused long-only strategies underperforming
- Run rate core net management fees1 of $815 million at 31 December 2020, with net management fee margin1 of 66 basis points
- New progressive dividend policy taking into account growth in overall earnings with a recommended final dividend of 5.7 cents per share bringing the total dividend for 2020 to 10.6 cents per share (2019: 9.8 cents), an increase of 8%
- In September 2020, announced the intention to repurchase a further $100 million of shares ($36 million of shares had been repurchased at 31 December 2020)
- Strong balance sheet and liquidity position: net financial assets1 of $716 million (2019: $674 million)
Luke Ellis, Chief Executive Officer of Man Group, said:
“Last year was an exceptionally difficult time for much of the world, with COVID-19 fundamentally changing our day-to-day lives and how businesses operated. I am proud of how the Man Group team pulled together and am delighted to deliver a strong set of financial results in a challenging environment, which demonstrate both growth and resilience. We have increased our management fee profits and our dividend to shareholders, and grown client assets to end the year at a new record high for funds under management.
“Our ability to deal calmly with the stresses of the year and to grow our business is a testament to the strength and resilience of our people and the quality of our technology platform. It is our combination of talent and technology that delivers superior returns for our clients and growth for our shareholders. Confidence in our strategy also drives our move to a new progressive dividend policy.”
1. For definitions and explanations of our alternative performance measures, please refer to pages 55 to 59. Due to the roll-off of profits from our legacy structured products business in 2019, our core and adjusted measures are now equivalent.
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