28th Feb 2023 10:45
(Alliance News) - Man Group PLC on Tuesday announced a profit climb in 2022 as Chair John Cryan will retire from the board around the end of 2023, with Non-Executive Director Anne Wade becoming chair following his departure.
The London-based hedge fund manager said pretax profit in 2022 jumped 25% to USD608 million from USD487 million in 2021. Assets under management fell 3.6% to USD143.3 billion from USD148.6 billion, however.
The company declared a 2022 dividend of 15.7 cents, up 12% from 14.0 a year prior.
Man said it aims for a USD125 million share buyback after the current USD125 million share buyback, announced back in December, is complete. The company said so far, USD114 million had been repurchased, as at last week Friday.
Meanwhile, Chair John Cryan will retire from the board "towards the end of 2023". Non-Executive Director Anne Wade replaces Cryan after his departure.
Man shares were 8.4% higher at 264.90 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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