24th Feb 2016 07:31
LONDON (Alliance News) - Hedge fund manager Man Group PLC on Wednesday said its pretax profit sunk in 2015 as revenue remained broadly flat and net inflows into its funds slowed.
The FTSE 250 firm said pretax profit fell to USD184.0 million in the year to the end of December from USD384.0 million in 2014, as revenue came in broadly flat at USD1.08 billion. Net management fee revenue rose to USD759.0 million from USD715.0 million, but this was offset by lower performance fees, which dipped to USD326.0 million from USD367.0 million.
The flat revenue performance was exacerbated on the profit line by one-off charges totalling USD216.0 million, up from USD97.0 million the year before, related to acquisitions and disposals it completed.
Man said it will pay a final dividend of 4.8 cents per share, taking its total dividend to 10.2 cents, slightly up on the 10.1 cents it paid a year earlier.
Total funds under management in the year rose to USD78.7 billion from USD72.9 billion, largely as a result of the acquisitions of Silvermine, NewSmith and the Bank of America Merrill Lynch fund-of-hedge-funds portfolio. Net inflows fell to USD300.0 million from USD3.3 billion.
"Looking forward, the on-going volatility in the markets in which we operate remains very challenging and, accordingly, the risk appetite of our clients might impact flows. However, we now have a more diversified offering and a range of attractive options for growth, which have strengthened the firm and enhanced our resilience as a business," said Manny Roman, Man Group's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Man