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Alternative Market Briefing

Man Groupís Annual Report reflects impact of 'a turbulent market and economic backgroundí

Monday, March 18, 2013

Beverly Chandler, Opalesque London: The Man Group Annual Report for 2012 shows a further decline in profitability for the group due to a 43% drop in high margin guaranteed product FUM and $7.3bn of net outflows. Other highlights include:

  • $979 million goodwill impairment leads to a statutory loss
  • Significant progress made in reshaping the business
  • Acquisition of FRM completed in July and integration into the Multi-Manager business now complete
  • $95 million of operating cost savings announced in January 2012 delivered and on track to deliver further annual cost savings of $100 million by the end of 2013
  • Improvement in capital and liquidity through sale of assets in the Lehman estates and positive operating cash flow.
Funds under management with the group stood at $57bn at end December 2012, down 2% year on year. The decrease comprises: net outflows of $7.3bn de-gearing and other movements of $3.4bn, negative FX of $0.3bn, partly offset by acquired FRM FUM of $8.3bn and positive investment performance of $1.3bn.

Sales stood at $12.8bn, split between $9.0bn alternatives and $3.8bn long only. Net outflows of $7.3bn in total, with net outflows of $6.8bn out of alternatives and $0.5bn out of long only. Sales were $16.7bn for the prior nine month period.

Gross revenue comprised $1,209m of management fees and $90m of performance fees. Revenue was imp......................

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