Emmanuel Roman Opalesque Industry Update - Man Group has posted its results for the financial year ended 31st December 2012.
Key points include:
Manny Roman, Chief Executive Officer of Man, said: ď2012 was another tough year for Man. Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the US and macroeconomic risks. Investor appetite remained muted and as expected there was a further decline in Manís product margin mix and revenues. Managementís priority last year was to maintain the focus on delivering investment performance for our investors, while reducing our cost base to a level which reflects the economics of a reduced and different mix of asset flows. On both counts we made good progress.
As of mid-February 2013, most of our strategies were off to a good start and there is no doubt investor sentiment has improved somewhat. The number of requests for proposals and the pipeline of new mandates have increased to a degree. However, given the lead time required by institutional investors to invest, gross sales are likely to remain muted in the first half and we are yet to see a slow down in the rate of redemptions.
We have introduced changes to senior management to further enhance Manís focus on investment performance. We will maintain our efforts to make Man lean and efficient. We have identified areas where over the medium term we can build and enhance our investment platform and deliver profitable growth for our shareholders. This gives grounds for cautious optimism for the medium term, but there should be no doubt that business conditions remain very tough. We will continue to focus on delivering performance for our investors; from that, all else flows.Ē