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Laxman Pai, Opalesque Asia: The world's largest listed hedge fund manager, Man Group, raised its dividend by 8 percent as funds under management marked a record high for the firm.
Funds hit $123.6bn under management from $117.7 billion the year before, as alternative assets climbed by 8 percent, reaching $77.2 billion, the British hedge fund manager said in a press release.
The company said core pretax profit fell to $284 million for the 12 months ended Dec. 31 from $384 million, reflecting a decline from a strong performance fee outcome in the previous year.
Man Group, which is nearly two-and-a-half-centuries old, also said that core earnings per share (EPS) decreased by 23% to 16.2 cents (2019: 21.0 cents). Meanwhile, core management fee EPS1 increased by 6% to 10.3 cents (2019: 9.7 cents).
The early stages of the pandemic saw long-only strategies plummet but then recover during the market rally in the final quarter of 2020, which eventually brought home $46.4 billion.
Despite this, the firm ended the year on a high and had repurchased $36m of shares at the end of last year, after announcing in September its intention to repurchase an additional $100 million of shares.
However, the company noted a strong balance sheet and liquidity position: net financial assets of $716 million (2019: $674 million).
Chief executive Luke Ellis remained confident about the group's performance in a "challenging environment".
"We have increased our managemen...................... To view our full article Click here
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