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Laxman Pai, Opalesque Asia: Man Group, the world's largest publicly listed hedge fund, Group suffered a double-digit drop in revenue and profit despite a jump in assets under management in its full-year results.
London-listed hedge fund's profit after tax came in at $234m for the year ended 31 December 2023, down 62% compared with $608m in 2022.
Assets under management at the world's largest listed hedge-fund manager jumped 17% to a record $167.5 billion last year. That growth reflected Man's purchase of the private credit manager Varagon Capital Partners, plus $9.7 billion in investment gains and $3 billion in net client inflows.
London-based investment management firm was dragged down by its performance fees, which plunged 77 percent year-on-year to $180m. Net revenue dropped to $1.2bn, down 29 percent from $1.7bn in 2022.
Meanwhile, the alternative-investment group reported net inflows of $3bn, which it said was 4.9 percent more than the industry average.
The British firm announced a final dividend of 10.7 cents per share taking the total for the year to 16.3 cents and said it was planning a new share buyback of up to $50m, on top of a $125m buyback announced last year.
Robyn Grew, Chief Executive Officer of Man Group, said: "2023 was a year that defied market expectations as the world grappled with macroeconomic uncertainty and unforeseen geopolitical events. Against that backdrop, I'm pleased to report a solid set of r...................... To view our full article Click here
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