Man Group Assets Hit a New High as Clients Add $13.7 Billion
(Bloomberg) -- Man Group Plc said assets hit another record at the end of last year, bolstered by $13.7 billion in net inflows and performance gains in signs hedge fund industry is making a comeback.
The world's largest publicly listed hedge fund firm managed $148.6 billion at the end of December and its money pools generated $12.5 billion in performance gains last year, according to a statement Tuesday. Assets, which hit a fifth successive quarterly record, and net inflows both beat a consensus of analysts polled by the company.
“Our diversified range of products and longstanding client relationships, combined with our diverse talent pool and cutting-edge technology, define Man Group, underpin our strategy and give me great confidence in our ability to continue to deliver value for our clients and shareholders,” Chief Executive Officer Luke Ellis said in the statement.
Man Group, which runs a mixed range of products from hedge funds and quantitative money pools to long only funds, is a leading barometer for investor interest in the industry. Its funds pulled in more money when investors returned to bet again on hedge funds last year. The industry saw a net $14 billion of inflows after withdrawals of more than $160 billion in the previous two years, according to eVestment data.
All four main computer-driven hedge funds run by Man Group made money last year with AHL Evolution leading with a 17% return.
Core profits before tax of $658 million was also higher than analyst estimates of $610 million. Analysts had estimated assets of $145.7 billion and net inflows of $10.9 billion.
Man Group shares rose 64.8% last year and are down 11% so far this year. They rose almost 5% in early London trading and were up 4.7% as of 9:34 a.m.
Man Group said it had appointed Jackie Hunt to its board as a non-executive director, according to a separate statement Tuesday. Hunt stepped down as head of asset management at Allianz SE in October and was replaced by Andreas Wimmer.
©2022 Bloomberg L.P.
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