The assets under management of Man Group, the world’s largest publicly traded hedge fund manager, rose by 24 percent to $61.7 billion in the year to the end of March and net income rose by 27 percent to $1.29 billion, Hedge Week reports.
Man says that nearly 60 percent of its total assets, at $36.6 billion, came from private investors. Since the group’s year-end on 31 March its assets under management have continued to grow and are currently estimated to be more than $65 billion.
The financial year saw record fund sales totalling $15.9 billion, including private investor sales of $8.6 billion.
The group’s profit before tax on asset management business rose 13 percent to $1.301 billion, with net management fee income rising 34 percent to $943 million, while performance fee income dropped 20 percent to $358 million.
“These record results underscore the strength of our business franchise,” says Group Chief Executive Peter Clarke. “The record level of sales in the period reflects high levels of demand for our products from both institutional and private investors, and the power of our distribution network in accessing investors worldwide.”