Man Group, the hedge fund of funds manager, continues to defy gravity. Fund sales in the year totalled $11.5 billion, including $3.5 billion in RM, with total funds under management rising 48% to $38.5 billion at end-March (including $15.8 billion in RMF). More importantly fee income also continues to defy gravity. Net management fee income was up 50% to £271.1 million.
“Man Group has enjoyed an outstanding year,” says Stanley Fink, Chief Executive. “Net management fees are up 50%, performance fees up 21% and Brokerage income is up 47%. Shareholders have seen earnings per share growth of over 35% and a 29% increase in the dividend for the year. Underpinning the continued growth of the business, the Asset Management division had record sales of $11.5 billion and funds under management at year-end of $38.5 billion. The current year has started well with our latest global launch having raised a record $819 million and the underlying momentum in both our business streams continues to be very strong. The Board is highly confident in the Group’s prospects for the coming year.”