UK-based hedge fund firm Man Group has reported a 35 per cent increase in funds under management during 2017, up USD12.8 billion to USD109.1 billion.
The company says that net revenues increased by 33 per cent during the year reflecting good absolute performance fee generation and 7 per cent growth in net management fee revenue, while adjusted profit before tax rose to USD384 million from USD205 million in 2016.
Luke Ellis, Chief Executive Officer of Man Group, says: “2017 was a strong year for our business. The record net inflows of USD12.8 billion reflected not only the outperformance we delivered for clients, but also our focus on deep client relationships. Our FUM grew by 35 per cent and this, combined with the strong investment performance and our focus on running the business in an efficient and effective manner, led to excellent profit growth, with an 87 per cent increase in adjusted profits.
“In common with others, the recent moves in markets have impacted our investment performance in some areas, particularly for our momentum strategies. However, looking forward Man is well positioned, with strong fundamentals, investment in innovative strategies and a continuing pipeline of interest from clients. As ever, we remain focused on delivering long term investment performance and the highest quality service to our clients.”
