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Man Group’s pre-tax profit ahead of estimate

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Strong performance in the last week of March, coupled with an adjustment to the GLG acquisition balance sheet, helped Man Group record statutory profit before tax from continuing operations of USD324 million (2010: USD541 million) for the year ended 31 March 2011, ahead of the pre-close estimate of USD280 million, according to the company’s latest results.

Adjusted profit before tax from continuing operations was USD599 million (2010: USD560 million) in the same period, whiled diluted statutory EPS from continuing operations was 14.0 cents per share (2010: 24.8 cents per share); adjusted EPS of 27.6 cents per share (2010: 25.5 cents per share).

The group’s financial position remains strong, with its current regulatory capital surplus estimated at around 
USD900 million (31 March: USD650 million); net cash of USD900 million (31 March: USD881 million). The Board is to recommend a final dividend of 12.5 cents per share to bring the total dividend for the year to 22 cents per share.

Funds under management (FUM)are currently estimated at USD71 billion (31 March 2011:
USD69.1 billion), which reflects positive flows despite the recent demanding performance environment.

Strong net inflows since year end include USD2 billion from Nomura Global Trend and USD400 million from Man IP220 GLG, the first guaranteed product to include GLG strategies.

Ma Group has continued to build a diverse range of strategies and formats to meet global investor needs and now has over USD10 billion under management in UCITS formats; USD1.3 billion under management in Man Systematic Strategies.

Peter Clarke (pictured), Chief Executive of Man, says: “ Over the last year we have built Man into the industry’s most comprehensive provider of liquid alternative investment styles. We acquired and integrated GLG without disruption to investment performance or flows, continued to expand the range of our investment management capabilities, and developed new products and formats.  Combined with the wide geography of our franchise, this has resulted in strong demand from institutions and private investors globally, and growing assets under management.  Our recent AHL open-ended launch in Japan, which has now raised USD2 billion, is a clear example of this momentum and is being followed by a Japan GLG currency launch.
 
“Macro uncertainty has impacted markets and performance across most asset classes again recently, reinforcing investors’ long-term focus on liquid and diversifying investment strategies.   Man is positioned to address these requirements through our focus on performance, our wide range of investment strategies, and the scale and resources we can apply to producing solutions for investor portfolios across the world.  We are very well placed to meet investor demand."

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