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Man Group: Hedge fund sees over £8bn gains as it starts off 2024 ‘strongly’

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Only four per cent of UK companies have managed 10 consecutive years of strong growth.
Only four per cent of UK companies have managed 10 consecutive years of strong growth.

Hedge fund Man Group revealed that it generated investment performance of $11.1bn (£8.6bn) over the first six months of 2024, as it started the year off “strongly”.

It made net inflows of $0.9bn (£699.8m), which was 1.8 per cent ahead of the industry, while its assets under management (AUM) was $178.2bn (£138.5bn), up from its previous figure of $167.5bn (£130.2bn) up to 31 December 2023.

The world’s largest publicly listed hedge fund group revealed its core management fee EPS growth was 26 per cent. Additionally, Man Group reported core performance fees of $170m (£132.1m) from both alternative and long-only strategies.

The group’s net tangible assets were $779m (£139.1m) for the first six months, down from $782m (£608bn) for the previous results ending 31 December 2023. While its seed investments consisted of $549m (£426.9m) (31 December 2023: $595m (£462m)).

Commenting on the results, Robyn Grew, the group’s chief executive, said: “We have started the year strongly, delivering for our clients in a market environment driven by the evolution of forward interest rates, expectations of technological disruption, and the outcome of elections globally.”

She explained that at the start of the year, the group “outlined our multi-year strategic priorities”, which aim to “further diversify our investment capabilities”.

This focus is “notably in quant equity, credit and solutions; to extend our client reach, with a particular emphasis on North America, wealth and insurance channels; and to leverage our existing strengths and scale.”

She did note that “these are not overnight wins”, but added, “we are pleased with the progress we have made already and will continue to execute on these objectives.”

Last year, Man Group announced that former boss Luke Ellis would be stepping down in September, making way for president Robyn Grew, who has been at the firm for 15 years, to step into the top role.