MAN GROUP, the world’s largest listed hedge fund, recorded a 62 per cent surge in adjusted profits before tax to $481m (£310m) for the financial year ended 31 December, on the back of higher performance fees and cost savings.
The British fund manager also saw funds under management rocket 35 per cent to $72.9bn over the period, boosted by the $16.2bn brought on board through the year’s acquisition of US firms Numeric and Pine Grove.
The firm received net inflows of $3.3bn after net outflows of $3.6bn in 2013.
Chief executive Manny Roman said: “2014 marked a year of progress for the group with strong performance at [computer-driven] AHL funds, a full year of net inflows, the completion of the restructuring programme ahead of schedule and several key acquisitions and hires that have materially enhanced our investment capabilities and our North American business.”
Roman, however, warned that sluggish short-term demand for the firm’s AHL products, combined with a slowdown in sales across its discretionary strategies and ongoing market volatility meant “we remain cautious in our near-term outlook”.