Man Group posts jump in 1H AuM, says business in 'great shape'

Man Group reported a jump in assets under management over the first half of the year and said the business was in "great shape" heading into the back half of 2024.

For the six months ending on 30 June, the fund manager said that AuM rose by 6.4% to reach $178.2bn.

That was the result of a positive investment performance of $11.1bn, together with net inflows of $0.9bn.

The latter was despite what chief executive officer Robyn Grew described as a "challenging" period for asset raising in the industry.

"While the institutional nature of our business can result in some variability in short term net flows, our business is in great shape going into the second half of the year," Grew added.

"We offer a diversified range of investment strategies and solutions, underpinned by our high-quality talent and cutting-edge technology, that are highly relevant to our clients as they try to grapple with volatile markets. I am confident that we will continue to deliver for them."

The firm's core profit before tax was $257m, while its statutory earnings per share hit 13.8 US cents and core EPS was at 17.1 cents.

Management recommended an interim dividend of 5.6 US cents per share, which was in line with previous guidance.