Man Group’s funds under management were US$52 billion for the six months ended 30 June 2013, a 1.3% decrease compared to US$52.7 billion for the same period of previous year.
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The firm’s adjusted profit before tax (PBT) was increased by 9.8% to US$134 million for the six months ended 30 June 2013, compared to US$122 million for the corresponding period a year ago.
Man Group has reported net revenues of US$568 million, an increase of 2.9% compared to US$552 million for the previous year period.
Manny Roman, CEO of Man Group, said: "While the first quarter of the year benefited from a more stable environment in financial markets, the second quarter was characterised by renewed volatility.
"Against this background, Man’s investment performance was varied: good in discretionary and challenging in trend following. In terms of flows, investor appetite remained muted as renewed market volatility tempered investors’ willingness to put their money to work. A sustained improvement in investment performance, particularly from AHL, remains the key prerequisite for an improvement in net flows.
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By GlobalData"Management remains focused on running the business efficiently. The operating cost savings announced in 2012 have now been executed and during the process further savings have been identified, including some relating to the lower level of the guaranteed book. At the same time, we have continued to invest in people and products, for example building the fixed income and macro platform at GLG and developing successful, high-performing quantitative products, such as Evolution," Roman added.
