Man Group, the active investment-management firm, has announced a decrease in pretax profit for the first half of 2023. This decline is attributed to a drop in revenue from performance fees, which can be primarily attributed to the market’s reversal following the banking crisis in March.
For the six months ending June 30, the company reported a pretax profit of $114 million. This is a significant decrease compared to $380 million during the same period the previous year. Moreover, revenue was also affected, with a decrease from $887 million to $506 million. Notably, performance fees saw a considerable decline from $404 million to $32 million.
Despite these challenges, Man Group’s assets under management stood at $151.7 billion at the end of the period. This includes $2.6 billion in net inflows, positive investment performance of $5.1 billion, and $700 million in foreign exchange and other impacts. In comparison, the assets under management were $143.3 billion on December 31.
Maintaining its commitment to shareholders, the company declared an interim dividend of 5.6 cents per share, consistent with its guidance and the previous year’s payout.
