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Man Group PLC on Thursday said that it had wrestled with a challenging geopolitical and economic backdrop in 2023, as the firm reported a significant fall in profits and revenue for the year. Man Group is a London-based investment management firm, which specialises in real estate equity and private credit. The company ended 2023 with $167.5 billion worth of assets under management, up 17% from $143.3 billion. Despite its record AuM, however, the firm’s results for the year were lacklustre. Pretax profit more than halved to $279 million from $745 million in 2022. This came as the company’s core performance fees dropped 77% to $180 million from $779 million. Revenue was down 33% to $1.17 billion from $1.73 billion over the year. Basic earnings per share dropped to 19.9 cents from 47.2 cents in 2022. However, Man Group also announced a 3.8% increase in its annual dividend per share to 16.3 cents from 15.7 cents, after recommending a final dividend of 10.7 cents. Chief Executive Officer Robyn Grew said: ‘2023 was a year that defied market expectations as the world grappled with macroeconomic uncertainty and unforeseen geopolitical events. Against that backdrop, I’m pleased to report a solid set of results for Man Group.’ Shares in Man Group were up 2.9% at 248.20 pence each in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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