Funds under management (FUM) down 8% to $108.3 billion (31 December 2019: $117.7 billion)
Man Group's dividend policy is to pay out at least 100% of adjusted management fee EPS1 in each financial year by way of ordinary dividend. In addition, the Group expects to generate significant capital over time, primarily from net performance fee earnings. Available capital, after taking into account their required capital (including liabilities for future earn-out payments) and potential strategic opportunities, will be distributed to shareholders over time by way of higher dividend payments and/or share repurchases.
Other financial highlights include:
o Negative investment performance of $5.4 billion (H1 2019: positive $6.8 billion)
o Negative FX translation and other movements of $2.8 billion (H1 2019: positive $0.2 billion)
o Net outflows of $1.2 billion (H1 2019: net outflows $1.1 billion)
Adjusted profit before tax (PBT) down 40% to $94 million (H1 2019: $157 million)
o Adjusted management fee PBT of $86 million (H1 2019: $83 million)
o Adjusted performance fee PBT of $8 million (H1 2019: $74 million) reflecting below average performance fee revenues given market backdrop
o Adjusted earnings per share (EPS) down 37% to 5.4 cents (H1 2019: 8.6 cents) primarily due to lower performance fee profits, partially offset by higher management fee profits and lower share count following the share buyback programme announced in October 2019
Statutory PBT of $55 million (H1 2019: $110 million); Statutory EPS of 2.6 cents (H1 2019: 5.8 cents)
Asset weighted outperformance versus peers of 1.3% for the six months to 30 June 2020 (H1 2019: underperformance of 1.1%)
Strong balance sheet and liquidity position - Net financial assets of $611 million ($674 million as at 31 December 2019)
