The MAN Group Board confirms that it will recommend a final dividend of 5.7 cents per share for the financial year to 31 December 2020, giving a total dividend of 10.6 cents per share for the year.
The Board has approved a change to Man Group's dividend policy. The ordinary dividend policy will be progressive, taking into account the growth in the firm's overall earnings. Man Group's policy is to distribute available capital to shareholders over time, by way of higher dividend payments and/or share repurchases, while maintaining a prudent balance sheet, after taking into account required capital and potential strategic opportunities. Whilst the Board continues to consider dividends as the primary method of returning capital to shareholders, it will continue to execute share repurchases when advantageous.
Other financial highlights include:
Record high funds under management (FUM) of $123.6 billion (31 December 2019: $117.7 billion)
o Investment performance of $3.3 billion (2019: $10.1 billion)
o Net inflows of $1.8 billion (2019: net outflows $1.3 billion)
o FX translation and other movements of $0.8 billion (2019: $0.4 billion)
Core earnings per share (EPS) decreased by 23% to 16.2 cents (2019: 21.0 cents)
o Core management fee EPS increased by 6% to 10.3 cents (2019: 9.7 cents)
o Performance fee EPS decreased by 48% to 5.9 cents (2019: 11.3 cents)
Statutory earnings per share (EPS) decreased by 49% to 9.3 cents (2019: 18.4 cents) and statutory PBT decreased by 42% to $179 million (2019: $307 million)
Asset weighted performance versus peers across our strategies of -1.0% (2019: -1.1%), with alternative strategies outperforming and valuation-focused long-only strategies underperforming
Run rate core net management fees of $815 million at 31 December 2020, with net management fee margin of 66 basis points
In September 2020, announced the intention to repurchase a further $100 million of shares ($36 million of shares had been repurchased at 31 December 2020)
Strong balance sheet and liquidity position: net financial assets of $716 million (2019: $674 million)
