Man Group's ordinary dividend policy is 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.
In line with their dividend policy, the Board has declared an interim dividend of 5.6 cents per share (30 June 2020: 4.9 cents). They will fix and announce the US dollar to sterling dividend currency conversion rate on 19 August 2021, in advance of payment.
In September 2020, the Company announced a share repurchase programme for up to $100 million to return capital to shareholders. $99 million was complete at 27 July 2021. Having assessed the firm's current capital requirements, the Company intends to launch a further $100 million share buyback programme, which will commence once the current buyback programme is complete.
Other financial highliights include:
Record high funds under management (FUM) of $135.3 billion (31 December 2020: $123.6 billion)
o Positive investment performance of $9.5 billion (H1 2020: negative $5.4 billion)
o Net inflows of $1.2 billion (H1 2020: net outflows $1.2 billion)
o Positive FX translation and other movements of $1.0 billion (H1 2020: negative $2.8 billion)
Core earnings per share (EPS) increased by 246% to 18.7 cents (H1 2020: 5.4 cents)
o Core management fee EPS increased by 51% to 7.4 cents (H1 2020: 4.9 cents)
o Performance fee EPS of 11.3 cents (H1 2020: 0.5 cents)
Statutory EPS increased to 15.8 cents (H1 2020: 2.6 cents) and statutory profit before tax increased to $280 million (H1 2020: $55 million)
Run rate core net management fees of $886 million at 30 June 2021 (H1 2020: $698 million)
Intention to repurchase an additional $100 million of shares. $99 million of the $100 million share buyback announced in September 2020 was complete at 27 July 2021
Net financial assets of $632 million (31 December 2020: $716 million)
