27 February 2014
Troubled hedge fund Man Group showed further signs of recovery today as clients poured more money into its coffers.
The shares rose 12% to 94.3p as the company saw assets under management fall 5% to $54.1 billion (£33.75 billion) in 2013 but posted net inflows of $700 million during the fourth quarter — its second consecutive quarter of growth after two years of outflows. The improve- ment boosted pre-tax profits by 8% to $297 million and was helped by a recovery in the GLG unit which Man bought for $1.6 billion in 2010.
The group will pay a final dividend of 5.3 cents and launch a $115 million share buyback later this year.
