Assets under management at Man Group reached a record $123.6 billion in 2020, up 5% for the year, while net inflows also bolstered business.
An update Tuesday said net inflows were $1.8 billion in 2020, reversing $1.3 billion in net outflows in 2019. Foreign-exchange effects and other movements added $800 million to assets, compared with $400 million in 2019.
Alternative strategies recorded net inflows of $4.3 billion, helping to bolster assets under management by 8% to $77.2 billion. Long-only strategies, including systematic funds, recorded $2.5 billion in net outflows. However, positive investment performance of $1.8 billion and $900 million in market and foreign-exchange moves meant assets under management still increased by 0.4% to $46.4 billion.
Core net revenues fell 14.7% for the year to $947 million, while statutory profit before tax fell 41.7% to $179 million.
Total assets under management grew 9.3% for the quarter ended Dec. 31, with net inflows of $1.3 billion.
"Our ability to deal calmly with the stresses of the year and to grow our business is a testament to the strength and resilience of our people and the quality of our technology platform," Luke Ellis, CEO of Man Group, said in a news release accompanying the update. "It is our combination of talent and technology that delivers superior returns for our clients and growth for our shareholders. Confidence in our strategy also drives our move to a new progressive dividend policy."
