Investment management firm Man Group Plc (MNGPF.PK,EMG.L) Thursday reported that its fiscal 2023 profit after tax fell $234 million from last year's $608 million. The drop was primarily due to a decrease in performance fees following exceptional performance fee generation in 2022.
Earnings per share declined to 19.4 cents from prior year's 45.8 cents.
Core profit before tax was $340 million or 22.4 cents per share, compared to last year's $779 million or 48.7 cents per share.
Core management fee earnings per share were 18.4 cents, same as last year.
Net revenue fell to $1.194 billion in 2023 from $1.727 billion in 2022 as growth in management fee revenue was offset by lower performance fee generation.
Core net revenue declined 29 percent to $1.196 billion from $1.696 billion a year ago.
Closing assets under management or AUM was $167.5 billion as of December 31, 2023, up 17 percent from $143.3 billion at the end of 2022. AUM growth was driven by continuing positive net flows, strong investment performance in long-only strategies and the acquisition of Varagon.
Further, the company said its Board will recommend a final dividend of 10.7¢ per share for the year 2023, resulting in a total dividend of 16.3¢ per share for the year, up 4 percent.
The final dividend's record date would be April 12, and payment date would be May 22.
The company also intends to repurchase a further $50 million of shares.
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