Yahoo Finance

• Total AUM: $168.6 billion as of December 31, 2024, broadly flat compared to December 31, 2023.

• Net Revenue: Almost $1.5 billion, including net management fees of $1.1 billion, a 14% increase compared to 2023.

• Performance Fees: $310 million, up from $180 million in 2023.

• Core Profit Before Tax: $473 million, a 39% increase.

• Core Management Fee Profit Before Tax: $323 million, the highest level in over 10 years.

• Earnings Per Share (EPS): $0.321, a 43% increase from the previous year.

• Dividend Per Share: Total of $0.172 for the year, a 6% increase compared to 2023.

• Net Outflows: $3.3 billion for the period.

• Gross Inflows: Nearly $44 billion, the second-best year on record.

• Fixed Cash Costs: $412 million, an 11% increase compared to 2023.

• Net Tangible Assets: $867 million as of the end of December 2024.

• Share Buyback: $50 million completed in 2024, with an additional $100 million announced.

• Investment Performance: Positive $10.9 billion for clients, with alternative strategies at 2.4% and long-only strategies at 15.2%.

• Compensation Ratio: 47%, 3% lower than in 2023.

• Warning! GuruFocus has detected 3 Warning Sign with MNGPF.

Release Date: February 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Man Group PLC (MNGPF) reported strong financial results for 2024, highlighting successful diversification and collaboration with sophisticated investors.

• The company delivered positive investment performance across all product categories, with an overall outperformance of 1%.

• Core management fee earnings per share increased by 17% to $0.215, and performance fee earnings per share more than doubled to $0.106 per share.

• The Board declared a final dividend of $0.116 per share, resulting in a total dividend for the year of $0.172 per share, a 6% increase compared to 2023.

• Man Group PLC (MNGPF) announced an additional $100 million share buyback, demonstrating commitment to capital returns to shareholders.

Negative Points

• The company experienced net outflows of $3.3 billion due to increased redemptions from institutional clients facing macroeconomic and geopolitical pressures.

• Adverse FX impacts, primarily due to US dollar strength, negatively affected financial results.

• Trend-following strategies underperformed, with AHL Evolution returning negative 6.1% due to lack of trends in fixed income and frequent market reversals.

• The mix of assets managed skewed more towards long-only strategies, leading to a decrease in run rate net management fees and net management fee margin.

• Fixed cash costs increased to $412 million, driven by the full year impact of the Varagon acquisition and targeted investments.