Man Group: World’s largest publicly listed hedge fund’s assets swell to new record

Man Group assets under management for Q1 hit a new record

Hedge fund Man Group reported a near five per cent increase in its assets under management for the first quarter of 2024, compared to the last quarter of 2023.

The world’s largest publicly listed hedge fund group updated its shareholders with a trading statement noting that its assets under management for the first quarter of 2-24 was $175.7bn (£142bn) as at 31 March, up from its record level of $167.5bn (£135bn) as of 31 December 2023.

It assets under management by product category showed that its absolute return was $50.3bn for the first quarter of 2024, while its total return was $43.3bn – all up on the previous quarters of 2023.

However, its multi-manager solutions dipped to $17.7bn, compared to £20bn for the same trading months last year. But its systematic long-only ($39.7bn) and discretionary long-only ($24.7bn) were up.

This comes after the group revealed that its pretax profit more than halved to $340m (£268m) in 2023 from $779m (£615m) the year before.

For its full financial report for 2023, Man Group was dragged down by its performance fees, which plunged 77 per cent year-on-year to $180m )£142m). In addition, its net revenue also dropped to $1.2bn (£950m), down 29 per cent from $1.7bn (£1.3bn) in 2022.

Last May, the group announced that the former boss Luke Ellis was stepping down in September, making way for president Robyn Grew, who has been at the firm for 15 years, to step into the top role.