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Man Group doubled revenue from performance fees in 2024 in a strong year of returns, but AuM growth was limited due to mixed allocator flows.
The world’s largest listed hedge fund manager grew AuM 1% to $168.6bn. Robyn Grew, in her first full-year results statement as CEO, heralded the opportunity set facing active managers.
“The risk of persistent inflation and the implications of new US leadership dynamics will drive market volatility, creating an attractive environment for active investment management.”
Both the long-only and alternative sides of the business saw performance-driven increases in AuM, but these were larger in long-only in a strong year for most developed equity markets.
A notable performer on the alternative side was Man Strategies 1783, its multi-strategy offering, which made 14.% and has now annualised 10% over the past three years. Grew had signalled it was a priority when she took over from predecessor Luke Ellis in 2023.
Another is credit, where AuM to grew to $35bn at the end of 2024, across long-only/alternative and discretionary/quant approaches. Discretionary long-only credit was the most successful magnet for new inflows in 2024, AuM increased by $6.6bn, a 81% rise.
The headline picture on flows was mixed, with negative net flows of $3.3bn across the business, due in large part to a $7bn redemption from systematic long-only by a single client who switched their entire equities allocation to a passively managed index-based portfolio.
A $3.9bn outflow from low-margin managed account mandates in the multi- manager solutions category also contributed.
North America has been a particular growth area this decade, rising from 28% of AuM as at the end of 2019 to 36% at the end of 2024. The firm manages money for over 35 public plans and more than 130 other institutions.
Grew said the firm, which has a global sales team of over 290 people, continues to expand into the wealth channel via retail partnerships and intermediary relationships.
Early last year, in the first major reorganisation under Grew, some of Man’s flagship takeover brand names like GLG were retired in favour of the unified Discretionary division, led by Man veteran Eric Burl.