Man Group FY Profit Increases

Investment management firm Man Group plc (MNGPF.PK,EMG.L) reported that its profit increased to $608 million in 2022 from $487 million in 2021, with core profit increasing from $557 million to $647 million over the same period.

Statutory earnings per share were 45.8 cents up from 33.8 cents in the prior year.

Statutory net revenue increased to $1.73 billion in 2022, from $1.49 billion in 2021, as a result of higher average AUM and strong performance fee generation.

The company’s Board confirmed it will recommend a final dividend of 10.1 cents per share for the financial year ended 31 December 2022, resulting in a total dividend of 15.7 cents per share for the year. This is in addition to $250 million of share buyback program announced in 2022.

In a separate press release, Man Group plc said that John Cryan, who has served as a director of the Company since January 2015 and as Chair of the Board since January 2020, has decided to retire from the Board towards the end of 2023.

Anne Wade, who has served on the Board as a non-executive director since April 2020, will succeed John Cryan as Chair of the Board upon John’s departure in late 2023. At that time, Anne will step down from her position as Chair of the Remuneration Committee but will remain a member, and will also assume the role of Chair of the Nomination Committee.

The company plans to announce the appointment of a new Remuneration Committee Chair in due course, who will take over from Anne on her appointment as Chair of the Board.

Dame Katharine Barker, who has served on the Board since April 2017, will step down as a non-executive director of the Company and as a member of the Audit and Risk Committee and the Remuneration Committee on 1 April 2023.

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