Hedge Funds

Man Group full-year profits up as market gains offset net outflows

LONDON (Reuters) - British hedge fund manager Man Group EMG.L posted a 2019 adjusted pretax profit of $386 million (£297 million) on Friday, up 54% as strong market performance outweighed net outflows.

Total assets were $117.7 billion at the end of 2019, up 8.4% from a year earlier on the positive investment performance.

The firm recorded net outflows of $1.3 billion against a year earlier, as customers cut back on equity allocations, but the company said it had seen net inflows in the fourth quarter and that the positive momentum had continued into 2020.

The firm cut its dividend for the year to 9.8 cents per share, down 17% from 2018 and in line with its dividend policy.

Reporting by Carolyn Cohn; editing by Simon Jessop