UK mortgage approvals surge to highest level since October 2022

The world’s largest listed hedge fund Man Group said pre-tax profits fell 56 per cent last year as clients paid less in fees due to lacklustre investment returns.

Core performance fees, which clients pay when investment strategies perform well, dropped 77 per cent to $180mn. Management fees, paid regardless of investment performance, rose 4 per cent to $963mn.

Two-thirds of Man Group’s assets are invested in alternative investments including hedge fund strategies and direct lending, with the remaining third in long-only strategies that try to beat a market benchmark.

Assets under management grew to $167.5bn, up from $143.3bn the previous year, partially reflecting the acquisition of private credit manager Varagon.

Via

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