REG - Man Group plc - Half-year results for the period ended 30 Jun 2025
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RNS Number : 0752T Man Group plc 30 July 2025
Press Release
30 July 2025
Half year results for the six months ended 30 June 2025
Key points
Strong net inflows demonstrate the benefits of our diversified investment
strategies and solutions
o Record AUM(1) of $193.3 billion as at 30 June 2025 (31 December 2024:
$168.6 billion)
o Net inflows of $17.6 billion, 11.5% ahead of the industry( KPI ), driven
by our long-only range
o Positive investment performance of $2.5 billion, 1.2% behind peers( KPI )
Resilient core management fee EPS (diluted) of 8.5¢ despite exceptional
market conditions for trend-following strategies
o Run-rate net management fees of $1,055 million as at 30 June 2025 (31
December 2024: $1,058 million)
o Core performance fees of $67 million, driven by multi-strategy alternative
and long-only offerings
o Statutory EPS (diluted) of 4.4¢ (H1 2024: 13.8¢) and core EPS (diluted)
of 9.7¢ (H1 2024: 17.1¢)( KPI )
Robust balance sheet and liquidity positions support our disciplined capital
allocation policy
o Net tangible assets of $674 million as at 30 June 2025 (31 December 2024:
$867 million)
o $65 million of the $100 million share buyback announced in February was
complete as at 28 July
o Recommended interim dividend of 5.7¢ per share
Significant progress against our multi-year strategic priorities, including:
o Sustained growth in our credit platform, with total AUM of $42.7 billion
as at 30 June 2025
o Acquisition of Bardin Hill, advancing our strategic ambitions in credit
and North America
o Good momentum in wealth distribution, raising a further $1.1 billion
through the Asteria JV
o Active cost management, with resources reallocated to strengthen our
commitment to key growth initiatives
o Continued investment in technology, focusing on generative AI capabilities
to drive efficiency and scale
Robyn Grew, Chief Executive Officer of Man Group, said:
"During a particularly volatile first half of 2025, we delivered positive
investment performance overall and achieved net inflows of $17.6 billion,
11.5% ahead of the industry. These outcomes highlight the strength of our
global platform, and the deepening trust our clients place in us as a
strategic partner with broad investment capabilities and extensive experience
across multiple market cycles.
"I am proud of the team's strong progress against our strategic priorities,
including the acquisition of Bardin Hill, which will further strengthen our
fast-growing credit platform and US presence. It proved to be one of the most
challenging periods for trend-following strategies in 25 years; however, their
intrinsic properties and long-term track record give us a high degree of
conviction in the role they play in allocators' portfolios. While our results
reflect those headwinds, they also serve to validate our strategy and
underscore the value of the diversification we continue to build across our
business.
"We enter the second half of the year with strong momentum, supported by Man
Group's core strengths: exceptional people, cutting-edge technology, and a
genuinely differentiated investment approach. I am confident these
fundamentals will continue to position us as the long-term partner of choice
for allocators worldwide as they adapt to this period of paradigm shift in
global markets."
This document should be read in conjunction with the content and definitions
included in the 2024 Annual Report.
'Core' measures are alternative performance measures. For a detailed
description of our alternative performance measures, including non-core items,
please refer to pages 29 to 37.
KPI Details of key performance indicators can be found in the 2024 Annual
Report.
1. Assets under management.
Summary financials
$ millions, unless otherwise stated Six months to Six months to
30 Jun 2025 30 Jun 2024
AUM, end of period $193.3bn $178.2bn
Core net management fee revenue 517 551
Core performance fees 67 170
Core net revenue(1) 604 761
Core management fee profit before tax 130 163
Core performance fee profit before tax 16 94
Core profit before tax 146 257
Statutory profit before tax 77 219
¢
Core management fee EPS (diluted) 8.5 11.0
Statutory EPS (diluted) 4.4 13.8
Interim dividend per share 5.7 5.6
Financial key performance indicators( KPI )
Relative investment performance (1.2)% 2.1%
Relative net flows 11.5% 1.8%
Core EPS (diluted) 9.7¢ 17.1¢
Core management fee EPS growth(2) (23)% 26%
Conference call and presentation
A conference call with management, including an opportunity to ask questions,
will commence at 09:00am (London) on 30 July 2025. A copy of the presentation
will be available on the Shareholder Relations section of www.man.com
(http://www.man.com) from 08:55am. We recommend connecting to the meeting 5-10
minutes prior to the start time. To ask a question during the Q&A session
you will need to access the meeting via the link below.
The conference call can be accessed at:
https://mangroup.webex.com/mangroup/j.php?MTID=m48ee7dcb5c2adcafc39a6a555a84f950
(https://mangroup.webex.com/mangroup/j.php?MTID=m48ee7dcb5c2adcafc39a6a555a84f950)
Webinar number (and access code): 2377 562 1374
Webinar password: ManHY2025Results (62649202 from a phone or video system)
Join by phone:
United Kingdom: +44 20 3478 5289
USA/Canada: +1 631 267 4890
Enquiries
Karan Shirgaokar
Head of Corporate Development and Shareholder Relations
+44 20 7144 1000
shareholder.relations@man.com (mailto:shareholder.relations@man.com)
Georgiana Brunner
Head of Communications
+44 20 7144 1000
communications@man.com (mailto:communications@man.com)
Neil Doyle
FTI Consulting
+44 77 7197 8220
man@fticonsulting.com (mailto:man@fticonsulting.com)
KPI Details of key performance indicators can be found in the 2024 Annual
Report.
1. Includes core gains/(losses) on investments and core rental income.
2. Growth measured against comparative prior period.
Capital returns
Man Group's capital allocation policy is disciplined and intended to deliver
attractive shareholder returns while supporting the future growth of the
business. Our aim is to increase the annual dividend per share progressively
over time, reflecting the firm's underlying earnings growth and free cash flow
generation while maintaining a prudent balance sheet. We then look to invest
in organic and inorganic initiatives that align with our strategic priorities,
to drive long-term value creation for our shareholders. Finally, any remaining
available capital is returned over time, through share repurchases when
advantageous.
Having achieved a target 1:2 ratio between the interim and final dividend per
share in 2024, the policy going forward is to set the interim dividend per
share at one-third of the previous year's total dividend per share. In line
with this policy, the Board has declared an interim dividend of 5.7¢ per
share (30 June 2024: 5.6¢). We will fix and announce the US dollar to
sterling dividend currency conversion rate on 29 August 2025, in advance of
payment.
Dates for the 2025 interim dividend
Ex-dividend date 07 August 2025
Record date 08 August 2025
Final election date for Dividend Reinvestment Plan (DRIP)(1) 22 August 2025
Sterling conversion date 29 August 2025
Payment date 19 September 2025
Forward-looking statements and other important information
This document contains forward-looking statements with respect to the
financial condition, results, and business of Man Group plc. By their nature,
forward-looking statements involve risk and uncertainty and there may be
subsequent variations to estimates. Man Group plc's actual future results may
differ materially from the results expressed or implied in these
forward-looking statements.
The content of the websites referred to in this announcement is not
incorporated into and does not form part of this announcement. Nothing in this
announcement should be construed as or is intended to be a solicitation for or
an offer to provide investment advisory services or to invest in any
investment products mentioned herein.
About Man Group
Man Group is a global alternative investment management firm focused on
pursuing outperformance for sophisticated clients via our Systematic,
Discretionary and Solutions offerings. Powered by talent and advanced
technology, our single and multi-manager investment strategies are underpinned
by deep research and span public and private markets, across all major asset
classes, with a significant focus on alternatives. Man Group takes a
partnership approach to working with clients, establishing deep connections
and creating tailored solutions to meet their investment goals and those of
the millions of retirees and savers they represent.
Headquartered in London, we manage $193.3(2) billion and operate across
multiple offices globally. Man Group plc is listed on the London Stock
Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index.
Further information can be found at www.man.com (http://www.man.com) .
1. A DRIP is provided by Equiniti Financial Services Limited. The DRIP
enables the Company's shareholders to elect to have their cash dividend
payments used to purchase the Company's shares. More information can be found
at www.shareview.co.uk/info/drip (http://www.shareview.co.uk/info/drip) .
2. At 30 June 2025. All investment management and advisory services
are offered through Man Group affiliated regulated investment managers.
Assets under management(1)
AUM movements for the six months ended 30 June 2025
$bn AUM at Net flows Investment performance Other(2) AUM at
31 Dec 2024
30 Jun 2025
Absolute return 45.3 (1.5) (3.1) (1.0) 39.7
Total return 41.5 (0.7) (0.6) 0.9 41.1
Multi-manager 14.4 (1.3) 0.0 0.0 13.1
Alternative 101.2 (3.5) (3.7) (0.1) 93.9
Systematic long-only 38.6 16.1 4.7 1.9 61.3
Discretionary long-only 28.8 5.0 1.5 2.8 38.1
Long-only 67.4 21.1 6.2 4.7 99.4
Total 168.6 17.6 2.5 4.6 193.3
AUM movements for the three months ended 30 June 2025
$bn AUM at Net flows Investment performance Other(2) AUM at
31 Mar 2025
30 Jun 2025
Absolute return 43.1 (1.9) (1.6) 0.1 39.7
Total return 42.6 (0.8) (0.5) (0.2) 41.1
Multi-manager 14.1 (0.8) (0.1) (0.1) 13.1
Alternative 99.8 (3.5) (2.2) (0.2) 93.9
Systematic long-only 39.6 15.7 4.6 1.4 61.3
Discretionary long-only 33.2 1.8 1.2 1.9 38.1
Long-only 72.8 17.5 5.8 3.3 99.4
Total 172.6 14.0 3.6 3.1 193.3
1. At 30 June 2025, total AUM excludes non-fee-paying committed
capital of $4.9bn.
2. Includes the impact of foreign currency exchange rate fluctuations,
performance-linked leverage movements, distributions and realisations
(proceeds from maturities or disposals) across private market strategies, and
capital returned to investors from CLO strategies.
AUM by product category
$bn 30 Jun 2024 30 Sep 2024 31 Dec 2024 31 Mar 2025 30 Jun 2025
Absolute return 49.2 47.5 45.3 43.1 39.7
Institutional solutions(1) 17.1 16.1 15.7 14.9 13.9
Traditional trend-following 9.5 9.2 8.4 7.7 6.6
Multi-strategy quant 6.3 5.9 5.8 5.5 4.9
Discretionary equity 4.5 4.6 4.4 4.6 4.7
Alternative trend-following 4.8 4.6 4.1 3.7 3.4
Other(2) 7.0 7.1 6.9 6.7 6.2
Total return 45.0 45.0 41.5 42.6 41.1
Multi-asset risk parity 16.2 16.7 15.0 15.5 14.3
Alternative risk premia 11.4 11.4 10.9 11.4 11.9
US direct lending 10.3 10.2 10.3 10.2 9.9
CLOs 3.4 3.0 2.5 2.5 2.2
Real estate 2.4 2.3 1.4 1.6 1.4
Other(3) 1.3 1.4 1.4 1.4 1.4
Multi-manager 16.1 16.0 14.4 14.1 13.1
Infrastructure and direct access 11.5 10.8 9.7 9.3 8.3
Segregated 4.3 4.7 4.2 4.3 4.5
Diversified and thematic FoHF 0.3 0.5 0.5 0.5 0.3
Systematic long-only 41.2 37.1 38.6 39.6 61.3
Global equity 24.0 18.4 19.6 18.3 34.8
International equity 7.2 7.8 8.4 10.3 12.5
Emerging markets equity 8.9 9.5 8.4 8.7 11.4
Credit 1.1 1.4 2.2 2.3 2.6
Discretionary long-only 26.7 29.3 28.8 33.2 38.1
Credit and convertibles 10.7 13.5 14.7 18.8 22.1
Japan equity 6.3 6.4 5.7 5.9 6.2
UK equity 5.0 4.9 4.5 4.5 5.1
Emerging markets fixed income 0.9 1.0 0.9 1.1 1.2
Europe ex-UK equity 1.8 1.7 1.3 1.0 0.7
Other(4) 2.0 1.8 1.7 1.9 2.8
Total 178.2 174.9 168.6 172.6 193.3
1. Includes AHL Institutional Solutions, which invests into a range of
AHL strategies including AHL Alpha, AHL Dimension and AHL Evolution, as well
as other absolute return strategies.
2. Includes AHL other, Numeric absolute return and Discretionary
credit absolute return strategies.
3. Includes Discretionary credit total return strategies.
4. Includes Discretionary equity and multi-asset long-only strategies.
Investment performance
Return (net of fees) Annualised return (net of fees)
3 months to 6 months to 3 years to 5 years to Inception to 30 Jun 2025
30 Jun 2025
30 Jun 2025
30 Jun 2025
30 Jun 2025
Absolute return
AHL Alpha 1 -3.5% -7.8% -1.4% 3.5% 9.4%
AHL Dimension 2 -3.9% -5.9% 1.1% 3.2% 4.2%
AHL Evolution 3 -6.0% -10.4% -6.2% 2.8% 10.0%
Man Alpha Select Alternative 4 -1.2% -1.0% 4.0% 5.4% 4.6%
Man Event Driven Alternative 5 2.2% 4.9% 5.5% 6.5% 6.1%
Man Strategies 1783* 6 2.5% 6.0% 10.0% 8.8% 7.4%
Total return
Man TargetRisk 7 -3.8% -2.6% 5.3% 4.1% 6.9%
Man Alternative Risk Premia 8 2.2% 4.2% 8.2% 7.8% 5.1%
Multi-manager
FRM Diversified II 9 -0.4% 1.9% 4.2% 6.8% 4.1%
Systematic long-only
Numeric Global Core 10 14.7% 13.4% 22.5% 16.8% 12.1%
Relative return 3.2% 4.0% 4.2% 2.3% 1.3%
Numeric Europe Core 11 7.7% 12.4% 16.5% 13.7% 9.3%
Relative return 5.2% 3.9% 3.7% 2.3% 2.4%
Numeric Emerging Markets Core 12 14.3% 17.0% 13.2% 10.4% 6.7%
Relative return 2.3% 1.7% 3.4% 3.6% 2.6%
Discretionary long-only
Man High Yield Opportunities 13 2.5% 4.6% 9.4% 9.0% 7.7%
Relative return 0.0% 1.2% 1.4% 5.4% 4.5%
Man Global Investment Grade Opportunities 14 2.5% 5.7% 15.3% - 8.5%
Relative return 0.6% 2.0% 10.2% - 8.4%
Man Japan CoreAlpha Equity 15 5.2% 2.7% 19.7% 22.8% 6.7%
Relative return -2.3% -1.1% 1.7% 7.2% 1.8%
Man Undervalued Assets 16 6.4% 8.0% 15.0% 13.5% 7.8%
Relative return 2.0% -1.1% 4.3% 2.7% 1.5%
Man Continental European Growth 17 8.5% 3.0% 10.8% 4.3% 8.8%
Relative return 2.4% -11.2% -3.5% -6.2% 2.4%
Indices
HFRX Global Hedge Fund Index 18 1.8% 2.4% 3.8% 3.5%
HFRI Fund of Funds Conservative Index 18 2.0% 2.7% 5.5% 6.2%
HFRI Equity Hedge (Total) Index 18 7.6% 6.0% 10.4% 10.1%
HFRX EH: Equity Market Neutral Index 18 1.5% 3.6% 5.9% 3.4%
Barclay BTOP 50 Index 19 -3.6% -3.5% -0.5% 6.4%
SG Trend Index 20 -5.6% -10.0% -4.3% 5.7%
*Estimated
Past or projected performance is not an indication of future results.
Financial indices are used for illustrative purposes only and are provided for
the purpose of making a comparison to general market data as a point of
reference and should not be construed as a true comparison to the strategy.
The information herein is being provided solely in connection with this press
release and is not intended to be, nor should it be construed or used as,
investment, tax or legal advice, any recommendation or opinion regarding the
appropriateness or suitability of any investment or strategy, or an offer to
sell, or a solicitation of an offer to buy, an interest in any security,
including an interest in any fund or pool described herein.
1. Represented by AHL Alpha plc from 17 October 1995 to 30 September
2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1
October 2012 to 30 September 2013. The representative product was changed at
the end of September 2012 due to the provisioning of fund liquidation costs in
October 2012 for AHL Alpha plc, which resulted in a tracking error compared
with other Alpha Programme funds. Both funds are valued weekly; however, for
comparative purposes, statistics have been calculated using the best quality
price that is available at each calendar month end, using estimates where a
final price is unavailable. Where a price, either estimate or final is
unavailable on a calendar month end, the price on the closest date prior to
the calendar month end has been used. Both track records have been adjusted to
reflect the fee structure of AHL Alpha (Cayman) Limited - USD Shares. From 30
September 2013, the actual performance of AHL Alpha (Cayman) Limited - USD
Shares is displayed.
2. Represented by AHL Strategies PCC Limited: Class B AHL Dimension
USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman) Ltd
- F USD Shares Class from 1 June 2014 until 28 February 2015 when AHL
Dimension (Cayman) Ltd - A USD Shares Class is used. Representative fees of
1.5% Management Fee and 20% Performance Fee have been applied.
3. Represented by AHL Evolution Limited adjusted for the fee structure
(2% p.a. management fee and 20% performance fee) from September 2005 to 31
October 2006; and by AHL Strategies PCC: Class G AHL Evolution USD from 1
November 2006 to 30 November 2011; and by the performance track record of AHL
Investment Strategies SPC: Class E AHL Evolution USD Notes from 1 December
2011 to 30 November 2012. From 1 December 2012, the track record of AHL
(Cayman) SPC: Class A1 Evolution USD Shares has been shown. All returns shown
are net of fees.
4. Represented by Man Alpha Select Alternative IL GBP; AUM included
within Discretionary equity under the absolute return product category.
5. Represented by Man Event Driven Alternative IN USD; AUM included
within Discretionary equity under the absolute return product category.
6. Represented by Man Strategies 1783 Class F1 USD from 31 January
2020 to 31 December 2021 (0.50% p.a. management fee and 20% performance fee);
and by Man Strategies 1783 Class A USD from 1 January 2022 to 31 August 2024
(2% p.a. management fee and 20% performance fee). From 1 September 2024 the
performance of Man Strategies 1783 CL B2 USD is used, this has a 1.0%
management fee and a performance fee of 15%, plus additional talent
passthrough costs included within the underlying portfolio; AUM included
within the corresponding underlying product category.
7. Represented by Man TargetRisk Class I USD.
8. Represented by Man Alternative Risk Premia SP - Class A USD.
9. Represented by FRM Diversified II Fund SPC - Class A USD ('the
fund') until April 2018 then Class A JPY hedged to USD thereafter. However,
prior to Jan 2004, FRM has created the FRM Diversified II pro forma using the
following methodology: i) for the period Jan 1998 to Dec 2003, by using the
returns of Absolute Alpha Fund PCC Limited - Diversified Series Share Cell
('AA Diversified - USD') adjusted for fees and/or currency, where applicable.
For the period Jan 2004 to Feb 2004, the returns of the fund's master
portfolio have been used, adjusted for fees and/or currency, where applicable.
Post Feb 2004, the fund's actual performance has been used, which may differ
from the calculated performance of the track record. There have been occasions
where the 12-months' performance to date of FRM Diversified II has differed
materially from that of AA Diversified. Strategy and holdings data relates to
the composition of the master portfolio; AUM included within Diversified and
thematic FoHF under the multi-manager product category.
10. Performance relative to the MSCI World. This reference index is
intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index.
11. Performance relative to the MSCI Europe (EUR). This reference index
is intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index; AUM included within International
equity under the systematic long-only product category.
12. Performance relative to MSCI Emerging Markets. This reference index
is intended to best represent the strategy's universe. Investors may choose to
compare returns for their accounts to different reference indices, resulting
in differences in relative return information. Comparison to an index is for
informational purposes only, as the holdings of an account managed by Numeric
will differ from the securities which comprise the index and may have greater
volatility than the holdings of an index.
13. Represented by Man High Yield Opportunities I EUR. Relative return
is shown vs ICE BofA Global High Yield Index (EUR, TR) Hedged benchmark; AUM
included within Credit and convertibles under the discretionary long-only
product category.
14. Represented by Man Global Investment Grade Opportunities I USD.
Relative return is shown vs ICE BofA Global Large Cap Corporate Index (USD,
TR) Hedged; AUM included within Credit and convertibles under the
discretionary long-only product category.
15. Represented by Man Japan CoreAlpha Fund - Class C converted to JPY
until 28 January 2010. From 1 February 2010 Man Japan CoreAlpha Equity Fund -
Class I JPY is displayed. Relative return shown vs TOPIX (JPY, GDTR); AUM
included within Japan equity under the discretionary long-only product
category.
16. Represented by Man Undervalued Assets Fund - C Accumulation Shares.
Relative return shown vs FTSE All Share (GBP, NDTR); AUM included within UK
equity under the discretionary long-only product category.
17. Represented by Man Continental European Growth Fund Class C
Accumulation Shares. Relative return shown vs FTSE World Europe Ex UK (GBP,
GDTR); AUM included within Europe ex-UK equity under the discretionary
long-only product category.
18. HFRI and HFRX index performance over the past 4 months is subject to
change.
19. The historical Barclay BTOP 50 Index data is subject to change.
20. Formally known as Newedge Trend Index. Index performance is net of
all fees.
Chief Executive Officer's review
Overview
The first six months of 2025 saw extraordinary moves across global markets,
driven by significant policy shifts following President Trump's return to
office. The US dollar recorded its steepest first half decline since the
1970s, falling over 10%, while gold surged 25% as investors sought safe
havens. Despite initial turbulence from trade policies and geopolitical
developments, most major asset classes delivered positive returns during the
period. The S&P 500 recovered from a 12% April decline to reach new highs,
with the previously dominant Magnificent Seven stocks staging a second-quarter
comeback after being outpaced by Chinese tech rivals and European defence
stocks. Fixed income markets reflected mounting concerns about fiscal
sustainability, with 30-year US Treasury yields touching 5.1% before
moderating to 4.8% at the end of June. Commodities saw heightened volatility,
with oil trading between $60-80 per barrel on trade tensions and conflicts in
the Middle East. Although markets showed resilience by mid-year, questions
remained about the state of US federal finances and the long-term impact of
policy decisions.
Against this backdrop, we were pleased to generate overall investment
performance of $2.5 billion in the first half. Our long-only strategies once
again delivered strong returns (+8.1%). Emerging Markets Core and Global Core
were standout performers, with investment performance of 17.0% and 13.4%,
respectively. Our alternative strategies delivered negative performance
overall, driven by trend-following programmes which faced significant
headwinds in 2025. Market conditions during the first half created a
challenging environment: the reversal of the Trump trade in Q1, combined with
the US administration's stop-start approach to tariffs, adversely impacted
positioning and led to a lack of sustained trends. Losses were felt broadly,
with fixed income trading most notably affected as whipsawing yields resulted
in losses across US and European bonds. On the positive side, gold trended
consistently throughout 2025, providing partially offsetting profits. To
contextualise this environment, the SG Trend index, which tracks returns of
trend-following managers, experienced one of its worst drawdowns in decades
(-10.0% YTD). Our flagship programmes were similarly affected: AHL Alpha ended
the first half down 7.8%, whilst AHL Evolution, which trades harder-to-access
alternative markets, declined 10.4%. There were nonetheless several positives
on the alternatives front though with solid investment performance across
other strategies, best represented by Man 1783, our flagship multi-strategy
offering, which continued its strong run (+6.0%).
During the period, Man Group's relative investment performance on an
asset-weighted basis was 1.2% behind similar strategies offered by other
investment managers. While our long-only strategies registered strong
outperformance versus their respective benchmarks, with notable returns across
the Man Numeric range and our credit strategies, this was offset by negative
relative performance from alternative strategies. In particular, AHL Evolution
weighed on the metric as its benchmark indices are predominantly composed of
traditional trend-followers. These results highlight the importance of growing
our diversified offering, which effectively combines skilled investment teams,
sophisticated risk management, and advanced technological capabilities to
deliver for our clients globally.
As I have said before, our clients face increasingly complex challenges that
require tailored solutions delivering diversified, risk-adjusted returns; in
this regard, our distribution network remains one of our greatest competitive
advantages, and client-led growth in our business remained exceptionally
strong despite market volatility and lower than expected private equity
realisations. Total net inflows were $17.6 billion for the period, our
strongest six months on record, 11.5% ahead of the industry. A particular
highlight was a $13.2 billion subscription from a single client in systematic
long-only, reflecting our ability to provide customised, quant-driven
solutions at scale. Our continued market share growth during the first half of
2025 validates our position as a trusted partner serving our clients' evolving
needs. Although alternative strategies have experienced headwinds recently,
client engagement and dialogue on defensive alpha remain strong as we enter
the second half of the year, reinforcing the fundamental importance of
differentiated liquid solutions in the current environment.
Positive investment performance and net inflows, together with other movements
of $4.6 billion, increased total AUM to $193.3 billion as at 30 June 2025,
representing a 15% increase compared with 31 December 2024 and another period
of organic growth for the firm. While our financial results for the first six
months of 2025 partly reflect the exceptional market backdrop for our
trend-following strategies, they also highlight the benefits of the
diversification we continue to build into our business, the trust our clients
place in us as a strategic partner with broad investment capabilities and deep
experience across multiple market cycles, and the growing strength of our
global platform. Core net management fees were $517 million (H1 2024: $551
million) and core performance fees were $67 million (H1 2024: $170 million),
while core earnings per share (diluted) were 9.7 cents (H1 2024: 17.1 cents)
and statutory earnings per share (diluted) were 4.4 cents (H1 2024: 13.8
cents).
Historically, we maintained the interim dividend at 5.6 cents per share until
achieving a 1:2 ratio between the interim and final dividend per share, in
line with UK market practice. Having reached this target with our 2024 final
dividend of 11.6 cents per share, our policy going forward is to set the
interim dividend per share at one-third of the previous year's total dividend
per share. Accordingly, the Board has declared a 2025 interim dividend of 5.7
cents per share.
Strategy update
We made significant progress on our multi-year strategic priorities, advancing
key initiatives that diversify and scale our business while strengthening our
competitive position. Our quant equity strategies maintained their strong
performance, and we enriched our Solutions offering by adding four new
discretionary alternative investment teams during the first half of the year.
In addition, we continued to deepen our client relationships, establishing the
Meiji Yasuda partnership within the insurance channel in February and raising
additional capital through the Asteria JV in wealth ($1.1 billion YTD).
A particular highlight has been the continued growth of our credit business,
which has established itself as a cornerstone of the firm. As at the end of
June, we managed AUM in credit of $42.7 billion, up from $14.7 billion two
years ago. Our offering spans multiple strategies, from Global High Yield and
Investment Grade Opportunities, which have delivered industry-leading returns
and gained strong client traction across geographies, channels and client
types, to Emerging Markets Corporate Credit, where our new launches have seen
good early momentum. We have leveraged our quant heritage to build a
meaningful presence in specialised areas of systematic credit such as
catastrophe bonds, while our strategic move into private credit through the
Varagon acquisition and our Credit Risk Sharing strategy have broadened our
capabilities beyond public markets.
Building on this success, we were pleased to announce earlier this month the
acquisition of Bardin Hill, a New York-based private credit manager with $3
billion in AUM(1). The team brings deep expertise in US opportunistic credit,
as well as broadly syndicated loans. The acquisition strengthens our US
presence and distribution capabilities while supporting our strategic
priorities across solutions, wealth and insurance channels. Recent sales
experience with our US direct lending offering has validated the significant
growth potential across opportunistic and performing credit markets, and we
look forward to capitalising on these opportunities.
We remain committed to aligning our resources with strategic priorities. This
disciplined approach enables us to stay agile and respond quickly to changing
market conditions while continuing to invest strategically in areas that drive
long-term shareholder value.
We have clearly demonstrated this focus during the year through rigorous cost
management, a more streamlined organisational structure, and targeted
investments in growth areas and technology. Our investments in generative AI
in 2025 include building sophisticated autonomous agents to augment our
investment process; these enable rapid analysis of complex datasets and
automated decision-making, with the potential to fundamentally transform our
operational efficiency and scalability - ultimately driving faster growth and
increasing operating leverage.
Financial review
Statutory profit before tax for the period decreased to $77 million from $219
million in the six months ended 30 June 2024, with core profit before tax
decreasing from $257 million to $146 million.
Core net revenue of $604 million (H1 2024: $761 million) primarily comprised
$517 million of core net management fee revenue (H1 2024: $551 million), $67
million (H1 2024: $170 million) of core performance fee revenue and core gains
on investments of $19 million (H1 2024: $39 million). A decrease in AUM in
higher margin strategies drove the decrease of 6% in core net management fee
revenue compared with the prior period. Core performance fee revenue of $67
million, comprising $32 million from alternative strategies and $35 million
from long-only strategies, was 61% lower than the comparative period,
reflecting the impact of the exceptional market conditions for our
trend-following strategies. This reduction has been mitigated by performance
fees generated from our systematic long-only strategies, which have performed
strongly in the period.
The average net management fee margin of total return decreased by 2 basis
points to 64 basis points compared with the year to 31 December 2024 as AUM
became more heavily weighted towards lower margin strategies. Average net
management fee margins were broadly in line with those for the year ended 31
December 2024 across all other product categories. The overall run-rate net
management fee margin at 30 June 2025 decreased to 55 basis points from 63
basis points at 31 December 2024, primarily driven by a single large inflow
into low margin systematic long-only towards the end of the period. Run-rate
core net management fee revenue of $1,055 million at 30 June 2025 was broadly
unchanged from the $1,058 million at 31 December 2024, as the impact of the
overall decrease in the run-rate margin was largely offset by the increase in
AUM.
1. As at 31 December 2024.
Run-rate core net management fees and margins
Run-rate core net management fees ($m)(1) Run-rate net management fee margin (bps)(1)
At 30 Jun 2025 At 31 Dec 2024 At 30 Jun 2025 At 31 Dec 2024
Absolute return 417 498 105 110
Total return 262 265 64 64
Multi-manager 27 28 20 19
Systematic long-only 137 102 22 27
Discretionary long-only 212 165 56 57
Total 1,055 1,058 55 63
Core compensation costs in the period were $302 million (H1 2024: $358
million), comprising $141 million of fixed compensation costs (H1 2024: $134
million) and $161 million of core variable compensation costs (H1 2024: $224
million). The weakening of the US dollar relative to sterling (1.30 USD:GBP in
H1 2025 compared with 1.27 USD:GBP in H1 2024) drove the increase in fixed
compensation in the period, along with targeted investments to support our
strategic priorities. Core variable compensation costs decreased in line with
the lower net revenues generated compared with the prior period, with the
compensation ratio increasing to 50% from 47% in H1 2024.
Core other costs, including asset servicing and depreciation, were $145
million compared with $126 million in H1 2024, driven by the weakening of the
US dollar relative to sterling and continued investment in technology. Lower
average borrowings and a decrease in lease interest expense as the result of a
new sub-lease in our London office signed in H2 2024 drove a decrease in net
finance expense to $8 million in H1 2025 from $15 million in H1 2024. During
July 2025 we commenced a restructuring programme to continue to align our
resources with our strategic priorities. We estimate that cash restructuring
costs of around $20-25 million, and non-cash costs of $10-15 million relating
to the accelerated vesting of deferred compensation, will be recognised in the
second half of 2025 and classified as non-core items.
Statutory earnings per share on a diluted basis were 4.4 cents for the six
months ended 30 June 2025 (H1 2024: 13.8 cents), with core earnings per share
(diluted) down from 17.1 cents in H1 2024 to 9.7 cents. Core management fee
profit before tax decreased to $130 million from $163 million in the
comparative period, with core management fee earnings per share (diluted)
decreasing from 11.0 cents in H1 2024 to 8.5 cents.
Capital management
Our robust balance sheet and liquidity positions allow us to invest in the
business, support our long-term growth prospects and maximise shareholder
value. They also enable us to withstand periods of stress. We manage our
liquidity dynamically, within our existing parameters, and deploy capital to
invest in new products and consider potential strategic opportunities.
As at 30 June 2025, we had net tangible assets of $674 million (31 December
2024: $867 million), including $126 million of available cash and cash
equivalents (31 December 2024: $225 million) and $140 million drawn down on
our revolving credit facility (31 December 2024: undrawn). We have proactively
reduced our seeding investments portfolio to $489 million at 30 June 2025 from
$532 million at 31 December 2024, with net redemptions partially offset by
mark to market gains in the period. Total return swap exposure similarly
decreased from $232 million at 31 December 2024 to $188 million at 30 June
2025. Together with the payment of variable compensation in the period,
movements in the restricted cash held in the consolidated funds which form
part of the seeding investments portfolio have resulted in net cash used in
operating activities in the period of $133 million (2024: inflows of $191
million).
Our business remains highly cash-generative, and these cash flows support our
disciplined capital allocation policy. The Board has declared an interim
dividend of 5.7 cents per share (30 June 2024: 5.6 cents). We will fix and
announce the US dollar to sterling dividend currency conversion rate on 29
August 2025, in advance of payment. In H1 2025, we returned additional capital
to shareholders through completing $55 million of the $100 million share
repurchase announced in February.
Outlook
The first six months of the year have demonstrated the strength of our
diversification strategy during an exceptional period for trend following
strategies. I am delighted with our progress in building scale around our
high-quality core business, which continues to remain relevant to our clients
and deliver value to our shareholders. We enter the second half with strong
momentum, supported by robust fundamentals, deep relationships with allocators
globally and our position as a growing alternatives manager powered by talent
and technology.
1. Run-rate net management fee margin is calculated as core net
management fees divided by average AUM on a fund-by-fund basis for the period
specified. Run-rate core net management fees applies the run-rate net
management fee margin to closing AUM. This is for illustrative purposes and
not a forecast.
Risk management
Risk management is an essential component of our approach, both to the
management of investment funds on behalf of investors, and the management of
Man Group's business on behalf of shareholders. Our reputation is fundamental
to our business, and maintaining our corporate integrity is the responsibility
of everyone at Man Group. Our approach is to identify, quantify and manage
risk throughout the firm, in accordance with the Board's risk appetite. We
maintain capital and liquidity to give us strategic and tactical flexibility,
both in terms of corporate and fund management.
The principal and emerging risks faced by Man Group are set out on pages 32 to
36 of our 2024 Annual Report and include: investment performance risk; key
person risk; counterparty risk; liquidity risk; investment book risk; pension
risk; risk of internal or external process failure; model and data integrity
risk; information and cybercrime security risk; information technology and
business continuity risk; legal, compliance and regulatory risk; reputational
risk; and climate change risk. These will continue to be our principal risks
for the second half of the financial year.
Our risk framework operated effectively in the six months to 30 June 2025,
with systems and controls functioning as designed.
Statement of directors' responsibilities
The directors confirm that, to the best of their knowledge, this condensed
consolidated set of financial statements in respect of Man Group plc for the
six month period ended 30 June 2025 has been prepared in accordance with IAS
34 'Interim Financial Reporting' as adopted by the United Kingdom, and that
this interim report includes a fair review of the information required by the
Financial Conduct Authority's Disclosure Guidance and Transparency Rules 4.2.7
and 4.2.8, namely:
· an indication of important events that have occurred during the
six months ended 30 June 2025 and their impact on the condensed interim
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the year ending 31 December
2025; and
· material related party transactions in the six months ended 30
June 2025 and any material changes in the related party transactions described
in the last Annual Report.
The directors of Man Group plc are:
Anne Wade - Board Chair
Robyn Grew - Chief Executive Officer
Antoine Forterre - Chief Financial Officer
Richard Berliand - Senior Independent Director
Lucinda Bell - Independent Non-executive Director
Ceci Kurzman - Independent Non-executive Director
Laurie Fitch - Independent Non-executive Director
Sarah Legg - Independent Non-executive Director
Dixit Joshi - Independent Non-executive Director
Paco Ybarra - Independent Non-executive Director
By order of the board
Robyn Grew
Chief Executive Officer
29 July 2025
Antoine Forterre
Chief Financial Officer
29 July 2025
INDEPENDENT REVIEW REPORT TO MAN GROUP PLC
Conclusion
We have been engaged by the Company to review the condensed set of
consolidated financial statements in the half-yearly financial report for the
six months ended 30 June 2025 which comprises the consolidated income
statement, the consolidated statement of comprehensive income, the
consolidated balance sheet, the consolidated statement of changes in equity,
the consolidated cash flow statement and related notes 1 to 14.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of Man Group are
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34, "Interim Financial
Reporting".
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410; however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing Man Group's ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for
expressing to the Company a conclusion on the condensed set of financial
statements in the half-yearly financial report. Our Conclusion, including our
Conclusion Relating to Going Concern, is based on procedures that are less
extensive than audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the Company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, UK
29 July 2025
Interim financial statements
Consolidated income statement
$m Note Six months to 30 June 2025 Six months to
30 June 2024
Management and other fees 537 564
Performance fees 67 169
Revenue 604 733
Net income or gains on investments and other financial instruments 3 47 67
Third-party share of gains relating to interests in consolidated funds 3 (27) (14)
Rental income 1 1
Distribution costs (26) (17)
Net revenue 599 770
Asset servicing costs (35) (33)
Compensation costs 4 (304) (364)
Other employment-related expenses 4 (10) (22)
Other costs 4 (133) (97)
Finance income 5 8 7
Finance expense 5 (16) (22)
Amortisation of acquired intangibles (6) (15)
Share of post-tax loss of associates (1) (2)
Revaluation of acquisition-related liabilities (24) (1)
Third-party share of post-tax profits (1) (2)
Statutory profit before tax 77 219
Tax expense 6 (26) (55)
Statutory profit attributable to owners of the Company 51 164
Statutory earnings per share: 7
Basic 4.5¢ 14.1¢
Diluted 4.4¢ 13.8¢
Consolidated statement of comprehensive income
$m Six months to 30 June 2025 Six months to
30 June 2024
Statutory profit attributable to owners of the Company 51 164
Other comprehensive (loss)/income:
Remeasurements of defined benefit pension plans (5) 6
Deferred tax on pension plans 1 (1)
Items that will not be reclassified to profit or loss (4) 5
Cash flow hedges:
Valuation gains taken to equity 4 19
Realised gains transferred to consolidated income statement (5) (17)
Net investment hedges 6 3
Foreign currency translation (4) (3)
Items that may be reclassified to profit or loss 1 2
Other comprehensive (loss)/income (3) 7
Total comprehensive income attributable to owners of the Company 48 171
Consolidated balance sheet
Note At 30 June At 31 December
$m 2025 2024
Assets
Cash and cash equivalents 8 217 454
Fee and other receivables 460 492
Investments in fund products and other investments 3 2,633 2,414
Investments in associates 7 8
Current tax assets 20 17
Finance lease receivable 87 77
Leasehold improvements and equipment 61 58
Leasehold property - right-of-use lease assets 84 90
Investment property - right-of-use lease assets 13 13
Investment property - consolidated fund entities - 12
Software intangible assets 57 57
Deferred tax assets 116 117
Pension asset 10 13
Goodwill and acquired intangibles 746 752
Total assets 4,511 4,574
Liabilities
Borrowings 8 140 -
Trade and other payables 590 655
Employment-related payables to sellers of businesses acquired 58 56
Provisions 9 18 16
Current tax liabilities 2 3
CLO liabilities - consolidated fund entities 3 1,405 1,366
Third-party interest in consolidated funds 3 565 553
Third-party interest in other subsidiaries 1 1
Lease liability 255 248
Total liabilities 3,034 2,898
Net assets 1,477 1,676
Equity
Capital and reserves attributable to owners of the Company 1,477 1,676
Consolidated cash flow statement
$m Note Six months to 30 June 2025 Six months to 30 June 2024
Operating activities
Cash (used in)/generated from operations 10 (91) 285
Interest paid (12) (15)
Payment of lease interest (4) (6)
Tax paid (26) (73)
Cash flows (used in)/generated from operating activities (133) 191
Investing activities
Interest received 6 6
Purchase of leasehold improvements and equipment (10) (10)
Purchase of software intangible assets (11) (11)
Cash flows used in investing activities (15) (15)
Financing activities
Repayments of lease liability principal (13) (11)
Purchase of Man Group plc shares by the Employee Trust (31) (35)
Proceeds from sale of Treasury shares in respect of Sharesave - 1
Share repurchase programmes (including costs) (55) (31)
Ordinary dividends paid to owners of the Company (134) (127)
Transactions with non-controlling shareholders - 3
Payment of third-party share of post-tax profits (1) (2)
Net drawdown of borrowings 8 140 30
Cash flows used in financing activities (94) (172)
Net (decrease)/increase in cash and cash equivalents (242) 4
Cash and cash equivalents at beginning of the period 454 276
Effect of foreign exchange movements 5 (1)
Cash and cash equivalents at end of the period 8 217 279
Less: restricted cash held by consolidated fund entities 8 (91) (158)
Available cash and cash equivalents at the end of the period 8 126 121
Consolidated statement of changes in equity
$m Share capital Reorg- Profit and loss account Shares held by Employee Trust Treasury shares Cumulative translation adjustment Other reserves Total
anisation reserve
At 1 January 2024 45 (1,688) 3,621 (106) (326) 45 21 1,612
Statutory profit - - 164 - - - - 164
Other comprehensive income - - 5 - - - 2 7
Total comprehensive income - - 169 - - - 2 171
Share-based payments - - 22 - - - - 22
Current tax on share-based payments - - 1 - - - - 1
Deferred tax on share-based payments - - (1) - - - - (1)
Purchase of shares by the Employee Trust - - - (35) - - - (35)
Disposal of shares by the Employee Trust - - (29) 29 - - - -
Share repurchases - - (50) - - - - (50)
Transfer to Treasury shares - - 31 - (31) - - -
Transfer from Treasury shares - - (6) - 5 - 1 -
Disposal of Treasury shares for Sharesave - - - - 1 - - 1
Cancellation of Treasury shares (1) - (112) - 112 - 1 -
Put option over non-controlling interests - - 2 - - - - 2
Dividends paid - - (127) - - - - (127)
At 30 June 2024 44 (1,688) 3,521 (112) (239) 45 25 1,596
At 1 January 2025 44 (1,688) 3,619 (110) (256) 45 22 1,676
Statutory profit - - 51 - - - - 51
Other comprehensive loss - - (4) - - 2 (1) (3)
Total comprehensive income - - 47 - - 2 (1) 48
Share-based payments - - 18 - - - - 18
Current tax on share-based payments - - 1 - - - - 1
Deferred tax on share-based payments - - (2) - - - - (2)
Purchase of shares by the Employee Trust - - - (31) - - - (31)
Disposal of shares by the Employee Trust - - (37) 37 - - - -
Share repurchases - - (100) - - - - (100)
Transfer to Treasury shares - - 55 - (55) - - -
Transfer from Treasury shares - - (5) - 5 - - -
Put option over non-controlling interests - - 1 - - - - 1
Dividends paid - - (134) - - - - (134)
At 30 June 2025 44 (1,688) 3,463 (104) (306) 47 21 1,477
1. Basis of preparation
These condensed consolidated interim financial statements (the 'interim
financial statements') for the six months ended 30 June 2025 have been
prepared in accordance with United Kingdom-adopted International Accounting
Standard 34 'Interim Financial Reporting', the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority and Article 106 of the
Companies (Jersey) Law 1991. The consolidated group is Man Group plc (the
Company) and its subsidiaries (together Man Group).
The financial information contained herein is unaudited and does not
constitute accounts within the meaning of Article 105 of the Companies
(Jersey) Law 1991. Statutory accounts for the year ended 31 December 2024,
which were prepared in accordance with International Financial Reporting
Standards (IFRS) and interpretations (IFRICs) adopted by the United Kingdom,
upon which the auditor has given an unqualified and unmodified report, have
been delivered to the Jersey Registrar of Companies and were posted to
shareholders on 10 March 2025.
The accounting policies applied in these interim financial statements are
consistent with those applied in Man Group's Annual Report for the year ended
31 December 2024 (the '2024 Annual Report').
Impact of new accounting standards
There were no new or amendments to existing accounting standards issued by the
International Accounting Standards Board (IASB) effective for the first time
in the period to 30 June 2025 that have had a significant impact on these
interim financial statements.
No other standards or interpretations issued and not yet effective are
expected to have a material impact on the interim financial statements.
Going concern
The Board has determined that there is a reasonable expectation that Man Group
has sufficient resources to continue in operation for a period of at least
twelve months from the date of approval of these condensed consolidated
interim financial statements. Accordingly, the financial statements have been
prepared on a going concern basis.
2. Judgemental areas and accounting estimates
Critical judgements
Man Group acts as the investment manager or adviser to fund entities. A
significant area of judgement is whether we control certain of those fund
entities to which we are exposed via direct investment holdings, total return
swaps or sale and repurchase arrangements. We assess such relationships on an
ongoing basis to determine whether we control each fund entity and therefore
consolidate them into our results. Further details of our approach to the
control assessment are set out in Note 5 of the 2024 Annual Report.
We have also applied judgement when selecting the appropriate vesting period
for put options over the economic interests in subsidiaries held by employees,
as further described in Note 3 of the 2024 Annual Report.
Critical accounting estimates
Man Group's key sources of estimation uncertainty include the valuation of the
net pension asset, acquisition-related liabilities and employment-related
expenses arising from business combinations (as further described in Notes 13,
23 and 6.2 of the 2024 Annual Report respectively), and the estimated amount
of accrued variable compensation. The determination of variable compensation
is an annual process undertaken at the calendar year end. Therefore, the
accrual at 30 June 2025 is an estimated amount based on the financial
performance, including absolute levels of performance fees, in the year to
date.
2. Judgemental areas and accounting estimates continued
The Board has also considered the assumptions used in the assessments for
indicators of impairment of goodwill and the recoverability of deferred tax
assets and finance lease receivables. The Board has concluded that these
assumptions do not have a significant risk of causing a material adjustment to
the carrying amounts of our assets or liabilities at the balance sheet date.
3. Investments in fund products and other investments
$m At 30 June At 31 December
2025
2024
Investments in fund products 266 231
Investments in loans 23 27
Investments in consolidated funds: CLO assets 1,490 1,453
Investments in consolidated funds: other transferable securities 854 702
Other investments - 1
Investments in fund products and other investments 2,633 2,414
Less:
Fund investments held for deferred compensation arrangements (211) (189)
Investments in consolidated funds: exclude consolidation gross-up of net (1,933) (1,692)
investment
Other investments - (1)
Seeding investments portfolio 489 532
Net income or gains on investments and other financial instruments comprises
the following:
$m Six months to 30 June 2025 Six months to
30 June 2024
Net gains on seeding investments portfolio 18 37
Consolidated fund entities: gross-up of net gains on investments 36 23
Foreign exchange movements (8) 5
Net gains on fund investments held for deferred compensation arrangements and 1 2
other investments
Net income or gains on investments and other financial instruments 47 67
3. Investments in fund products and other investments continued
Consolidation of investments in funds
At 30 June 2025, our interests in 27 (31 December 2024: 36) funds met the
definition of control and have therefore been consolidated on a line-by-line
basis.
Consolidated fund entities are included within the consolidated balance sheet
and income statement as follows:
$m At 30 June At 31 December
2025 2024
Balance sheet
Cash and cash equivalents 91 229
CLO assets(1) 1,490 1,453
Other transferable securities(1) 854 702
Fee and other receivables 12 6
Investment property - 12
Trade and other payables (66) (20)
CLO liabilities (1,405) (1,366)
Net assets of consolidated fund entities 976 1,016
Third-party interest in consolidated funds (565) (553)
Net investment held by Man Group 411 463
$m Six months to 30 June 2025 Six months to
30 June 2024
Income statement
Net gains on investments(2) 58 51
Management fee expenses(3) (6) (4)
Performance fee expenses(3) - (1)
Other costs(4) (3) (4)
Net gains of consolidated fund entities 49 42
Third-party share of gains relating to interests in consolidated funds (27) (14)
Net gains attributable to net investment held by Man Group 22 28
Notes:
1. Included within investments in fund products and other investments.
2. Included within net income or gains on investments and other
financial instruments.
3. Relates to management and performance fees paid by the funds to Man
Group during the period, which are eliminated within management and other fees
and performance fees respectively in the consolidated income statement.
4. Includes depreciation, impairment and gains or losses on disposal
of investment property held by consolidated fund entities.
4. Costs
Compensation costs
Six months to 30 June 2025 Six months to
$m 30 June 2024
Salaries 115 109
Variable cash compensation 91 151
Deferred compensation: share-based payment charge 18 22
Deferred compensation: fund product-based payment charge 43 42
Social security costs 26 29
Pension costs 11 11
Compensation costs 304 364
Comprising:
Fixed compensation: salaries and associated social security costs and pension 141 134
costs
Variable compensation: variable cash compensation, deferred compensation and 163 230
associated social security costs
The unamortised deferred compensation at 30 June 2025 is $198 million (30 June
2024: $168 million) and has a weighted average remaining vesting period of 2.1
years (30 June 2024: 2.2 years).
Other employment-related expenses
Of the $10 million other employment-related expenses recognised in the period
ended 30 June 2025 (30 June 2024: $22 million), $2 million (30 June 2024: $3
million) relates to the portion of profits earned in the period which are
payable to selling shareholders.
Other costs
$m Six months to 30 June 2025 Six months to
30 June 2024
Costs associated with legal claims 17 -
Audit, tax, legal and other professional fees 16 14
Technology and communications 14 14
Staff benefits 13 11
Occupancy 10 8
Other cash costs 9 2
Temporary staff, recruitment, consultancy and managed services 7 7
Travel and entertainment 6 6
Marketing and sponsorship 4 3
Insurance 2 3
Acquisition-related costs 3 -
Other costs - consolidated fund entities (Note 3) 3 4
Other costs before depreciation and amortisation 104 72
Depreciation of leasehold improvements and equipment 7 6
Depreciation of right-of-use lease assets 7 7
Amortisation of software intangible assets 15 12
Total other costs 133 97
5. Finance income and finance expense
$m Six months to 30 June 2025 Six months to
30 June 2024
Finance income:
Interest on cash deposits 6 6
Unwind of net investment in finance lease discount 2 1
Total finance income 8 7
Finance expense:
Unwind of lease liability discount (4) (6)
Interest expense on total return swaps and sale and repurchase agreements (7) (7)
Other finance expense (5) (9)
Total finance expense (16) (22)
Net finance expense (8) (15)
6. Tax
The tax expense for the period of $26 million (H1 2024: $55 million) results
in a statutory effective tax rate of 34% (H1 2024: 25%). The increase in rate
is primarily due to the impact of non-deductible acquisition-related costs.
The majority of our profit is earned in the UK, Switzerland and the US.
Man Group became subject to the global minimum top-up tax under Pillar 2
legislation from 1 January 2024 and may be liable for additional taxes in
certain jurisdictions in which we operate, notably Ireland, the US and
Switzerland. This impact, which is not significant, has been considered in
determining the effective tax rate.
We have applied the temporary exemption from the accounting requirements for
deferred taxes in IAS 12 'Income Taxes'. Accordingly, Man Group neither
recognises nor discloses information about deferred tax assets and liabilities
related to Pillar 2 income taxes.
7. Earnings per share (EPS)
Six months to 30 June 2025 Six months to
30 June 2024
(million) (million)
Basic weighted average number of shares 1,148 1,165
Dilutive impact of:
Employee share awards 20 26
Employee share options - 1
Dilutive weighted average number of shares 1,168 1,192
Six months to 30 June 2025 Six months to
30 June 2024
Statutory profit ($m) 51 164
Basic EPS 4.5¢ 14.1¢
Diluted EPS 4.4¢ 13.8¢
8. Cash, liquidity and borrowings
$m At 30 June At 31 December 2024
2025
Cash held with banks 69 162
Short-term deposits 18 24
Money market funds 39 39
Cash held by consolidated fund entities (Note 3) 91 229
Cash and cash equivalents 217 454
Less: cash held by consolidated fund entities (Note 3) (91) (229)
Available cash and cash equivalents 126 225
Undrawn committed revolving credit facility 660 800
Total liquidity 786 1,025
Borrowings
Our $800 million committed revolving credit facility (RCF) was put in place in
December 2023 as a five-year facility. As the first of two one-year extension
options has been exercised, the facility is currently scheduled to mature in
December 2029. $140 million was drawn down at 30 June 2025 (31 December 2024:
undrawn).
9. Provisions
$m At 30 June At 31 December
2025 2024
At beginning of the period 16 16
Additions - 1
Unused amounts reversed - (1)
Foreign currency translation 2 -
At end of the period 18 16
Provisions relate to ongoing claims and leasehold property dilapidations.
10. Reconciliation of statutory profit to cash generated from operations
$m Six months to 30 June 2025 Six months to
30 June 2024
Statutory profit 51 164
Adjustments for:
Share-based payment charge 18 22
Fund product-based payment charge 43 42
Other employment-related expenses 8 19
Net finance expense 8 15
Tax expense 26 55
Depreciation of leasehold improvements and equipment 7 6
Depreciation of right-of-use lease assets 7 7
Amortisation of acquired intangibles 6 15
Amortisation of software intangible assets 15 12
Share of post-tax loss of associates 1 2
Revaluation of acquisition-related liabilities 24 1
Foreign exchange movements (7) 2
Realised gains on cash flow hedges (5) (17)
Other non-cash movements (1) 3
201 348
Changes in working capital(1):
Decrease/(increase) in fee and other receivables 50 (148)
(Increase)/decrease in other financial assets and liabilities including (93) 109
consolidated fund entities(2)
Decrease in trade and other payables (249) (24)
Cash (used in)/generated from operations (91) 285
Notes:
1. Changes in working capital differ from the movements in these
balance sheet items due to non-cash movements which either relate to the
gross-up of the third-party share of consolidated fund entities (Note 3) or
are adjusted elsewhere in the consolidated cash flow statement, such as
movements relating to the fund product-based payment charge (within cash flows
from operating activities) and the share repurchase liability (within
financing activities).
2. Includes $138 million of restricted net cash outflows (H1 2024: net
inflows of $62 million) relating to consolidated fund entities (Note 3).
11. Financial assets and liabilities
At 30 June 2025
$m Level 1 Level 2 Level 3 Not at fair value Total
Financial assets at amortised cost
Finance lease receivable - - - 87 87
Cash and cash equivalents - - - 217 217
Fee and other receivables - - - 422 422
- - - 726 726
Financial assets at fair value
Fee and other receivables - 1 - - 1
Investments in fund products - 249 17 - 266
Investments in loans - - 23 - 23
Investments in consolidated funds: CLO assets - 1,296 194 - 1,490
Investments in consolidated funds: other transferable securities 476 364 14 - 854
476 1,910 248 - 2,634
Total financial assets 476 1,910 248 726 3,360
Financial liabilities at amortised cost
Trade and other payables - - - (543) (543)
Lease liability - - - (255) (255)
- - - (798) (798)
Financial liabilities at fair value
Trade and other payables - (4) (43) - (47)
CLO liabilities - consolidated funds - (1,405) - - (1,405)
Third-party interest in consolidated funds - (565) - - (565)
- (1,974) (43) - (2,017)
Total financial liabilities - (1,974) (43) (798) (2,815)
At 31 December 2024
$m Level 1 Level 2 Level 3 Not at fair value Total
Financial assets at amortised cost
Finance lease receivable - - - 77 77
Cash and cash equivalents - - - 454 454
Fee and other receivables - - - 459 459
- - - 990 990
Financial assets at fair value
Fee and other receivables - 5 - - 5
Investments in fund products and other investments - 216 16 - 232
Investments in loans - - 27 - 27
Investments in consolidated funds: CLO assets - 1,242 211 - 1,453
Investments in consolidated funds: other transferable securities 286 379 37 - 702
286 1,842 291 - 2,419
Total financial assets 286 1,842 291 990 3,409
Financial liabilities at amortised cost
Trade and other payables - - - (635) (635)
Lease liability - - - (248) (248)
- - - (883) (883)
Financial liabilities at fair value
Trade and other payables - (6) (14) - (20)
CLO liabilities - consolidated funds - (1,366) - - (1,366)
Third-party interest in consolidated funds - (553) - - (553)
- (1,925) (14) - (1,939)
Total financial liabilities - (1,925) (14) (883) (2,822)
11. Financial assets and liabilities continued
Level 1, 2 and 3 financial assets and liabilities are defined in Note 23 of
the 2024 Annual Report.
The movements in Level 3 financial assets and liabilities held at fair value
are as follows:
At 30 June At 31 December
2025 2024
$m Assets Liabilities Assets Liabilities
At beginning of the period 291 (14) 158 (12)
Transfers into Level 3 - - 3 -
Purchases 102 - 166 -
Charge to consolidated income statement(1,2) - (29) (1) (2)
Sales or settlements (105) - (137) -
Change in consolidated fund entities held (40) - 102 -
At end of the period 248 (43) 291 (14)
Notes:
1. Included within net income or gains on investments and other
financial instruments.
2. Includes net unrealised losses of $29 million, including foreign
exchange movements (2024: $3 million).
Sensitivity analysis
A 5% increase/decrease in the valuations of Level 3 financial assets at 30
June 2025 would result in a $12 million increase/decrease in their value.
Level 3 financial liabilities comprise contingent consideration payable and
put options over non-controlling interests. The contingent consideration
payable for the acquisition of Asteria is based on future levels of management
fees. Put options over non-controlling interests are measured at the present
value of the expected redemption amount. The valuations assume annualised
growth in revenue of up to 12%.
The table below illustrates the impact of changing those unobservable inputs
to the valuations that may significantly change the fair value of the
aggregate liabilities at 30 June 2025.
$m Increase/(decrease) in liability
at 30 June 2025
Forecast annualised growth in future revenues 23 (7)
increased by 150%/(decreased) by 50%
12. Related party transactions
The related party transactions during the period are consistent with the
categories disclosed in the 2024 Annual Report. Related parties comprise key
management personnel, associates and fund entities which we control. All
transactions with related parties were carried out on an arm's length basis.
13. Subsequent events
On 16 July 2025, we signed an agreement to purchase 100% of the equity in
Bardin Hill, an institutional investment firm that specialises in
middle-market, special situations and broadly syndicated credit. Consideration
for the acquisition includes $45 million payable in cash at completion,
subject to closing adjustments, and potential additional future payments based
on the growth of the business over the next four years.
In July 2025, we commenced a restructuring programme to continue to align our
resources with our strategic priorities. We estimate that cash restructuring
costs of around $20-25 million, and non-cash costs of $10-15 million relating
to the accelerated vesting of deferred compensation, will be recognised in the
second half of 2025.
14. Other matters
In July 2019, the Public Institution for Social Security in Kuwait (PIFSS)
served a claim against a number of parties, including certain Man Group
companies, a former employee of Man Group and a former third-party
intermediary. The trial commenced on 3 March 2025 and is ongoing. The subject
matter of these allegations dates back over a period of 20 years. PIFSS
initially sought compensation of $156 million (plus compound interest) and
certain other remedies which are unquantified in the claim. In an amended
particulars of claim filed in August 2024, PIFSS increased the quantum of its
claim to approximately $278 million plus interest. We dispute the basis for
this inflated quantum figure and the assumptions upon which PIFSS has
calculated it. We continue to dispute the allegations and consider there is
no merit to the claim (in respect of liability and quantum) and are therefore
vigorously and robustly defending the proceedings.
We are subject to various other claims, assessments, regulatory enquiries and
investigations in the normal course of business. The Board does not expect
such matters to have a material adverse effect on our financial position.
ALTERNATIVE PERFORMANCE MEASURES
We assess our performance using a variety of alternative performance measures
(APMs). We discuss our results on a statutory as well as a 'core' basis. Core
metrics, which are each APMs, exclude acquisition and disposal-related items,
significant non-recurring items and volatile or uncontrollable items, as well
as profits or losses generated outside of our investment management business.
Accordingly, these core metrics reflect the way in which performance is
monitored by the Board and present the profits or losses which drive our cash
flows and inform the way in which our variable compensation is assessed.
Details of the non-core items in the period are set out below.
Our APMs also reclassify all income and expenses relating to our consolidated
fund entities, which are required by IFRS to be split across multiple lines in
the consolidated income statement, to core gains/losses on investments in
order to reflect their performance as part of our seed book programme. Tax on
non-core items and movements in US deferred tax assets relating to the
amortisation of goodwill and acquired intangibles are similarly excluded from
core profit, with tax on core profit considered a proxy for cash taxes paid.
Previously, all movements in US deferred tax assets were excluded from tax on
core profit as we were utilising accumulated tax losses and comparatives have
not been restated for this change in definition.
In 2023, accounting for the acquisition of Varagon Capital Partners, L.P. in
accordance with the requirements of IFRS resulted in the recognition of all
future payments to selling shareholders who remain in employment
post-acquisition as employment-related expenses. This arises because each of
these payments can be forfeited should those employees become 'bad leavers'
during specified periods following the acquisition. Economically, the payments
are transactions with the individuals in their capacity as owners. Recognising
that these owners also hold significant roles in the organisation, the 'bad
leaver' clauses are protective in nature and not intended to compensate the
individuals for employment services. As these transactions are related to an
acquisition, we consider it appropriate to adjust the expense recognised in
the period to reflect the proportion of the profits that have been generated
in the same period and are attributable to these employees through an
adjustment to core profit. This more closely aligns the charges with the
associated cash flows.
The approach to the classification of non-core items maintains symmetry
between losses and gains and the reversal of any amounts previously classified
as non-core. Note that our APMs may not be directly comparable with similarly
titled measures used by other companies.
Non-core items in profit before tax comprise the following:
$m Six months to Six months to
30 June 2025 30 June 2024
Acquisition and disposal-related:
Amortisation of acquired intangibles (6) (15)
Acquisition-related costs (3) -
Other employment-related expenses(1) (8) (19)
Revaluation of acquisition-related liabilities (24) (1)
Costs associated with legal claims (17) -
Restructuring costs (2) (6)
Share of post-tax loss of associates (1) (2)
Foreign exchange movements (8) 5
Non-core items (69) (38)
Note:
1. Adjustment to align acquisition-related employment-related expenses
with proportionate share of earnings in the period.
Core measures: reconciliation to statutory equivalents
The statutory line items within the consolidated income statement can be
reconciled to their core equivalents as follows:
Six months to 30 June 2025 Core measure Reclassification of amounts relating to consolidated fund entities Non-core items Per consolidated income statement
$m
Management and other fees( APM ) 543 (6) - 537
Performance fees( APM ) 67 - - 67
Revenue( APM ) 610 (6) - 604
Net income or gains on investments and other financial instruments( APM ) 19 36 (8) 47
Third-party share of gains relating to interests in consolidated funds - (27) - (27)
Rental income 1 - - 1
Distribution costs (26) - - (26)
Net revenue( APM ) 604 3 (8) 599
Asset servicing costs (35) - - (35)
Compensation costs( APM ) (302) - (2) (304)
Other employment-related expenses( APM ) (2) - (8) (10)
Other costs( APM ) (110) (3) (20) (133)
Net finance expense (8) - - (8)
Amortisation of acquired intangibles - - (6) (6)
Share of post-tax loss of associates - - (1) (1)
Revaluation of acquisition-related liabilities - - (24) (24)
Third-party share of post-tax profits (1) - - (1)
Profit before tax( APM ) 146 - (69) 77
Tax expense( APM ) (33) - 7 (26)
Profit( APM ) 113 - (62) 51
Core basic EPS 9.9¢
Core diluted EPS 9.7¢
APM The core equivalents of these statutory measures are defined as
Alternative Performance Measures.
Core measures: reconciliation to statutory equivalents continued
Six months to 30 June 2024 Core Reclassification of amounts relating to consolidated Non-core items Per
$m
measure fund entities consolidated income statement
Management and other fees( APM ) 568 (4) - 564
Performance fees( APM ) 170 (1) - 169
Revenue( APM ) 738 (5) - 733
Net income or gains on investments and other financial instruments( APM ) 39 23 5 67
Third-party share of gains relating to interests in consolidated funds - (14) - (14)
Rental income 1 - - 1
Distribution costs (17) - - (17)
Net revenue( APM ) 761 4 5 770
Asset servicing costs (33) - - (33)
Compensation costs (358) - (6) (364)
Other employment-related expenses( APM ) (3) - (19) (22)
Other costs( APM ) (93) (4) - (97)
Net finance expense (15) - - (15)
Amortisation of acquired intangibles - - (15) (15)
Share of post-tax loss of associates - - (2) (2)
Revaluation of acquisition-related liabilities - - (1) (1)
Third-party share of post-tax profits (2) - - (2)
Profit before tax( APM ) 257 - (38) 219
Tax expense( APM ) (53) - (2) (55)
Profit( APM ) 204 - (40) 164
Core basic EPS 17.5¢
Core diluted EPS 17.1¢
APM The core equivalents of these statutory measures are defined as
Alternative Performance Measures.
Core measures: reconciliation to statutory equivalents continued
The statutory line items within the consolidated balance sheet can be
reconciled to their core equivalents as follows:
At 30 June 2025 Core Reclassification Per consolidated
$m
measure
balance sheet
of amounts relating to consolidated
fund entities
Assets
Cash and cash equivalents( APM ) 126 91 217
Fee and other receivables( APM ) 448 12 460
Investments in fund products and other investments( APM ) 700 1,933 2,633
Investments in associates 7 - 7
Current tax asset 20 - 20
Finance lease receivable 87 - 87
Leasehold improvements and equipment 61 - 61
Leasehold property - right-of-use lease assets 84 - 84
Investment property - right-of-use lease assets 13 - 13
Software intangible assets 57 - 57
Deferred tax assets 116 - 116
Pension asset 10 - 10
Goodwill and acquired intangibles 746 - 746
Total assets 2,475 2,036 4,511
Liabilities
Borrowings 140 - 140
Trade and other payables( APM ) 524 66 590
Employment-related payables to sellers of businesses acquired 58 - 58
Provisions 18 - 18
Current tax liabilities 2 - 2
CLO liabilities - consolidated fund entities - 1,405 1,405
Third-party interest in consolidated funds - 565 565
Third-party interest in other subsidiaries 1 - 1
Lease liability 255 - 255
Total liabilities 998 2,036 3,034
Net assets 1,477 - 1,477
APM The core equivalents of these statutory measures are defined as
Alternative Performance Measures.
Core measures: reconciliation to statutory equivalents continued
At 31 December 2024 Core Reclassification Per
$m
measure
of amounts relating to consolidated consolidated
balance sheet
fund entities
Assets
Cash and cash equivalents( APM ) 225 229 454
Fee and other receivables( APM ) 486 6 492
Investments in fund products and other investments( APM ) 722 1,692 2,414
Investments in associates 8 - 8
Current tax asset 17 - 17
Finance lease receivable 77 - 77
Leasehold improvements and equipment 58 - 58
Leasehold property - right-of-use lease assets 90 - 90
Investment property - right-of-use lease assets 13 - 13
Investment property - consolidated fund entities - 12 12
Software intangible assets 57 - 57
Deferred tax assets 117 - 117
Pension asset 13 - 13
Goodwill and acquired intangibles 752 - 752
Total assets 2,635 1,939 4,574
Liabilities
Trade and other payables( APM ) 635 20 655
Employment-related payables to sellers of businesses acquired 56 - 56
Provisions 16 - 16
Current tax liabilities 3 - 3
CLO liabilities - consolidated fund entities - 1,366 1,366
Third-party interest in consolidated funds - 553 553
Third-party interest in other subsidiaries 1 - 1
Lease liability 248 - 248
Total liabilities 959 1,939 2,898
Net assets 1,676 - 1,676
APM The core equivalents of these statutory measures are defined as
Alternative Performance Measures.
Core management fee and core performance fee profit
Core profit comprises core management fee profit, a steadier earnings stream,
and core performance fee profit, a more variable earnings stream. This split
facilitates analysis of our profitability drivers.
Six months to 30 June 2025 Core Reclassification of amounts relating to consolidated fund entities Non-core items Per consolidated
$m
measure
income statement
Management and other fees 543 (6) - 537
Distribution costs (26) - - (26)
Net management fee revenue 517 (6) - 511
Rental income 1 - - 1
Asset servicing costs (35) - - (35)
Compensation costs (management fee) (239) - (2) (241)
Other employment-related expenses (2) - (8) (10)
Other costs (110) (3) (20) (133)
Net finance expense (management fee) (1) - - (1)
Third-party share of post-tax profits (1) - - (1)
Management fee profit before tax 130 (9) (30) 91
Tax expense (30)
Management fee profit 100
Core basic management fee EPS 8.7¢
Core diluted management fee EPS 8.5¢
Performance fees 67 - - 67
Net income or gains on investments and other financial instruments 19 36 (8) 47
Compensation costs (performance fee) (63) - - (63)
Net finance expense (performance fee) (7) - - (7)
Performance fee profit before tax 16 36 (8) 44
Tax expense (3)
Performance fee profit 13
Core basic performance fee EPS 1.2¢
Core diluted performance fee EPS 1.2¢
Core management fee and core performance fee profit continued
Six months to 30 June 2024 Core Reclassification of amounts relating to consolidated fund entities Non-core items Per
$m
measure
consolidated
income statement
Management and other fees 568 (4) - 564
Distribution costs (17) - - (17)
Net management fee revenue 551 (4) - 547
Rental income 1 - - 1
Asset servicing costs (33) - - (33)
Compensation costs (management fee) (251) - (6) (257)
Other employment-related expenses (3) - (19) (22)
Other costs (93) (4) - (97)
Net finance expense (management fee) (8) - - (8)
Third-party share of post-tax profits (management fee) (1) - - (1)
Management fee profit before tax 163 (8) (25) 130
Tax expense (32)
Management fee profit 131
Core basic management fee EPS 11.2¢
Core diluted management fee EPS 11.0¢
Performance fees 170 (1) - 169
Net income or gains on investments and other financial instruments 39 23 5 67
Compensation costs (performance fee) (107) - - (107)
Net finance expense (performance fee) (7) - - (7)
Third-party share of post-tax profits (performance fee) (1) - - (1)
Performance fee profit before tax 94 22 5 121
Tax expense (21)
Performance fee profit 73
Core basic performance fee EPS 6.3¢
Core diluted performance fee EPS 6.1¢
Core gains/losses on investments
We use the measure core gains/losses on investments to represent the net
return we receive on our seed investments portfolio, combining both
consolidated and unconsolidated fund entities on a consistent basis. We
therefore exclude from this measure gains or losses on investments which do
not relate to the performance of the seed book and adjust the amounts relating
to consolidated funds to be included in this line on a consistent basis. Core
gains/losses on investments can be reconciled to the consolidated income
statement as follows:
$m Note Six months to Six months to
30 June 2025 30 June 2024
Net gains on seeding investments portfolio 3 18 37
Net gains on fund investments held for deferred compensation and other 3 1 2
investments
Core gains on investments 19 39
Non-core items:
Consolidated fund entities: gross-up of net gains on investments 3 36 23
Foreign exchange movements 3 (8) 5
Net income or gains on investments and other financial instruments 47 67
Core tax rate
The core tax rate is the effective tax rate on core profit before tax and is
equal to the tax on core profit divided by core profit before tax. The tax
expense on core profit before tax is calculated by excluding the tax
benefit/expense related to non-core items from the statutory tax expense,
together with movements in US deferred tax assets relating to the amortisation
of goodwill and acquired intangibles. Therefore, tax on core profit is
considered a proxy for our cash taxes payable.
The impact of non-core items on our tax expense is outlined below:
$m Six months to 30 June 2025 Six months to
30 June 2024
Statutory tax expense 26 55
Tax on non-core items:
Foreign exchange movements 3 (1)
Other employment-related expenses 2 -
Costs associated with legal claims 4 -
Restructuring costs 1 1
Non-core movements in US deferred tax assets (3) (2)
Core tax expense 33 53
Comprising:
Tax expense on core management fee profit before tax 30 32
Tax expense on core performance fee profit before tax 3 21
The core tax rate is 23% for H1 2025 (H1 2024: 21%). Previously, all movements
in US deferred tax assets were excluded from the core tax expense while
accumulated tax losses were being utilised. We have started paying US federal
taxes in the period, increasing the core tax rate. The comparative period has
not been restated for this change in definition.
Core cash flows from operations excluding working capital movements
Core cash flows from operations excluding working capital movements can be
reconciled to cash flows from operating activities as reported in the
consolidated cash flow statement as follows:
$m Six months to 30 June 2025 Six months to
30 June 2024
Cash flows (used in)/generated from operating activities (133) 191
Plus changes in working capital (Note 10):
(Decrease)/increase in fee and other receivables (50) 148
Increase/(decrease) in other financial assets 93 (109)
Decrease in trade and other payables 249 24
Core cash flows from operations excluding working capital movements 159 254
Net tangible assets
Net tangible assets is used as a measure of the capital available for
deployment, and is equal to net assets excluding goodwill and intangibles, as
follows:
$m Note At 30 June At 31 December 2024
2025
Seeding investments portfolio 3 489 532
Available cash and cash equivalents 8 126 225
Borrowings 8 (140) -
Contingent consideration (18) (4)
Put option over non-controlling interests in subsidiaries (25) (10)
Payables under repo arrangements (7) (16)
Employment-related payables to sellers of businesses acquired (58) (56)
Other tangible assets and liabilities 307 196
Net tangible assets 674 867
Goodwill and intangibles 803 809
Shareholders' equity 1,477 1,676
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