Positive start for Man; overhauls divi policy

Funds under management (FUM) at hedge fund manager Man Group have edged up during 2012, despite customers reducing the amount of money they have placed with the company.

FUM at the end of February stood at an estimated $59.5bn, up from $58.4bn at the end of 2011, reflecting positive investment performance partially offset by net outflows and what the group calls guaranteed product de-gears.

The company announced a change to its divided policy in which 100% of adjusted management fee earnings per share each financial year will be paid out in dividends.

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Net performance fee earnings will be added to available capital surpluses and distributed to shareholders over time by way of higher dividend payments and/or share repurchases.

What this means for the current financial year (to end-March) is a full year dividend of 22 cents.

More to follow ...

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