StockMarketWire.com - Wealth manager Man Group funds under management slipped Friday as performance fees more than halved and choppy markets dented the performance of its funds.

For the 12 months to 31 December, funds under management fell to $108.5m from $109.1m the previous year as net inflows dropped to 16% to $10.8bn and the value of its investments slumped 28% to $7.7bn, while an FX headwind of $3.7bn also weighed.

The weaker performance comes as the company grappled with higher volatility, which weighed on performance fee profits and impacted performance across asset classes and investment styles.

Performance fees declined to £122m for the year, down from $333m a year earlier.

Adjusted profit before tax fell to $251m in 2018 from $384m a year earlier. The group run rate net management fee margin was 69 basis points at 31 December 2018.

The company declared a final dividend of 4.06p per share, bringing total dividend for the year to 8.94p per share, above last year's 7.97p. 'Looking ahead, we have had a healthy number of new mandate wins but as clients respond to changes in the market and adjust their portfolios we have also seen a pick-up in redemptions,' said Luke Ellis, Chief Executive Officer of Man. 'I remain confident that Man Group is structurally well positioned for the future with compelling investment propositions, deep client relationships and a competitive advantage in our experience of using financial technology to drive investment returns.'

At 8:01am: [LON:EMG] Man Group PLC share price was -2.1p at 136.05p



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