Man Group pre-tax profits drop sharply on lower performance fee revenue

AUM up to record $151.7bn

Man Group has posted a significant drop in core and statutory profits before tax in the first half of 2023, as the market reversal during the banking turmoil in March took a toll on performance fee revenue.

In its half-year results, the alternative asset manager reported statutory profit before tax decreased from $380m during the same period last year to $114m due to significantly lower performance fee revenue in H1. Core profit before tax also fell from $395m to $137m.  Core net revenues decreased to $513m from $855m in the first half of the year, primarily comprised of $460m of core net management fee revenue, down from $469m last year, and a sharp fall in core performance fee revenue, down to $51m from $383m last year.  The Big Interview with incoming Man Group CEO Grew: Allyship shou...