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UK's Man Group swings to FY'17 profit on strong inflows

U.K. hedge fund manager Man Group Plc reported 2017 statutory profit attributable to owners of the parent company of $255 million, compared to a loss of $266 million a year earlier.

Adjusted profit before tax for the year was $384 million, compared to $205 million a year ago.

Statutory diluted EPS for 2017 was 15.3 cents, compared to a loss per share of 15.8 cents in 2016.

Capital and reserves attributable to owners of the parent company were $1.72 billion compared to $1.67 billion in 2016.

Funds under management totaled $109.1 billion at the end of 2017, up from $80.9 billion a year earlier. Net inflows over the year were $12.8 billion, compared to $1.9 billion in 2016.

Net revenues amounted to $1.07 billion, up from $803 million in 2017. Net management fee revenue increased on a yearly basis to $736 million from $691 million, while performance fees also increased, to $333 million from $112 million.

The asset manager has proposed a final dividend of 5.8 cents per share for 2017, bringing the total dividend for the year to 10.8 cents per share, compared to 9.0 cents per share in 2016.

Meanwhile, the group reported pro forma surplus regulatory capital adjusted for second-half 2017 earnings of $460 million, which is estimated to be reduced by up to $120 million once the group adopts new leases accounting standards effective Jan. 1, 2019.