February 28, 2018 / 7:27 AM / 24 days ago

Man Group assets rise 35 percent in 2017

LONDON (Reuters) - British hedge fund company Man Group said on Wednesday funds under management rose 35 percent to $109.1 billion (78.5 billion pounds) in 2017, buoyed by net inflows of client money as well as market and currency gains.

Man Group said strong client demand for emerging market debt, managed accounts in its fund of funds unit, FRM, and computer-driven strategies, combined with FX movements and the January 2017 acquisition of Aaalto, helped add $12.8 billion.

“Man has a strong product shelf that continues to generate material new client demand... and indeed management commentary points towards an ongoing healthy pipeline,” said a note from analysts at Credit Suisse.

Adjusted profit before tax was $384 million in 2017, up from $205 million in the prior year.

Man Group said it expected ongoing costs associated with the European Union’s MiFID II regulation to add around $10-$15 million in costs from 2018 onwards.

Reporting by Maiya Keidan; editing by Simon Jesssop

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