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Asset manager Man group reported a rise in profit underpinned by a rise in funds under management as rise in investment performance offset net fund outflows.
For 2019, pre-tax profit increased by 54% to $386m on-year and funds under management rose to $117.7bn from $108.5bn.
Positive investment movement of $10.1bn, compared with a negative $7.7bn on-year, offset outflows of $1.3bn, compared with inflows $10.8bn.
A final dividend of 5.1 cents per share was recommended, bringing the total dividend for the year to 9.8 cents per share, down from 11.8 cents.
'Over the course of the year, we saw continued inflows into our alternative strategies, although overall we recorded a small outflow as our clients reduced their equity allocations. In the fourth quarter, we returned to net inflows and that momentum has continued into this year,' Man Group said.
At 9:01am: (LON:EMG) Man Group PLC share price was -4.3p at 147.5p