Half Year 2026 Man Group PLC Earnings Call Transcript
Key Points
- Record AUM of $253.6 billion, up 11% since December, driven by strong investment performance and net inflows.
- Exceptional net inflows of $7.1 billion, with positive flows across all four product categories and market share gains.
- Strong investment performance with $19.8 billion generated, and asset-weighted performance 0.4% ahead of peers.
- Core profit before tax more than doubled to $297 million, with core PBT margin improving to 35%.
- Core management fee EPS grew 46% to $0.124, the highest half-year level in over 15 years.
- AHL Evolution returned minus 3.7%, underperforming due to challenging market conditions in less liquid markets.
- Man Japan CoreAlpha was challenged due to a difficult period for value investing in the region.
- Liquid alternatives saw net outflows in the first quarter, though this reversed in the second quarter.
- FX headwinds from a stronger US dollar negatively impacted AUM by $1.9 billion.
- Increased provision related to a commercial matter, unrelated to ongoing litigation, impacted core profit before tax.
Good morning, everyone, and thank you for joining us today. I'm Robyn Grew, the CEO of Man Group, and I'm joined by our CFO and COO, Antoine Forterre. I'll begin with a high-level overview of our investment performance and client engagement in the first half of this year. Antoine will then walk you through the financial results, after which I'll update you on some of our strategic highlights during the period. As usual, we'll finish with questions.
The first half of 2026 was another period of turbulence in markets, one in which they proved resilient once again. The principal challenge came from geopolitics, but as tensions eased, risk appetite recovered quickly. We navigated a market where returns were unusually concentrated driven by the continued strength of the artificial intelligence narrative and robust corporate earnings.
In fixed income, the possibility that interest rates may stay higher for longer kept bond yields high and elevated through much of the period. It was against this backdrop that the structural
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