Man Group has committed to keeping its headquarters in the UK post Brexit as it announces mixed results across the business in H1 2015.
At the end of the first half, Man Group had $76.4bn funds under management, compared to $78.7 at the end of 2015, as net inflows held up at $1bn, mostly into alternative quant strategies.
But investment movement for the period was negative $2.2bn compared to positive $3.8bn a year earlier.
Adjusted profits before tax fell 65 per cent from $280m to $98m. At Man GLG funds under management fell from $14.2bn to $11.1bn, suffering $1bn of net outflows and also taking a hit in performance and FX.
The results are the last to be delivered by Emmanuel Roman before he moves to the US to become chief executive of Pimco. He will be replaced by Luke Ellis.
Roman says Brexit volatility created a difficult environment for discretionary strategies but benefited its AHL business.
“We are well-positioned to manage any subsequent regulatory changes, and assuming a stable regulatory environment, we are committed to keeping our headquarters in the UK. As previously indicated, we continue to explore opportunities to grow the business, both organically and by acquisition, to deliver long term value to shareholders.”
Last week Morgan Stanley’s chief executive said the bank would be seeking to establish European headquarters following Brexit.
In his departing comments, Roman said: “It has been a great privilege to have led Man Group through a period of evolution and progression for the business; it is an excellent firm and I am sad to be leaving, but I have decided to accept the new, outstanding opportunity at Pimco and move back to the US where my family is based.”