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Man Group plc
Annual Report 2024
Man Group is an
alternative investment
management firm
powered by technology
with
1,777
employees
from
70+
countries.
We trade in
900+
markets around the world
and offer
85+
investment strategies
to help our
670+
institutional clients meet
their investment goals.
Man Group plc | Annual Report 2024
Strategic report
Our reporting
Our reporting is designed to facilitate better communication to a range of
stakeholders. Our Annual Report provides disclosures relating to our strategic,
financial and operational performance. Supplementary information and
disclosures are provided in the following documents, and referenced throughout
this report.
^ For our full reporting suite, see www.man.com
Contents
Strategic report
At a glance 02
Chair’s statement 04
Our business model 10
Our market 12
Our strategy 14
Chief Executive Officer’s review 16
Key performance indicators 20
Chief Financial Officer’s review 22
Risk management 30
People and culture 40
Sustainability and responsibility 48
TCFD 60
Non-financial and sustainability
information statement 63
Governance
Governance overview 66
Chair’s governance overview 67
Governance structure 68
Board of Directors and
Company Secretary 70
Executive Committee 72
Board activities 74
Stakeholder engagement 76
Board effectiveness 80
Board evaluation 82
Audit and Risk Committee report 84
Nomination and Governance
Committee report 94
Directors’ Remuneration report 98
Directors’ report 129
Directors’ responsibility statement 131
Financial statements
Independent auditor’s report 133
Group income statement 142
Group statement of
comprehensiveincome 142
Group balance sheet 143
Group cash flow statement 144
Group statement of changes
in equity 145
Notes to the Group financial
statements 146
Five-year record 179
Alternative performance measures 180
Shareholder information
Shareholder information 188
Glossary 190
The Strategic report was approved
by the Board and signed on its behalf by:
Robyn Grew
Chief Executive Officer
1
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Our culture
We have an inclusive,
collaborative culture that is
focused on doing the right
thing for our clients, our
people, our shareholders
and other stakeholders.
Our principles
Our business principles are designed to distil
and define our key priorities, values and culture.
Our proposition is strong
Our purpose
We are focused on
pursuing outperformance
for clients globally via our
Systematic, Discretionary
and Solutions offerings.
We deploy the latest technology across our
business to remain at the forefront of our
evolving industry.
Performance
We focus on achieving superior
risk-adjusted performance.
Clients
Our clients are at the heart
of everything we do.
Differentiation
We seek to be differentiated
and original in our thinking.
Excellence
Good is not enough, we strive
to be excellent in all we do.
Responsibility
Our people do the right thing
and conduct business with the
highest standards of integrity.
Meritocracy
We succeed through talent,
commitment, diligence and
teamwork.
At a glance
Systematic Page 8
Discretionary Page 38
Solutions Page 46
2
Man Group plc | Annual Report 2024
Strategic report
Assets under management
$168.6bn
2023: $167.5bn
Relative investment performance
+1.0%
2023: +1.6%
Operational highlights
Net flows
$(3.3)bn
2023: $3.0bn
Relative net flows
+0.2%
2023: +4.9%
1 Man Group’s alternative performance measures
are outlined on pages 180 to 187.
See Glossary on page 190 for full definitions.
Statutory profit before tax
$398m
2023: $279m
Core profit before tax¹
$473m
2023: $340m
Core management fee profit before tax
$323m
2023: $280m
Proposed dividend per share
17.2¢
2023: 16.3¢
Statutory EPS (diluted)
25.1¢
2023: 19.4¢
Core EPS (diluted)
32.1¢
2023: 22.4¢
Core management fee EPS (diluted)
21.5¢
2023: 18.4¢
Financial highlights
3
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
The Board spent a
significant amount of
time on strategic matters
during 2024, focusing
collectively on a range
of priorities and topics
that are central to our
continued success.
Anne Wade
Chair
Chair’s statement
4
Strategic report
Man Group plc | Annual Report 2024
Overview of the year
2024 was a volatile year, shaped by a complex
mix of macroeconomic shifts, geopolitical
tensions, and divergent central bank policies.
While optimism around the strength of the US
economy propelled US equities to new record
highs, bond markets faced headwinds as
uncertainty over the timing and scope of rate
cuts created significant instability at times. In
November, Trump’s election victory reshaped
market expectations, with the US dollar
strengthening and equity markets rallying
further. For a second consecutive year, the
S&P 500 delivered returns above 20%.
In this environment, Man Group remained
resilient, and I am encouraged by the progress
we made over the year against our strategic
goals announced last February. As an active
manager, we are committed to delivering
outperformance for our clients and I am proud
to report that we achieved +1.0% of relative
investment performance during the year.
Whilst our absolute net flows were impacted
by a single client’s decision to move its entire
allocation to passive equities, we recorded net
flows that were 0.2% ahead of the industry.
Our AUM closed the year at $168.6 billion,
representing a 1% increase from the start of
the year.
We also delivered solid core management fee
profit before tax
1
of $323 million, 15% higher
than in 2023, driven by higher core net
management fees and continued fixed cost
discipline. Core performance fee profit before
tax of $150 million was also 150% higher than
in 2023, despite unfavourable market
conditions for trend-following strategies.
This is a great marker of the recent progress
we have made diversifying our business.
Statutory profit before tax of $398 million was
$119 million higher than in 2023.
Board changes
Following several planned departures
announced in 2023, new appointments to
the Board during 2024 were approached
thoughtfully, with a focus on maintaining
a strong mix of skills, experience, and
perspectives to support continued effective
governance and decision-making.
In May, we welcomed Sarah Legg and Dixit
Joshi, who were appointed to the Board.
Sarah brings extensive corporate finance,
audit and risk experience gained in the
financial services sector and strong listed plc
experience through her other non-executive
roles. Dixit brings significant capital markets
experience and commercial insight from his
senior leadership and executive positions at
major financial institutions. In September,
Paco Ybarra was also appointed to the Board.
Paco is a highly respected veteran of the
banking industry who brings exceptional
experience in capital markets across multiple
asset classes and geographies from his senior
leadership roles. Sarah, Dixit and Paco are
already adding significant value to Man Group
and complement the skill set of the Board as
a whole. We are very much looking forward to
working with them all going forward.
As of 19 January 2025, Richard Berliand has
been on the Man Group Board for more than
nine years. The Nomination and Governance
Committee has therefore rigorously reviewed
his independence and role, taking account of
the provisions of the UK Corporate
Governance Code. The Board is fully satisfied
that he remains independent in character and
judgement; Richard will therefore remain on
the Board until a date no later than December
2025, subject to reappointment at the 2025
AGM, providing useful context and continuity.
While the last two years have undoubtedly
been a period of change, our Board today is
highly experienced, well balanced and aligned
with the strategic needs of the business.
Board focus
The Board spent a significant amount of
time on strategic matters during 2024, in
partnership with Robyn Grew and the senior
leadership team, focusing collectively on a
range of priorities and topics that are central
to our continued success. As a global
alternative investment management firm
with clients at the centre of what we do,
investment performance and distribution
are also key areas of focus for the Board;
throughout the year, we received
comprehensive updates on the firm’s
investment strategies and sales initiatives,
ensuring that management remains
focused on outperforming benchmarks
and competitor strategies, while establishing
deep connections with institutions around
the world. We continue to be encouraged by
the progress made in this area.
Back in 2023, we spent a significant amount
of time evaluating the case for the Varagon
acquisition with management. The Board
approved the transaction as the rationale
was clear: to add to our investment
capabilities with exposure to growing
segments of the asset management industry
and to grow our presence in North America,
the largest asset management market
globally. The transaction also has the potential
to achieve an attractive risk-adjusted return
on capital for our shareholders. In 2024, we
were updated on the ongoing integration of
Varagon and the progress achieved across
key areas, including product development, the
sales plan, operational enhancements, and
financial performance. We are pleased with
the seamless execution of this process so far.
The Board gives high priority to shareholder
communications. It receives regular investor
reports that detail the feedback from investor
meetings and from engagement with various
shareholders’ representative organisations.
During 2024, the Board has also been focused
on ensuring proactive engagement with
shareholders, including in relation to
remuneration matters for the Executive
Directors prior to the Remuneration Policy
review vote at the forthcoming AGM.
1 Man Group’s alternative performance measures
are outlined on pages 180 to 187.
5
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
At Man Group, sustainability is fundamental
to how we operate. These values are deeply
embedded in the firm’s culture, influencing
decisions and shaping our identity. This
commitment is championed by the leadership
team and employees, who play a critical role
in driving the agenda for the Company – from
reducing the firm’s environmental footprint
to supporting the communities around us –
whilst respecting the views and beliefs of the
firm’s clients. As a Board, we take collective
responsibility for the governance and
oversight of sustainability matters, regularly
monitoring progress to ensure that Man Group
establishes ambitious goals and upholds
a culture grounded in accountability and
responsible decision-making. These
initiatives are central to our mission to create
lasting value for our clients, shareholders,
and society.
Capital returns
Our dividend policy is progressive, taking into
account the growth in the firm’s overall
earnings, with a target of commending annual
dividends per share that grow year-on-year.
In line with this policy, the Board has
recommended a final dividend of 11.6¢ per
share, which, when combined with the interim
dividend already distributed, amounts to a
full-year dividend of 17.2¢ per share. This is
a 6% increase compared to the aggregate
dividend for 2023 of 16.3¢ per share. The final
dividend recommendation is, as always,
subject to shareholder approval at the Annual
General Meeting to be held in May 2025.
In addition to our dividend distribution policy,
we periodically review our accumulated
capital reserves – those not previously
distributed to shareholders as dividends or
used for organic or inorganic growth initiatives
– to determine whether they exceed the
amounts needed to ensure the prudent, safe,
and flexible management of the firm. Where
we believe we have excess capital beyond
these needs, we aim to return additional value
to shareholders, subject to prevailing market
conditions. Recently, we have done this
through share repurchases. In 2024, we
announced a buyback programme of up
to $50 million, which was completed in
September 2024. Share repurchases,
combined with the interim and proposed
final dividend, resulted in total returns to
shareholders of $249 million for the year, and
$1.8 billion for the past five years. The latter
equates to approximately 56% of our market
capitalisation as of 31 December 2024.
People and culture
In today’s fast-paced world, managing
change is essential, and cultivating a strong
talent pool is critical to Man Group’s long-term
success. This has been a key focus for us
over the past year, and we have engaged
extensively with senior management to
discuss their ongoing efforts to develop
talent across the business. As part of
this commitment, we also reviewed
management’s proposals for our new
Chief People Officer, and I am delighted
to welcome Emma Holden to the role.
I believe diversity is a key commercial
advantage, as diversity of thought makes us
stronger and more effective. At Man Group,
we actively encourage, embrace, and seek
out differences in all areas. There is no single
‘type’ of person who joins our firm, and we are
committed to attracting diverse candidates
and fostering an inclusive culture to deliver
the best outcomes for our clients. To remain
at the forefront of the industry, we must
continually rethink how we build our teams,
moving beyond simply hiring individuals who
fit an existing mould.
Creating a workplace where every employee
feels a genuine sense of belonging requires
consistent dedication, and we acknowledge
that there is still much work to be done. As
a Board, we are responsible for championing
diversity and cultivating an inclusive,
collaborative culture that our people are
proud to be part of. We oversee and support
management’s efforts to promote and
implement diversity at every level of the
business. You can read more about these
efforts in the People and culture section
on page 40.
Chair’s statement continued
6
Strategic report
Man Group plc | Annual Report 2024
Workforce engagement
When taking important decisions, the Board
carefully considers their potential impact on
employees and actively monitors feedback
on those decisions. As part of this process,
we engage directly with our employees across
the globe. While Ceci Kurzman serves as the
Board’s designated employee engagement
representative, we encourage all Board
members to connect with staff, both formally
and informally, throughout the year. In
September 2024, we visited New York City,
providing us with an opportunity to spend
time with our US-based colleagues in both
structured and informal settings. The Board
has reviewed and discussed the feedback
gathered from the full spectrum of employee
engagement initiatives and continues to
explore the best ways to incorporate
employee priorities more explicitly into
decision-making.
Whenever I meet with colleagues,
I am consistently impressed by their
professionalism, adaptability, and dedication
to Man Group. I would like to thank all my
colleagues at the firm for their commitment,
resilience and hard work in 2024.
Community
We are deeply aware of the impact our
organisation has on the wider community
and remain committed to making a positive
contribution. Through our ManKind
programme, employees are actively involved
in volunteering and charitable initiatives,
details of which can be found on page 45.
Additionally, we partner with the Man
Charitable Trust in the UK, the US-based Man
Charitable Foundation, and provide direct
donations to support causes that matter to
our employees and other stakeholders.
More broadly, you can read about how the
Board takes stakeholder interests into
account in line with our obligations under
section 172 of the UK Companies Act 2006
on pages 66 to 79.
On behalf of the Board, thank you to all our
shareholders for your continuing support.
Anne Wade
Chair
7
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Systematic
^ For more information, please visit:
www.man.com/ahl
www.man.com/numeric
7.6%
relative investment
performance from
systematic long-only
$100bn+
AUM in
systematic
strategies
8
Strategic report
Man Group plc | Annual Report 2024
We have a strong heritage in
systematic investing, with
over 35 years of experience.
Based on the idea that financial markets exhibit
inefficiencies, our systematic investment strategies
seek to identify and profit from these anomalies by
leveraging our cutting-edge technology, advanced
data science techniques and deep experience of AI.
In 2024, we accelerated investments in our data architecture and execution
capabilities, where efficiency is critical to capturing more of the ‘alpha’
generated by our researchers. This has enabled development of faster
trading strategies and supported our ambitions in mid-frequency equities,
a significant segment of the quant hedge fund market offering alpha and
diversification potential.
9
Man Group plc | Annual Report 2024
Strategic report | Governance | Financial statements | Shareholder information
62% of AUM
customised to
some degree
$45.3bn
Absolute return
Total return
Multi-manager solutions
Systematic long-only
Discretionary long-only
$41.5bn
$14.4bn
$38.6bn
$28.8bn
Our platform supports the potential for greater profitability as we grow
Technology underpins everything we do at Man Group. The strength and flexibility of our infrastructure drives
efficiency and operating leverage across the business, which helps us grow profits faster than revenue.
Powered by talent and advanced technology, our investment
strategies aim to solve our clients’ most complex challenges.
Generating outperformance at scale
Our business model
We are client
focused
We take a partnership approach
to working with clients
globally, establishing a deep
understanding of their goals and
those of the millions of retirees
and savers they represent.
Our offering is
differentiated
We offer a broad range of
systematic and discretionary
investment strategies, with a
long-standing track record of
delivering for clients in various
market regimes.
We take a tailored
approach
We understand the unique
needs of our clients and create
customised solutions at scale
to meet their individual risk,
return, liquidity and structuring
requirements.
AUM by client domicile
42%
EMEA
36%
Americas
22%
Asia Pacific
AUM customised for client needsAUM by product category
Customised $104.4bn
Non-customised $64.2bn
Total $168.6bn
We have a track record of delivering consistent AUM growth
We grow our AUM by delivering investment performance, attracting net inflows and acquiring new capabilities.
We can charge our clients a management fee and/or performance fee, which aligns our objectives with theirs.
Data as at 31 December 2024.
10
Strategic report
Man Group plc | Annual Report 2024
Our talent,
technology and
culture reinforce
our competitive
advantage
We have a track
record of
delivering
investment
outperformance
and growth
Our business
model is highly
scalable and
offers significant
operating
leverage
Strong capital
generation
supports our
growth, value
creation and
shareholder
returns
Our business model offers a clear value proposition
with significant potential for shareholders.
Relative investment performance (2024)
+1.0%
Clients ^ See page 17
Employee engagement score (2024)
79%
Employees
Shareholder returns (2020-2024)
$1.8bn
Shareholders
Employees volunteering their time (2024)
590+
Communities
^ See page 40
^ See page 45 ^ See page 28
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
11
Our market
Market
Macro environment
Industry
Growing demand for alternatives
Rise of quant and technology
Greater need for customisation
Description Description Description Description
Macroeconomic uncertainty remained a theme in 2024 despite
inflationary pressures moderating to an extent, as expectations
around the timing and size of interest rate cuts were a key focus
for markets throughout the year.
US equities set new records in 2024; technology stocks
continued their positive momentum, buoyed by AI enthusiasm.
The ‘Magnificent Seven’ led the charge once again, contributing
over half of the S&P 500’s 23% gain.
Geopolitical conflicts in the Middle East and between Russia and
Ukraine contributed to further market uncertainty and volatility,
as did various elections around the world, including in the US
and the UK.
Global equity markets softened towards the end of the year
as expectations of a prolonged restrictive monetary policy
environment, driven by concerns over sticky inflation, weighed
on sentiment.
The appetite for alternatives remained solid in 2024, as allocators
continued to seek diversified sources of return. Alternative
assets under management industrywide are projected to grow at
a CAGR of 9%¹ over the next five years.
In the current macroeconomic environment, clients are
increasingly seeking partners who offer a broad range of
investment strategies to help them navigate uncertain markets
and deliver outperformance at scale.
Demand for alternative credit strategies has been robust in a
higher rate environment, creating opportunities for investment
firms with credit capabilities across liquid and private credit.
The democratisation of alternatives continues to be a major
trend as investors from wealth channels look for new structures
and asset classes to grow their exposure to the segment.
Global systematic alternative assets under management
continue to grow, increasing 9% in 2024, with multi-strategy
offerings contributing 53% of this growth².
Quantitative techniques are playing an increasingly significant
role in discretionary investing, augmenting human decision-
making and enhancing investment outcomes.
Alternative data remains a critical driver of innovation, providing
an informational edge; building platforms to harness this data
to develop new signals remains a top priority for firms.
While the ‘Hype Cycle’ for AI has entered a new phase as
organisations struggle to realise outsized value, incremental
gains in productivity are being achieved in some areas.
Regulatory scrutiny continues to grow³, with incidents such
as the CrowdStrike outage highlighting the importance of
transparency and resilience in technology platforms.
Large institutions – including sovereign wealth funds, pension
funds, insurers, and endowments – face increasingly complex
challenges that require highly customised solutions.
Volatile markets and stretched valuations are driving
sophisticated investors to seek differentiated cross-content
solutions that align with their specific investment objectives.
Growing customisation demands reflect clients’ desire to
differentiate and personalise their portfolios to address unique
requirements (e.g. risk management, structuring, liquidity).
The trend is increasingly for large institutions to have fewer but
deeper relationships with managers, making for deeper lines of
communication and more collaborative engagement.
What this means for Man Group What this means for Man Group What this means for Man Group What this means for Man Group
The uncertain macro outlook strengthens the case for investing
in active investment management, where we have over 35 years
of experience.
By trading a wide range of macro instruments, as well as
traditional asset classes, our investment strategies are able
to generate outperformance in varied macro regimes.
We delivered strong performance across our long-only
strategies during 2024, highlighting the value high-quality
active management can add for clients in this space.
Oscillating trends in commodities, fixed income and currencies
during the year proved a difficult environment for trend-following
in general; our strategies were no exception.
We continue to maintain the highest standards of risk
management across our range of strategies, and we are well
positioned to manage client capital through turbulent periods.
Innovation and research are at the core of what we do; we are
constantly working to add new sources of outperformance for
our clients.
We are an alternatives-focused investment manager, with
over $100 billion of assets under management in alternative
strategies. Client interest for our range of strategies remained
strong during 2024, with total gross inflows of $17.6 billion.
Our multi-strategy alternative offering benefits from
unconstrained access to c.75 discretionary and systematic
strategies across the firm. Its performance during the year
(+14.5%) is a reflection of the breadth of high-quality investment
content that Man Group has to offer.
We manage $35.0 billion in credit AUM, adding significant
alternative credit capabilities recently. The integration of
Varagon, our US private credit business, is progressing smoothly,
with fundraising efforts and product development plans on
schedule.
We continued to invest in our distribution and structuring
capabilities during 2024, enabling us to capitalise on growth in
the wealth channel by delivering alternative content in formats
tailored to investors’ specific needs.
Our proprietary technology platform is supported by over 640
people; 36% of our employees are quants, engineers or data
scientists and we hired 100+ people in the UK, US and Bulgaria
during 2024.
We invested more than $130 million in our data and technology
infrastructure during 2024, which has strengthened our platform
and accelerated the development of new investment strategies.
Improvements to our quant research and trading capabilities are
accelerating productivity for researchers and delivering value
across quantitative and discretionary investment teams.
ArcticDB, our quantitative data science database launched in
partnership with Bloomberg in 2023, has continued to gain
commercial traction.
Our experience in machine learning and strength in technology
position us well to generate tangible value from the application
of advances in AI.
Generative AI is already enhancing productivity and augmenting
decision-making across multiple areas of the firm, underscoring
the value of technology in driving innovation.
Our technology teams have a deep understanding of business
context and regulatory concerns, and our organisational
structure and processes embody strict controls.
Our Solutions business continues to grow; over $104 billion
of our AUM has some form of customisation and at the most
customised end, we manage 47 Institutional solutions mandates
for the world’s most sophisticated institutions.
Our breadth of investment capabilities across a range of asset
classes is a key differentiator. There are now more than 85
actively managed strategies that we can allocate to via Solutions,
including through our multi-strategy offerings.
The sophistication of our global operating platform and
technology capability means that we are a trusted partner
to our clients, helping them meet more than just their
return-related requirements.
Through our relationship-driven global sales effort, we take a
partnership approach to working with our clients. We provide
insight, research, analytics, and thought leadership to support our
largest investors.
We continue to invest heavily in our infrastructure and technology
to ensure that we can operate with the scale, flexibility and
complexity required to meet evolving client needs.
Our strengths in alternatives and technology leave
us well positioned for growth against the backdrop
of key trends affecting our industry.
Market environment and industry trends
1 Source: BCG ‘AI and the Next Wave of Transformation: Global Asset Management 2024’ report.
12
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Man Group plc | Annual Report 2024
Market
Macro environment
Industry
Growing demand for alternatives
Rise of quant and technology
Greater need for customisation
Description Description Description Description
Macroeconomic uncertainty remained a theme in 2024 despite
inflationary pressures moderating to an extent, as expectations
around the timing and size of interest rate cuts were a key focus
for markets throughout the year.
US equities set new records in 2024; technology stocks
continued their positive momentum, buoyed by AI enthusiasm.
The ‘Magnificent Seven’ led the charge once again, contributing
over half of the S&P 500’s 23% gain.
Geopolitical conflicts in the Middle East and between Russia and
Ukraine contributed to further market uncertainty and volatility,
as did various elections around the world, including in the US
and the UK.
Global equity markets softened towards the end of the year
as expectations of a prolonged restrictive monetary policy
environment, driven by concerns over sticky inflation, weighed
on sentiment.
The appetite for alternatives remained solid in 2024, as allocators
continued to seek diversified sources of return. Alternative
assets under management industrywide are projected to grow at
a CAGR of 9%¹ over the next five years.
In the current macroeconomic environment, clients are
increasingly seeking partners who offer a broad range of
investment strategies to help them navigate uncertain markets
and deliver outperformance at scale.
Demand for alternative credit strategies has been robust in a
higher rate environment, creating opportunities for investment
firms with credit capabilities across liquid and private credit.
The democratisation of alternatives continues to be a major
trend as investors from wealth channels look for new structures
and asset classes to grow their exposure to the segment.
Global systematic alternative assets under management
continue to grow, increasing 9% in 2024, with multi-strategy
offerings contributing 53% of this growth².
Quantitative techniques are playing an increasingly significant
role in discretionary investing, augmenting human decision-
making and enhancing investment outcomes.
Alternative data remains a critical driver of innovation, providing
an informational edge; building platforms to harness this data
to develop new signals remains a top priority for firms.
While the ‘Hype Cycle’ for AI has entered a new phase as
organisations struggle to realise outsized value, incremental
gains in productivity are being achieved in some areas.
Regulatory scrutiny continues to grow³, with incidents such
as the CrowdStrike outage highlighting the importance of
transparency and resilience in technology platforms.
Large institutions – including sovereign wealth funds, pension
funds, insurers, and endowments – face increasingly complex
challenges that require highly customised solutions.
Volatile markets and stretched valuations are driving
sophisticated investors to seek differentiated cross-content
solutions that align with their specific investment objectives.
Growing customisation demands reflect clients’ desire to
differentiate and personalise their portfolios to address unique
requirements (e.g. risk management, structuring, liquidity).
The trend is increasingly for large institutions to have fewer but
deeper relationships with managers, making for deeper lines of
communication and more collaborative engagement.
What this means for Man Group What this means for Man Group What this means for Man Group What this means for Man Group
The uncertain macro outlook strengthens the case for investing
in active investment management, where we have over 35 years
of experience.
By trading a wide range of macro instruments, as well as
traditional asset classes, our investment strategies are able
to generate outperformance in varied macro regimes.
We delivered strong performance across our long-only
strategies during 2024, highlighting the value high-quality
active management can add for clients in this space.
Oscillating trends in commodities, fixed income and currencies
during the year proved a difficult environment for trend-following
in general; our strategies were no exception.
We continue to maintain the highest standards of risk
management across our range of strategies, and we are well
positioned to manage client capital through turbulent periods.
Innovation and research are at the core of what we do; we are
constantly working to add new sources of outperformance for
our clients.
We are an alternatives-focused investment manager, with
over $100 billion of assets under management in alternative
strategies. Client interest for our range of strategies remained
strong during 2024, with total gross inflows of $17.6 billion.
Our multi-strategy alternative offering benefits from
unconstrained access to c.75 discretionary and systematic
strategies across the firm. Its performance during the year
(+14.5%) is a reflection of the breadth of high-quality investment
content that Man Group has to offer.
We manage $35.0 billion in credit AUM, adding significant
alternative credit capabilities recently. The integration of
Varagon, our US private credit business, is progressing smoothly,
with fundraising efforts and product development plans on
schedule.
We continued to invest in our distribution and structuring
capabilities during 2024, enabling us to capitalise on growth in
the wealth channel by delivering alternative content in formats
tailored to investors’ specific needs.
Our proprietary technology platform is supported by over 640
people; 36% of our employees are quants, engineers or data
scientists and we hired 100+ people in the UK, US and Bulgaria
during 2024.
We invested more than $130 million in our data and technology
infrastructure during 2024, which has strengthened our platform
and accelerated the development of new investment strategies.
Improvements to our quant research and trading capabilities are
accelerating productivity for researchers and delivering value
across quantitative and discretionary investment teams.
ArcticDB, our quantitative data science database launched in
partnership with Bloomberg in 2023, has continued to gain
commercial traction.
Our experience in machine learning and strength in technology
position us well to generate tangible value from the application
of advances in AI.
Generative AI is already enhancing productivity and augmenting
decision-making across multiple areas of the firm, underscoring
the value of technology in driving innovation.
Our technology teams have a deep understanding of business
context and regulatory concerns, and our organisational
structure and processes embody strict controls.
Our Solutions business continues to grow; over $104 billion
of our AUM has some form of customisation and at the most
customised end, we manage 47 Institutional solutions mandates
for the world’s most sophisticated institutions.
Our breadth of investment capabilities across a range of asset
classes is a key differentiator. There are now more than 85
actively managed strategies that we can allocate to via Solutions,
including through our multi-strategy offerings.
The sophistication of our global operating platform and
technology capability means that we are a trusted partner
to our clients, helping them meet more than just their
return-related requirements.
Through our relationship-driven global sales effort, we take a
partnership approach to working with our clients. We provide
insight, research, analytics, and thought leadership to support our
largest investors.
We continue to invest heavily in our infrastructure and technology
to ensure that we can operate with the scale, flexibility and
complexity required to meet evolving client needs.
2 Source: Goldman Sachs, December 2024 ‘Back to the Future. The Evolution of the Systematic Hedge Fund Landscape’.
3 Source: KPMG, September 2024 ‘Evolving Asset Management Regulation Report 2024’.
13
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
We leverage our 35+ years of experience and
technology edge to deliver customised
solutions at scale for our clients.
Four strategic pillars drive value for our firm.
Our strategic pillars are linked to our financial
KPIs, as set out below, and on page 20.
1
Relative investment performance
2
Relative net flows
3
Core EPS (diluted)
4
Core management fee EPS (diluted) growth
Our strategy
Driving continuous growth
Innovative
investment strategies
Strong
client relationships
Efficient and
effective operations
Returns
to shareholders
Combining our exceptional talent and
market-leading technology to generate
superior risk-adjusted investment returns
for our clients.
Building long-term partnerships with clients,
through one point of contact, to understand
their needs and offer tailored solutions
meeting their requirements.
Harnessing technology to power investment
performance and infrastructure, provide
scalable options for growth and create
operating efficiencies throughout the firm.
Generating excess capital to support our
growth, value creation and shareholder
returns, underpinned by our capital
allocationpolicy.
Link to our financial key performance indicators
1 2 3 4
Through constant innovation, we find new
sources of returns, maintain our relevance
with clients, diversify our revenue streams
and drive sustainable growth.
2 3 4
We aim to identify what is valuable to our
clients and continuously evolve in order to
attract net inflows and gain market share
on a consistent and sustainable basis.
3 4
By investing in technology and maintaining
fixed cost discipline, the operating leverage
inherent in our business model means that
we can grow profits faster than revenue.
1 2 3 4
Profitable growth allows us to continue
to invest in the business, organically and
inorganically, and return capital in excess
of our requirements to shareholders.
Our progress in 2024
Generated investment performance
of $10.9 billion, with all product
categories contributing positively.
Outperformed by 1.0% on an asset-
weighted basis, with notable strength
from long-only strategies (+5.9%).
Our multi-strategy offering
delivered strong gains of 14.5%
during the year.
Introduced pass-through fees for Man
1783, allowing us to attract the best
talent to enrich our Solutions offering.
Continued to build our credit platform;
we now manage $35.0 billion in assets
across liquid and private markets.
Evaluated 200+ new datasets to
support our research efforts and
ambitions in mid-frequency quant
equities.
Continued strong engagement with
clients, attracting $43.9 billion of gross
inflows, our second best year on record.
Increased our market share for the fifth
consecutive year, with net flows 0.2%
1
ahead of the industry.
Deepened existing and new client
relationships, managing nearly 50
Solutions mandates by the end of 2024.
Expanded our presence in North
America; 36% of our AUM is from clients
domiciled in the region (2023: 35%).
Launched the first wave of wealth
products under the Asteria JV in Europe,
raising $1.1 billion in AUM.
Experienced good traction with clients
in the insurance sector, underpinned by
the strong growth of our credit platform.
Invested roughly $130 million into
our technology capabilities in order
to remain at the cutting edge.
Accelerated investments in our data
architecture, tech infrastructure and
execution capabilities during the year.
Enhanced our proprietary AI applications
to empower teams firm-wide; over 50%
of the firm use ManGPT actively.
Seeded 13 new strategies during the
year, as seeding remains key to
supporting new product launches.
Progressed the Varagon integration,
with product development and
distribution plans on track.
Reorganised the firm around our core
competencies, to make the firm easier
to understand and navigate.
Continued to have a strong and liquid
balance sheet, with $867 million of
net tangible assets
2 and a seeding investment portfolio
of $
532
million
.
Proposed 2024 dividend of 17.2¢, 6%
growth compared with 2023, and in line
with our progressive dividend policy.
Assessed 125+ acquisition opportunities
during 2024, with no change to the level
of discipline applied to our approach.
Completed the $50 million share
buyback announced with our 2023
results in February 2024.
Linked our revolving credit facility, which
was increased to $800 million in 2023,
to ESG-based KPIs.
Objectives for 2025
Diversify our investment capabilities
further, through organic innovation or
by adding new teams, with particular
focus on quant equity and credit.
Encourage greater collaboration across
our business to develop cross-content
solutions, particularly in credit.
Focus on building partnerships with
institutional clients as their challenges
become more complex.
Develop more products that are suitable
for the wealth channel, targeting regions
that present a significant opportunity.
Continue to invest in technology and
talent to maintain our competitive
advantage.
Maintain cost discipline, aligning
incremental spend with our
multi-year priorities.
Maintain balance sheet strength,
flexibility and efficiency, aligning
resources with our multi-year priorities.
Assess organic capital deployment and/
or potential acquisition opportunities
alongside further capital returns.
1 Relative net flows are defined in the Glossary, with further details included as part of our financial
KPIs on page 20.
^ For more information on how risks relate to
our strategy, go to page 30.
14
Strategic report
Man Group plc | Annual Report 2024
Multi-year priorities to sustain our growth
Over the past few years, we have built a high-quality business that has
delivered exceptional growth. While continuing to invest in the core
strengths of our business will remain a key priority, we have identified
the following areas of focus to drive Man Group’s growth in the future.
Diversify our investment
capabilities
Credit Quant
equity
Solutions
We aim to grow or add capabilities in areas where we have the
most credibility, a differentiated proposition and see strong
demand from clients.
Extend our reach with clients
around the globe
Wealth North
America
Insurance
We aim to strengthen our distribution presence in channels
where we are currently underweight relative to the size of the
opportunity they present.
Leverage our strengths in talent
and technology
Operating
platform
Technology Capital
We will continue to invest in the core strengths of our
business and deploy resources strategically to support our
growth ambitions.
Innovative
investment strategies
Strong
client relationships
Efficient and
effective operations
Returns
to shareholders
Combining our exceptional talent and
market-leading technology to generate
superior risk-adjusted investment returns
for our clients.
Building long-term partnerships with clients,
through one point of contact, to understand
their needs and offer tailored solutions
meeting their requirements.
Harnessing technology to power investment
performance and infrastructure, provide
scalable options for growth and create
operating efficiencies throughout the firm.
Generating excess capital to support our
growth, value creation and shareholder
returns, underpinned by our capital
allocationpolicy.
Link to our financial key performance indicators
1 2 3 4
Through constant innovation, we find new
sources of returns, maintain our relevance
with clients, diversify our revenue streams
and drive sustainable growth.
2 3 4
We aim to identify what is valuable to our
clients and continuously evolve in order to
attract net inflows and gain market share
on a consistent and sustainable basis.
3 4
By investing in technology and maintaining
fixed cost discipline, the operating leverage
inherent in our business model means that
we can grow profits faster than revenue.
1 2 3 4
Profitable growth allows us to continue
to invest in the business, organically and
inorganically, and return capital in excess
of our requirements to shareholders.
Our progress in 2024
Generated investment performance
of $10.9 billion, with all product
categories contributing positively.
Outperformed by 1.0% on an asset-
weighted basis, with notable strength
from long-only strategies (+5.9%).
Our multi-strategy offering
delivered strong gains of 14.5%
during the year.
Introduced pass-through fees for Man
1783, allowing us to attract the best
talent to enrich our Solutions offering.
Continued to build our credit platform;
we now manage $35.0 billion in assets
across liquid and private markets.
Evaluated 200+ new datasets to
support our research efforts and
ambitions in mid-frequency quant
equities.
Continued strong engagement with
clients, attracting $43.9 billion of gross
inflows, our second best year on record.
Increased our market share for the fifth
consecutive year, with net flows 0.2%
1
ahead of the industry.
Deepened existing and new client
relationships, managing nearly 50
Solutions mandates by the end of 2024.
Expanded our presence in North
America; 36% of our AUM is from clients
domiciled in the region (2023: 35%).
Launched the first wave of wealth
products under the Asteria JV in Europe,
raising $1.1 billion in AUM.
Experienced good traction with clients
in the insurance sector, underpinned by
the strong growth of our credit platform.
Invested roughly $130 million into
our technology capabilities in order
to remain at the cutting edge.
Accelerated investments in our data
architecture, tech infrastructure and
execution capabilities during the year.
Enhanced our proprietary AI applications
to empower teams firm-wide; over 50%
of the firm use ManGPT actively.
Seeded 13 new strategies during the
year, as seeding remains key to
supporting new product launches.
Progressed the Varagon integration,
with product development and
distribution plans on track.
Reorganised the firm around our core
competencies, to make the firm easier
to understand and navigate.
Continued to have a strong and liquid
balance sheet, with $867 million of
net tangible assets
2 and a seeding investment portfolio
of $
532
million
.
Proposed 2024 dividend of 17.2¢, 6%
growth compared with 2023, and in line
with our progressive dividend policy.
Assessed 125+ acquisition opportunities
during 2024, with no change to the level
of discipline applied to our approach.
Completed the $50 million share
buyback announced with our 2023
results in February 2024.
Linked our revolving credit facility, which
was increased to $800 million in 2023,
to ESG-based KPIs.
Objectives for 2025
Diversify our investment capabilities
further, through organic innovation or
by adding new teams, with particular
focus on quant equity and credit.
Encourage greater collaboration across
our business to develop cross-content
solutions, particularly in credit.
Focus on building partnerships with
institutional clients as their challenges
become more complex.
Develop more products that are suitable
for the wealth channel, targeting regions
that present a significant opportunity.
Continue to invest in technology and
talent to maintain our competitive
advantage.
Maintain cost discipline, aligning
incremental spend with our
multi-year priorities.
Maintain balance sheet strength,
flexibility and efficiency, aligning
resources with our multi-year priorities.
Assess organic capital deployment and/
or potential acquisition opportunities
alongside further capital returns.
2 Man Group’s alternative performance measures
are outlined on pages 180 to 187.
15
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Chief Executive Officer’s review
These results highlight
the strides we have
made in diversifying our
business, and the
outstanding quality of
our talent, technology
and institutional
resources.
Robyn Grew
Chief Executive Officer
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Strategic report
Man Group plc | Annual Report 2024
-1.3%
16.8%
7.6%
3.6%
1.0%
1.1%
2.2%
5.1%
12.5%
8.4%
-2.5%
-4.0%
Overview of the year
It has now been five years since Covid-19 first
spread around the world and it seems every
year since has been one of surprises and/or
heightened volatility. 2024 has been no
exception to this, but for the purpose of this
report I have characterised it as a year of
divergence, where US exceptionalism
dominated the global narrative.
Equities continued to rally, driven by optimism
around a potential soft landing for the US
economy, the sustained momentum of the
AI boom, and Trump’s pro-business agenda.
As a result, the S&P 500 gained 23%, reaching
57 new all-time highs during the year. Fixed
income and currencies, however, experienced
a more volatile and at times turbulent year;
although the Fed cut interest rates three
times, persistent inflation and oscillating
expectations of monetary policy easing kept
markets under pressure, with the 10-year US
Treasury yield ending the year higher at 4.6%.
The US dollar strengthened by 7% against
an index of major currencies. Meanwhile,
commodity markets were shaped by
geopolitical disruptions and evolving
supply-demand dynamics; energy markets
in particular saw considerable fluctuations,
driven by periods of escalation and hopes of
de-escalation in the Middle East and Europe,
unstable supply chains, and the health of
the Chinese economy. Elections across more
than 60 countries globally and a challenging
environment for incumbents added to market
uncertainty throughout.
Against this backdrop, and following my first
full year as CEO, I am proud to report solid
financial results for 2024. These results
highlight the strides we have made in
diversifying our business, our commitment
to collaborating with sophisticated investors
to address their most complex challenges,
and the outstanding quality of our talent,
technology and institutional resources.
We generated investment performance
of $10.9 billion during the year, with all our
product categories contributing positively.
Our absolute return strategies gained 1.1%,
with particularly notable returns from our
multi-strategy offering Man 1783 (+14.5%).
The strategy benefits from unconstrained
access to c.75 discretionary and systematic
capabilities across the firm, and its
performance during the year is a great
reflection of the breadth of high-quality
investment content that we have to offer.
After an excellent start to the year, gains in
our trend-following strategies were impacted
by range-bound fixed income markets. This
proved challenging to navigate, as shifting
expectations for the future path of interest
rates resulted in a lack of sustained trends
and increased the frequency of reversals.
Nonetheless, AHL Alpha (+3.2%) finished the
year in positive territory. It was a more difficult
year for alternative trend-following in general
and the AHL Evolution strategy, which
returned -6.1%, was no exception to this.
Trends in alternative markets were weaker
and shorter in 2024, which is reflected in the
frequency with which AHL Evolution’s
exposures reversed over the course of the
year. Commodity and fixed income markets
generated the bulk of the losses, offsetting
gains made in equities and credit. Meanwhile,
our total return strategies gained 5.1% overall,
as Man TargetRisk (+7.3%) once again
demonstrated its ability to navigate
macroeconomic shifts and adapt swiftly to
volatile market conditions. Man Alternative
Risk Premia (+8.4%) also delivered strong
returns during the year, highlighting our
judicious approach to portfolio construction
and risk management. Positive momentum in
equity markets, together with strong security
selection, also resulted in gains of 16.8%
across our systematic long-only strategies
and 12.5% across our discretionary
long-only strategies.
On an asset-weighted basis, relative
investment performance across the firm was
positive in 2024. This outperformance was
driven primarily by our long-only strategies
(+5.9%), with particularly impressive results
from the Man Numeric range. Man Japan
CoreAlpha also continued its strong run of
performance; over the past three years, the
strategy has delivered returns 9.4% above the
TOPIX, net of fees, on an annualised basis.
These outcomes really highlight the value
of active investment management in the
long-only equities space. Our credit strategies
also performed particularly strongly, with Man
High Yield Opportunities and Man Global
Investment Grade Opportunities strategies
returning 4.4% and 9.5% above their
respective benchmarks during 2024. The
breadth of long-only strategies generating
outperformance not only highlights the
expertise and skill of our investment teams,
but also emphasises the value of our
increasingly diversified range of investment
strategies and solutions, as well as our
commitment to continuously innovate and
evolve to meet the needs of our clients.
Overall underperformance within alternatives
was largely attributable to AHL Evolution,
as its indices are predominantly composed
of traditional trend-followers.
On the distribution side, although 2024
remained a challenging period for fundraising
in the asset management sector, we
continued to make progress building deep
and long-term relationships with asset
allocators and third-party distributors around
the globe. This has helped ensure that client
activity remained strong throughout the year,
with total gross inflows of $43.9 billion (2023:
$30.2 billion); our second best year on record.
I am pleased to report that we experienced
particularly strong demand for our
discretionary long-only credit strategies,
where total AUM increased by $6.6 billion, or
81%, over the period, in line with one of our
strategic priorities. It was also pleasing to see
our clients commit over $500 million to Man
Varagon’s recently launched evergreen
private credit strategy. This serves as a strong
example of our ability to add new capabilities
and deepen relationships by staying relevant
to our clients.
Absolute and relative investment performance in 2024
See Glossary on page 190 for full definitions.
17
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Man Group plc | Annual Report 2024
We did, however, see an increase in
redemptions during the year, as institutional
clients faced the combined challenges of
macroeconomic and geopolitical pressures
on their portfolios, alongside lower-than-
expected realisations from private equity
allocations. Most notably, our net flows were
impacted by a $7 billion redemption from a
single client in systematic long-only, following
the strategic decision to switch their entire
equities allocation to a passively managed
index-based portfolio, and $3.9 billion of
outflows from low margin managed account
mandates in the multi-manager solutions
category. As a result, net flows overall were
$(3.3) billion for the period.
Positive investment performance was
offset by net outflows and negative other
movements of $6.5 billion; these relate
primarily to $3.8 billion of adverse FX impacts
owing to US dollar strength and $2.1 billion of
maturities following the ongoing wind-down
of our US single family rental real estate
business and capital returned from CLO
strategies. Total AUM as at 31 December 2024
was $168.6 billion, which is broadly flat
compared with 31 December 2023. Core net
management fees1 were higher at $1,097
million (2023: $963 million), while core
performance fees also increased to $310
million (2023: $180 million) despite a below
average year for performance in our trend-
following strategies. This reflects the
underlying performance fee earning potential
of the diversified business we have built over
the past few years. Continued cost discipline
resulted in growth in core profitability,
increasing core earnings per share (diluted)
to 32.1 cents (2023: 22.4 cents) and statutory
earnings per share (diluted) to 25.1 cents
(2023: 19.4 cents).
Progress against our priorities
Strong client relationships
I continue to spend considerable time with
clients around the world, and one thing is
clear: their challenges are becoming far more
complex. In today’s environment, investors
require tailored solutions that deliver
diversified, risk-adjusted returns, backed
by long-term, strategic partners who are
innovative, adaptable, and forward thinking.
Our global sales team of over 290 people
remained focused on listening to and
addressing our clients’ needs. This
commitment drove strong engagement
throughout the year and although net flows
were negative in 2024, relative net flows were
+0.2%. We track this metric as it is a measure
of our ability to attract and retain capital in
comparison with our industry peers, and I am
delighted that we continued to grow our
market share for the fifth consecutive year.
Our clients continue to have confidence in the
quality of the strategies and solutions that we
offer and that is of tremendous importance to
us. The trend of clients investing across the
firm also continued during the period; at the
end of December, 48% of our AUM was from
clients invested in four products or more,
which has grown from 45% five years ago.
This is testament to our ability to build lasting
partnerships with allocators that extend
beyond the traditional manager-client
relationship, and provides the foundation to
do more with our clients in the years to come.
Our distribution network is one of our greatest
competitive advantages and a key driver of
future growth. Expanding our presence in
markets where we are underweight relative
to the size of the opportunity remains a
multi-year priority, and I am encouraged by
the solid progress we have made over the
past year. Our presence in North America has
grown from 28% of AUM as at the end of 2019
to 36% at the end of 2024. We manage money
for over 35 public plans and more than 130
other institutions and continue to expand
into the wealth channel via retail partnerships
and intermediary relationships. As I have said
before, the growth of the wealth segment
globally makes it a particularly attractive
channel for us: we are able to combine our
structuring expertise with our local
relationships to develop high-quality,
high-scale product offerings. We made
encouraging progress during the year,
forming a Global Wealth team and growing
our AUM from wealth channels to $45.9 billion
(2023: $36.6 billion), launching dedicated
products for specific markets. Although a
longer-term priority, we are already seeing
good momentum with target clients in the
insurance sector, underpinned by the specific
capabilities we have invested in and the
significant growth of our credit platform.
Innovative investment strategies
During 2024, we invested significant
resources into diversifying our investment
capabilities, particularly in credit, quant
equity and solutions. Adding to the already
significant breadth of what we offer
strengthens our business further and the
resilience of our financial results in 2024
illustrates this point. It diversifies our revenue
streams, provides new opportunities for our
people and creates multiple options for future
growth. We need to keep innovating to meet
the unique and evolving requirements of
our clients.
Chief Executive Officer’s review continued
1 Man Group’s alternative performance measures
are outlined on pages 180 to 187.
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Man Group plc | Annual Report 2024
I’m delighted with the progress we’ve made in
building our credit platform. As of December,
we managed $35.0 billion in credit AUM
across both alternative and long-only
strategies, spanning liquid and private
markets, supported by over 130 dedicated
investment professionals. With the credit
market becoming increasingly attractive to
the world’s largest institutions, we remain
focused on expanding our existing capabilities
while exploring opportunities to grow further
– whether organically or inorganically. On
the topic of acquisitions, the integration
of Varagon is progressing smoothly, with
fundraising efforts and product development
plans on schedule.
Our ability to deliver solutions at scale
continues to be a key differentiator. $104.4
billion of our AUM is customised in some way
and our Institutional solutions business – the
most customised version of what we offer –
has grown to $15.7 billion as at 31 December
2024. We now run nearly 50 tailored solutions
for strategically important allocators, as
customisation and transparency are of
ever-increasing importance to them. We are
also prioritising adding new content to our
solutions offering, and as part of this initiative
have introduced pass-through fees for clients
of Man 1783. These commercial terms bring
us more in line with the market and give us
the ability to attract the very best investment
talent to deliver for our clients.
In 2024, we continued to invest in mid-
frequency equities, a significant segment
of the quant hedge fund market offering
substantial alpha and diversification potential.
In that context, it was pleasing to see our AHL
StatArb strategy deliver 6.1% of gains for our
clients. During the year, we accelerated
investments in data and execution, where
efficiency is critical to capturing more of the
‘alpha’ generated by our researchers. With our
strong heritage in quant and longstanding
track record, we approach our growth
ambitions in this area from a position of
strength and look forward to making further
progress in 2025.
Efficient and effective operations
I cannot emphasise the strengths of our
platform enough; thanks to early, continuous
and significant investment in technology,
we are able to deliver for the world’s largest
institutional investors. Put simply, this enables
us to operate efficiently, flexibly, and at
speed and scale, driving better outcomes
for our clients and creating value for our
shareholders. Our business model is designed
to benefit from significant operating leverage,
which enhances the potential for greater
profitability as we grow.
2024 continued to bring a great deal of
enthusiasm about the potential for AI to
catalyse business productivity. You have
heard us say before that this is not a new
phenomenon for our business: AI has been
a core part of what we do for over a decade,
embedded across every aspect of our
operations. From alpha research and portfolio
construction to trading and operational
workflows, we’ve leveraged AI to drive
innovation and enhance decision-making. AI
isn’t just about automation for us – it’s about
human augmentation, enabling our people to
achieve more. Our proprietary tools and
tailored AI applications are empowering teams
across the firm, with over 50% of the firm
actively using ManGPT, while coding co-pilots
and translation tools are delivering real boosts
to productivity. AI is transforming how we
operate, and our dedicated enablement team
is working closely with teams across the
business to continuously push boundaries.
We also continue to deploy capital, organically
and inorganically, in line with our strategic
priorities, to drive future growth. Our seed
capital programme remains key in supporting
new launches; we seeded 13 new strategies
across our business during the year,
leaving our seed book at $532 million as
at 31 December 2024. This includes support
for origination activities at Man Varagon via
a warehouse facility, which serves as an
excellent example of how we use our
institutional resources to support new
offerings. Throughout 2024, we maintained a
deliberately disciplined approach to evaluating
acquisition opportunities. While the M&A
environment, particularly in private credit, is
evolving, the rigour and discipline we apply in
assessing opportunities remain unchanged.
People and culture
As an investment firm, our people and culture
are fundamental to our ability to deliver for
clients. Talent remains vital to the continued
success of our business, and we are pleased
to report a strong engagement score of 79%
in our 2024 staff survey. To further strengthen
our People function and ensure we continue
to attract and retain top talent, we announced
the appointment of Emma Holden as Chief
People Officer in September last year. Emma
joined us in December, bringing a wealth of
experience and an excellent track record in
building teams, managing complexity, and
advising on strategy. The Executive
Committee and I are very much looking
forward to working with Emma.
Since becoming CEO, alongside Anne Wade
as Chair, much attention has been given to
us being the first women to lead Man Group
since its founding in 1783. While this is
undoubtedly a milestone, we see it as part
of a broader journey towards building an
industry that truly reflects the populations
we serve. A diverse range of perspectives
strengthens our business by fostering
innovation, enhancing problem-solving,
and delivering better outcomes for our clients.
Our Drive initiatives, alongside learning and
development opportunities, are enabling us
to attract the best talent from a range of
backgrounds and, just as importantly, ensure
that this talent is supported to thrive and
progress within the organisation. Through
frequent collaboration with other firms and
industry groups, we actively share best
practices and embrace new ideas. Lastly,
as a firm with a quant heritage, we also
recognise the power of data in enriching how
we care for our people and move our business
forward. We are committed to transparency
around our targets and to holding ourselves
accountable; you can read more about this
on page 40.
Conclusion and outlook
As our teams have written, market predictions
frequently miss the mark. What is clear,
however, is that the risk of persistent inflation
and the implications of new US leadership
dynamics will drive market volatility, creating
an attractive environment for active
investment management. As one of the
largest liquid alternative firms – with over
35 years of experience and a distinctive edge
that comes from combining exceptional
talent with cutting-edge technology – I am
confident in our ability to capitalise on
these opportunities.
We have one single role, which is to deliver
investment performance to help our clients
provide greater financial security to millions
of people around the world. As I have said
before, my aim for Man Group is to be
indispensable to those sophisticated investors
globally. In 2024, we continued to deliver
investment performance ahead of our peers,
advanced our strategic objectives that
strengthen the firm, and generated solid
profitability for our shareholders. Combined
with our long-term track record, this
reinforces my confidence that we are well
positioned to deliver sustainable growth
for our shareholders in the years to come.
Robyn Grew
Chief Executive Officer
19
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
2024
2023
2022
1.0%
1.6%
1.4%
2024
2023
2022
0.2%
4.9%
5.3%
2024
2023
2022
17%
0%
17%
2024
2023
2022
32.1¢
22.4¢
48.7¢
R R
R
Our financial KPIs illustrate and measure the relationship between
the investment experience of our clients, our financial performance
and the creation of shareholder value over time.
Measuring our success
Key performance indicators
Relative investment performance Relative net flows
Core management fee EPS (diluted) growth
1
Core EPS (diluted)
1
Why it matters
The asset-weighted performance of Man Group’s strategies in
comparison with peers gives an indication of the competitiveness of
our investment performance compared with similar strategies offered
by other investment managers.
Why it matters
Relative net flows are a measure of our ability to attract and retain
investor capital in comparison with our industry peers. Growth in the
assets we manage for clients drives our financial performance via our
ability to earn management and performance fees.
How we performed
Relative investment outperformance of 1.0% in 2024 was driven by our
long-only strategies. More information on our investment performance
can be found on page 17.
How we performed
Relative net flows in 2024 were 0.2%, reflecting our ability to attract
and retain capital in line with our industry peers. This metric was
impacted significantly by the $7 billion single client redemption in Q3.
Why it matters
Core management fee EPS (diluted) growth in the year measures
the overall effectiveness of our business model and reflects the
value creation for shareholders from our earnings, excluding
performance fees.
Why it matters
Core EPS (diluted) is a measure of the earnings that drive our cash
flows. This metric includes core performance fee profits, which are
generated through outperformance for our clients and a significant
driver of total value creation for shareholders over time.
How we performed
Core management fee EPS (diluted) increased by 17% to 21.5¢.
This was driven by continued growth in core net management fee
revenue, partially offset by an increase in fixed costs to support
growth initiatives.
How we performed
Core EPS (diluted) increased by 43% to 32.1¢. This was driven by
an increase in performance fees despite a challenging market
environment for trend-following strategies.
1 Details of the calculation of our alternative performance measures are provided
on pages 180 to 187.
See Glossary on page 190 for full definitions.
20
Strategic report
Man Group plc | Annual Report 2024
2024
2023
2022
6,728
6,554
4,349
2024
2023
2022
79%
81%
82%
2024
2023
2022
35%
31%
26%
2024
2023
2022
62.6
59.3
50.0
R
R
R
A
A
R
Our non-financial KPIs reflect our core values; they demonstrate our
commitment to our people, and to running our firm in a sustainable and
responsible way as we grow.
Carbon footprint (tCO
2
e) Employee engagement
Women in senior management roles ESG-integrated AUM ($bn)
Why it matters
In order to monitor our carbon footprint, we measure total market-
based greenhouse gas emissions (tCO₂e) using the GHG Protocol
guidance for the Scope 1, Scope 2, Scope 3 travel and Scope 3
(upstream) leased asset categories.
Why it matters
Each year, we conduct a staff survey to help us monitor and
understand employee engagement and identify any areas for action.
Alongside our engagement survey, we continue to provide various
other mechanisms for our people to provide their feedback.
How we performed
Total carbon emissions increased by 3% in 2024, driven by further
investment in the growth of our global business and our data centres.
More information on our total carbon emissions can be found on pages
50 to 53.
How we performed
Our 2024 staff survey recorded an engagement score of 79%, with a
response rate of 84%. More information on how we support our people
and implement employee feedback can be found on pages 40 and 41.
Why it matters
As part of our efforts to encourage greater diversity across the
investment management industry, we measure the number of women
in senior management positions at the firm. This is defined as those
who are, or report directly to, members of our Executive Committee.
Why it matters
We understand that investors have their own views on ESG matters
and, in line with our clients’ needs, we seek to identify innovative
responsible investment solutions to support their objectives.
We calculate ESG-integrated AUM in line with the GSIA definition.
How we performed
The number of women in senior management roles has increased to
35%, exceeding our target of 32.5%. More information on how we build
a diverse talent pool can be found on pages 42 to 44.
How we performed
ESG-integrated AUM has increased by 6% to $62.6 billion in 2024.
More information on how we calculate this metric, and our approach
to responsible investing more broadly, can be found on pages 54 to 57.
Link to Executive Director remuneration
In scope for independent limited assurance
21
Man Group plc | Annual Report 2024
Strategic report | Governance | Financial statements | Shareholder information
Chief Financial Officer’s review
In 2024, we grew our
management fee profits
by 15% to $256 million,
the highest in more than
ten years. Performance
fee profits were resilient
at $125 million, despite
a challenging market
environment for trend-
following strategies,
highlighting the progress
we have made diversifying
our business.
Antoine Forterre
Chief Financial Officer
22
Strategic report
Man Group plc | Annual Report 2024
Overview
Man Group’s statutory diluted EPS increased
to 25.1¢ from 19.4¢ in 2023 driven by growth in
management fees, including a full year of
revenue following the Varagon acquisition in
2023, and higher performance fee revenues.
Higher core net management fee revenue of
$1,097 million (2023: $963 million), partially
offset by an increase in fixed compensation
and core other costs to support growth, drove
an increase in core diluted management fee
EPS to 21.5¢ for the year from 18.4¢ in 2023.
Together with an increase of $130 million in
core performance fees, the resultant increase
in profits led to core diluted EPS increasing to
32.1¢ from 22.4¢ in 2023.
We ended the year with AUM of $168.6 billion,
up from $167.5 billion at the end of 2023.
Strong investment performance, particularly
in our long-only strategies, contributed an
additional $10.9 billion to AUM. This was
partially offset by net outflows of $3.3 billion,
primarily from systematic long-only and
multi-manager solutions, and negative other
movements of $6.5 billion, including $3.8
billion of negative FX impact owing to the
strength of the US dollar and $2.1 billion of
maturities relating to the ongoing wind-down
of our US real estate business and capital
returned from CLO strategies. Net outflows of
$4.9 billion in systematic long-only included
a single client redemption of $7.0 billion during
Q3 at a net management fee margin of
21 basis points.
Management and other fees on a statutory
basis increased by 14% to $1,126 million for
the year as a result of higher average AUM
and the full-year contribution from Man
Varagon. The average net management fee
margin of 63 basis points for the year was
in line with 2023.
The run rate net management fee margin
at 31 December 2024 was 63 basis points,
compared with 65 basis points at the end
of 2023. This decrease was due to negative
investment performance in higher margin
absolute return strategies and net inflows
into lower margin discretionary long-only
strategies towards the end of the year.
This drove a decrease in run rate core net
management fee revenue to $1,058 million
at the end of the year from $1,087 million
at the end of 2023.
Statutory performance fee revenues of
$308 million increased from $178 million in
2023, with both alternative and long-only
strategies generating performance fees
during the year.
Core metrics
We assess our performance using a variety
of alternative performance measures
(APMs). We discuss our results on a
statutory as well as a ‘core’ basis. Core
metrics, which are each APMs, exclude
acquisition and disposal-related items,
significant non-recurring items and volatile
or uncontrollable items, as well as profits or
losses generated outside of our investment
management business. Accordingly, these
core metrics reflect the way in which
performance is monitored by the Board
and present the profits or losses that
drive our cash flows. They also inform the
way in which our variable compensation
is assessed.
Our APMs also reclassify all income and
expenses relating to our consolidated
fund entities, which are required by IFRS
to be split across multiple lines in the
consolidated income statement, to core
gains/losses on investments in order to
reflect their performance as part of our
seed book programme. Tax on non-core
items and movements in deferred tax
relating to the utilisation or recognition of
tax assets in the US are similarly excluded
from core profit, with tax on core profit
considered a proxy for cash taxes paid.
In 2023, accounting for the acquisition of
Varagon resulted in the recognition of all
future payments to selling shareholders
who remain in employment post-
acquisition as employment-related
expenses. This arises because each of
these payments can be forfeited should
those employees become ‘bad leavers’
during specified periods following the
acquisition. Economically, the payments
are transactions with the individuals in their
capacity as owners. Recognising that these
owners also hold significant roles in the
organisation, the bad leaver clauses are
protective in nature and not intended to
compensate the individuals for employment
services. As these transactions are related
to an acquisition, we consider it appropriate
to adjust the expense recognised in the
year to reflect the proportion of the profits
that have been generated in the same
period and are attributable to these
employees through an adjustment to core
profit. This more closely aligns the charges
with the associated cash flows.
Further details on our APMs, including
reconciliations between statutory
measures and their core equivalents,
are set out on pages 180 to 187.
$m
Year ended
31 December
2024
Year ended
31 December
2023
Core net management fee revenue 1,097 963
Core performance fees 310 180
Core gains on investments 50 48
Core rental income 2 5
Core net revenue 1,459 1,196
Asset servicing costs (67) (58)
Core compensation costs (684) (595)
Core other costs (199) (179)
Net finance expense (23) (21)
Core other employment-related expenses (10) (2)
Third-party share of post-tax profits (3) (1)
Core profit before tax 473 340
Core management fee profit before tax 323 280
Core performance fee profit before tax 150 60
Non-core items (before tax) (75) (61)
Core profit 381 271
Statutory profit 298 234
Statutory EPS (diluted) 25.1¢ 19.4¢
Core EPS (diluted) 32.1¢ 22.4¢
Core management fee EPS (diluted) 21.5¢ 18.4¢
Proposed dividend per share 17.2¢ 16.3¢
23
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Chief Financial Officer’s review continued
We continue to be strongly cash-generative, with core cash flows
from operations excluding working capital movements of $502 million
in the year. Our strong and liquid balance sheet allows us to continue
to invest in the business in line with our strategic priorities to support
our long-term growth prospects while enabling us to navigate periods
of stress.
At 31 December 2024, we had net tangible assets of $867 million,
including $225 million of cash (excluding amounts held by consolidated
fund entities) and net of $70 million of acquisition-related liabilities
which begin to crystallise from 2028. We continue to invest heavily in
technology to ensure we remain at the forefront of active investment
management, allocate capital to seed new strategies and support
innovation, and return capital surplus to our requirements to
shareholders via dividends and share repurchases. Our total proposed
dividend for the year of 17.2¢ per share represents an increase of 6%
from 16.3¢ in 2023, in line with our progressive dividend policy. We also
completed the $50 million share repurchase that we announced in
February, taking the total announced returns to shareholders for 2024
to $249 million, and $1.8 billion over the last five years.
Impact of foreign exchange rates
The portion of our non-US dollar denominated AUM was negatively
impacted by the strengthening of the US dollar, particularly towards
the end of the year, reducing our reported AUM by $3.8 billion. This
also had a negative impact on our core net management fee revenue.
The weakening of sterling against the US dollar also contributed to
a decrease in core costs of around $6 million compared with 2023.
Our asset-weighted relative investment outperformance was 1.0%
across all categories, compared with 1.6% in 2023. Core gains on
investments of $50 million, compared with $48 million in 2023, were
generated by mark-to-market gains across our seed book. An increase
in core costs to $963 million from $835 million in 2023 was driven by
higher performance fee-related variable compensation and higher
fixed compensation costs reflecting the full-year impact of Man
Varagon and continued investment in the business to drive our
strategic priorities forward. This was partially offset by the impact of
the weakening of sterling against the US dollar in the year.
Restructuring costs of $22 million were incurred in 2024 following the
amalgamation of our discretionary investment offerings early in the
year, and a group-wide realignment of resources towards our strategic
priorities towards the end of the year. These costs have been classified
as non-core as they are non-recurring in nature.
Core rental income decreased from $5 million in 2023 to $2 million in
2024 as a result of the reclassification of leases with our Riverbank
House sub-tenants to finance leases following an extension of the
leases to the end of the head lease term. In 2024, we signed a further
lease with a new sub-tenant that is treated as an operating lease.
Substantially all of the space available for sub-let in Riverbank House is
now occupied, with the majority of our sub-leases classified as finance
leases, resulting in an ongoing reduction in core rental income. There
is a partially offsetting increase in associated finance income from
$1 million in 2023 to $3 million in 2024.
Total non-core items (excluding tax) increased from a net expense of
$61 million in 2023 to $75 million in 2024, primarily due to the non-
recurring restructuring costs of $22 million and an increase of $11
million in the revaluation of acquisition-related payables associated
with non-controlling and rollover interests, partially offset by FX gains
of $6 million compared with losses of $11 million in 2023. Costs
associated with legal claims and a decrease in the gain on disposal of
right-of-use lease assets were offset by the impact of non-recurring
acquisition costs and the impairment of acquired intangibles in 2023.
Non-core items include adjustments of $28 million (2023: $21 million)
to the income statement charge relating to amounts payable to the
Varagon sellers who remain members of senior management post-
acquisition in order to adjust the expense recognised in the year to
reflect the corresponding profits generated.
We continue to be strongly
cash-generative, with core
cash flows from operations
excluding working capital
movements of $502 million.
Antoine Forterre
Chief Financial Officer
24
Strategic report
Man Group plc | Annual Report 2024
109.6
101.2
(4.0)
1.0
(5.4)
2023
Net outflows
Investment
performance
Other
2024
Alternative AUM ($bn)
57.9
67.4
0.7
9.9
(1.1)
Long-only AUM ($bn)
2023
Net inflows
Investment
performance
Other
2024
Change
$bn
31 December
2023
Net inflows/
(outflows)
Investment
performance Other
31 December
2024 $bn %
Alternative Absolute return 47.7 (0.7) 0.3 (2.0) 45.3 (2.4) (5)
Total return 42.5 0.6 0.5 (2.1) 41.5 (1.0) (2)
Multi-manager solutions 19.4 (3.9) 0.2 (1.3) 14.4 (5.0) (26)
Total 109.6 (4.0) 1.0 (5.4) 101.2 (8.4) (8)
Long-only Systematic 36.5 (4.9) 7.3 (0.3) 38.6 2.1 6
Discretionary 21.4 5.6 2.6 (0.8) 28.8 7.4 35
Total 57.9 0.7 9.9 (1.1) 67.4 9.5 16
Total 167.5 (3.3) 10.9 (6.5) 168.6 1.1 1
Assets under management
Alternative AUM ($bn) Long-only AUM ($bn)
Absolute return
The decrease in absolute return AUM was driven by negative other
movements of $2.0 billion and net outflows of $0.7 billion, primarily
from trend-following strategies, partially offset by continued inflows
into Institutional solutions. Positive investment performance of
$0.3 billion was driven by a number of strategies in the category,
partially offset by negative returns from alternative trend-following.
Total return
The decrease in total return AUM was driven by negative other
movements of $2.1 billion, partially offset by net inflows of $0.6 billion,
primarily into multi-asset risk parity, and positive absolute investment
performance of $0.5 billion.
Multi-manager solutions
AUM decreased by $5.0 billion, primarily due to net outflows of
$3.9 billion, largely from low net management fee margin
Infrastructure mandates, and negative other movements of $1.3 billion.
Systematic long-only
AUM increased by $2.1 billion, with positive absolute performance of
$7.3 billion across all strategies in the category, partially offset by net
outflows of $4.9 billion, including a single client redemption of
$7.0 billion driven by a strategic decision to switch their entire equities
allocation to a passively managed portfolio.
Discretionary long-only
AUM increased by $7.4 billion during the year. Net inflows of $5.6 billion
were primarily into credit and convertibles. Positive performance of
$2.6 billion was driven by multiple strategies, reflecting strong security
selection across our investment teams.
25
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Chief Financial Officer’s review continued
Management fees
Core net management fee revenue increased by 14% to $1,097 million
in 2024 (2023: $963 million), driven by a full-year of contribution
from Man Varagon and higher average AUM over the period. Net
management fee margin remained stable at 63 basis points as the
accretive impact from Man Varagon was offset by strong net inflows
and investment performance in discretionary long-only strategies,
which are typically lower margin.
The absolute return net management fee margin decreased to 110
basis points from 112 basis points, due to lower average AUM in
trend-following strategies, which are higher margin strategies. The
total return net management fee margin increased by 2 basis points to
66 basis points, as the increase from higher margin Man Varagon AUM
was partially offset by higher average AUM in lower margin alternative
risk premia. The multi-manager solutions net management fee margin
increased to 18 basis points in 2024 from 17 basis points in 2023,
driven by outflows from low margin Infrastructure and direct access
mandates. The net management fee margin of systematic long-only
strategies increased from 24 basis points to 27 basis points due to
strong performance in Global and Emerging markets strategies.
Discretionary long-only net management fee margins decreased from
59 basis points in 2023 to 57 basis points in 2024 due to strong net
inflows and performance in relatively lower margin credit strategies,
including Global Investment Grade Opportunities and Corporate Bond.
Run rate core net management fee revenue was $1,058 million at
31 December 2024 compared with $1,087 million at the end of 2023.
This is largely due to mix effects, as AUM became more heavily
weighted towards lower margin long-only strategies. Similarly, the
run rate net management fee margin at 31 December 2024 decreased
to 63 basis points from 65 basis points at 31 December 2023.
Core management fee profit before tax ($m)
280
131
(62)
323
(26)
2023
Increase in
net revenues
Increase
in variable
compensation
Increase in
fixed costs
and other
2024
Core management fee profit before tax ($m)
Performance fees and gains on investments
Core performance fees for the year of $310 million (2023: $180 million)
comprised $264 million from alternative strategies (2023: $163 million)
and $46 million from long-only strategies (2023: $17 million). A broad
range of strategies contributed to our performance fee earnings in the
year, demonstrating the progress we have made in diversifying our
business. We had $51 billion of performance-fee-eligible AUM as of the
end of 2024.
Core gains on investments of $50 million (2023: $48 million) were
generated by mark-to-market gains across our seed book, including
$13 million from our CLO positions.
Rental income
The agreement we signed in 2023 with one of our sub-tenants to
extend their lease to the end of the head lease reduced core rental
income to $2 million for the year, compared with $5 million in 2023
due to the derecognition of the associated right-of-use asset and the
recognition of a finance lease receivable. We signed a new lease in the
Revenue
Statutory net revenue increased to $1,477 million from $1,194 million in 2023 due to the growth in management fee revenue and higher
performance fee generation. Similarly, core net revenue increased from $1,196 million to $1,459 million.
Core net
management fees
($m)
Net management
fee margin
(bps)
Run rate core net
management fees
($m)
Run rate net
management fee margin
(bps)
2024 2023 2024 2023
31 December
2024
31 December
2023
31 December
2024
31 December
2023
Absolute return 525 526 110 112 498 544 110 114
Total return 285 208 66 64 265 294 64 69
Multi-manager solutions 27 34 18 17 28 33 19 17
Systematic long-only 106 81 27 24 102 91 27 25
Discretionary long-only 151 110 57 59 165 125 57 58
Other service income 3 4 n/a n/a n/a n/a n/a n/a
Total 1,097 963 63 63 1,058 1,087 63 65
26
Strategic report
Man Group plc | Annual Report 2024
year with another of our sub-tenants for an additional portion of the
vacant space in the building. As this lease also extends to the end of
the head lease, we realised a gain on disposal of right-of-use asset of
$3 million, classified as a non-core item, with future depreciation and
occupancy costs also lower as a result. A further lease we signed with
a new sub-tenant towards the end of the year brings the building to
substantially full occupancy until the end of our head lease.
Costs
Asset servicing
Asset servicing costs vary depending on transaction volumes, the
number and mix of funds, and fund NAVs. Asset servicing costs for
the year were $67 million compared with $58 million in 2023, which
equated to around 5 (2023: 5) basis points of average AUM, excluding
systematic long-only strategies. The year-on-year increase was driven
by the increase in average AUM and a full year of costs associated with
Man Varagon of $4 million.
Compensation costs
Core compensation costs were $684 million for the year, an increase of
15% on the $595 million recognised in 2023. The increase is due to a full
year of costs associated with Man Varagon, higher performance fees
which also increased variable compensation, as well as higher fixed
compensation costs. Our compensation ratio is between 40% and 50%
of core net revenue, depending on the mix and level of revenue. We
expect to be at the higher end of the range in years when performance
fees are lower or driven predominantly by discretionary strategies.
Conversely, we expect to be at the lower end of the range when
performance fees are high or driven by systematic strategies. The
overall compensation ratio decreased to 47% in 2024 from 50% in
2023, reflecting the increase in performance fee revenue generated
in the year.
Restructuring costs linked to the realignment of resources with
our strategic priorities were $22 million in the year, and have been
classified as non-core items as they were non-recurring in nature. In
the prior year, no similar non-recurring restructuring costs were
incurred.
Other costs
Core other costs, which exclude acquisition-related costs and
amounts incurred by consolidated fund entities, increased to $199
million in 2024 from $179 million in 2023, driven by an increase in
software amortisation, staff benefits and investments in technology
and communications. This was partially offset by the impact of the
weakening of sterling against the US dollar, as the majority of our
cost base is denominated in sterling.
Tax
The majority of our profits are earned in the UK, with significant profits
also arising in the US, where our cash tax rate is effectively nil as
a result of available deferred tax assets, and in Switzerland, which
currently has a lower rate than the UK. Tax on statutory profit for the
year was $100 million (2023: $45 million). The statutory effective tax
rate of 25% increased from 16% in 2023 as a result of the recognition
of an additional portion of our accumulated US tax losses following the
Varagon acquisition last year, which drove a one-off reduction in the
rate. The core tax rate in 2024 was 19% compared with 20% in 2023,
as the recognition and utilisation of available US deferred tax assets
are excluded from the core tax expense.
In the US, we have accumulated tax losses and tax-deductible goodwill
and intangibles of $78 million (2023: $89 million) that can be offset
against future US profits, thereby reducing taxable profits. We have
recognised $76 million of the available $78 million US deferred tax
assets at 31 December 2024 (2023: $86 million and $89 million
respectively), with the unrecognised portion relating to state and city
tax losses expected to expire before utilisation. We have now utilised
substantially all our federal tax losses and expect to pay tax on any
profits we may earn in the US going forward.
The principal factors influencing our future underlying tax rate are
the mix of profits by tax jurisdiction, the rate of consumption of
available deferred tax assets and changes to applicable statutory tax
rates. The global minimum tax rate, which came into effect in 2024,
has not resulted in significant top-up taxes becoming due.
Profit
Statutory profit increased from $234 million in 2023 to $298 million in
2024, with core profit increasing from $271 million to $381 million over
the same period. Statutory EPS (diluted) increased from 19.4¢ in 2023
to 25.1¢ in 2024 (22.4¢ and 32.1¢ respectively on a core basis), with the
increase in profitability enhanced slightly by a decrease in share count
as a result of the $50 million of shares repurchased during the year.
Core earnings per share (diluted) (¢)
2020 2021 2022 2023 2024
Core management fee EPS (diluted)
Core performance fee EPS (diluted)
10.3
5.9
15.7
23.0
18.4
30.3
18.4
4.0
21.5
10.6
Core earnings per share (diluted) (¢)
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Chief Financial Officer’s review continued
Cash earnings
We believe that core profit is an appropriate measure of our cash flow
generation due to our strong conversion of profits into cash, although
the timing of cash conversion is impacted by the cyclicality of our
working capital position and the size of our net seed book. Core cash
flows from operations excluding working capital movements were
$502 million for the year.
As at 31 December 2024, our cash balance, excluding amounts held
by consolidated fund entities, was $225 million.
$m
Year ended
31 December
2024
Year ended
31 December
2023
Opening available cash
and cash equivalents 180 349
Core cash flows from operations
excluding working capital movements 502 362
Working capital movements
(excluding seeding) (65) (132)
Working capital movements – seeding 78 119
Acquisition of subsidiaries,
net of cash acquired – (170)
Dividends paid (192) (181)
Share repurchases (including costs) (50) (223)
(Repayment)/drawdown of borrowings (140) 140
Other movements (88) (84)
Closing available cash and
cash equivalents 225 180
Balance sheet
Our balance sheet remains strong and liquid. Available cash and cash
equivalents increased to $225 million at 31 December 2024 from
$180 million at the end of 2023, with all borrowings repaid in the year.
Our seeding portfolio decreased from $595 million to $532 million
during the year, primarily due to capital returned from CLO strategies.
$m
31 December
2024
31 December
2023
Available cash and cash equivalents 225 180
Seeding investments portfolio 532 595
Borrowings – (140)
Other tangible assets and liabilities 110 147
Net tangible assets 867 782
Goodwill and intangibles 809 830
Shareholders’ equity 1,676 1,612
Seed investments
We use our balance sheet to invest in new products, aiming to redeem
as client AUM in the funds grows. In the year, we have redeemed
$434 million from the seed book and reinvested $332 million.
We had seed investments of $532 million at 31 December 2024
(2023: $595 million), of which $16 million were financed via repos
(2023: $45 million). In addition, we held $232 million of total return
swap exposure at 31 December 2024 (2023: $230 million). This
approach allows us to maintain our seed portfolio exposure in a
cash-efficient way.
The statutory consolidation of some of our CLOs results in a significant
gross-up of assets and liabilities in the consolidated balance sheet.
Our maximum exposure to loss associated with interests in our CLOs
is limited to our investment, as reflected in the seeding investments
portfolio balance which excludes the impact of this gross-up.
Capital management and shareholder returns
Shareholder returns
2021 2022 2023 2024
2020
0
500
1000
1500
2000
Dividends ($m)
1
Buybacks ($m)
153
100
189
187
250
190
125
199
50
350
1,454
1,178
1,288
1,402
1,160
Shareholder returns
Weighted average basic number
of shares (millions)
Our robust balance sheet and liquidity position allow us to invest in
the business, support our long-term growth prospects and maximise
shareholder value. They also enable us to withstand periods of stress.
We actively manage our capital to maximise value to shareholders by
either investing that capital to improve shareholder returns in the
future or returning it through higher dividends or share repurchases.
In 2024, we announced and completed a $50 million share repurchase.
The Board is proposing a final dividend for 2024 of 11.6¢ per share,
which together with the interim dividend of 5.6¢ per share equates
to a total dividend for the year of 17.2¢ per share. This represents an
increase of 6% on the 2023 full year dividend. The proposed final
dividend of around $134 million is adequately covered by our available
liquidity and capital resources. Key dates relating to the proposed final
dividend are provided in the Shareholder information section on
page 188.
Our business is highly cash-generative, with these cash flows
supporting our progressive dividend policy, under which dividends
per share are expected to grow over time. We ensure we maintain
a prudent balance sheet at all times by taking into account liquidity
requirements before investing capital, considering potential strategic
opportunities or returning it to shareholders. Over the past five years,
we have returned $0.9 billion to shareholders through dividends and
announced $0.9 billion of share buybacks. As a result, our weighted
average share count has decreased by 20% to 1,160 million over that
same period.
1 Amounts shown are on a paid basis except for the final 2024 dividend, which is
on an announced basis.
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Man Group plc | Annual Report 2024
Our revolving credit facility of $800 million provides additional liquidity
as required. The facility was extended in December 2024 to mature in
December 2029 and has a further one-year extension option. We have
maintained prudent capital and available liquidity throughout the year,
deploying our capital to support investment management operations
and new investment products, utilising the revolving credit facility
when appropriate. We monitor our capital requirements through
continuous review of our regulatory and economic capital, including
regular reporting to the Risk and Finance Committee and the Board.
Planning for the impacts of climate change
Whilst climate change has not significantly impacted our financial
performance and position to date, we embed the consideration of the
potential future impacts of climate change on our business into our
financial planning and reporting processes, as we consider appropriate.
We seek to minimise the carbon emissions of our office premises and
remain thoughtful around inter-office travel, using lower-carbon
modes of transport where possible, as part of our ongoing
commitment to reduce our carbon footprint and to reach net zero
by 2030. We also continue to embed targets to reduce our Scope 3
carbon emissions from business travel into our annual budgeting
process. Further detail on our carbon emissions targets can be found
on page 53.
The directors do not expect potential climate-related impacts on
the consolidated financial statements to be material in the short to
medium term. In particular, in performing their assessment the
directors have considered the impact of climate change on our going
concern and viability, the cash flow forecasts used in the impairment
assessments of non-current assets, and the assumptions around
future life expectancies used in the valuation of the net pension asset.
We continue to monitor the potential longer-term impacts of climate
change risks on the judgements and estimates used in the preparation
of the consolidated financial statements.
Further information on how Man Group evaluates and manages
climate-related risks and opportunities across short, medium and
long-term horizons can be found on pages 60 to 62.
Antoine Forterre
Chief Financial Officer
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A robust and integrated approach
Risk management
Risk management is embedded into both the management
of funds on behalf of our investors and the management
of Man Group’s business on behalf of our shareholders.
The Board has ultimate responsibility for
riskgovernance and management. Our risk
management framework embeds day-to-day
accountability throughout the business to
ensure that we operate within acceptable
risktolerances, as defined by the Board’s
risk appetite, with our governance structure
and three lines model providing a foundation
for continuous oversight. In addition,
independent fund boards are responsible
forprotecting the interests of fund investors.
The risk governance framework
Man Group’s risk management framework and
internal control systems aim to safeguard
assets, maintain proper accounting records
and provide assurance that the financial
information used in the business and
published externally is robust and reliable.
The framework is designed to manage key
risks but cannot eliminate the risk of failure
toachieve business objectives, and can
onlyprovide reasonable assurance against
material misstatement or loss.
Whilst the Board retains overall responsibility
for Man Group’s risk management and internal
control systems, it has delegated oversight to
the Audit and Risk Committee (ARCom) and
the Executive Committee, assummarised in
the diagram below.
The risk management framework and internal
control systems, which have been in place
throughout 2024 and up until the date of this
report, comply with the Financial Reporting
Council’s (FRC’s) Guidance onRisk
Management, Internal Control and Related
Financial and Business Reporting. In addition,
the Board has conducted a specific annual
review of their effectiveness. This included
a robust assessment of Man Group’s principal
and emerging risks, significant operational risk
events, Internal Audit findings and an
assessment of any risks identified by the
business or the ARCom – all contributions
came from the relevant business function or
system, incorporating BAU challenge and
review. Following this review, the Board
concluded that Man Group’s risk management
processes were effective and that there were
no significant weaknesses or failings in the
system of internal controls.
Risk appetite
The governance framework and control
environment within Man Group have
beendesigned to manage corporate and
investment management risks in accordance
with a risk appetite set by the Board. The
riskappetite statements, both qualitative and
quantitative, express the Board’s appetite to
each principal risk, promote a risk-aware
culture, and set out objectives andboundaries
for Man Group’s business. The primary goal
of risk management is to support the
achievement of Man Group’s strategic
objectives by encouraging an appropriate
balance between risk and benefit, in a
controlled and regulatory compliant context.
The Executive Committee is accountable for all risks assumed in the business and is
responsible for the execution of appropriate risk management discipline.
Executive Committee
The committees oversee the operational and regulatory risks, the internal control
environment and balance sheet financial risks. Three committees cover Global, UK/EEA
and Rest of World Man Group entities.
Risk and Finance Committees (RAF)
The ARCom is a committee of the Board that has oversight of financial reporting, risk management and the assurance functions
(see pages 84 to 93 for further detail).
Audit and Risk Committee (ARCom)
Board of Directors
Embedded accountability with
each employee at the business and
operations level.
First Line:
External
Audit
Monitoring and training by Risk,
Compliance, Information Security and
Financial Crime.
Second Line:
Independent review and
oversight by Internal Audit,
incorporating best practices.
Third Line:
The Board sets Man Group’s appetite for risk and ensures that risk management measures and internal controls are appropriate and effective.
Implementation is delegated to certain committees which provide assurance back to the Board that risk has been managed according to its
appetite.
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Man Group plc | Annual Report 2024
The ARCom receives regular reporting on
Man Group’s risk profile and adherence
withrisk appetite and provides regular
updates to the Board. During the year, the
Board reviewed and approved the annual
refresh of Man Group’s risk governance
framework, principal risks register and risk
appetite framework. There were no material
changes to the risks and risk tolerances of the
business. However, a new quantitative risk
appetite was defined for using the balance
sheet for private markets loan syndication
activity. Summary risk appetite statements
are available on our website.
The three lines model
The overall risk management framework at
Man Group is based on the three lines model,
an update to the previously articulated three
lines of defence model. The model evolution
was introduced by the Institute of Internal
Auditors and emphasises the role of senior
management in bridging the gap between
the governing body and the operational lines.
The bridging role is being fulfilled by the
Executive Committee, and the three lines
model is overseen by the ARCom. The
framework instils the principles of direct
responsibility for risk management ineach
business unit with independent functions
monitoring and challenging them. Abrief
description of each line is provided at the
bottom of the diagram opposite.
Developments in 2024
With Man Group’s strategy outlined in early
2024, the Risk teams have focussed on
aligning with the updated investment
capabilities and setting priorities that support
the delivery of the firm’s strategic goals.
While our focus on continuous innovation and
diversification of offerings remains core to our
strategy, investment underperformance and
associated outflows of our existing products
is the biggest risk facing Man Group. Markets
in 2024 were generally buoyant characterised
by strong equity performance, dollar
strengthening and credit spread tightening.
But there was also disruption and uncertainty
throughout the year, with interest rate cuts
taking longer than expected, brief Yen-related
turmoil and concentrations of geopolitics-led
volatility (see spotlight boxbelow). These
market conditions were well suited to our
long-only and discretionary credit products,
but proved challenging for systematic
trend-following strategies where the market
trends that did occur were generally too
short-lived to monetise.
Man Group AUM grew by $1.1 billion over 2024.
AUM growth from fund performance was
offset by net outflows and FX moves. Much
of the performance growth was alpha- and
beta-driven on our long-only product
offerings and also from discretionary credit.
Whilst there were strong inflows particularly
in Solutions (risk parity and risk premia) and
discretionary credit, these were offset by
some lumpy outflows in multi-manager
and systematic long-only as institutional
investors monetised their long-term gains
and fundamentally changed or insourced
their investment approach.
Although core performance fees were up 72%
compared with 2023, the muted performance
of trend-following strategies meant they
weredown 60% compared with 2022 which
was a strong year for trend-following.
Supporting the development of new products
is an important way to grow and diversify
future revenues and we have continued to
utilise our balance sheet to support the firm’s
seeding programme. There have been 13 new
investments in 2024 spanning Man Group’s
investment capabilities and associated
balance sheet risk-taking increased over the
year. We also established a private markets
loan syndication warehouse and loan
origination capability, which are characterised
by shorter holding periods. The core seed
book, net of benchmark hedges, and CLO
equity holdings performed well in 2024.
As part the alignment to delivery of the Man
Group strategy, the risk organisation has been
restructured into Financial and Non-Financial
Risk teams, with the former now incorporating
fund investment risk and group (corporate
and balance sheet) risk.
The focus of the Financial Risk team has been
on value-add to the investment process and
automation. In 2024 this included new
capabilities for mid-frequency systematic
trading and evolving the liquidity risk
management framework for the growing
fixed income strategies and exposure.
The focus for the Non-Financial Risk team
has been embedding (and simultaneously
enriching) operational resilience and
business continuity planning into our
operational risk reporting and management
system, implementation of the Digital
Operational Resilience Act for our EU
regulated entities and a deep review of
internal control effectiveness.
Spotlight: Emerging and geopolitical risks
The Risk heads hold a semi-annual exercise
with the Board to articulate and evaluate
emerging risks that may become principal
risks and/or a threat to Man Group’s future
performance, strategy or viability. The
discussions are informed by various external
publications and prior discussions with
internal subject matter experts and RAF
members (this year we also engaged
ManGPT which offered reasonable but
somewhat generic ideas). For each identified
emerging risk we consider its likelihood and
potential impact on Man Group as well as
how quickly it might manifest.
2024 was a year of significant potential
change, with elections impacting almost
half of the world’s population. The results
had a general theme of voting for change
with growing support for populist parties,
often with protectionist and anti-migration
narratives. The shift in the global political
temperature is compounded by the ongoing
conflicts in Ukraine and the Middle East and
strained relations between China and the
West. Increased geopolitical risk and
uncertainty was the overarching concern
for 2024 and is expected to remain so.
The outcome of the US election is highly
significant and is already driving a period
of change, uncertainty and surprises. This
could impact geopolitics, trade, financial
markets, information reliability, and efforts
to combat climate change.
These emerging risks could potentially
impact employee well-being, business
disruption (from associated terrorist or
cyber-attacks) and fund performance.
In particular, trend-following strategies are
exposed to sharp reversals that could occur
where traded markets do not anticipate
geopolitical or central bank changes.
In mitigation, we have robust business
continuity and operational resilience plans
in place. Some of Man Group’s product
offerings are designed to assist investors in
managing their risk to challenging markets
and to find potential opportunities.
31
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Man Group plc | Annual Report 2024
Risk Mitigants Status and trend Change
Business risks
Investment
performance
and net
redemptions
Fund underperformance, on an absolute
basis, relative to a benchmark or relative
to peer groups, may result in lower
subscriptions and higher redemptions.
This risk is heightened at times of
disrupted and volatile markets, which
could be triggered by geopolitical
orclimate factors. This may also result in
dissatisfied clients, negative press and
reputational damage.
Absolute underperformance also reduces
AUM, resulting in lower management and
performance fees.
Man Group’s investment divisions
each have clearly defined investment
processes with integrated risk
management, designed to target and
deliver on the investment mandate of
each product. We focus onhiring and
retaining highly skilled professionals who
are incentivised to deliveralpha within the
parameters of theirmandate.
Man Group’s diversified range of
productsand strategies limits the risk to
the business from underperformance
of any particular strategy or market. In
line with the outlined strategy, we have
increased diversification though AUM
growth in our credit strategies in 2024.
Markets were generally buoyant in 2024,
but also had moments of disruption linked
to central bank policy and geopolitical
events. In this context performance
was good for our long-only products,
which generally outperformed the rising
markets, including our discretionary credit
products which delivered strong absolute
performance. However, these market
conditions were not suited to systematic
trend-following funds.
Although inflows were strong, particularly
for Solutions and discretionary credit,
these were offset by some large outflows
from some institutional clients looking to
change strategy and monetise their gains.
We did not see any investor concerns
or material outflows as a result of our
outlined strategy.
Key person
risk
A key person to the business leaves or is
unable to perform their role.
Retention risk may increase in years of
poor performance and the expectation of
reduced compensation.
Business and investment processes
are designed to minimise the impact of
losing any key individuals. Diversification
of strategies and the emphasis on
technology and systematic strategies
reduce the overall risk to Man Group.
Succession plans and deferred
compensation schemes are in place to
support the retention of senior investment
professionals and key management.
Man Group has continued to be able to
attract and retain an array of talented
individuals across the firm. In 2024 there
was a resource review and reallocation
designed to deliver on our strategic
priorities and create opportunities for
junior talent to grow.
Risk management continued
Man Group’s resilience was demonstrated
during the global CrowdStrike incident in
July 2024. Our business continuity plans were
swiftly and effectively activated, ensuring
that the situation was managed promptly and
with minimal disruption. Incident response
protocols were immediately implemented to
assess and address the event, showcasing
the strength of our preparedness. As part of
our focus on continuous improvement, we
conducted a thorough review of the incident
using our standard incident review process
to identify potential control improvements.
Additionally, we assessed the root cause of
the CrowdStrike incident to determine any
long-term adjustments that could reinforce
our robust operational framework.
We continue to prepare for Provision 29 of
the 2024 UK Corporate Governance Code,
which will require more in-depth review by the
Board of the risk management and controls
framework from the start of 2026.
Assessment of principal risks
and uncertainties
Given its wide range of investment products
and strategies, Man Group manages a
broadspectrum of business, credit, liquidity,
market, operational and reputational risks and
uncertainties, to both the firm and our funds.
Climate change risk aligns to many of these
risks but is also captured as a standalone
principal risk.
Man Group takes investment risk on behalf
ofits clients in order to deliver the level of
performance they expect. Failure to deliver,
over the long term, would result in investor
redemptions and lower management and
performance fees. Declining profitability,
inturn, reduces the ability to invest in
thepeopleand technology that deliver
investment performance.
Therefore, business risks are the biggest
risksand uncertainties to Man Group and
investment underperformance is the single
biggest principal risk. The other principal risks
are necessary exposures which enable us
todeliver performance for our clients, but we
seek to manage and minimise these wherever
possible and at proportionate expense.
Man Group’s core risk profile has not changed
materially in 2024. The initial phase of
Varagon and Asteria’s integration was
completed during the year. Our risk focus is
now on alignment of cultures, implementing
the outlined strategy and growing or
developing products and services for new and
existing clients.
The directors confirm that they have carried
out a robust assessment of the principal and
emerging risks facing Man Group, including
those that would threaten its business model,
future performance, solvency or liquidity
andreputation.
We describe and assess our principal and
emerging risks and uncertainties on pages 32
to 36 and explain how they are being
managed or mitigated. The climate change
principal risk is at the end so it links back
toother principal risks and leads on to
theclimate change risk management and
strategy. The risks are linked to each of
ManGroup’s strategic pillars on pages
14 and 15.
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Risk Mitigants Status and trend Change
Credit risks
Counterparty
A counterparty with which the funds or
Man Group have financial transactions,
directly or indirectly, becomes distressed
or defaults.
Shareholders and investors in Man Group
funds and products are exposed to
credit risk of exchanges, prime brokers,
custodians, sub-custodians, clearing
houses and depository banks.
Man Group and its funds diversify
exposures across a number of
the strongest available financial
counterparties, each of which is approved
and regularly reviewed and challenged
for creditworthiness by a firm-wide
counterparty committee.
The Risk teams monitor credit metrics on
the approved counterparties daily. This
includes credit default swap spreads and
credit ratings.
After an eventful 2023, 2024 was a calm
year for counterparty concerns.
The prospect of decreased regulation
and capital requirements for US banks
may see systemic risk growing in the
longer term.
Liquidity risks
Corporate
and fund
Man Group is exposed to having
insufficient liquidity resources to meet
its obligations.
Adverse market moves and volatility may
sharply increase the demands on the
liquid resources in Man Group’s funds.
Market stress and increased redemptions
could result in the deterioration of fund
liquidity and in the severest cases this
could lead to the gating of funds.
An $800 million revolving credit facility,
maturing December 2029, with a one-year
extension option, provides Man Group
with a robust liquidity backstop and
flexibility to manage seasonal liquidity
demands. Liquidity forecasting for Man
Group and the UK/EEA sub-group,
including downside cases, facilitates
planning and informs decision-making.
The Financial Risk team conducts regular
liquidity tests on Man Group’s funds. We
endeavour to manage resources in such
away as to meet all plausible demands
forfund redemptions according to
contractual terms.
The full repayment of the revolving credit
facility (following the 2023 acquisitions of
Varagon and Asteria), thebalance sheet
seeding programme (including use of
external financing) andcompletion of a
$50 million share buyback in 2024 were
planned and managed without issues.
The asset liquidity distribution across
funds remained broadly unchanged but
growth of our credit strategies increased
the quantity of lower liquidity assets.
Our in-house liquidity analysis and
reporting toolkit continued to evolve and
now includes a firm-wide fixed income
limit framework. There were no material
trading liquidity challenges.
Market risks
Investment
book
performance
Man Group uses capital to seed new
fundsto build our fund offering and
expand product distribution. Man Group
also holds CLO risk retention positions
until the productmaturity. The firm
is exposed to a decline in value of the
investment book.
Varagon private markets loan origination
and syndication is a shorter-term risk,
exposed to sharp credit spread widening
during the holding period.
A disciplined framework ensures that
each request for seed capital is assessed
based on its risk and return on capital.
Approvals are granted by a Seed
Investment Committee (SIC), which is
comprised of senior management, Risk
and Treasury. Investments are subject
to risk limits and an exit strategy and
are hedged to a benchmark where
appropriate. The positions and hedges are
monitored regularly by Financial Risk and
reviewed by theSIC.
The investment book size reducedover
2024, while balance sheet risk-taking
increased, driven by two new large
unhedged credit positions. There were 13
new positions in 2024, managed by active
recycling of existing investments.
The investment book returns were
positive with performance coming
from across the core seed book
(net of benchmark hedge) and our
CLO equity positions.
DB pension
performance
Man Group underwrites the risks related
to the UK defined benefit pension plan
which closed to new members in 1999 and
future accrual in 2011. The plan is healthy
but is exposed to changes in net asset
versus liability values. This could come
from underperformance of return-seeking
assetsor changes in expected member
longevity assumptions.
The UK pension plan has a low net
exposure to UK interest rates and RPI
inflation though the use of index-linked
gilt, corporate bond and Liability-Driven
Investment (LDI) funds. The return-
seeking assets are low volatility and have
a low correlation to directional equity
markets. Longevity is the largest risk but is
uncorrelated to Man Group’s other risks.
The plan is operated separately
from Man Group and managed by
independent trustees, including its
investment decisions.
A triennial valuation exercise updated
the actuarial assumptions as of 2023
year-end which increased the scheme’s
actuarial surplus. The accounting and
actuarial surplus increased marginally
over 2024.
The additional cost of an insurance
buy-in came down in 2024, largely due to
more competitive pricing. Although the
cost remains in excess of our appetite,
steps have been taken to ensure the
scheme is in a position to approach the
insurance market if pricing improves
and Man Group and the trustees deem
a buy-in is appropriate for the scheme
and its members.
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Man Group plc | Annual Report 2024
Risk Mitigants Status and trend Change
Operational risks
Internal
process
failure
Risk of losses or harm resulting from
inadequate or failed corporate or fund
processes within Man Group, including
employee-related issues.
Man Group’s risk management framework
and internal control systems are based on
athree lines model and have continued to
operate during the year.
Risks and controls are reassessed
periodically and in the event of material
change, risk events or issues, to determine
the adequacy of the control environment.
Man Group continues to prioritise
improving systems and controls to
minimise process failures.
During 2024, recent acquisitions were
integrated in line with plans and AUM
increased. Man Group also announced
organisational changes in support of its
strategy. Whilst change can add risk, the
strategic aim to reduce organisational
complexity and the successful delivery
and embedding of the new strategic Order
Management System will significantly
offset the additional risk in future years.
External
(third-party)
process
failures
Man Group continues to outsource
several functions and manage critical
third-party arrangements on behalf of
its funds. Risks arise through the supplier
life cycle from sourcing and selection, to
contracting and onboarding, to service
delivery and monitoring and finally, to exit
and offboarding. The most material risk is
that critical third-party service providers
do not or are unable to perform services
as required, including due to bankruptcy,
resulting in knock-on implications for our
business and processes.
Man Group’s Operations team has
implemented a robust methodology
(including ongoing third-party due
diligence and KPI monitoring) to confirm
that critical third-party service providers
are delivering as required.
The firm’s key outsourcing providers
remain intentionally concentrated with
a small group of carefully selected and
proven names with which it has well-
established and embedded working
relationships. There has been no notable
increase or decrease in the number of
material issues caused by, or experienced
by, our critical third-party providers during
2024 and there have been no material
losses or other impacts.
Model and
data integrity
Man Group is a technology-empowered
active investment management firm
which continues to make use of advanced
quantitative trading strategies that
necessitate a robust approach to data
acquisition and consumption, model
implementation and execution. Key risks
include model/algorithm failures or issues
with data upon which decisions are made.
Man Group has embedded systems,
controls and operational change control
processes for models and data. Change
management controls are applied to new
models, model changes and calibrations.
Controls are both preventative and
detective to minimise the potential
consequences from such an event arising.
Man Group continues to source and
provision new investment data sources
and data analytics, and has reviewed
the algorithmic trading process in
response to events in the wider industry
and as required by the MiFID II (Markets
in Financial Instruments Directive II)
Regulatory Technical Standards 6.
Man Group has not observed an increase
in material internal risk events in 2024.
Information
and
cybercrime
security
Risk of losses or harm resulting from
the loss of information in electronic or
hard copy form held by Man Group and
arising as a result of sabotage, hacking,
virus attack or other malicious disruption
causing system failure.
Man Group has an established information
security and cyber security programme
with relevant policies and procedures, that
are aligned with industry expectations
and best practices. Man Group’s Chief
Information Security Officer, together
with the Information Security Steering
Committee, ensure that our control
environment is continuously reviewed
and adjusted to keep pace with the
evolving regulatory, legislative and cyber
threat landscapes.
Man Group continues to improve
its defence using state-of-the-art
technologies and best practices, enabling
us to detect, prevent and respond
to malicious activities and complex
cyber-attacks. Although we have not
experienced any material issues in 2024,
the increasing cyber risk assessment is
fuelled by a multitude of factors including
the rise of AI-driven phishing attacks via
models like ChatGPT; the increasing risk
of vulnerabilities in the supply chain;
and the increasing impact and cost of
cyber breaches.
Information
technology
and business
continuity
Risk of losses or harm incurred by
IT software and hardware failures
resulting in system downtime, severely
degraded performance or limited
system functionality.
Business continuity risks may arise from
incidents such as a denial of access to a
key site or a data centre outage, which
could lead to business disruption.
Technology plays a fundamental role
in delivering our objectives. The single
Technology team of 470+ professionals
aligns with each business unit to ensure
work is correctly prioritised and financed.
The prioritisation process considers the
life cycle of both hardware and software
to ensure both are adequately supported
and sized. The firm’s operational
processes include mature risk, incident
and problem management procedures
to minimise the likelihood and impact of
technology failures.
Business continuity risk mitigation
includes detailed planning and testing
of remote access and contingency/
recovery operations, and ongoing risk
and threat assessments.
Man Group continues to enhance its
technology, with a focus on platform
enrichment, centralising order
management, and expanding capacity.
Annual combined disaster recovery
exercises have been conducted across
key trading applications which were
switched to run from our back-up
data centre.
The Business Continuity and Resilience
(BCR) team focused on enhancing the
programme to ensure Man Group remains
operationally resilient and prepared
for disruptions. In 2024, the crisis
management framework was updated,
and over 25 scenarios were tested to
identify vulnerabilities and validate
recovery solutions.
Risk management continued
34
Strategic report
Man Group plc | Annual Report 2024
Risk Mitigants Status and trend Change
Operational risks continued
Criminal
activities
Risk of losses or harm through wrongful,
unauthorised activities or criminal
deception intended to result in financial
or personal gain; or incurred through
failure to comply with (or have adequate
procedures to ensure compliance with)
laws and regulations relating to anti-
money laundering, counter-terrorist
financing, anti-bribery and corruption,
breach of economic sanctions, insider
trading and market abuse.
Man Group operates a framework
consisting of policies, procedures
and regular training to staff to support
compliance with applicable laws
and regulations.
Internal policies, processes and controls
are subject to regular review and
consultation internally and with external
advisers to ensure we remain well placed
to manage evolving requirements. Man
Group has a dedicated KYC team and
support, independent oversight and
challenge are also being provided by
Man Group’s Compliance and Financial
Crime teams.
Man Group continues to strengthen and
adapt its control environment to monitor
and meet the challenges of an evolving
regulatory environment with heightened
sanctions and enforcement actions.
No material incidents were seen in 2024,
and the firm complies with the evolving
sanctions regime.
Legal,
compliance
and
regulatory
The breadth and complexity of the
regulations and legislative requirements
that Man Group and its funds are, or were
historically subject to, across multiple
jurisdictions, represent significant
operational risks, should the firm fail to
comply with them. Man Group supports
proportionate and thoughtful regulation
and initiatives that develop the regulatory
environment. However, change can also
result in increased operational complexity
and costs to Man Group or the sectors or
markets in which it operates.
Failure to comply with laws and
regulations may put Man Group at risk of
fines, lawsuits or reputational damage.
Man Group operates global legal and
compliance frameworks which underpin
all aspects of its business and are
resourced by experienced teams. These
teams are physically located in Man
Group’s key jurisdictions, helping them
to understand the context and impact
of any requirements.
Emphasis is placed on proactively
analysing new legal and regulatory
developments and communications to
assess likely impacts and mitigate risks.
The governance framework includes
ongoing proactive reporting and
management of potential and actual
legal and litigation risks.
Man Group continues to liaise directly and
indirectly with competent authorities
e.g. FCA, SEC, FINMA, CBI.
Man Group continues to experience
new regulatory requirements and invest
heavily in compliance, technology, and
reporting infrastructure to meet the
growing regulatory expectations. In 2024
key areas included ESG and sustainability,
operational resilience, private fund adviser
reforms, outsourcing and third-party
risk management.
Man Group’s engagement with the key
regulators remains very active and
work continues to support a number of
regulatory initiatives.
Man Group continues to robustly defend
legal proceedings relating to matters
arising in the ordinary course of the
group’s businesses.
Reputational risks
Negative
publicity
The risk that an incident or negative
publicity undermines our reputation as a
leading investment manager and place to
work. Reputational damage could result in
significant redemptions from our funds,
and could lead to difficulties with external
financing, credit ratings, talent attraction/
retention and relations with regulators,
core counterparties and outsourcing
providers.
Our reputation is dependent on our
operational and fund performance
and the conduct of our employees.
Our governance and control structure
mitigates operational concerns, and
our attention to people and investment
processes are designed to comply
with accepted standards of investment
management practice. Weencourage
a culture of openness, inclusion
and diversity.
Man Group enjoys a good reputation.
The CEO and Chair transitions and new
strategic objectives have been received
positively by those covering the Company.
Work continues to protect its reputation
across stakeholder groups, while
simultaneously building out Man Group’s
profile, particularly in North America and
across newer focus channels and our
investment capabilities such as Wealth,
Private Credit and Insurance.
Emerging risks
Potential
future
threats
Emerging risks are complementary to
the current principal risks and represent
potential future threats to Man Group’s
performance, development or viability.
By definition, these entail greater
uncertainty about if or when the risk
or an event maymanifest.
The emerging risk categories include
natural disasters, pandemics, disruption
tofinancial markets and business
infrastructure, geopolitical risk and
changesin the competitive landscape.
The Board, Executive Committee and
Risk teams monitor emerging risks, trends
and changes in the likelihood or impact
following discussions with subject matter
experts. This assessment informs the
universe of principal risks managed and
mitigated by the firm.
Emerging risks are assessed internally and
discussed with the Board on a six-month
cycle. The dominant theme this year was
heightened geopolitical tensions (conflicts
in Ukraine and the Middle East, tension
with China and the wholesale impact
of a year of global elections particularly
the US). These are discussed in the
spotlight section.
Whilst the likelihood of many of the risks
has increased, no changes were made to
ManGroup’s headline principal risks.
35
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Risk Mitigants Status and trend Change
Climate change risks
Physical risks
Physical risks, and specific event
uncertainties, of business disruption,
property damage or impacts on employee
well-being due to a severe weather event.
Man Group has a small number
ofemployees, a relatively limited
physicalfootprint and can operate
completely remotely – as it has done
in the past.
The firm will continue to monitor and
manage its risks through business-
as-usual reporting and management
processes for the relevant principal risk
(see below).
Transition
risks
Transition risks, and timing uncertainties,
asthe world moves towards a low-
carbon economy can be legal, regulatory,
technological, market or reputational.
Thismay impact the appetite for and
performance of some investment
products.
Man Group has an agile business model,
so is well equipped to adjust to medium-
term transition risks and also capture any
opportunities. With a strong track record
for innovation, the firm continues to focus
on providing our sustainability-driven
investors with products that incorporate
ESG analytics.
Man Group met its 2024 short-term
emissions targets and work continues
in line with our pathway to net zero.
We are now ISO 14001:2018 accredited
and continue the work pursuant to our
Building Performance Optimisation review
of our London headquarters.
We saw a significant reduction, compared
to 2023, in the weighted average carbon
intensity (WACI) for our AUM subject to Net
Zero Asset Managers initiative (NZAMI)
interim targets.
Link to
our other
principal risks
Investment performance is exposed to
market disruption or volatility triggered
by severe weather events. Performance
could also be impacted by fundamental
moves in underlying asset prices or
liquidity as the world transitions to a low-
carbon economy.
Business continuity risk manifests as
damage or disruption to Man Group’s
offices and data centres and the
transportation and supply systems that
support them. In particular our London
headquarters may be exposed to flooding
of the River Thames.
Legal and reputation risk currently comes
from any suggestion of greenwashing
iftheESG credentials of a fund or our
corporate behaviour does not meet client
or regulatoryexpectations. This could
lead to redemptions and regulatory fines
as well as damaging relations with core
clients, employees and the wider public.
Man Group’s diversified range of products
and strategies limits the risk to any
particular strategy or market. While the
integrated portfolio and risk management
processes help managers understand
their risk profiles.
Agile working is well established, and
employees can work remotely if offices
areinaccessible. We conduct detailed
planning for emerging scenarios along
with testing of remote access and
contingency/recovery operations.
Man Group has specific policies and
greenwashing controls which continue
to evolve and are subject to robust
review. Wetake a relatively low key and
considered approach in our external
communications with a focus on
education and data as well as highlighting
the challenges inherent in this area.
We continue to offer a range of products
that appeal to clients focused on
implementing Responsible Investment
into their portfolios.
Our operations and ability to work
effectively were not materially
impacted by the heatwaves in the US
andContinental Europe, with the majority
of employees working remotely.
In 2024, we continued to expand our ESG
analytics tools, including integration of
climate Value at Risk and a proprietary
sovereign framework. The tools are
described in more detail on page 55.
Risk management continued
Man Group climate change risk
management and strategy
Man Group recognises the challenge
presented by climate change, and our
corporate responsibilities and ability to effect
positive change through our own behaviour,
responsible investment principles and fund
offerings for sustainability-driven investors.
We address climate-related risks and
opportunities in the following ways:
offer innovative climate-focused
investment strategies;
apply a rigorous, data-driven process
to ESG integration;
focus on our stewardship efforts to drive
positive impact at the portfolio level;
contribute to industry-wide initiatives
and thought leadership; and
manage our corporate operations in
a sustainable way.
The firm has articulated its climate change
risks using existing risk identification
processes: from the bottom-up the Risk and
Control Self-Assessment (updated at least
annually) has identified short-term risks by
business area, while the top-down (semi-
annual) emerging risks assessment identifies
medium- and long-term firm-wide risks. Both
of these processes assess risks in terms of
impact (such as business continuity, financial,
regulatory or reputational) and likelihood (or
time frame over which it may manifest). By
using the same risk assessment framework
we are able to calibrate the relative
significance of climate-related risks against
our other principal risks.
For short-term risks there are associated
controls and/or actions that help manage/
mitigate them. Climate change risks are
captured in Man Group’s risk governance and
reporting framework as a standalone risk but
also within the associated risk category such
as investment performance or business
continuity. The risk governance framework is
owned by the Board and implemented by the
senior management of Man Group, and it is at
this level that strategic decisions are made to
avoid, mitigate, transfer or accept risks,
including those related to climate change.
Theimpact of climate change on the
downside scenarios within our three-year
business planning horizon has been
considered – currently none of Man Group’s
plausible material downside scenarios, within
this time period, are materially driven by
specific adverse impacts of climate change.
However, the constituents of physical and
transition risks relating to investment
performance, operational resilience and
reputation are captured in our downside
scenario analysis.
We consider ‘material’ risks or downside
scenarios as being above a threshold of
importance to our investors, shareholders and
other stakeholders such that they should be
publicly reported. The threshold and downside
scenarios will evolve over time and in line with
the consensus path to a 1.5°C or 2°C scenario.
Our senior management and ESG governance
committees will continue to reassess our risk
profile in this context.
The key short-term risk (one to five-year time
horizon) and strategic opportunity for Man
Group relates to meeting theexpectations of
some of our clients for inclusion of meaningful
climate-related analysis into our investment
strategies. Failure, or taking too long, to deliver
36
Strategic report
Man Group plc | Annual Report 2024
Viability statement
The directors of Man Group plc believe that
there continues to be robust global demand
for asset management firms, such as
ManGroup, to provide fund management
services and make active investment
decisions on behalf of their clients in order to
manage their capital. Man Group’s ability to
deliver alpha and other value adding client
solutions, backed by technology, efficiency
and innovation, forms the basis of a
sustainable business model and is
embedded in its recently outlined strategy.
A failure to deliver superior performance
isthe main risk to, and driver of uncertainty
for, Man Group’s ability to maintain adequate
capital and liquidity, given the likely
short-term impact on client redemptions
and longer-term one on talent retention.
This risk is mitigated through our diversified
fund offering and strategic growth plans.
The directors confirm that they have a
reasonable expectation that Man Group will
continue to operate and meet its liabilities,
as they fall due, for the next three years to
31 December 2027. A three-year period is
considered appropriate because itis
consistent with Man Group’s business
planning and forecasting horizon.
In accordance with the UK Corporate
Governance Code, the directors’ assessment
has been made with reference to Man
Group’s current position, the firm’s strategy,
the Board’s risk appetite and Man Group’s
principal and emerging risks and
uncertainties and how these are managed
(described earlier in this section). The
principal risks are linked to each of Man
Group’s strategic pillars. The strategy
andassociated principal risks form the basis
ofMan Group’s medium-term plan. This
covers a three-year period and includes
downside scenario testing.
Man Group’s medium-term plan is
builtbyaggregating the expected
businessperformance across the
firm,andthenstressing key business
assumptions, including:
fund inflows from new business
versusredemptions;
investment performance of the
keystrategies and the impact on
management and performance fees;
performance of the balance sheet
investment positions;
management fee margin pressures;
business mix and costs, including
compensation and investments in
business development; and
FX rates for non-USD AUM and costs.
Severe but plausible stress scenarios are
applied using combinations of the above
factors, such as:
– extreme underperformance and
associated outflows across Man
Group’s product range or for a
core investment product group as
aresult of a single market stress; or
– the impact of a major operational
event that leads to irreparable
reputational damage and outflows.
Although the directors and management
have considered the impact of climate
change, currently none of Man Group’s
plausible downside scenarios (within the
three-year business planning horizon)
arematerially driven by specific adverse
impacts as a result of climate change.
However, we consider the drivers of the
physical and transition risks (related to
investment performance, operational
resilience and our reputation) as part of our
scenario analysis. We will continue to review
these assumptions on a regular basis.
The medium-term plan assessment is
augmented throughout the year by regular
briefings at the ARCom on risk and controls,
as well as dashboards across financial risk,
non-financial risk, finance and Internal
Audit. The principal risks are considered
within the Board’s risk appetite framework.
genuinely suitable investment products could
lead to outflows or reduced inflows over time.
37% of Man Group AUM integrates ESG
analytics into the investment process, and
wenow offer several Article 8 and 9 products.
Arelated reputational risk comes from any
suggestion of greenwashing if the ESG
credentials of a fund or Man Group’s corporate
commitments do not meet client, regulatory,
media or wider public expectations.
In the medium term (five to ten-year time
horizon), the key risks and uncertainties
toMan Group are from market disruption
orvolatility triggered by weather events
anddisruption to transport and working
arrangements. These could lead to increased
costs (e.g. procurement, insurance or taxes)
and restrictions on business practices such as
international travel to meet clients, however
they also present significant investment
opportunities. Some of these risks are already
being mitigated through collaboration
technology and flexible working, and others
can be addressed through agile working
practices and having amore local presence.
Thoughtful new regulatory requirements will
be an important tool in helping companies
to consistently effect genuinely positive
change. We will closely monitor emerging
requirements and have been, and will seek
to be, early adopters of new regulations.
As the world transitions towards a low-carbon
economy, fund performance could be
impacted by fundamental moves in
underlying asset prices or liquidity. The firm
has continued to enhance its proprietary
ESGtools to facilitate analysis of the
underlying exposures through an ESG lens.
Longer-term (ten to thirty-year time horizon)
physical risks, with associated high
uncertainties, include major business or
market disruption following severe weather
events and long-term impacts on employee
health and well-being. For example, the
corporate headquarters in London could be
impacted by a failure of River Thames flood
defences. Such events, or even a heightened
risk, could cause the firm’s key business
locations to become less relevant. This is
mitigated through long-range monitoring and
our small physical footprint helps to reduce
our exposure.
We are committed to demonstrating
responsible conduct and leadership to all
ofour stakeholders – clients, shareholders,
business partners, employees and our local
communities. Our strategic initiatives relating
to our direct environmental footprint and our
approach to corporate sustainability and
responsible investing are discussed on pages
48 to 59, This includes an outline of our
pathway to net zero for both our workplace
(page 50) and investment portfolios (page
54). Our support of the Task Force on
Climate-related Financial Disclosures (TCFD)
is outlined on pages 60 to 62 and our
stewardship role in relation to responsible
investment is discussed on page 57.
As our understanding of climate-related
risksand opportunities evolves and we
develop a better understanding of the
interdependencies between climate factors
and their impact on our business, we will
continue to refine our strategy.
37
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Our Discretionary division
offers a range of active
alternative and long-only
investment strategies.
These strategies span multiple asset classes
across private and public markets. Our specialist
investment teams have the autonomy to implement
their own views, supported by Man Group’s
technology and institutional resources.
Credit was a major area of growth in 2024; we saw good demand from our
institutional and wealth clients, delivered strong investment performance
across the board, and continued to build our platform.
The integration of Man Varagon continues to progress smoothly;
the successful launch of an evergreen private credit strategy in the
second half of the year was a key highlight.
Discretionary
38
Strategic report
Man Group plc | Annual Report 2024
$35bn
AUM in
public and private credit
$5.6bn
net inflows to
discretionary long-only
^ For more information, please visit:
www.man.com/credit-capabilities
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
39
We attract, empower, and inspire exceptional talent by
fostering a collaborative culture where people thrive,
innovate, and deliver extraordinary impact for our clients.
A deep and diverse pool of talent
People and culture
We pride ourselves on our culture of
collaboration, working together to find
answers to complex problems, and deliver
value for our stakeholders. We remain
committed to an inclusive workplace where
our colleagues are supported and equipped
with the tools they need to develop and thrive,
and to build our competitive advantage.
We strive to hire the best people from around
the world. Although Man Group’s total
headcount, including contractors and
consultants, has grown by more than 20%
over the last five years, it decreased slightly in
2024, from 1,816 at 31 December 2023 to
1,805 at 31 December 2024, as we realigned
teams with our new strategic priorities.
Culture and engagement
Building a culture where people feel
supported to thrive, inspired to grow and
empowered to deliver meaningful impact
is essential, and we monitor employee
engagement and retention actively to ensure
that we are holding ourselves accountable.
Our annual engagement survey, alongside
our employee engagement programme led by
the Board, enables us to capture thoughts,
ideas and feedback from our people across
the world. In 2024, we achieved an employee
engagement score of 7.9 out of 10 (79%),
slightly decreased from 2023, and our
voluntary attrition rate remained low at 7.8%.
Talent acquisition
Our culture is strong and distinct within our
industry. Combined with our continued
commitment to our agile working model and
our holistic benefits programme, it enables us
to attract and retain exceptional talent.
Our in-house recruitment team understands
the value of diversifying our talent pipeline
and we continue to increase direct hiring,
finding candidates who are likely to succeed
at Man Group. Our people also continue to use
our referral programme to help us source
candidates to join the firm.
We continue to prioritise building a junior
talent pipeline via entry-level programmes,
including work experience opportunities, our
apprentice programme, and our intern and
graduate programmes. During 2024, in the
UK, in addition to visiting individual schools
and universities, we continued our work with
City Gateway, #10,000BlackInterns,
IntoUniversity, GAIN (Girls Are INvestors), SEO
London and began working with two new
partners: Sanctuary Graduates and the East
London Business Alliance (ELBA). In New York,
we have once again partnered with the UNCF
Lighted Pathways Program. We also recognise
the importance of enabling experienced
talent to return to work and drive this initiative
forward through our Returners programme.
Nationalities
70+
Quants and technologists
640+
Discretionary investment professionals
120+
40
Strategic report
Man Group plc | Annual Report 2024
Retention and progression
Our talent development strategy ensures we
provide career development and performance
support to people at all levels. Our programme
is a core part of our business and includes
processes, technology, products and services
to enable us to maximise the potential of
our people.
Our global talent progression and
development programme is guided by our
talent review process, which seeks to assess
the performance and potential of each
employee. The resulting data and insights
form part of our talent and succession
planning reviews, which are shared with,
and assessed by, our Executive Committee.
Through this programme, we can provide
targeted initiatives and create equitable
opportunities for talent progression, ensuring
that we have a strong bench of future leaders
ready to take on broader leadership roles
across the firm. We continue to offer in-house
coaching and develop tailored support for
our top performers to enable them to optimise
their performance, in addition to other
development initiatives available to all
our employees.
We are committed to continuously enhancing
the learning and development offering
available to our people. Our ‘Performance
First’ global speaker series has shared
experts’ research, insights and perspectives
with our investment professionals. This
works alongside our Analyst Performance
Programme which builds technical skills
and performance support. Another of our
in-house programmes, ‘Evolve’, open to all
employees, offers an introduction to the
hedge fund industry, helping to build a strong
foundational knowledge of hedge funds and
a better understanding of clients’ needs and
perspectives. From a digital skills perspective,
our <develop> programme offers our staff the
opportunity to improve their technical
competencies. Since inception, it has taught
341 employees to code in Python and has
upskilled 537 employees in total through the
more advanced courses. In addition, at any
given time, around a third of our workforce
is actively engaged in mentoring.
This connected approach also allows us
to champion and facilitate internal mobility.
In 2024, more than 200 employees were
internally mobile as a result of robust
succession planning.
Remuneration and reward
Our remuneration strategy and extensive
benefits platform is an integral way to retain
and reward our people, and we continue to
benchmark against the industry to ensure we
remain competitive. Remuneration includes
a combination of salary, annual performance
bonus and deferred awards, alongside a
comprehensive range of non-cash benefits.
Our deferral arrangements are a key
mechanism to focus our employees on
long-term performance, aligning their
interests with those of our clients and
shareholders. During 2024, we once again
offered our UK-based employees the
opportunity to participate in the Man Group
Sharesave Scheme at the maximum limit
and discount allowed by HMRC.
^ See pages 98 to 128 for the Directors’
Remuneration report.
+ Fostering a diverse pipeline
Q&A
Gabriel Ridding
Talent Pipeline Manager,
People team
Q: How has our Apprenticeship
Programme evolved?
A: Our Apprenticeship Programme
has grown significantly over the years.
Initially, we relied solely on third-party
providers to recruit apprentices,
but over time, we have been more
proactive, evolving the programme to
align with our values of inclusion and
opportunity. In our 2024 recruitment
cycle, we partnered directly with
schools and diversity-focused
organisations to identify exceptional
candidates from a wide range of
backgrounds. This approach has
allowed us to attract a talented group
of apprentices, ensuring they not only
thrive at Man Group but also enrich our
culture with fresh perspectives and
new ideas.
Q: What value can apprentices
bring to a team?
A: Apprentices can bring fresh
perspectives and a strong willingness
to learn. While they are at the beginning
of their careers and require guidance
and support to succeed, their
enthusiasm and eagerness to develop
can inspire collaboration and new
ways of thinking. With the right
mentorship, apprentices can grow
into confident contributors.
Man Group’s culture is
one of collaboration,
inclusion and intellectual
curiosity. We welcome
and value diverse
perspectives and our
drive for excellence
is intertwined with
a deep commitment
to teamwork.
Emma Holden
Chief People Officer
41
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Board
6 4
Senior
managers
35%
Staff
Female
33%
6 5%
67%
Male
Diversity, equity and inclusion
Our ‘Drive’ programme is a ‘grassroots’
initiative, run by our employees and
sponsored by members of our senior
management and Executive Committee.
Drive is overseen by our diversity, equity and
inclusion (DE&I) Steering Committee, which
ensures representation of employees from
across our business globally. The programme
raises awareness of the importance of DE&I,
champions and celebrates our culture and
provides our people with further opportunities
to feed back thoughts and ideas. Drive helps
to effect change within our firm and across
the industry. Our Drive umbrella includes
the following networks:
BEAM (our network for Black Employees
and Allies at Man)
FAM (our network for Families at Man,
of all shapes and sizes)
PRIDE@Man (our network for the LGBT+
community and allies)
WAM Network (Women and Allies at Man,
our network promoting gender balance)
SANAM (South Asian Network at Man)
Amigos de Man (our network for our
Latinand Hispanic employees and allies
at Man)
Our networks work alongside workstreams
which include: NextGen (for our younger
professionals); AccessAbility (focusing on
disability and neurodiversity); Social Mobility;
Veterans (for those who have been in the
armed forces and for families of those who
are serving); our Jewish Community at Man;
our Man Muslim network and our East
Asian group.
Championing equity and equality
We are committed to providing equal
employment opportunities, and do not
tolerate any discrimination, whether on the
grounds of age, disability, educational
background, gender, gender identity, race,
religion, or sexual orientation. Full and fair
consideration is given to all employment
applications, including from disabled
individuals, with their aptitudes and abilities
considered. Candidates are also encouraged
to tell us if they require reasonable
adjustments to the hiring process, for
example due to disability or neurodiversity. We
ensure that disabled people are fairly treated
in respect of training and career development.
For those who become disabled during their
employment, reasonable adjustments are
made, and the required ongoing support is
provided to enable the individual to continue
working. Man Group is a Disability Confident
registered employer, as per the UK
government scheme.
Man Group supports the requirement for
employers in the UK to calculate and publish
their gender pay gap, and we have published
our figures within our annual DE&I report. The
data demonstrates the lower representation
of women in investment management and
senior management roles; we are committed
to addressing these issues and continue to
make significant efforts to do so. While we do
not see a gender pay gap across similar roles,
we are taking action to foster better gender
diversity across the firm.
People and culture continued
We are committed to excellence, asking
the difficult questions, continually
seeking feedback and ensuring we are
there for our people.
Lucy Bond
Global Head of Sustainability
1 Based on 1,777 FTEs and 93 senior managers.
42
Strategic report
Man Group plc | Annual Report 2024
Man Group has been a signatory to the
Women in Finance Charter since 2018,
pledging to promote gender diversity, setting
targets and reporting on progress. Having
reached our 2024 target of 30% female
representation in senior management in 2023,
our Board approved a new, higher target of
32.5% of women in senior management roles
for the end of 2024. At the end of 2024, we
are delighted to have reached 35% and will
continue to challenge ourselves. We continue
to focus on coaching and mentoring our high
performing female talent at all levels, and
particularly those on the pathway to senior
management. The number of women in senior
management roles is one of our non-financial
KPIs, and forms part of our Executive
Directors’ remuneration. Further information
on this can be found on page 100.
We continue to look for industry-wide
programmes that can support our people and
remain members of 100 Women in Finance,
and sponsors of GAIN. We also champion the
Diversity Project’s Pathway Programme,
which has been set up to increase the number
of female investment managers, and is now in
its third year. We were proud to see Man
Group’s efforts recognised when we won the
award for contribution to gender diversity and
inclusion at Investment Week’s Women in
Investment Awards, alongside several of our
people being nominated.
As a listed company, we are committed to
reporting the number of those in senior
management from an ethnic minority. As at
the end of 2024, 90% of employees had
completed their ethnicity data (this
percentage includes those who have chosen
‘prefer not to say’ and excludes the countries
where we are unable to collect this data from
our people due to jurisdictional restrictions).
As at the end of 2024, 15% of our senior
managers are from an ethnic minority and
we have various initiatives in place that work
alongside our talent progression programme
to continue to bolster our efforts. For
example, we have signed the Race at Work
Charter and continue as active members of
the Diversity Project’s Race and Ethnicity
workstream. Our staff have taken part in the
Black Leaders Mentoring Programme run by
the Investment Association in collaboration
with #TalkAboutBlack, designed to help equip
senior Black leaders with the tools and
networks needed to achieve their professional
goals. We continue as a sponsor of EnCircle
and have entered a third year of our
partnership with Barrington Hibbert
Associates, to champion our Black talent and
increase representation within the industry.
Inclusion and allyship
We are committed to contributing to DE&I
within the industry and know that when we
work together, we will achieve greater impact.
We work across the Diversity Project’s
workstreams and contribute to the Advisory
Board and the Steering Committee. We remain
part of the DEI working group run by the
Alternative Investment Management
Q: How do people at Man Group
contribute to the DE&I work?
A: There are several options open to us –
we can be part of a Drive network, or even
start our own; I helped launch our South
Asian Network at Man (SANAM) and was
co-Chair while it was becoming established.
I also lead a cohort for our school speaking
programme and help to develop the content
for that – for example, I worked with a
colleague to devise the ‘trading game’
workshop which gives students a fun and
hands-on way to learn about investment.
I’ve also been part of work that our Families
at Man network has led. Finally, I have helped
set up safe space and educational sessions
to support Muslim and Arab communities
at the firm. I find that all these initiatives are
great ways to meet people across the firm
who I might not meet as part of my day job
and to help others get involved in our DE&I
work, hopefully making a positive impact on
the culture of the firm.
Q: How does Man Group’s internal work
intersect with external initiatives?
A: We are committed to learning from others
and to helping them in turn, by sharing
what has worked for us. It’s a pleasure to
be involved in work with the wider industry.
For example, I am an ambassador for the
Diversity Project’s Race and Ethnicity
stream and have been involved with
various campaigns like ‘Fish Out of Water’
and ‘Power Hour’, as well as leading the
‘EmbRACE Religion & Culture’ video series.
This summer, I shared reflections on the
recent UK race riots in a webinar (‘No Space
For Racism’) hosted by the Diversity Project,
which led to a race and religion guidance
document for member firms. I was honoured
to be asked to present closing remarks at its
annual event and to present the awards.
I was also delighted to find that I had won
the award for Ambassador for the Race
and Ethnicity workstream, which was a
proud moment.
+ Celebrating diversity and inclusion
Q&A
Faisal Javaid
Head of Investment Risk
Association (AIMA) and the Investment
Association’s HR and DEI group. We have
moved into our third year as a founding
partner of Progress Together, underscoring
our commitment to progression of staff from
lower socioeconomic groups and once again
completed the Social Mobility Index (ranking
94th of 150).
During 2024, we have partnered with
Wellbeing Partners to provide us with advice
and support for neurodiversity and disability
in the workplace and continue to work with
PurpleSpace. During December, we
celebrated ‘Positively Purple’, a global
movement that celebrates and draws
attention to the contribution of employees
with disabilities around the world and hosted
an ‘AccessAbility café’ to raise awareness
of the technology and support that exists
in our workplace.
We reinforced our commitment to allyship,
hosting our fourth ‘Allyship Week’, continuing
to learn from each other and also came
together in September to celebrate Inclusion
Week. Our networks and workstreams have
led celebrations for events, engaged in
volunteering and shared perspectives and
experiences to educate for (amongst others)
International Women’s Day, Black History
Month in the UK and US, Pride, Lunar New
Year and Hispanic Heritage Month.
43
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Number of parental leaves taken
in 2024
30
Male
79
Female
Number of tenure award leaves
taken in 2024
24
Male
9
Female
Inspiring the next generation
Our ‘Paving the Way’ campaign is dedicated to
promoting a career in finance to young people
from all backgrounds. During 2024, we
launched a school speaker programme,
training people from across our business to
deliver career talks, workshops on the ‘Art of
Selling’ and the ‘Trading Game’ to introduce
the concept of investing, and Insights Days
for school and university students. We
welcomed students to spend a week at
Man Group for work experience (targeted at
students aged 15-17), learning about careers
in the financial services industry and
shadowing some of our employees. We have
visited several universities and once again
featured in the ‘Skills Workshop’ run by
#TalkAboutBlack, which was broadcast
across universities to highlight internships
and graduate programmes at Man Group.
We continue to partner with the King’s Maths
School in London (a specialist state-funded
school for gifted mathematicians), providing
career talks and mentoring. We are delighted
to have two alumni from the school working
at Man Group, and to fund the alumni
programme for the school. During the year,
we have also delivered workshops for
IntoUniversity and several of our senior
leaders have visited schools as part of the
Speakers4Schools programme.
More information about Man Group’s
commitment to DE&I can be found in the
Diversity, Equity and Inclusion report and
our Corporate Sustainability brochure.
Flexibility and workspace
We remain committed to our global agile
working framework that continues to elicit
positive feedback from our people who
appreciate the framework’s flexibility, citing
their improved ability to manage their time,
be involved in family commitments and to
consider the optimal environment for different
work activities. We regularly review our office
layout to ensure we optimise the available
space. In our London office, Riverbank House,
we have restructured our games room and
added an innovation room, to inspire
creativity. These are used by our employees
alongside our ‘maker space’, mindfulness
room, music room, mothers’ room, campfire
room (where we host mindfulness classes
and choir practice), our prayer room
and wellness suite. We continue our
longstanding commitment to flexible
working arrangements, which can include
adjusted hours or part-time working,
with no restrictions on the reasons for
requesting these.
Support in the moments
that matter
During 2024, we have formed a ‘Wellbeing
Champion Network’ to bring our people
together and highlight the various resources
we have on offer, including our global
wellbeing app ‘Unmind’, virtual pilates, and our
Employee Assistance Programme. We have
marked Mental Health Awareness Week,
inviting Combat Stress to talk to us, as well
as World Suicide Prevention Day. We were
pleased to take part in the MindForward
People and culture continued
Alliance annual benchmarking exercise and
be awarded ‘Excelling’ status.
We are committed to supporting our people
throughout the employee life cycle,
recognising that they manage more than
just work, and sometimes life can take
unexpected turns or that certain life events
need to take priority. We regularly review and
benchmark our benefits and in 2024, we
increased the maternity leave we offer in the
UK and EEA to 26 weeks, introduced paid
fertility leave and ensured people on parental
leave, regardless of their gender, remain
eligible for full discretionary bonuses during
that time. These add to our gender-neutral
parental leave, our long tenure awards and
the bespoke support we provide through
fertility treatment, pregnancy loss and
menopause, demonstrating our commitment
to the wellbeing and work-life balance of
our employees.
+ Championing Wellbeing
Q&A
Katie Beal-Hunt
Personal Assistant,
Discretionary
Q: Why is it important to have Wellbeing
Champions?
A: Everyone will come through the door
of the workplace with varied experiences
and different awareness. When people do
need help, it needs to be easy for them to
find. Having Wellbeing Champions means
we promote our resources through lots of
people sited all over our workplace, across all
of our global locations – then support is on
hand for people when they need it.
Q: How is it best to share good practice?
A: I represent Man Group on the Diversity
Project Mental Health stream, which is a
great way for all member firms to share what
works for them. Internally, we host events
such as our Wellbeing Fair, where people find
out more about the support that’s on offer
to them and have open conversations with
others. We also learn from hosting events;
we invited Stuart White, CEO of HSBC Global
Asset Management (UK), for a fireside chat
with Eric Burl, our Head of Discretionary,
to talk about Stuart’s experiences and the
importance of championing more open
conversations about mental health.
44
Strategic report
Man Group plc | Annual Report 2024
ManKind, our global employee volunteering
programme, encourages each employee to
take two days’ paid leave per annum to help
in our communities. Our people have the
flexibility to volunteer with a registered charity
of their choice, a charity supported by the
Man Group plc Charitable Trust (Man
Charitable Trust) or the Man US Charitable
Foundation. They may also use opportunities
via local partners; in London, ELBA (the East
London Business Alliance) connects us with
opportunities and in the US, we work with
Boston Cares and NY Cares.
In 2024, our Executive Committee led a
volunteering day for around 100 of our people
in Leyton Park in London. We also held our
inaugural ‘Volunteering Month’ in November,
challenging our global offices to come
together to take part. We have also focused on
building relationships with charities to enable
more impact. During the year, we engaged in
repeat volunteering with: Thames Reach in
the UK, working to end rough sleeping and
helping vulnerable people to escape
homelessness; ‘Seeds’, a Hong Kong SAR
based charity working across all 18 districts
to distribute essential goods to vulnerable
groups; and in Sofia, ‘For Our Children’
(Detebg), supporting children who are
orphaned or in foster care and their families.
Our people take pride in contributing to their local
communities and charities through our ManKind programme.
Community investment
Our programme ensures flexibility: many
departments have chosen to volunteer
together, taking a day away from the office
to contribute to their community as a team;
volunteering has been used to mark days
such as ‘Earth Day’ or ‘Refugee Week’; and
our people can split their time hourly to
contribute through positions they may hold
as charity trustees.
Our Drive (DE&I) programme also promotes
volunteering: in 2024, our school speaking
programme led by our Social Mobility
workstream saw us grow relationships with
around 20 schools, visiting them (for the
first time, or being invited back) to deliver
workshops and career talks and welcoming
students back to our offices for Insights Days.
We continue to expand this programme.
SANAM (our South Asian network) has worked
with NishkamSWAT, handing out food parcels
to the homeless in Central London, and our
NextGen group has led digital skills sessions,
working with AgeUK.
Established in 1978, the Man Charitable Trust
supports a diverse range of charities in the
UK, with a particular focus on improving
education, and approved grants to the
following charities during the year: Auditory
Verbal UK, Discover Children’s Story Centre,
First Story, Greenhouse Sports, Hibiscus
Initiatives, MyBnk, NSPCC, ReadEasy,
RedSTART, Refugee Education UK, Starlight
Children’s Foundation, The Brilliant Club,
The Switch, and XLP. The Man US Charitable
Foundation, founded in 2019, also provides
funding to US charitable organisations that
include: Lenny Learning, Junior Achievement,
Publicolor, Read to a Child and Rosie’s Place.
The year concluded with our annual
festive fundraising events, including
a global festive clothing day on 12 December
with participation across all our offices.
Additionally, in the UK and the US, the Last
Hour Appeal, which offers staff the
opportunity to donate the last hour (or more)
of their salary for the year, was a success yet
again. In the UK, these activities raised
£12,331 for Raise Your Hands – a charity voted
for by UK staff. In the US, we raised $2,511 for
Publicolor. We also, once again, participated in
the UNCF Walk for Education in the US, where
we raised a combined total of more than
$10,000 from Man Group employees and the
Man US Charitable Foundation.
UK employees at Man Group are also able
to support charitable programmes via their
Give As You Earn accounts, and 91 staff
participated during the year. The Man
Charitable Trust also proudly matches
independent fundraising by employees
up to the value of £1,000.
Employees volunteering in 2024
590+
Our ManKind programme’s
flexibility allows us to participate
in a range of opportunities and
maximise our impact. In 2024,
the team in Boston joined
‘Read to a Child,’ dedicating
small portions of our time
regularly and also supported
Rosie’s Place on International
Volunteer Day, serving meals
to the less fortunate.
Heidi Roderick
Trustee, Man Charitable Foundation
45
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
62%
AUM customised for
individual client needs
$15.7bn
AUM in
Institutional solutions
Solutions
^ For more information, please visit:
www.man.com/solutions-capabilities
46
Strategic report
Man Group plc | Annual Report 2024
Our Solutions business
takes a partnership-led
approach to understand
and meet investors’
individual objectives.
By combining Man Group’s breadth of investment
content and advanced platform capabilities, we build
innovative and customised portfolio solutions to
deliver investment performance for our clients. This is
complemented by our sophisticated risk management,
research, analytics and advisory services.
The trend of large institutional investors focusing on fewer but
deeper relationships with asset managers continued in 2024.
During the year, we made good progress on strengthening our
relationships with clients globally, emphasising more consultative
and collaborative engagement in order to move beyond the
traditional manager-client dynamic.
47
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Sustainability and responsibility
Overview
At Man Group, as we seek to implement
our firm-wide strategic objectives, our
overarching goal is to maximise long-term,
risk-adjusted investment returns for our
clients and the millions of individual savers
and pensioners that they represent. We
understand that each of our clients has
theirown views on ESG matters and, in line
with our clients’ needs, we seek to identify
innovative responsible investment (RI)
solutions to support their diverse investment
objectives.
In 2024, we extended our RI capabilities in a
number of areas and launched new RI
investment strategies. We also pursued a
broad RI research agenda, focused dually on
real-world decarbonisation and climate
adaptation. In a joint climate research
initiative, Man Group and the Columbia Center
on Sustainable Investment (CCSI) developed a
pioneering framework setting out how
investors can close the climate investment
gap and decarbonise the real economy. As
part of our research work with Columbia
University on real world decarbonisation, we
co-hosted symposiums in London and New
York. 2024 was also a year of progress for ESG
integration, with our RI research team
collaborating with our systematic investment
teams to develop new alpha-generating ESG
signals focused on decarbonisation, water
scarcity and human capital.
2024 proved to be another challenging market
backdrop for sustainable investors, resulting
in a mixed year for ESG indices.
Poor performance of ESG assets, such as
clean energy (particularly wind and solar)
stocks, impacted equity fund flows, whereas
ESG credit indices’ performance and fund
flows fared better. Despite the headwinds,
our ESG-integrated AUM grew to $62.6 billion
as at the end of 2024, up from $59.3 billion
at the end of 2023. We base our calculation
of ESG-integrated AUM on the Global
Sustainable Investment Alliance’s ‘ESG
Integration’ sustainable investment approach
and further details of our methodology can
be found in the Glossary. This metric is a
non-financial KPI (see page 21).
We remain focused onproviding sustainable
investment solutions toinvestors globally.
We believe that the complementary
approaches of ‘mitigation’ (to focus on
addressing the root causes of climate change)
and ‘adaptation’ (to focus on managing the
effects of climate hazards and on resilience)
need to be adopted in order to combat climate
change in investment portfolios and in the
real world. Researching and developing
innovative investment strategies and
solutions that are compatible with either
supporting a transition to net zero or
identifying the companies, sectors and
countries that are actively adapting to climate
change, are key areas of focus for Man Group.
We continue to disclose the greenhouse
gas emissions (GHG) from our AUM and
theweighted average carbon intensity (WACI)
for our key investment strategies. Further
information can be found on pages 58 and 59
of this section, and we remain committed
to refining our analysis over time, as the
quality of data improves and industry best
practices evolve.
We are committed tominimising the
environmental impact from our global
operations and to reporting our progress
against our targets and our pathway to net
zero in our workplaces by 2030. We raise
awareness of our climate impact through
educational campaigns and training, as well
as through our volunteering programme.
We also host regular seminars to educate
employees from acrossthe firm on topical
ESG subjects and showcase our thought
leadership to promote and embed a culture
of responsibility across our entire business.
We are a signatory to the United Nations-
supported Principles for Responsible
Investment (PRI) as well as active signatories
of the United Nations Global Compact (UNGC),
showing our support for the United Nations’
(UN) ten principles on human rights, labour,
the environment and anti-corruption. The
UN’s Sustainable Development Goals (SDGs)
guide our ESG initiatives and ambitions, and
our Corporate Sustainability (CS) brochure
sets out more detail on our approach,
achievements and how these align with
the SDGs.
We are a registered supporter of the Task
Force on Climate-related Financial Disclosures
(TCFD) and have included disclosures aligned
to its recommendations in this report,
providing more information on our approach
to managing climate-related risks and
opportunities across our business. Further
details can be found on pages 60 to 62.
Governance
Strong governance underpins all aspects of
our business at Man Group, supported by an
overarching ESG governance framework that
oversees RI and CS. This framework ensures
that we can appropriately identify, assess and
mitigate any risks associated with our RI and
CS mandates. It ensures that we have strong
oversight and controls, up to and including the
Man Group Board, and that we have dedicated
resources to deliver on our ESG commitments.
The Board oversees the firm’s progress
toward climate-related goals, including net
zero commitments. The RI Leadership team
and Corporate Sustainability Committee
(CSC), in conjunction with the CEO and
the Board, establish the ESG vision and
strategy, integrating RI and CS into
investment and operational activities
while fostering a culture committed to the
highest standards of responsibility.
The RI Leadership team, comprising Man
Group’s President, CIO ofRI and Head of
Solutions, is supported by a team ofRI
professionals and four dedicated committees,
each of which has assigned responsibilities
and established processes toidentify, assess
and monitor risks and opportunities. These
committees report regularly to the RI
Leadership team, Executive Committee,
and the Board on RI-related matters.
Our commitment to Responsible Investment and Corporate Sustainability is a
key feature of our business, both as a listed company and in the services we
offer to our clients globally.
Introduction
We have a deep-seated culture
of responsibility that extends
across our firm, and we are
committed to running our
company sustainably for our
clients and stakeholders.
Steven Desmyter
President
48
Strategic report
Man Group plc | Annual Report 2024
Our team of RI professionals works closely
with our investment teams to drive the
integration of ESG into investment strategies
and promote engagement with investee
companies, respecting individual clients’ own
set of beliefs and objectives. The team also
ensures that the firm remains up to date with
evolving ESG regulations, as well as
opportunities and risks related to ESG. The
RI team is closely supported by ESG data and
technology specialists, as well as compliance
and legal experts.
In 2024, an RI Systems & Control Committee
(RI SYSC) was instituted, replacing the ESG
Systems & Governance Committee. The RI
SYSC is mandated to create and maintain
effective systems and controls for RI
implementation across the firm (and to
address the operational risks that face
the RI business).
CS is overseen and governed by the CSC,
which reports to the RAF and the Board on
CS-related matters at the firm, as well as
progress towards climate-related goals.
The CSC includes representatives from
Corporate Sustainability, RI, Legal, Finance,
Financial Crime, Corporate Real Estate and
Services (CRES), and Communications. It
monitors sustainability risks and opportunities
across Man Group, reviews the firm’s
performance against climate-related KPIs
(e.g. Scope 1, 2 and 3 emissions) and reports
these findings to the CEO and the Board.
The Board also evaluates senior executives’
performance on climate-related goals, with
executive director remuneration linked to the
ESG metrics. KPMG provides annual
independent assurance over the firm’s
climate-related performance, with findings
reported to the Board.
Risk management framework
Strategic and operational ESG risks to our
business, including climate change risks,
are managed in the same way and with the
same level of rigour as other business risks.
For further detail on our firm-wide risk
management processes, refer to pages
30 to 37.
The firm’s control environment manages risks
to investment teams and the organisation
as a whole, in accordance with the Board’s
risk appetite. If there is a breach of risk
appetite, risks will be resolved promptly, in line
with the firm’s procedures and processes.
RI is a complex, evolving landscape and our
dedicated committees, comprising senior
staff from across the firm, work to address
the impact of changes in ESG regulation on
our business and our investment strategies.
We dedicate significant time and resource to
ensure we are abreast of regulatory change.
To ensure that we are consistent and credible
in our approach to RI, we have formalised
amonitoring procedure for strategies that
have a defined ESG approach. Dedicated
investment risk professionals monitor ongoing
adherence to our RI exclusions list and other
ESG-related investment restrictions.
Additionally, where relevant, we monitor
portfolio managers’ compliance with our RI
policies and fund framework (see page 54) by
sample on an annual basis. Dedicated ESG
Compliance experts monitor our ESG-related
regulatory obligations, stewardship activities,
and review RI strategy-related and marketing
documentation. Collectively, these controls
minimise the risk of greenwashing. They also
serve to enhance interaction and
collaboration between the RI team and
the investment teams and to identify
opportunities for RI training and support.
Man Group has published our Environmental
Sustainability Policy Statement, outlining
our commitment to minimise the
environmental impact of our activities.
At Man Group, our clients’
preferences are of the
utmost importance to us. We
recognise that investors have
different investment priorities,
and our mission is to apply a
data-driven approach to meet
the sustainable investment
goals of our clients.
Carol Ward
Head of Solutions
ESG governance structure
Man Group Board
ARCom RI Leadership Man Group CEO
RAF
Responsible
Investment Committee
Corporate
Sustainability Committee
RI Systems
& Controls Committee
RI Exclusions
Sub-Committee
RI Oversight
Committee
Adjudication
Sub-Committee
Stewardship
Committee
Meeting frequency
Q
Quarterly
M
Monthly or more
B
Bi-annually
A
Ad-hoc
B
M
A
Q
M Q
Q
49
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Sustainability and responsibility continued
Our operations
Carbon net zero commitment
In 2019, we set firm-wide targets and committed to achieve net zero
carbon emissions across our operations by 2030
1
. Our targets are
aligned to the Science Based Targets initiative (SBTi) which aims to
limit the global temperature increase to a maximum of 1.5°C
2
above
pre-industrial levels. To reach net zero, we aim to reduce the carbon
emissions included within our ‘totals’, which encompass:
Scope 1
Direct emissions from fuel e.g. gas, oil
Scope 2
Indirect, market and location-based emissions from purchased
electricity, heat, steam or cooling for our own use
Scope 3
Upstream leased assets and business travel
Wherever possible, we are taking action to capture data and
reduce consumption across all relevant indirect Scope 3 emissions
categories, as perthe GHG Protocol Technical Guidance for calculating
Scope 3 emissions.
We use certified carbon offsets to maintain carbon neutrality across
our core operations, defined as the market-based total on page 51. We
are committed to reducing emissions but acknowledge there will be a
residual amount that we cannot eliminate. Our diverse portfolio of
offsets enables us to support several projects in a variety of regions
globally. This year we added to our portfolio with offsets from a project
focused on reforestation and community development in Ghana. The
projects we choose support numerous United Nations Sustainable
Development Goals and different aspects of climate, environment and
biodiversity. We include more information on each project in our
Corporate Sustainability brochure.
Our strategic pathway to net zero
See page 53 for an overview of how we are progressing against our targets.
2020 2022 2024 2026 2028 2030
All scopes Review targets at least biannually to ensure we remain aligned with the latest climate science
Scope 1
Move to biomethane and renewable energy supplies where available
Reduce natural gas and fuel emissions by 46% in line with SBTi targets
Certify our London headquarters to ISO 14001 Environmental
Management System standards
Scope 1 & 2
Install and upgrade equipment to ensure efficiency and reduce wastage
Comply with UK ESOS Phase 3 (UK Energy Savings Opportunity Scheme)
Certify our London headquarters to NABERS UK energy efficiency standard
Scope 2 & Scope 3
– upstream
leased assets
Reduce global energy usage by 46% in line with SBTi targets
Reduce Scope 2 market-based and Scope 3 upstream leased assets market-based emissions by 46% in line with SBTi targets
Scope 3
– upstream
leased assets
Install and upgrade equipment to ensure efficiency, data capture and reduce wastage
Increase the adoption of 100% renewable
(certified) supplies by 25%
Non-renewable
energy to supply
<10% of operations
Non-renewable
energy to supply
<5% of operations
Improve the efficiency of our data centres
Continue to prioritise environmental credentials in the selection of new leased assets
Scope 3
– business travel
Work with business units in managing their carbon budgets
Further deploy remote working tools to reduce the need for business travel
Scope 3
– other
Join the NZAMI, setting interim portfolio
decarbonisation targets for 2030 across
our investments
Include environmental expectations within
our Supplier Code of Conduct
Prioritise carbon net zero strategies when refurbishing or relocating offices
Adopt agile working strategies to reduce the need for commuting and overall office space
We have committed to reach carbon net zero across
our operations by 2030.
1 This refers to Scope 1 and 2 emissions; elements of Scope 3 are considered where we have the data e.g. business travel and upstream leased assets.
2 We set firm-wide targets considering the Paris Agreement, an international treaty on climate change adopted in December 2015. The goal of the agreement is to limit
global warming to well below 2°C and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.
50
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Man Group plc | Annual Report 2024
We were admitted as a member of the strategic forum of the TNFD in
2023, and we continue working to embed this within our operations.
We remain as a registered supporter of the TCFD and include metrics
and targets for the firm in line with the guidance provided for asset
managers (see pages 58 and 59).
As outlined earlier, our baselineyear is 2019, with subsequent targets
measured relative to these baseline emissions. We review our targets
regularly to remain aligned with industry guidance and the SBTi
methodology in limiting the global temperature increase to a maximum
of 1.5°C above pre-industriallevels.
Greenhouse gas emissions and energy use
tCO
2
e UK and offshore
Global
(excluding UK
and offshore)
2024
total UK and offshore
Global
(excluding UK
and offshore)
2023
total
Scope 1 location-based 532 1 533* 444 3 447*
Scope 1 market-based** 436 1 437* 444 3 447
Scope 2 location-based 946 6 952* 914 4 918*
Scope 2 market-based – – –* – 2 2*
Scope 3 upstream leased assets, location-based 1,366 371 1,737* 1,304 322 1,626*
Scope 3 upstream leased assets, market-based 4 357 361* – 306 306*
Scope 3 business travel 3,079 2,851 5,930* 3,331 2,468 5,799*
Total, location-based 5,923 3,229 9,152* 5,993 2,797 8,790*
Total, market-based 3,519 3,209 6,728* 3,775 2,779 6,554*
Energy consumption (kWh, ‘000s) 13,022 1,235 14,257 13,011 1,197 14,208
*
These items are included in the scope of our 2024
1
and 2023 limited assurance reports
2
.
**
Scope 1 market-based emissions presented are a subset of Scope 1 location-based emissions, they are not additional emissions. We have elected to dual report from
this year to reflect our consumption of renewable energy.
Our offices
Due to the nature of our business, a large part of the direct
environmental impact of our operations stems from our real estate
footprint. Whenever we relocate or refurbish our offices, we prioritise
our net zero carbon strategy. Across our global office portfolio, we
currently occupy eight buildings certified by LEED (Leadership in
Energy Efficiency and Design), one by Energy Star and one by NABERS
(National Australian Built Environment Rating System), accounting for
92% of our global headcount. Man Group’s largest office, Riverbank
House (RBH) in London, has a Building Research Establishment
Environmental Assessment Method (BREEAM) ‘Excellent’ rating. RBH
and our office in Pfäffikon, Switzerland, are included in Scope 1
emissions and our remaining offices fall into our Scope 3 reporting as
we do not have operational control in those locations.
Our Energy Performance Certificate (EPC) rating for RBH continues at
‘B’. During 2024, we have procured renewable gas for RBH and seven
of our other sites use renewable electricity, and this remains a priority,
where such supplies are available. We have expanded our data centre
footprint to ensure we can support our business and plan for our future
and have secured renewable energy for both UK sites. We operate a
zero waste to landfill policy in all jurisdictions where possible.
During 2024, we scored C for the Carbon Disclosure Project (CDP) Climate Change. We are committed to transparent disclosure
and managing our environmental impact.
Our systems and projects
During 2024, we have achieved accreditation for ISO 14001: 2018,
embedding an Environmental Management System for RBH. We have
engaged specialist software to track, monitor and report our emissions
and environmental impacts and continue to engage with an energy
services consultancy to support us to mitigate risk, maximise
opportunities and reduce ourcarbon footprint. We are committed to
delivering clear and transparent reporting, evidencing how we monitor
the measurable carbon emissions within our control.
In the UK, we have also been rated compliant on our ESOS (Energy
Savings Opportunity Scheme) audit which enables us to move towards
the ISO 50001 certification.
1 www.man.com/kpmg-carbon-2024
2 www.man.com/kpmg-carbon-2023
51
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Man Group plc | Annual Report 2024
Emissions from operations
The carbon emissions calculations disclosed in this report follow our
Environmental Reporting and Methodology Guidelines
1
and are subject
to internal controls. KPMG provides independent limited assurance for
Scope 1, Scope 2 and Scope 3 (upstream leased assets and business
travel) emissions and the intensity metrics, in line with ISAE (UK) 3000
and ISAE 3410 standards, as accepted by the CDP. The limited
assurance report is available online
2
for review.
Our mandatory greenhouse gas emissions and energy use reporting is
detailed here pursuant to the Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008 asamended by the
Companies Act 2006 (Strategic Report and Directors’ Report)
Regulations 2013 and the Companies (Directors’ Report) and Limited
Liability Partnerships (Energy and Carbon Report) Regulations 2018
3
.
We include Scope 1, Scope 2 and Scope 3 (upstream leased assets and
business travel) within our total emissions split by our UK and offshore
and global footprints. The market-based total relates to our non-
financial KPI (page 21) and it is linked to executive director
remuneration (page 100).
Scope 1 location-based emissions increased by 19%from 2023. In
2024, we procured renewable gas and opted to dual report for Scope 1
emissions, providing both location and market-based figures. The
increase in Scope 1 location-based emissions is due to additional
F-gas emissions from a chiller leak; we have taken preventative
steps to limit recurrence.
Scope 2 location-based emissions have increased as all floors of RBH
are now fully let, increasing the energy consumption within shared
areas. We have also seen increased attendance from our people, who
continue to work in line with our agile working strategy and attend our
offices regularly through the week.
Scope 3 upstream leased assets increased by 7% due to a significant
increase in our data centre footprint. As stated above, we are
committed to futureproofing our business and continue to take space
as needed to facilitate our growth while doing this in the most
sustainable way. For example, in the UK, we take space which sources
renewable energy and seek to obtain REGO certificates.
Business travel increased by 2% during 2024. We continue to grow our
global footprint and expand business lines and distribution networks.
We support our staff in travelling to build relationships with new clients
and to meet new staff, embedding our culture in our offices around the
world. We continue to monitor travel and carbon travel budgets for
each department are in place.
We also report emissions asan intensity metric, which enables us to
monitor them independently of changes in the scale of our business.
As a people-centric business, changes to headcount impact the real
estate we occupy, and the level of business travel we conduct. This
year, our FTE has remained flat, showing a small increase in emissions
per employee.
Intensity metrics
tCO
2
e per FTE 2024 2023
Total FTE
4
1,704 1,704
Scope 1, location-based* 0.31 0.26
Scope 1, market-based 0.26* 0.26
Scope 2, location-based* 0.56 0.54
Scope 2, market-based* – –
Scope 3 upstream leased assets,
location-based* 1.02 0.95
Scope 3 upstream leased assets,
market-based* 0.21 0.18
Scope 3 business travel* 3.48 3.41
Total, location-based* 5.37 5.16
Total, market-based* 3.95 3.85
*
These items are included in the scope of our 2024 and 2023 limited assurance
reports.
We continue our focus on broadening the data we capture for Scope 3
categories, to actively manage our total emissions. We have obtained
emissions data for our corporate investments (category 15),
downstream leased assets (category 13), waste (category 5) and water
(category 1). We have started to collect data regarding employee
commuting (category 7), with approximately 20% completion, and for
purchased goods and services from our suppliers (category 1). More
information is available in our Environmental Reporting and
Methodology Guidelines.
Further Scope 3 estimates
tCO
2
e 2024 2023
Emissions from investments 43,362 51,014
Downstream leased assets,
location-based 506 179
Downstream leased assets,
market-based 567 385
Waste 265 –
Water 2 2
Performance against targets
We strive to embed environment-related commitments throughout our
organisation, and as such these targets feed into our carbon-related
non-financial KPIs (see page 21). These metrics are also linked to
executive compensation.
We met all of our short term targets in 2024 as shown in the following
table. However, our 2024 emissions have slightly increased in most
categories. This largely reflects our preparations for future years,
including our investment in the growth of our global business and our
data centres. It also reflects our commitment to capturing actual data:
this focus equips us to better isolate areas where we can improve and
target lowering associated emissions. We continue to drive more of our
offices to use renewable energy and to pursue best practice, including
standards such as ISO14001 and ISO50001. We are committed to
transparent reporting of our plans and our progress. More information
can be found in our Corporate Sustainability Brochure and at
man.com.
Sustainability and responsibility continued
1 www.man.com/environmental-guidelines.
2 www.man.com/kpmg-carbon-2024.
3 ManGroupplc(asJerseyincorporated)isnotitselfsubjecttotheseregulationsbutisreportinginaccordancewiththemasithasUKsubsidiariesthatfallwithinthe
regulatory scope.
4 For the purposes of our environmental reporting, FTE excludes consultants, outsourced service providers, and resources listed with a home address location and/or
listed in countries where Man Group does not have an office location.
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Man Group plc | Annual Report 2024
Methodology
Approach
At all locations where Man Group is responsible for the utility costs, our
Scope 1, Scope 2 and Scope 3 leased assets emissions data is
gathered, validated and reported on using the GHG Protocol – A
Corporate Accounting and Reporting Standard (2015), as our
framework. Throughout our disclosures we use the operational control
approach to our greenhouse gas inventory and reporting boundary,
excluding consultants, outsourced service providers and joint
ventures.
We apply the latest UK Government’s Greenhouse Gas Conversion
Factors, the Department for Environment, Food and Rural Affairs
(DEFRA) and IEA (International Energy Agency) emission factors.
Based on the nature of our emissions and the consistency month-on-
month, we believe this is an appropriate representation of Man Group’s
global annual emissions.
For the purpose of GHG reporting, we use a hierarchy of data sources
that starts with an actual invoice, metered or reported data sources. If
these sources are not available, we consider using estimates, prior year
or extrapolated data in a stepped process that considers seasonality to
provide the most accurate results. Please refer to our environmental
guidelines for more information.
Materiality
We define materiality as the magnitude of triviality for misstatement in
our carbon emissions reporting. The materiality threshold we use for
each scope is 5% of total emissions. We will report corrections to
emissions differences of more than 5% of the total for each scope, in
the event they occur, as well as differences below that threshold that,
in our view, warrant restating to ensure transparency and accuracy of
our emissions reporting and strategic pathway to net zero targets
within our Annual Report.
Scope 1 and 2
Emissions under the Scope 1 category include the direct emissions
stemming from the combustion of gas and oil, for example through the
use of back-up generators during power failures and testing scenarios.
Scope 2 emissions encompass the indirect emissions stemming
from purchased electricity. The emissions outlined above are location-
based. As the buildings over which we have operational control
use 100% renewable energy, market-based emissions are
considered negligible.
We do not include emissions relevant to locations that are out of our
reporting boundary, such as the offices of third-party contractors.
Only RBH and our office in Pfäffikon are included in Scope 1 and 2
emissions and our remaining offices fall into Scope 3 upstream leased
assets as we do not have operational control in those locations (e.g.
control over energy supply).
Scope 3
We intend to account for and minimise the carbon footprint of our
entire business, including our direct emissions, as well as upstream and
downstream Scope 3 emissions as defined by the GHG Protocol
Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
Emissions stemming from business travel such as flights, rail, taxis and
hotel stays have been ascertained through our third-party preferred
travel partners.
We disclose emissions relating to our RBH sub-tenants under the
downstream leased assets category. In some instances, the
environmental improvements we make also impact the emissions for
our sub-tenants. Environmental considerations from our global office
operations, over which we do not have operational control are reported
under the upstream leased assets category. All procurement and
leasing negotiations across our global real estate have a focus on steps
that can be taken to reduce the associated environmental impact.
Water for air conditioning, data centre cooling systems, kitchens, cafés,
indoor plants, sanitary installations and external grounds/gardens is
measured in cubic metres and is converted into tCO
2
e using UK
Government GHG conversion factors.
Waste consumption from business activities, which includes paper/
cardboard, residual waste/domestic-type waste, electronic scrap,
cafeteria food waste, etc., is measured in tonnes and is converted into
tCO
2
e using UK Government GHG conversion factors.
In 2021, for the first time, we disclosed the emissions stemming from
our corporate investments under the ‘Emissions from Investments’
category. In 2024, this disclosure encompasses 72% of our seed capital
and 97% of our fund investments held for deferred compensation
awards. This is calculated using the same methodology as the carbon
disclosure of our AUM, which is aligned with the TCFD
recommendations, as described on page 58.
Short-term targets and actuals
tCO
2
e
2019
baseline
2024
target
2024
result
2025
target
Scope 1, location-based:
Reduce natural gas and fuel emissions by at least 30% by 2024 to reach 46% by 2030 1,136 749
533
Met 726
Scope 2 & Scope 3 upstream leased assets, location-based:
Reduce global energy usage by at least 30% by 2024 to reach 46% by 2030 4,253 2,809
2,689
Met 2,722
Scope 2 & Scope 3 upstream leased assets, market-based:
Reduce emissions by at least 20% by 2024 to reach 46% by 2030 464 367
361
Met 347
Targets above are shown relative to 2019 baseline.
53
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Man Group plc | Annual Report 2024
As noted earlier, our overarching goal is to
maximise long-term, risk-adjusted investment
returns for ourclients. We recognise that there
is no single approachto responsible investing
and thateach of our clients has different ESG
needs.Accordingly, we seek to leverage the
breadthof skills and experience at the firm,
inparticular our quant, research and data
science expertise, to deliver better outcomes
for our clients in line with their goals. Our
multifaceted approach allows us to see
things differently and ourvision is to be a
recognised leader in providing RI solutions
to investors globally.
We believe that the breadth of Man Group’s
investment capabilities means that thefirm
represents a unique intersection of
perspectives – quantitative and discretionary,
liquid and private markets – where competing
expectations and applications of ESG are
actively debated.
Our RI efforts spans five core areas:
ESG integration across our
investment strategies.
Conducting cutting-edge RI
research for our clients.
Using our data science expertise
toanalyse and apply ESG datasets.
Education and advocacy to raise
awareness of RI.
Stewardship of our client assets
through engagement and voting.
Across these five spheres, we aim to lead
theway in advancing the science behind
responsible investing.
Sustainability and responsibility continued
Investing responsibly
We apply a data-driven approach to help our clients
meet their sustainable investment goals.
We believe that material ESG-related risks and
opportunities can impact long-term value
creation for the companies in which our
strategies invest. In our approach to RI,
weseek to manage financially material ESG
factors alongside other investment risks.
Webelieve that ESG complements
traditionalfinancial analysis, resulting in a
more comprehensive assessment of a
company’s long-term prospects.
Accordingly, we work to cultivate a range of
approaches to identify and address ESG-
related risks and opportunities. We take a
quantitative approach to building our
understanding of RI. For example, we have
leveraged ourclimate expertise and
quantresearch capabilities to develop
amultifaceted climate alpha model that
explicitly incorporates views of the
potential risks and opportunities related to
climate change into Man Numeric’s relevant
investment processes.
ESG integration
We believethat RI is best addressed through a
combination of top-down and bottom-up
approaches. Although we have a unified
approach to RI across our firm with respectto
organisation, policy frameworks, stewardship,
analytics platforms and participation in
industry activities, we do not impose a single
house view regarding ESG integration at the
strategy level and allow clients to reflect their
own view in the solutions we manage for
them. Our unique combination of extensive
quant and discretionary experience in the
fundamental analysis of environmental, social
and governance issues allows us to integrate
RI concepts across a range of asset classes
and investment strategies we offer, and to
apply the best practices of RI in the way that
is most relevant for the strategy, asset class
and field of research.
Our firm-wide RI Fund Framework is a
proprietary ESG classification system,
separate to regulatory classifications,
which isused to establish coherent ESG
categorisation across Man Group’s
funds, as shown below:
Increasing
levels of ESG
integration
Man Group Sustainable Range
Strategies for which ESG factors are fundamental
to the product design or investment objective
Man Group RI Informed
Strategies that incorporate some degree of ESG analysis
into investment decision-making
Our commitment
to net zero
We are pleased to report a significant
reduction in the WACI for our AUM
compared with our 2019 baseline and
we will continue to focus on this in the
years ahead.
Managing climate-related risk
in our portfolios
We recognise that our clients have
different investment priorities and,
where clients have sustainable
investment goals, we consider ESG
factors to support their investment
objectives.
Where it is consistent with our client’s
mandate, we seek to manage climate
integration risks and other financially
material ESG factors, alongside all other
relevant investment risks. Within our
broader climate framework, we focus
on three keyareas: the physical cost of
climate change, the transition cost of
moving toa decarbonised global
economy, and the opportunities of a
greener world.
We disclose the WACI for a number of
our key strategies on page 59.
Man Group Base Standard
Strategies that apply Man Group’s firm-wide exclusions
and support our stewardship activities
54
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Man Group plc | Annual Report 2024
RI research
Quant, academic and thematic research
underpinsour approach to RI.Our RI team has
dedicated specialists who pursue a diverse
agenda of thematic research in collaboration
with our investment teams internally, and
through collaboration withacademic and
scientificinstitutions.
We are now dedicating a significant portion of
our RI research capabilities to developing new
decarbonisation models across equities and
fixed income. We believe that it is possible for
climate investing to accelerate real-world
decarbonisation, and to do so while
generating new forms of alpha for investment
portfolios. Through our research collaboration
with CCSI, we generated the Compass-FRWD
framework – a framework for real-world
decarbonisation (see page 56).
The remainder of our RI climate research
agenda is devoted to real-world adaptation
– the identification of companies, sectors and
countries that are actively seeking to change
their exposure to the physical and resource
risks of climate change. The concept of
physical risk is integrated into our proprietary
Man AI Climate Change Computation System,
which takes the latest climate models and
allows us to assess the impact of climate
perils on companies’ operations via
their facility locations and supply chains
and the effect of temperature rise on
economic activity.
We have also advanced ourunderstanding of
climate risks and opportunities through
ongoing research efforts and initiatives. We
believe that our data-driven research culture
puts usin a prime position to assist our clients
who are seeking to reduce the systemic risk of
climate changewhile identifying opportunities
in the transition towards a low-carbon
economy. In 2024, our RI research team
collaborated with our systematic investment
teams to develop new ESG signals, which we
aim to integrate into certain investment
strategy models during 2025.
Our aim is ultimately to find practical research
outcomes that lead to improved ESG
integration in our investment strategies
andstewardship practices, in line with our
clients’ goals.
Data science expertise
A quantitative approach
We use our data science expertise to interpret,
analyse and apply ESG datasets. We approach
the implementation of ESG factors with
scientific rigour, staying true to the data and
ensuring robust methodology. We have used
this knowledge to develop an uncorrelated,
orthogonal ESG factor for real ESG
performance attribution, applying this to a
number of investment strategies at the firm.
As a data-driven firm, we subscribe to leading
ESG data providers as well as conducting our
own proprietary research. Our approach
utilises an extensive range of raw ESG data
and analysis from a broad range of ESG data
providers. Processing ESG data requires
applying data science techniques to clean,
analyse and gain insights from multiple data
sources. With over 640 quants and
technologists at the firm and more than 35
years of experience in quantitative investing,
including several years spent interrogating
ESG datasets, we believe we are in a prime
position to leverage our skills to understand
nuanced and non-standard ESG datasets.
Truly understanding ESG data
ESG data has matured over the last decade,
and we have entered a phase where the data
has both a long-enough history and broad-
enough coverage to make it valuable to
quantitative investment firms. However, unlike
traditional quantitative factors sourced from
financial statements and exchange data, ESG
data is often qualitative, discretionary and
unregulated. Many datasets are collected
retroactively, and each vendor’s approach
has inherent biases.
We have spent considerable time reviewing
and understanding the processes of leading
ESG data vendors and believe that creating
abetter measure of ESG relies on an approach
that identifies companies making thoughtful
long-term decisions. Bylooking at disparate
sets of ESG data using this approach, we can
turn the off-the-shelf variables into more
useful and informative signals and provide a
strong platform from which to monitor
changes to data vendor methodologies.
Our proprietary ESG tools
In recent years, we have leveraged our quant
expertise to build proprietary ESG tools to
visualize and add context to the nuanced ESG
metrics that we analyse. Our ESG tools have
been developed internally under the direction
of our RI and stewardship specialists, with
extensive input fromour investment teams
and close collaboration with our technology
and investment analytics teams. Through the
ESG tools, we have the capacity to report
consistently on ESG activities across our
investment strategies, allowing our clients
a means of uniformly assessing ESG
performance at a strategy level.
We continually seek to develop our proprietary
ESG tools, and in 2024, we expanded the
ESG analytics features to include climate
Value-at-Risk and a proprietary sovereign
framework.
ESG analytics tool
The ESG analytics tool embeds our
proprietary ESG scores alongside multiple
third-party datasets and standardises ESG
reporting for our investment teams and
ourclients. The analytics tool provides an
innovative, standardised approach to
managing ESG risks, factors and opportunities
in a proprietary, dashboard style. In addition
tothe issuer-level dashboard, the tool also
features carbon and stewardship dashboards.
GAIA (Global Active Issuer
Assessment) tool
GAIA is a proprietary, firm-wide tool to view
issuer-level ESG-related data and identify
sustainable investments. GAIA supports ESG
integration into the investment process and in
meeting certain ESG regulatory requirements,
such as SFDR and the EU Taxonomy. GAIA
provides ESG insights into over 23,000
companies (significantly more than any
individual ESG data vendor), allowing our
investment teams to access a real-time view
of the ESG ratings for portfolio holdings.
55
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Man Group plc | Annual Report 2024
Sustainability and responsibility continued
Compass-FRWD is a step-by-
step guide to asset allocation
across multiple portfolios,
leveraging the strengths of
different asset classes to meet
decarbonisation goals.
Rob Furdak
CIO of RI
Climate research
symposiums
A framework for real-world
decarbonisation
In 2023 and 2024 we partnered with CCSI
to conduct research on how to close the
climate investment gap and decarbonise
the real economy through climate
investing. This research process included
two symposiums – one on Columbia
University’s campus in New York and one
at our headquarters in London. These
events were attended by climate and
finance experts, asset owners,
practitioners and policymakers, as well
as our own RI specialists, climate scientists
and investment teams.
As a result of this collaborative research,
Man Group and CCSI have developed
the Climate Allocation Compass – a
Framework for Real-World Decarbonisation
(Compass-FRWD).
Compass-FRWD is a step-by-step guide to
asset allocation across multiple portfolios,
and, for the first time, it offers allocators a
clear roadmap for deliberate, dynamic and
net zero aligned investment in climate
solutions. The framework represents a
long-term, iterative approach to strategic
investing in decarbonisation that aligns
with investor goals and integrates
decarbonisation needs into portfolio
construction alongside traditional financial
requirements. It sets the tone for
stakeholders and portfolio companies, and
fosters accountability through monitoring,
reporting and adapting.
We share knowledge of RI within the firm
andacross the industry, through promoting
education, setting standards and participating
in industry initiatives.
Man Group is activelyinvolved with a number
of industrygroupsthat promote RI practices.
We are a signatory tothe Institutional
Investors Group on ClimateChange (IIGCC),
the UK Sustainable Investment and Finance
Association (UKSIF), and the Standards Board
for Alternative Investments (SBAI), as well as
an active member of the International
Sustainability Standards Board (ISSB). We are
also signatories to the UK Stewardship Code
Education and advocacy
and the Japan Stewardship Code. We
also seek to produce thought leadership
and high-quality research through the
Man Institute.
In 2024, our proprietary research papers have
included ‘Catastrophe Bonds: Diversification,
Performance and Impact’; ‘The Long and
Short of Climate Investing from a Quant’s
Perspective’; ’Carbon Markets: A Risk
Assessment for Institutional Investors’; ‘The
Path Less Travelled: Understanding Corporate
Green Bonds’; as well an academic white
paper detailing the Compass-FRWD
framework described above.
We also continue to make contributions to
the CFA Institute’s ESG courses. Our podcast
series, ‘A Sustainable Future’, continues to
feature commentary from institutional
investors, academics, regulators and
policymakers on the latest ESG issues.
56
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Stewardship
We understand the importance of sound
stewardship and our approach to RI ensures
that our interests and values are closely
aligned with those of our clients and
shareholders.
Our multi-asset, multi-strategy business
necessitates a nuanced and flexible approach
to integrating stewardship into our investment
process, in line with the mandates from our
clients. More information on our approach to
stewardship can be found on our website:
www.man.com/responsible-investment.
We are committed to our stewardship
practices through engagement and voting.
Engaging with different stakeholders,
including companies, policymakers and
industry peers, enables us to address
financially material ESG risks and
opportunities. Voting at annual general
meetings allows us to exercise our voice
as a shareholder.
Engagement
We complement our stewardship activity by
carrying out rigorous engagement work with
investee companies where relevant. We
believe that by engaging with the companies
in which we invest on behalf of our clients and
funds, we can improve our understanding of
them and ultimately protect and enhance the
value of the investments we make. We also
believe that high standards of corporate
responsibility generally make good business
sense and have the potential to protect and
enhance investment returns. Our investment
process therefore seeks to assess this on an
initial and ongoing basis, and to monitor and
engage with investee companies over time to
promote good governance.
Proxy voting
The execution of voting rights is a key
element of our stewardship approach. We are
committed to being responsible stewards of
our clients’ assets and carry out our fiduciary
duty by voting at shareholder meetings and
expressing our support for (or concern with)
management and shareholder resolutions.
Our voting policy seeks to encourage good
corporate governance practices and ESG
standards, while taking into consideration
both company-specific circumstances and
broader market differences.
Man Group’s Stewardship team oversees all
proxy voting activity at the firm level. The
team works with a third-party proxy adviser
that provides research and recommendations
based on the firm’s voting policy. We use this
as the basis for our decisions and complement
the adviser’s custom recommendations with
our own research.
2024 highlights
Man Group confirmed as a
signatory to the UK Stewardship
Code, for the fourth successive
year. We also became a signatory
to the Japan Stewardship Code.
ShareAction Voting Matters Report;
Man Group ranked 11th out of 70
asset managers for supporting
resolutions on environmental and
social matters.
Developed a proprietary transition
score to identify a list of transition
laggards operating in energy
intensive sectors. These names
receive the highest degree of
focus in our engagement and
voting practices.
Five top engagement themes:
climate, nature, health, equality
and governance.
Summary
The Stewardship team engaged with a Large Cap company to address ethics and
corruption issues. During the process, the company provided evidence of improvements
in its anti-corruption system of checks and controls. We also noted that the non-financial
portion of the 2023 bonus scorecard included compliance-related results.
Overall, the Stewardship team considered the latest ethics and corruption programme to
be appropriately designed and aligned with best practice. The governance issue will be
monitored annually and our view may evolve subject to the outcome of the independent
compliance monitorships and ongoing investigations in certain jurisdictions.
Company size:
Large Cap
Region:
Europe
Sector:
Materials
Topic:
Governance
Engagement case study
Objective:
To address ethics and corruption issues
and to encourage the company to take the
necessary remedial action.
Number of engagements
66
Meetings voted
6,341
Proposals voted
62,909
^ For more information, see:
www.man.com/responsible-
investment
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Man Group plc | Annual Report 2024
Sustainability and responsibility continued
As stewards of capital, we monitor the climate
impact of our portfolios, address climate
change risks and opportunities through our
investments decisions, and exert influence on
our investee companies to create lasting
positive impact.
In line with the TCFD’s recommendations, we
have disclosed the GHG emissions associated
with our AUM and the WACI for our key
investment strategies. WACI measures an
investment portfolio’s exposure to carbon
emissions relative to the revenue of the
companies it holds, expressed as metric
tonnes of CO
2
emissions per million dollars
of revenue from companies in the portfolio.
As a result, and in contrast to total absolute
emissions for our AUM, WACI is not impacted
by changes in AUM.
We acknowledge that determining the
methodology used to calculate emissions
metrics is an area that is evolving rapidly.
We are focused on refining our analysis, and
accordingly our climate-related disclosures,
on an ongoing basis as the availability and
quality of data improves and as best practice
emerges. Details of our methodology and
metrics are set out below.
Methodology
Datasets
In 2023, we curated the Man Group Carbon
Dataset, which includes data from S&P
Trucost, Sustainalytics and MSCI, combined
with an internally developed tool to cleanse
the data and perform quality checks. Using
multiple data sources has increased the level
of coverage, and therefore related carbon
emissions, across our AUM and we have
restated our historical analysis to allow for
greater comparability.
Although this development has significantly
improved data quality, it is important to note
that limitations remain. By relying on
externally sourced data, we do not have full
control over its quality. All three providers
prioritise data related to corporate equity,
whereas corporate credit coverage is
generally lower. In addition, certain markets,
such as small and mid-cap issuers, continue
to have incomplete disclosures or limited
coverage. As we have observed previously,
there is often a lag in the data available, driven
by the timing of company reporting or the
provider’s collection, which presents a lack of
continuity. We recommend that our metrics
are read with these limitations in mind.
We continue to utilise internal data for AUM
and underlying exposures.
AUM in scope
The firm’s total AUM as at 31 December
2024 was $168.6 billion. We exclude our
investments in private assets from the
analysis due to limited data availability.
We also exclude AUM where the investment
decision is ultimately made by a third
party (e.g. multi-manager solutions and
emulation mandates).
The AUM in scope for the purposes of
calculating absolute emissions and WACI is
$123.0 billion, or 73% of the firm’s total.
Our approach
We use the total exposure of all long positions
related to the $123.0 billion of AUM in scope
for our WACI calculation. We believe total
exposure is most appropriate as it captures
any leverage used in the investment strategy
or, conversely, any under investment of
capital. This is particularly relevant to capture
the underlying exposures of several of our
alternative investment strategies more
accurately. Any financial instruments
(e.g. derivatives) are also included where
possible, based on their underlying exposure;
this is a departure from the Partnership
for Carbon Accounting Financials (PCAF)
definition of ‘financed emissions’, which
are only calculated on physical shares
and physical corporate bonds. We believe
this is appropriate given the significant
use of derivatives in some of our
investment strategies.
While there are different views within the
industry as to the application of short
positions in the emissions context, we believe
long exposures through both physical and
derivative securities are the most direct
representation of ownership; however,
engagement rights with companies would
only be through physical long positions (not
long derivative exposure). Our findings are
therefore presented showing coverage as a
percentage of total exposure of all long
positions weighted by the proportion of
total AUM they represent, without netting
off exposure from short positions, or
decomposing indices into their underlying
constituents. The data is, however, calculated
on an issuer basis, therefore long securities
are netted by short securities within the
same fund.
We calculate absolute emissions in line with
the GHG Protocol and the PCAF guidance
using Enterprise Value including Cash (EVIC).
Our responsibility is to pursue the highest standards of behaviour to
maintain the trust and loyalty of our clients.
Emissions from our investments
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Metrics
We have used carbon emissions data by issuer for total exposure of all long positions at the strategy level at 31 December 2024, 31 December
2023 and 31 December 2022 to measure total emissions from our AUM and calculate WACI by strategy, as well as to show a year-on-year trend
in line with the TCFD’s recommendations.
Our findings show that absolute emissions from AUM in scope have remained in line with 2023, despite an $8.3 billion increase in AUM in scope
during 2024. Our long exposure coverage has increased marginally to 58%, while our absolute emissions have remained at 5.7 million tCO₂e.
Despite the data improvements discussed previously, coverage remains relatively low considering the broad range of instruments we trade and
is also influenced by other factors (e.g. total underlying exposure, which can vary significantly and change frequently).
Absolute emissions (million tCO
2
e) Data Coverage
December
2024 Coverage
December
2023 Coverage
December
2022
Total assets under management in scope Scope 1 & 2 58% 5.7 56% 5.7 54% 5.9
The table provides a WACI for the key strategies from across our business, aligned to the strategies for which we disclose performance data in our
2024 year-end press release.
As illustrated in the table, coverage is significantly higher for long-only strategies, particularly for those where the holdings are in single name
equities. Conversely, coverage for alternative strategies, in particular quantitative strategies, is lower as allocations to corporate instruments are
typically small or via index exposures. FRM Diversified II is part of our multi-manager offering and, as the ultimate investment decision lies with a
third-party manager, these are excluded from this analysis.
WACI (tCO
2
e/$m revenue)
1
Data Coverage
December
2024 Coverage
December
2023 Coverage
December
2022
AHL Alpha Scope 1 & 2 <10% 6 <10% 5 <10% 28
AHL Dimension Scope 1 & 2 69% 129 13% 150 15% 184
AHL Evolution Scope 1 & 2 36% 37 <10% 30 <10% 77
AHL Diversified Scope 1 & 2 <10% 9 <10% 8 <10% 42
Man Alpha Select Alternative Scope 1 & 2 50% 151 56% 209 45% 155
Man Event Driven Alternative Scope 1 & 2 100% 132 94% 145 95% 63
Man Strategies 1783 Scope 1 &2 82% 413 80% 430 n/a n/a
Man TargetRisk Scope 1 & 2 <10% 0 <10% 0 <10% 0
Man Alternative Risk Premia Scope 1 & 2 58% 192 70% 156 80% 214
FRM Diversified II n/a n/a n/a n/a n/a n/a n/a
Numeric Global Core Scope 1 & 2 100% 36 100% 48 100% 78
Numeric Emerging Markets Core Scope 1 & 2 99% 95 99% 252 99% 147
Numeric Europe Core Scope 1 & 2 100% 49 99% 96 100% 94
Man High Yield Opportunities Scope 1 & 2 49% 115 49% 20 49% 83
Man Global Investment Grade Opportunities Scope 1 & 2 61% 11 61% 17 67% 37
Man Japan CoreAlpha Equity Scope 1 & 2 100% 91 100% 82 100% 122
Man Undervalued Assets Scope 1 & 2 96% 147 94% 103 97% 181
Man Continental European Growth Scope 1 & 2 100% 151 99% 201 100% 107
1 The analysis has been completed for the lead share class of each strategy.
Although our analysis is focused on WACI, we continue to consider on an ongoing basis other carbon footprinting and exposure metrics that may
be useful for decision-making. Outside of carbon emissions and intensity metrics, we are also able to monitor and report on a range of carbon-
only metrics, subject to data availability, if required by our clients. These include more esoteric metrics, including forward-looking temperature
alignment assessments. We continue to monitor evolving industry standards around GHG emissions accounting and reporting. Our ultimate aim
is to support our clients and shareholders transition to a low-carbon economy, in line with their goals, by incorporating best practices into our
carbon reporting as they emerge.
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Disclosure
recommendation
Man Group assessment/
2024 Annual Report reference
Compliance
Governance
The Board’s oversight
of climate-related risks
and opportunities.
The Board takes overall responsibility for climate-related risks and opportunities, with these matters deeply
integrated into the work of the Audit and Remuneration Committees, as well as the Board as a whole. Reflecting its
preference for shared ownership across the Board and its committees, the decision has been made to retain this
approach, rather than establishing a separate standalone ESG or Governance Committee. The Board continues to
keep this structure under regular review to ensure it remains appropriate and effective.
The Board oversees ESG matters as part of the Group’s ESG governance structure (page 49), which includes
support from the RI Leadership team and the Corporate Sustainability Committee. ESG oversight is embedded
across this structure, enabling effective monitoring and management of climate-related risks and opportunities.
The Board incorporates climate considerations into decision-making on strategic planning, resource allocation,
and performance objectives, with regular reporting ensuring a clear and informed approach.
The Board met three times during the year to discuss climate-related risks and opportunities, in addition to holding
a dedicated deep dive session on ESG matters. Specifically, the Board reviewed principal, strategic, and emerging
risks, including climate risk, on two occasions and reviewed ESG-integrated AUM. Furthermore, the Board
conducts an annual review of TCFD disclosures as part of the Annual Report process.
The Audit and Risk Committee has delegated authority to monitor compliance with climate-related regulations
and disclosures. An RI dashboard was presented at every ARCom during the year, and this was also shared with
the Board.
Management’s role
in assessing and
managing climate-
related risks and
opportunities.
Management, led by the RI Leadership team in collaboration with the CEO and the Board, defines the overarching
ESG strategy and monitors its implementation. Dedicated sub-committees, including the Corporate Sustainability
Committee, assess and report on climate-related risks and opportunities. These sub-committees have
established processes for identifying, assessing, and managing risks, and regularly provide updates to senior
management and the Board.
More details on the governance structure, including meeting frequency and reporting lines, are available in the
Sustainability and responsibility section (page 49).
Strategy
Climate-related risks
and opportunities
the organisation has
identified over the
short, medium and
long term.
Man Group assesses climate-related risks and opportunities over the short term (1-5 years), medium term (5-10
years), and long term (10-30 years):
Short-term risks and opportunities: Integrating meaningful climate analysis into investment strategies to meet
client expectations and mitigate reputational risks, such as accusations of greenwashing.
Medium-term risks and opportunities: Market disruption due to weather events and operational challenges,
such as increased costs (e.g., procurement, insurance, or taxes) or limitations on international travel.
Long-term risks: Physical risks, including severe weather events and their impact on business operations and
employee well-being.
Climate-related risks are assessed using the Risk and Control Self-Assessment (RCSA) for short-term risks and
emerging risk assessments for medium- and long-term risks. Both processes evaluate risks by likelihood and
impact. Further information on the process can be found in the Risk management section (pages 36 and 37).
The resilience of
the organisation’s
strategy taking
into consideration
different climate-
related scenarios,
including a 2°C or
lower scenario1.
We have assessed the resilience of our strategy under different climate scenarios, including a 2°C or lower
scenario. This analysis considers potential impacts of the transition to a low-carbon economy on investment
performance, asset prices, and liquidity.
To support this, we leverage our proprietary ESG analytics tools to analyse exposures through a climate-related
lens. Our products and strategies are designed to remain resilient under future climate shifts, and the resilience
of our balance sheet has also been assessed. Additional details on scenario analysis and our performance
against climate targets can be found in the Risk management section (pages 36 and 37) and Sustainability and
responsibility section (pages 52 and 53).
We have included disclosures in line with the recommendations of the
TCFD, providing further transparency on our approach to managing
climate-related risks and opportunities across our business in 2024,
in line with Listing Rules 6.6.6R, 14.3.24R and 16.3.23R.
TCFD
We have provided information on all four
pillars and 11 recommendations in our Annual
Report, incorporating the supplemental
guidance provided for asset managers by
the TCFD.
According to our own assessment, we comply
with the majority of the recommendations;
when we don’t, we have explained the
reasons why we believe they are not
applicable or material to our business,
or why improvements are still required.
Key:
Compliant
In progress
1 We set firm-wide targets considering the Paris Agreement, an international treaty on climate change adopted in December 2015. The goal of the agreement is to limit
global warming to well below 2°C, and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.
60
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Disclosure
recommendation
Man Group assessment/
2024 Annual Report reference
Compliance
Strategy continued
The impact of
climate-related risks
andopportunities
ontheorganisation’s
business, strategy
andfinancial planning.
Climate-related risks and opportunities influence Man Group’s business strategy, shaping both the integration of
ESG considerations into investment processes and operational practices, as well as the development of innovative
ESG-focused solutions for clients. We view the climate transition as both a risk and an opportunity, particularly in
advancing our ability to offer products that meet clients’ evolving ESG needs.
Climate-related considerations are actively incorporated into the firm’s financial planning and strategy. For
example, these considerations inform resource allocation, operational budgets (e.g. Scope 3 carbon reduction
targets related to business travel), and strategic initiatives that align with the Group’s net-zero by 2030
commitment. Further details on this integration can be found in the CFO review (page 29). Additional discussion
of risk mitigants and the financial impact of climate-related risks is available in the Risk management section
(pages 36 and 37).
While climate-related risks have not materially impacted the Group’s financial performance or position to date,
we continue to monitor emerging risks and opportunities to ensure they are reflected in strategic planning and
financial processes. Recognising the need for further progress in this area, the Group is committed to enhancing
our ability to measure and understand the interdependencies of climate-related factors and their impact on value
creation over time. This work is ongoing, with the aim of achieving greater alignment with TCFD requirements in
the medium term.
Additional
recommendations
included in the
supplemental
guidance for asset
managers.
Man Group leverages 35+ years of experience working with data to solve complex ESG challenges for clients.
Climate-related risks and opportunities are integrated into investment strategies through proprietary ESG tools,
enabling the firm to factor both transition and physical risks into decision-making.
We utilise our technology to identify and capture climate-related opportunities, including developing products and
strategies that help clients navigate the transition to a low-carbon economy. More detail on this is available in the
Sustainability and responsibility section (pages 54 and 55) and Risk management section (pages 36 and 37).
Risk management
The organisation’s
process for identifying
and assessing climate-
related risks.
Man Group identifies and assesses climate-related risks over short-, medium-, and long-term time horizons using
a multi-disciplinary, firm-wide risk management framework. The risks considered include:
Current and emerging regulation
Technological changes
Market risks
Reputational risks
Acute and chronic physical risks
Upstream and downstream impacts
These risks are evaluated using the same risk assessment framework applied to all principal risks, allowing us
to calibrate the relative significance of climate-related risks against other business risks. This process ensures
consistency and prioritisation across the organisation. Further details on this framework and the principal risks we
consider are available in the Risk management section (page 36).
The organisation’s
process for managing
climate-related risks.
Climate-related risks are embedded within Man Group’s existing risk governance and reporting framework and are
managed within the relevant associated risk categories, such as investment performance or business continuity.
This framework is owned by the Board and implemented by senior management, who are responsible for making
strategic decisions to avoid, mitigate, reduce, or accept risks, including those related to climate change. Regular
reporting and management information processes ensure that climate-related risks are monitored and addressed
at the appropriate level.
Further details on our processes for managing climate-related risks can be found in the Risk management section
(pages 36 and 37).
How processes for
identifying, assessing
and managing
climate-related risks
areintegrated into the
organisation’s overall
risk management.
Climate-related risks are fully integrated into Man Group’s overarching risk management framework. These risks
are monitored and managed within the relevant principal risk categories as well as through specific processes
tailored to climate-related risks.
Integration into the firm’s risk management processes ensures that climate-related risks are considered alongside
other principal risks, with regular reporting and oversight by senior management and the Board. Details on this
integration are available in the Risk management section (pages 36 and 37).
Additional
recommendations
included in the
supplemental
guidance for asset
managers.
We continue to enhance our approach to managing climate-related risks, leveraging our data-driven culture to
support clients in the transition to a low-carbon economy.
We identify and assess material climate-related risks in our investment strategies, as outlined in the
Sustainability and responsibility section (page 54).
We actively manage climate-related risks in our portfolios and remain committed to achieving net zero across
our core operations (page 50) and reducing emissions in our investment strategies by 2030 in line with our
portfolio decarbonisation targets (page 54).
Our Stewardship team engages with investee companies to address material climate-related risks and
opportunities, with more details on our approach on page 57.
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Man Group plc | Annual Report 2024
Disclosure
recommendation
Man Group assessment/
2024 Annual Report reference
Compliance
Metrics and targets
The metrics used by
the organisation to
assess climate-related
risks and opportunities
in line with its strategy
and risk management
process.
Man Group uses a range of metrics to assess climate-related risks and opportunities related to its operations,
including total carbon emissions (scope 1, 2 and 3) and carbon emissions per full time equivalent, as well as how
these metrics have changed over time. These metrics are monitored over time and reported in the Sustainability
and responsibility section (pages 51 to 53).
We monitor our carbon emissions from business travel and incorporate Scope 3 carbon emissions reduction
targets specifically related to travel, which are incorporated into our annual budgeting process. Science-Based
targets were also introduced into the process this year to increase awareness across the business. We will
continue to refine our approach on an ongoing basis to meet our long-term targets.
The targets used
by theorganisation
to manage climate-
related risks and
opportunities and
performance against
targets.
Man Group is committed to reaching net zero corporate carbon emissions across its global workplaces by 2030,
in line with the Paris Agreement. Additional short-term targets aligned with the Science-Based Targets initiative
(SBTi) for a 1.5°C scenario have been set as milestones on the path to net zero.
Key measures to manage performance against these targets include:
including carbon emissions targets in directors’ long-term incentive plans (details in Directors’ Remuneration
Report, pages 108 and 118);
incorporating carbon considerations into the annual budget process;
prioritising carbon net zero strategies when refurbishing or relocating offices; and
continuing to adopt agile working strategies to reduce office-related emissions.
We actively monitor progress toward our net zero targets through interim milestones. Progress is reviewed
quarterly through internal reporting processes and is tracked against key performance indicators reported to
senior management and the Board. Updates on our progress, including any adjustments to our approach, are
disclosed annually in the Sustainability and responsibility section (pages 52 and 53).
Scope 1, 2 and 3
greenhouse gas
(GHG)emissions
andrelated risks.
Man Group calculates and discloses its operational carbon emissions in line with the GHG Protocol, including
Scope 1, 2, and 3 emissions. Scope 3 emissions are further broken down into relevant categories, such as business
travel and supply chain activities, to provide greater transparency and insight into the drivers of our emissions
profile. This data, along with historical comparability, is presented in the Sustainability and responsibility section
(pages 51 and 52).
While we calculate carbon emissions in line with the GHG Protocol, we acknowledge that data quality and
availability, particularly for Scope 3 emissions, continue to evolve. Current limitations, including data consistency
from external sources and coverage across the value chain, are discussed in detail in the Sustainability and
responsibility section (page 52). We remain committed to improving the accuracy and reliability of disclosed
metrics as industry standards and data collection processes mature.
Additional
recommendations
included in the
supplemental
guidance for asset
managers.
We disclose metrics used to assess climate-related risks and opportunities within investment strategies, including:
GHG emissions from assets under management (AUM); and
weighted average carbon intensity for several of our key strategies.
We have set a portfolio decarbonisation target of 50% reduction in emissions intensity by 2030, compared
with a baseline WACI as at 2019 and we continue to make progress against this target (page 54). We also report
carbon-only metrics for clients, subject to data availability, if required by our clients and continue to refine these
calculations as better data and methodologies become available.
We continue to monitor industry developments and will incorporate best practices into our carbon reporting as
they emerge.
TCFD continued
Key:
Compliant
In progress
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Non-financial and sustainability information statement
Man Group has chosen to comply with sections 414C, 414CA and 414CB of the
UK Companies Act 2006, although we are not required to do so as a Jersey
incorporated company.
The table below constitutes our non-financial and sustainability information statement. Information contained herein is incorporated by cross
reference. For a description of our business model please refer to pages 10 and 11.
Our policies
and standards
Due diligence
and governance
Impact and outcomes of
our policies and standards
Related
principal risks
Environment
Environmental
Sustainability Policy
Statement
Describes our commitment
to conducting our business
responsibly, minimising
the environmental and
climate-related impact of
our activities.
Our climate change strategy is set by the Board
(for further information please see pages 36 and 37).
We track our progress through our environmental
performance and management systems, which ensure
accurate identification and reporting of issues.
Our strategy, targets and performance metrics in
relation to our impact on the environment can be
found on pages 50 to 53. Our metrics in relation to our
investment strategies can be found on page 59.
Our greenhouse gas emissions data can be found on
page 51.
We maintain carbon neutrality across our direct
corporate operations through the purchase of certified
carbon offsets.
Climate change
risk management
and strategy is
discussed on
pages 36 and 37
and as a principal
risk on page 36.
Climate-related
Financial Disclosures
Our climate-related financial
disclosures can be found
within the TCFD disclosures
on pages 60 to 62.
The Board has collective responsibility for providing
climate-related oversight and setting the firm’s
climate-related strategy. The Board oversees progress
on the development of our climate-related financial
disclosures and is kept apprised of climate-related risk
via the Audit and Risk Committee.
Senior management is responsible for implementing
the climate strategy as set by the Board.
Further information on our ESG governance structure
and risk management strategy can be found in the
Sustainability and responsibility section on page 49.
We report in line with the TCFD recommendations.
Further information on our climate-related financial
disclosures can be found on pages 60 to 62.
We have committed to reducing greenhouse gas
emissions to net zero in investment portfolios by 2050.
Climate change
risk management
and strategy is
discussed on
pages 36 and 37
and as a principal
risk on page 36.
Social matters
RI Policy and
processes
Outlines our recognition
and support for the
development and
integration of RI modalities
across the firm.
Our Responsible Investment Committee oversees the
implementation of the Man Group RI Policy, and other
RI-related policies and processes. The Board receives
regular updates from the RI Leadership team. We
review and update our RI policies on an annual basis.
Man Group now has four dedicated ESG committees,
which regularly inform and report on ESG-related
matters to senior management, the RI Leadership team
and the Man Group Board.
Man Group has established an ESG Centre of Expertise
(RI team), responsible for driving the integration of RI
and engagement across the firm. Man Group’s RI team
is responsible for the day-to-day implementation of
the Man Group RI Policy.
The diversified nature of our multi-strategy businesses
means that no RI framework is universally applied.
Accordingly, we apply the norms and best practices
of RI that are most appropriate for the strategies and
asset classes we manage.
We integrate ESG considerations in our investment
decision-making and monitoring across strategies,
in line with the RI-related policies and processes
overseen by the Responsible Investment Committee.
Our ESG-integrated AUM is $62.6 billion and we
continue to leverage our technology and data
capabilities to drive ESG integration across the
firm and have developed a suite of proprietary ESG
tools to support investment decision-making and
management. For further information on our RI efforts,
please see pages 54 to 57.
Man Group is a signatory to the UN-supported PRI and
reports annually on our RI work to the PRI.
RI is linked to
our investment
performance
and reputational
principal risks on
pages 32 and 35.
Engagement Policy
Outlines our approach to
shareholder engagement
and proxy voting, as
stewards of our clients’
capital.
Our Stewardship team oversees proxy voting and
engagement activity at the firm level, including the
application and maintenance of our Engagement
Policy. Fund-level engagement is delegated to
the investment teams. The Engagement Policy
was formalised by a cross-section of business
units, including investment managers and RI and
stewardship personnel. The Stewardship Committee is
responsible for monitoring compliance with the policy
and overseeing amendments to the policy.
The Engagement Policy sits alongside our Voting
Policy Framework. It describes how the firm integrates
shareholder engagement in the investment strategies,
monitors investee companies on a regular basis,
conducts dialogues with investee companies on
relevant matters, exercises voting rights, cooperates
with other shareholders, communicates with relevant
stakeholders of the investee companies, and manages
actual and potential conflicts of interest to the firm’s
engagements.
Our stewardship activities can be found on page 57.
Man Group is a signatory to the UK Stewardship Code
and the UN-supported Principles for RI.
Not linked to our
principal risks.
ManKind Initiative
The Company’s programme
which aims to encourage
employee volunteering.
We prioritise giving back to our communities and this
takes place through various initiatives, partnerships
and channels. For further information on our initiatives
see page 45.
Senior management actively promotes the ManKind
initiative across the firm to encourage employee
participation in volunteering activities. We are pleased
that over 590 employees volunteered in 2024.
Not linked to our
principal risks.
63
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Non-financial and sustainability information statement continued
Our policies
and standards
Due diligence
and governance
Impact and outcomes of
our policies and standards
Related
principal risks
Social matters continued
Global Banned
Weapons Policy
Sets out our approach to
Global Banned Weapons
investments.
The Financial Crime Compliance team maintains and
oversees this policy and we have developed internal
systems and controls to assist the firm in complying
with the restrictions.
Man Group has established a firm-wide zero tolerance
threshold to limit the firm’s exposure to Banned
Weapons. The funds we manage are not permitted
to directly invest in or finance companies, which our
independent third-party specialist screening provider
believes are involved in the manufacture, supply
or distribution of weapons banned by international
convention.
RI is linked to
our investment
performance
and reputational
principal risks on
pages 32 and 35.
Legal, compliance
and regulatory
risk is a principal
risk on page 35.
Wellbeing and
inclusion – Global
Inclusion Statement
We are committed to looking after our people and have
a global well-being programme in place. This includes
guidance given by webinars, events (onsite and virtual)
and through our Engagement hub.
We have a number of policies and offerings including
Gender Neutral Parental Leave, an Employee
Assistance Programme, Tenure Award Leave, and
Flexible Working options. For further information see
the People and culture section on pages 40 to 44.
Not linked to our
principal risks.
Anti-bribery and corruption
Anti-Bribery and
Corruption Policy
& Financial Crime
Compliance
Statement of
Principles
Sit alongside other policies
covering political and
charitable donations, gifts
and entertainment, fraud,
tax evasion, sanctions,
anti-money laundering and
counter-terrorism financing.
Ongoing oversight is provided by senior management.
Annual reports from the Money Laundering Reporting
Officer are submitted to the Audit and Risk Committee
and processes and procedures are further reviewed by
Man Group’s Internal Audit team.
Annual training is provided to employees to ensure
they understand their responsibilities and duties.
Our approach to anti-bribery and corruption is
designed to comply with all applicable laws and
regulations and is overseen by a dedicated team
who work to ensure our policies and practices are
implemented and designed to prevent, detect and
report suspicious activity and red flags.
In addition, risk-based due diligence procedures have
been designed to identify and verify the owners and
controllers of relationships to ensure we know our
partners in business, suppliers and clients and that we
are compliant with all applicable laws and regulations.
Failure to
implement
effective controls
in relation to
anti-bribery
and corruption
is a principal
operational risk
under ‘criminal
activities’ on page
35.
Information security
Information Security
Policy
The Information Security Committee reports to the
RAF and quarterly to the Audit and Risk Committee.
Annual training, alongside other more regular exercises
and audits, is provided to employees and the results
form part of regular reporting.
At a base level, our approach is designed to comply
with applicable legislation and regulation.
Our awareness programme ensures employees are well
versed in our security policies and protecting sensitive
information.
Security of
information is
linked to our
operational and
reputational
principal risks on
pages 34 and 35.
Employees
Global Code of Ethics
and Code of Conduct
and Whistleblowing
Policy
Describes our commitment
to high standards and
professional conduct.
The Company has a monitoring framework which
ensures these codes are regularly reviewed and
remain fit for purpose. Regular training is provided to
employees to ensure they are informed of our expected
standards.
Our Whistleblowing Policy allows staff to raise concerns
anonymously and is subject to independent oversight
by the Audit and Risk Committee.
Employees contribute to our success by adhering to
our core business principles: acting ethically and with
integrity, putting clients’ interests first, monitoring
conflicts of interest, retaining and disclosing
information and appropriately and observing high
standards of business conduct.
Employees are able to raise concerns to an
independent external agency (Safecall), and
governmental, regulatory, self-regulatory, or law
enforcement authority, as well as to nominated
individuals internally. Disclosures are reported, on an
anonymised basis, to the Audit and Risk Committee.
Employee
conduct is linked
to our operational
and reputational
principal risks on
pages 34 and 35.
Health and Safety
Policy/Statement
Describes our commitment
to ensuring the health,
safety and welfare of our
employees by providing
safe working environments
and ensuring Man Group’s
statutory duties in respect
of health and safety are met
at all times.
We track progress through a number of health and
safety systems ensuring accurate reporting of
accidents, incidents and near misses and prevention
measures.
On behalf of the Board, the Health and Safety
Committee (HSC) oversees the development and
implementation of our health and safety processes and
procedures. Our Board maintains overall responsibility
for the health and safety and welfare of employees.
We aim to minimise health and safety risks and we
have an ongoing programme of health and safety risk
assessments and undertake improvements on an
ongoing basis.
We evaluate the safety training needs of employees
and ensure that they receive appropriate resources
and training including induction safety training.
Statutory and regulatory risk assessments are carried
out annually and observations are actioned and closed
out in a timely manner.
Employee well-
being is linked to
our operational
principal risks on
page 34.
64
Strategic report
Man Group plc | Annual Report 2024
Our policies
and standards
Due diligence
and governance
Impact and outcomes of
our policies and standards
Related
principal risks
Employees continued
Diversity, Equity and
Inclusion Initiatives,
Global Inclusion
Statement and
diversity focused
recruitment
Governs our approach to
diversity and attracting
diverse talent into the
Company and the industry.
Our diversity, equity and inclusion initiatives support
Man Group’s commitment to improving diversity
across the Company and within the finance industry
more generally. We actively encourage, support and
progress initiatives that address social barriers that
have historically prevented access to our industry.
The initiatives are supported at a senior level by the
Executive Committee and our Drive (DE&I) Steering
Committee (see pages 42 to 43). We have a zero
tolerance of discrimination and harassment (including
sexual harassment).
Our Board meets the diversity targets set by the FTSE
Women Leaders Review, Parker Review and Listing
Rules and we continue to be cognisant of diversity
when reviewing the composition of our Board in
line with our Board Diversity, Equity and Inclusion
Policy. See page 96 for further information. Further
information on our diversity, equity and inclusion
initiatives can be found within our DE&I report on
the Man Group website and within our Corporate
Sustainability brochure on the Man Group website.
Not linked to our
principal risks.
‘Paving the Way’
initiative
Our initiatives focus on
attracting diverse talent
into the Company and
the industry.
We actively encourage, support and progress initiatives
that help assist in addressing social barriers that have
historically prevented access to our industry. Our
initiatives are overseen by the Drive (DE&I) Steering
Committee, and the Board and senior management are
updated on progress.
As part of the ‘Paving the Way’ initiative we have
partnered with various organisations to address
pipeline recruitment issues. For more information
see the Corporate Sustainability brochure on the
Man Group website.
Not linked to our
principal risks.
Human rights
Human Rights
Statement and
Modern Slavery
Transparency
Statement
Sets out our high standards
and how these define and
inform our operations and
prevent modern slavery
from occurring within the
business and supply chain.
Man Group is committed to high standards of business
conduct and this extends to the commitment to the
protection of human rights throughout the business.
The Board reviews and agrees the Modern Slavery and
Transparency Statement on an annual basis.
Our Human Rights Statement sits alongside our
Global Inclusion Statement and our Modern Slavery
Transparency Statement, showing our commitment to
the promotion of human rights within the workplace,
our operations and how we operate our business. For
more information see the Corporate Sustainability
brochure on the Man Group website.
There are no known instances of modern slavery within
our business.
Negative publicity
is a principal
reputational risk
on page 35. Legal,
compliance and
regulatory risk is
a principal risk on
page 35.
Other
Service Provider
Management Policy
Ensures our fund service
providers are appropriately
selected, managed and
overseen and that any
issues are identified and
escalated.
An ongoing programme of due diligence is conducted,
and guidance is provided on our expectations of our
fund service providers’ conduct and operation.
Through our current programme we are able to partner
closely with our fund service providers and ensure that
we have detailed oversight of their service provision
and that any issues are promptly identified, escalated
and resolved.
External process
failure by one
of our service
providers is
a principal
operational risk on
page 34.
Supplier Code of
Conduct
Sets out our business
conduct expectations
of our suppliers.
The Supplier Code of Conduct outlines the minimum
standards we expect of our suppliers regarding any
economic or employment activities, impact to the
environment, as well as engagement with the wider
community.
We endeavour to work closely with our suppliers to
address global social and environmental challenges.
Vendor management including performance reviews
are used to monitor the KPIs/service-level agreements
put in place to monitor our suppliers.
Negative publicity
is a principal
reputational risk
on page 35.
Non-financial KPIs
The Board and senior management review the
appropriateness and progress against non-financial
KPIs.
Further information on our non-financial KPIs can be
found on page 21.
Negative publicity
is a principal
reputational risk
on page 35.
65
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Our purpose and strategic pillars are outlined on
pages 2 and 14 to 15. This section outlines the role of
the Board in overseeing the delivery of strategy and
the governance framework in place to support it.
Italso explains who our stakeholders are and how
the Board considers their views when making
keydecisions.
Overview for 2024
Governance overview
Statement of compliance
The Company is subject to the 2018 UK Corporate Governance
Code (the Code), which is publicly available at www.frc.org.uk
and will become subject to and report against the 2024 UK
Corporate Governance Code for the year ending 31 December
2025. The Company has, throughout the year ended
31 December 2024, applied the principles of, and complied with
the provisions of, the Code except in relation to the following:
Provision 15 of the Code recommends that additional external
appointments for directors should not be undertaken without
theprior approval of the Board. The Board has established
aneffective process for approving such appointments. The
process requires directors to inform the Chair of any proposed
external appointment, (or in the case of the Chair, the SID). The
Chair (or the SID) then assesses the proposed appointment and
either approves it, or refers the matter to the fullBoard for
consideration, for example in a situation where theremay be
a potential conflict with the director’s role on the Man Group
Board. A description of the process is on page80.
Provision 33 of the Code requires that the Remuneration
Committee (the RemCo) should have delegated responsibility for
setting the remuneration of the Chair. The terms of reference of
the RemCo provide that the RemCo has authority to recommend
to the Board but not to approve the remuneration ofthe Chair.
This is because the Board believes that in order toprovide
transparency and allow the views of all directors, executive and
non-executive, to be taken into account, itisappropriate for all
Board members to provide input into determining the Chair’s
remuneration. The Chair does not participate in this decision.
We would like to reference the following for completeness:
Provision 10 of the Code requires the Board to identify in the
Annual Report each director it considers to be independent,
and sets out circumstances which are likely to or could impair
independence. One circumstance listed is if a director has
served on a board for more than nine years from the date of
their first appointment. Richard Berliand, having been appointed
on 19 January 2016, has served on the Board for more than nine
years. However, following a robust review, the Board has
concluded that his independence remains unimpaired and has
agreed that his appointment will continue until a date no later
than December 2025, subject to his reappointment as a director
at the 2025 AGM. For full details please refer to pages 95.
Section 172(1) statement (including principal decisions and
engagement with stakeholders)
The Board of directors confirms that during the year-ended
31 December 2024, it has acted in a way that it believes promotes the
long-term success of the Company for the benefit of its members as a
whole, whilst having due regard to the matters set out in section 172(1)
(a) to (f) of the UK Companies Act 2006.
Details of how this has been achieved and the way in which the Board
has engaged with our identified stakeholders, the outcomes of this
engagement and the consideration of stakeholder interests in principal
decisions are set out on pages 76 to 79.
Corporate Governance Code Index
1 Board leadership and Company purpose
We have a diverse and effective Board which leads Man Group to
achieve our purpose and safeguard our stakeholder-focused culture.
Page(s)
Effective Board 80-83
Value creation and preservation 68
Workforce policies and practices 77
Governance framework 68
Purpose, values and culture 2
Stakeholder engagement 76–79
Key activities of the Board in 2024 74-75
2 Division of responsibilities
Our Board is comprised of 80% independent non-executive directors,
including the Chair (who was considered independent on appointment),
and 20% executive directors. We monitor external commitments and
conflicts of interest.
Page(s)
Board roles 69
Independence 80
Conflicts of interest 80
External appointments 80
3 Composition, succession and evaluation
The composition of the Board and its succession plans are kept under
regular review by the Nomination and Governance Committee. We have
an ongoing training programme and follow a three-year cycle of
undertaking external Board performance reviews.
Page(s)
Board skills, experience and knowledge 81
Training 81
Board performance review 82-83
Board and committee composition 70-71
Succession planning 97
Board diversity, equity and inclusion 80 and 83
4 Audit, risk and internal control
Man Group’s risk management framework and internal control systems
aim to safeguard assets, maintain proper accounting records, and
provide assurance that the financial information used internally and
published externally is robust and reliable.
Page(s)
Financial reporting 89
Significant financial judgements 86-88
Internal financial controls 89-90
Assurance over external reporting 91-92
Internal and external audit 91-92
Internal controls and risk management 89-91
Business continuity and disaster recovery 89
Cyber security 90
Viability 37
5 Remuneration
We are transparent about our pay practices which aim to incentivise our
executive team to achieve our strategy and generate sustainable value.
Page(s)
Executive director policy table 103
Alignment with strategy and performance 99-100
Shareholder voting and engagement 121
Remuneration decisions in context 107
Executive director remuneration in 2024 103
66
Governance
Man Group plc | Annual Report 2024
Dear Stakeholder
I am pleased to present the Governance report for the year-ended
31 December 2024. This section willenable you to gain an
understanding of Man Group’s governance framework and
responsibilities, as well as the areas of focus and performance of the
Board over the past year. We recognise the importance of corporate
governance across the organisation and currently report under the
2018 UK Corporate Governance Code (the Code). The 2024 Code
began applying to us on 1 January 2025, and we will report under the
2024 Code in next year’s Annual Report. As with last year, we have
included an index on the opposite page to help stakeholders
understand how the Company has complied with, and reported
against, the principles and provisions of the Code.
Board and committee changes
There have been several changes to our Board this year. In February,
Alberto Musalem stepped down from the Board to become the
President and CEO of the Federal Reserve Bank of St. Louis. In May,
we welcomed Sarah Legg and Dixit Joshi to the Board and as members
of the Audit and Risk Committee and Nomination and Governance
Committee. Also in May, Lucinda Bell joined the Remuneration
Committee. Finally, in September, Paco Ybarra joined the Board
and the Nomination and Governance Committee.
Having considered the importance of an orderly transition of the role
of Senior Independent Director and concluded that Richard Berliand
remains independent in character and judgement, and there were no
circumstances impairing his ability to act in the best interests of the
Company and shareholders, Richard’s role as non-executive director
and the Senior Independent Director has been extended until a date no
later than December 2025, subject to shareholder approval at the 2025
AGM. For full details please see page 95.
Strategy
Following Robyn Grew’s appointment as CEO in September 2023, the
firm’s multi-year strategic priorities were announced in early 2024.
The Board has been working with the executive management team to
further diversify the firm’s investment capabilities, particularly in quant
equity, credit and solutions; to extend our client reach, with a particular
emphasis on North America, wealth and insurance channels; and to
leverage our existing strengths and scale. The Board held two in-depth
strategy sessions during 2024 to review and build on these priorities
and we are pleased with the progress made.
Working with stakeholders
We seek to engage with stakeholders in an open, constructive
and transparent manner, and make a conscious effort to ensure
stakeholder views are considered as part of the Board’s decision-
making process. As usual, our section 172(1) statement has been
integrated into the stakeholder engagement section which explains
how and why we engage with our stakeholders and what the
outcomes during the year have been.
Diversity, equity and inclusion
We remain committed to promoting diversity, equity and inclusion
across the organisation. We are proud to have a Board that exceeds
the gender and ethnicity targets set out in the FTSE Women Leaders
Review and Parker Review, and the UK Listing Rules, including having
two of the four senior Board positions (Chair, CEO, SID and CFO) held
by women. Our Board Diversity, Equity & Inclusion Policy, which
was updated and approved by the Board in early 2024, is on pages
96 to 97.
Board activities and effectiveness
2024 represented another busy year for Man Group and the Board,
and a summary of our key activities is set out on pages 74 and 75.
I am satisfied with the progress made against our actions from last
year. In line with the Code, this year’s Board performance review was
undertaken by an external facilitator. We are pleased to confirm that
the results of the review (which are set out on pages 82 and 83) echo
our own feelings – that we are an effective and collaborative Board.
Board priorities for 2025
2025 is likely to be another busy year. We intend to focus much of our
time monitoring progress to ensure that the firm continues to deliver
outperformance for clients and excellent value to shareholders.
We look forward to meeting shareholders at our 2025 AGM. In addition
to our standard AGM business, we are seeking approval of our new
Directors’ Remuneration Policy. Our standard authorities to allot shares
and to disapply pre-emption rights have been updated to take account
of updated guidelines issued by the Investment Association and the
Pre-emption Group. While the Board has no current plans to make use
of these authorities, they are requested in line with current best
practice and, if granted, will ensure the maximum permitted flexibility
to manage capital resources and to take advantage of any inorganic
growth opportunities that may arise in the future.
Finally, I’d like to thank all of our people for their hard work and
commitment during 2024 and for continuing to demonstrate the
strong culture that makes Man Group so unique.
Anne Wade
Chair
Chair’s governance overview
I am delighted to have welcomed
three new non-executive directors
to the Man Group Board during
2024 to work alongside existing
Board members and the executive
management team to deliver on
the firm’s strategy.
Anne Wade
Chair
67
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Governance structure
Board
Board Committees
1
Executive Committee (ExCo)
Role of the Board
The Board’s core role is to act in the best
interestsand promote the long-term
sustainable success of the Company for the
benefit of its members, with due regard to the
interests of other stakeholders.
This requires it to:
determine and review business strategy;
monitor management performance in
delivering against the firm’s strategy;
ensure that risk management measures and
internal controls (including those related to
climate) are appropriate and effective;
oversee and monitor the embedding of
andadherence to the Company’s business
values and foster the Company’s culture;
and
ensure that the Company’s financial
structure, resources, talent and culture
supports long-term and sustainable growth.
In discharging this role, the Board also has
regard to the interests of a wide range
of stakeholders (see page 76 for further
information), inorder to build mutual trust
and support the long-term sustainability of
the business.
Matters reserved for the Board
To discharge its role, the Board has reserved
certain key areas of decision-making, including
business strategy, risk appetite, material
acquisitions and disposals, capital structure
andfunding, financial reporting and capital
allocation policy. Afull list of the Board’s
reserved mattersisavailable on our website at
www.man.com/corporate-governance.
Audit and Risk Committee
Reviews the integrity of the
Company’s financial reports and
statements, and recommends
their approval to the Board
Recommends to the Board the
appointment of the external
auditor and reviews their
effectiveness and independence
Approves the Internal Auditplan
and reviews theeffectiveness of
the Internal Audit function and
management’s response
to findings
Reviews and reports to the Board
on the effectiveness of Man
Group’s risk management and
internal controls framework
^ See page 84
Remuneration Committee
Determines and recommends
to the Boardthe principles
and structure of the Directors’
Remuneration Policy
Approves the total annual
compensation for individual
executive directors
Approves the quantum ofthe
Company’s annual variable
compensation pool and
deferral policies
Considers and reviews
the remuneration of the
wider workforce
Approves the total annual
compensation for Executive
Committee members, Company
Secretary and Remuneration
Code staff
Oversees the Company’s
engagement on directors’
remuneration and reporting
^ See page 98
Nomination and Governance
Committee
Keeps the Board’s size, structure,
composition and diversity under
review in response to business
needsand opportunities
Considers the skills, experience
and knowledge required for
Board appointments
Considers the independence of
current Board members
Conducts the search
and selection process
for new directors, taking
advice fromindependent
searchconsultants
Recommends to the Board
preferred candidates for Board
appointment
Reviews Board and senior
management development and
succession planning to ensure
continuity of resource and takes
into consideration diversity,
equity and inclusion
Monitors and reviews the
Company’s corporate
governance arrangements
Considers the output of
Board performance reviews
and is responsible for the
implementation of any resulting
recommendations
^ See page 94
Details of the membership of the ExCo and its function can be found on pages 72-73. The ExCo assists the CEO
in the day-to-day management ofthe firm and is responsible for the implementation of the Company’s global
business strategy and strategic priorities, ensuring that it is disseminated and actioned accordingly within the
Company’s two distinct geographically-aligned sub-groups in line with thedelegated authorities framework.
1 Committee terms of reference, which are reviewed and approved by the
Boardonanannualbasis,canbefoundonourwebsite.Detailsofthework
of the Committees during the year are given in the separate Committee
reportsinthisAnnualReport.
CEO’s operating
authorities and
procedures
To help manage and
controlthebusiness
onaday-to-day
basis,theCEOhas
implemented
a framework
of delegated
authorities and
procedures which
applies throughout
the firm. This
framework sets
out authority levels
andcontrolsin
respect of material
business change,
the development of
Man Group’s product
range, non-budgeted
expenditure,
recruitment and
compensation,
legal agreements,
financial guarantees
and use of the
Company’s
balancesheet.
Board delegation
to the CEO
All significant
business decisions
and activities which
are not reserved
for the Board and
its Committees
are delegated to
theCEO.
CEO
Key:
Flow of information to the Board
Delegated authority from the Board
68
Governance
Man Group plc | Annual Report 2024
Board responsibilities
Chair CEO
Leads the Board, sets its agenda and ensures it discharges its
roleeffectively.
Supports and constructively challenges the CEO, promotes
effective relationships between executive and non-executive Board
members, andmaintains a culture of open debate.
Leads, with the support of the Nomination and Governance
Committee, effective Board succession planning and the search for
and appointment ofnew directors, taking account of the need for
the development of Board skills, experience and diversity.
Ensures that the Board maintains effective engagement with
shareholdersand takes account of the interests of all stakeholders
in itsdecision-making.
Has responsibility for the day-to-day management of the business
subjectto appropriate delegated authorities, risk management and
internalcontrols.
Develops, for Board consideration and approval, business strategy,
andreports on management’s delivery against it.
Leads the ExCo (see pages 72 and 73), which is responsible for
implementing the firm’s strategy.
Communicates a shared purpose and set of business principles and
buildsmanagement talent.
Works closely with the Chair and leverages the knowledge of non-
executive Board members.
Maintains an effective dialogue with shareholders on the firm’s
strategy andperformance.
CFO Senior Independent Director
Manages the allocation and maintenance of the firm’s capital,
funding and liquidity in accordance with regulatory requirements.
Has responsibility for the preparation and integrity of the firm’s
financial information and its reporting, in accordance with the Board
governance framework.
Leads the development of annual budgets and medium-term plans
for Board approval.
Has responsibility for the firm’s financial risk management within the
Board’s risk appetite statements.
Maintains an effective dialogue with shareholders and stakeholders
on the performance and financial structure of the firm.
Has responsibility for and leads the firm’s corporate development
strategy, including merger and acquisition activity.
Maintains a broad overview of the work of the Board and its
Committees.
Provides a sounding board for, and advice to, the Chair on Board
matters including development and succession planning.
Acts as a point of contact for communications with the non-
executive directors as required.
Leads the annual performance evaluation of the Chair.
Leads the search for the appointment of a new Chair.
Engages with shareholders.
Non-executive directors Company Secretary
Determine and review business strategy and oversee
management’s delivery against it.
Monitor and challenge management performance in delivering
business strategy and objectives.
Contribute to the identification of principal business risks and the
determination of risk appetite.
Monitor and challenge the effectiveness of the internal control and
risk management framework.
Monitor compliance with the regulatory principles and requirements
impacting asset management and distribution.
Review and challenge the Company’s financial statements and
announcements.
Keep Board composition and succession planning under review in
light of changing business needs and recommend any changes to
be considered.
Supports the Board and Committees in discharging their
respective roles.
Advises the Board on corporate governance matters, ensuring good
governance practices.
Maintains the books and records of the Company and prepares
minutes ofBoard and Committee meetings.
Facilitates the induction, and ongoing training and professional
development, of non-executive directors to support them in
carrying outtheir responsibilities.
Monitors and ensures compliance with company law, UK Listing
Rules, Disclosure Guidance and Transparency Rules and the UK
Market AbuseRegulation.
Organises the Company’s AGM and other shareholder meetings.
Acts as the main point of contact for retail shareholders.
69
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
A N
R N
A N
A
R
N R
R
A balanced and effective team
Board of Directors and Company Secretary
Our directors bring diversity of skill, experience and outlook which we believe
leads to better decision-making, creates greater value and promotes the long-
term success of the Company.
Anne Wade
Chair
Appointed
April 2020. Chair: October 2023.
Background and career
Anne held senior roles in research and equity
investment during her 17-year career at Capital
International, including Senior Vice President and
director. She also served as a non-executive director
and Chair of the Remuneration Committee of
John Laing Group plc from 2015 to 2021 and as
a non-executive director of Holcim Limited from
2013 to 2015.
Areas of expertise and contribution
Significant experience in investment management,
from traditional fund management to responsible
and impact investment.
Material external positions:
Non-executive director of Anglo American plc*.
Laurie Fitch
Independent non-executive director
Appointed
August 2023. Remuneration Committee Chair:
October 2023.
Background and career
Laurie’s background spans asset management and
investment banking, in both capital markets and M&A.
She was a non-executive director of EnQuest PLC
from 2018–2021, where she chaired the
Remuneration Committee. Prior to becoming a
non-executive director at EDP Renewables she was
a non-executive director of EDP SA from 2018-2024.
Areas of expertise and contribution
Extensive experience as an equity investor and
banker, and strong strategic and international
perspective.
Material external positions
Senior Advisor at PJT Partners. Non-executive
director of EDP (Energias de Portugal).*
Antoine Forterre
Chief Financial Officer (CFO)
Appointed
October 2021.
Background and career
Prior to his appointment to the Board, Antoine
servedas Co-CEO of Man AHL from 2017 and COO
of Man AHL from 2015, before which he was Head
ofCorporate Development and Group Treasurer
ofManGroup. Before joining Man Group in 2011,
Antoine worked at Goldman Sachs in London
andParis.
Areas of expertise and contribution
Strong background in finance, technology, strategy
and corporate development and comprehensive
understanding of the key drivers of the business as
aresult of his previous leadership positions within
Man Group.
Material external positions
None.
Richard Berliand
Senior Independent Director (SID)
Appointed
January 2016. SID: May 2017.
Background and career
Richard held senior positions at J.P. Morgan for over
23 years, including Global Head of Prime Services,
Global Head of Cash Equities and Chair of the
firm’sMarket Structure practice. Richard was a
non-executive director of Rothesay Life plc and
Deputy Chair of Deutsche Börse AG until 2019.
Areas of expertise and contribution
Deep understanding of financial markets, the
regulatory environment, risk management and
technology gained through senior executive roles in
the financial services sector and a diverse range of
international non-executive positions.
Material external positions
Chair of TP ICAP Group plc*.
Lucinda Bell
Independent non-executive director
Appointed
February 2020. Audit and Risk Committee Chair: May
2020.
Background and career
Lucinda is a chartered accountant and served as CFO
of The British Land Company plc from 2011 to 2018,
where she also led on sustainability. She was a
non-executive director and Chair of the Audit
Committee at Rotork plc (2014-2020) and a
non-executive director of Crest Nicholson Holdings
plc (2017-2023).
Areas of expertise and contribution
Extensive financial and listed company expertise
aswell as valuable experience in ESG matters.
Solidexperience as an Audit Committee member
andChair.
Material external positions
Non-executive director of Derwent London plc*.
Robyn Grew
Chief Executive Officer (CEO)
Appointed
September 2023.
Background and career
Prior to joining the Board, Robyn served as President
of Man Group with responsibility for managing the
Solutions business and overseeing trading and
execution. Robyn’s previous roles at Man Group have
included Group COO, Head of ESG and General
Counsel. Before joining Man Group, Robyn held senior
positions at Barclays Capital, Lehman Brothers and
LIFFE (since renamed ICE Futures Europe), the largest
futures and options exchange in London.
Areas of expertise and contribution
Robyn has significant operational and financial
services experience as well as a strong track record of
demonstrating strategic vision and collaborative
leadership.
Material external positions
Director/Trustee, Standards Board for Alternative
Investments.
70
Governance
Man Group plc | Annual Report 2024
N A
R
N
N
A
N
Dixit Joshi
Independent non-executive director
Appointed
May 2024.
Background and career
Dixit was Chief Financial Officer at Credit Suisse from
October 2022 until the sale of Credit Suisse to UBS.
Prior to this, Dixit was at Deutsche Bank from 2010
to 2022 where he held a wide range of senior roles
including Group Treasurer, Head of the Fixed Income
Institutional Client Group, Global Head of Prime
Finance, and Head of Equities for EMEA and for
Asia Pacific.
Areas of expertise and contribution
Significant capital markets experience and
commercial insight gained through senior leadership
and executive positions at major global financial
institutions.
Material external positions
None.
Elizabeth Woods
Company Secretary
Elizabeth joined Man Group in February 2014
and became Company Secretary in August
2019.
Before joining Man Group, Elizabeth held
company secretarial roles at PwC Legal and
Capita, where she was responsible for
delivering support and corporate governance
advice to a portfolio of clients including FTSE
and AIM listed companies, and at Mobeus
Equity Partners where she was Company
Secretary of a number of Venture Capital
Trusts.
Sarah Legg
Independent non-executive director
Appointed
May 2024.
Background and career
Sarah spent her executive career at HSBC in a range
of finance leadership roles, including Chief Financial
Officer, Asia Pacific (2010–2015) and Group Financial
Controller (2015-2019). She also spent eight years as a
non-executive director on the board of Hang Seng
Bank Limited, a Hong Kong listed bank.
Areas of expertise and contribution
Extensive corporate finance, audit and risk experience
gained in the financial services sector and strong
listed plc experience gained through her non-
executive board roles.
Material external positions
Non-executive director of Lloyds Banking Group plc*.
Non-executive director of Severn Trent plc*.
Paco Ybarra
Independent non-executive director
Appointed
September 2024.
Background and career
Paco spent 36 years at Citigroup where he became
Chief Executive Officer of the Institutional Clients
Group, which included all its Institutional Businesses:
Banking, Markets and Services. He retired from the
bank in June 2024.
Areas of expertise and contribution
Significant experience of markets, banking and
transactional services gained through senior
leadership and executive positions. Extensive
experience in international markets. Through his
career, Paco has been closely involved in the
development of technology and the automation of
trading, as well as many other banking services.
Material external positions
None.
Cecelia (Ceci) Kurzman
Independent non-executive director
Appointed
February 2020. Workforce engagement NED: March
2022.
Background and career
Ceci was Vice President of Global Marketing for Epic
Records at Sony Music Entertainment and, prior to
this, held various positions at Arista Records where
she led marketing and artist development functions.
She is founder and CEO of Nexus Management Group,
the talent management firm, and is founder of the
consumer technology platform OurX.
Areas of expertise and contribution
Deep knowledge of marketing, brand
managementand technology, specifically digital
media and digital endorsement and significant
experience with company launches and funding
growth stage businesses.
Material external positions
Non-executive director of Warner Music Group*
and Lanvin Group*.
Key:
Executive director
Non-executive director
* Quoted on a regulated market
N
Nomination and Governance (Chair)
R
Remuneration (Chair)
A
Audit and Risk (Chair)
N
Nomination and Governance
R
Remuneration
A
Audit and Risk
Juliet Dearlove
Interim Company Secretary
Juliet joined Man Group as Joint Company
Secretary on an interim basis in 2024.
Before joining Man Group she spent ten years
at JPMorgan Funds acting as Company
Secretary of The Mercantile Investment Trust
plc (a FTSE 250 company) and other
investment trusts within the JPMorgan
portfolio. Prior to that she was Company
Secretary of Prebon Group (2001-2005) which
is now part of TP ICAP Group plc. She has also
worked in the veterinary services, motor retail
and charity sectors, in joint General Counsel
and Company Secretary roles.
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Man Group plc | Annual Report 2024
Implementing our strategy
Executive Committee
Executive Committee
The Executive Committee (ExCo) is responsible for implementing the
firm’s strategy at a firm level and communicating the strategy to Man
Group’s UK/EEA and Rest of World (RoW) Holding Company (HoldCo)
Boards for onward implementation in their respective sub-groups.
The ExCo meets on a frequent basis to maintain its broad operational
oversight of the business, discuss top-level strategic and risk issues
and develop proposals for Board consideration. These meetings
aresupplemented by strategy-focused offsite days, and formal
quarterly governance meetings held to provide a forum for the ExCo
to review progress on strategy through various business spotlight
sessions, agree any matters that should be escalated to the Man Group
plc Board and anymatters that need to be communicated to the UK/
EEA and RoW HoldCo Boards.
Key decisions and areas of focus during 2024
Key decisions
Agreed the firm’s new strategic priorities before recommendation
to the Man Group plc Board.
Approved the internal reorganisation implemented over the course
of 2024 to realign resources in support of strategy.
Approved changes to Man Group discretionary and brand strategy,
including the launch of the Discretionary division, which was then
recommended to the Board for approval.
Reviewed 2024 Budget and 2024-2026 Medium Term Plan prior to
submission to the Man Group plc Board for consideration
andapproval.
Monitored and assessed acquisition opportunities.
Initiated a project to strengthen the firm’s key banking
relationships to facilitate delivery of key strategic priorities.
Considered the firm’s broker strategy in connection with its annual
wallet spend.
Areas of focus
Discussed the firm’s global strategy and strategic priorities in
order to support the Board’s decision-making at dedicated
strategy sessions, including offsite sessions in January and
September 2024.
Reviewed and approved investment in low latency execution
technology to support equity initiatives.
Debated items to be presented to the Man Group plc Board and
Audit and Risk Committee at theBoard, Board committee and
strategy sessions held during the year.
Assessed and monitored the financial performance of the firm.
Agreed actions arising from business unit spotlight presentations,
including close attention to the progress of Man Varagon and its
integration into the wider firm.
Discussed how the firm’s considerable investment risk
management capabilities at investment engine level could be
deployed more strategically on a firm-wide basis.
Considered matters relating to the firm’s people andculture.
Agreed any actions arising from the Man Group plc Board and
Committee meetings and considered regular reporting from the
UK/EEA and RoW HoldCo boards.
Q&A with Emma Holden, Chief
People Officer
Q
What drew you to join Man Group?
A
I joined Man Group in December 2024, after nearly 17
years at Schroders. What truly stood out to me about Man
Group was how central talent is to its business and future
strategy. It’s a firm where the combination of exceptional
people and cutting-edge technology drives world-class
investment capabilities.
From my early conversations with the Board, ExCo, and
others across the firm, it was clear that Man Group thrives
on a unique pool of talent — one that fosters an inclusive,
meritocratic culture that fuels the firm’s competitive
edge. The opportunity to lead a People function that is so
integral to shaping the future of the business was
incredibly compelling. I’m excited to work alongside such
a diverse and dynamic group of people and to help ensure
we’re well positioned for the future.
Q
How would you describe the culture at Man Group?
A
Even in my early days here, it’s clear that Man Group’s
culture is one of collaboration, inclusion, and intellectual
curiosity. This is a place where diverse perspectives are
valued, and the drive for excellence is intertwined with a
deep commitment to teamwork.
In the time I’ve spent with colleagues across the firm, I’ve
been struck by the calibre of our people and the shared
focus on finding innovative solutions to complex
challenges. Maintaining and evolving this culture is critical
to our success, and I’m working closely with the ExCo to
ensure we continue to nurture a workplace that
encourages bold thinking, meritocracy, and inclusivity.
Q
What are your priorities as you settle into your role?
A
Looking ahead, my focus is on shaping a People function
that’s fully aligned with the firm’s long-term strategic
goals. Attracting, developing, and retaining top talent will
remain at the heart of everything we do, but we also need
to think about how we prepare our people — and our
organisation — for the opportunities and challenges of
the future.
This means investing in skills and capabilities that will
be critical in a rapidly evolving industry, embracing
innovation in how we work, and fostering an environment
where people feel empowered to thrive. As we build the
future of Man Group, our ability to stay ahead will depend
on our people — ensuring we continue to attract diverse
perspectives, support career growth, and create a culture
where talent can flourish.
72
Governance
Man Group plc | Annual Report 2024
Our Executive Committee
Robyn Grew
Chief Executive Officer
Key areas of responsibility
Robyn Grew is CEO of Man Group, and an executive
director on the Man Group plc Board. As CEO, she
leads the ExCo and is central to the delivery of the
firm’s strategic ambitions. Robyn spearheads the
firm’s diversity programme, Drive.
Antoine Forterre
Chief Financial Officer
Key areas of responsibility
Antoine Forterre is Chief Financial Officer of
ManGroup, and an executive director on the
ManGroup plc Board.
Doug Hamilton
Chief Operating Officer
Key areas of responsibility
Doug Hamilton is COO of Man Group. In this role, Doug
has oversight of Man Group’s Central Trading and
Execution, Operations, Fund Treasury, Rest of World
Office and Corporate Real Estate teams.
Gary Collier
Chief Technology Officer
Key areas of responsibility
Gary Collier is CTO of Man Group, with responsibility
for all technology and data science across the firm.
Eric Burl
Head of Discretionary
Key areas of responsibility
Eric Burl is Head of Discretionary at Man Group,
responsible for the firm’s discretionary division.
Greg Bond
Numeric CEO and Head of the Americas
Key areas of responsibility
Greg Bond is CEO of Man Numeric, Head of the
Americas for Man Group, and lead portfolio manager
for Man Group’s flagship multi-strategy fund. He is
also a member of the Man Numeric Investment
Committee.
Kate Squire
Head of Non-Financial Risk
Key areas of responsibility
Kate Squire is Head of Non-Financial Risk at
ManGroup. Her role includes oversight of Global
Compliance, Financial Crime, Operational Risk and
Resilience, and Information Security at Man Group.
Michael Kasper
Head of Strategy
Key areas of responsibility
Michael Kasper is Head of Strategy with responsibility
to define and oversee the firm’s strategic priorities.
Russell Korgaonkar
AHL Chief Investment Officer
Key areas of responsibility
Russell Korgaonkar is Chief Investment Officer of
ManAHL, with overall responsibility for investment
andresearch. He is also a member of Man AHL’s
management and investment committees.
Steven Desmyter
President
Key areas of responsibility
Steven Desmyter is the President of Man Group and
the Chair of the Man Group plc Charitable Trust.
Steven oversees Man Solutions and leads Man Group’s
approach toresponsible investment and research.
Steven alsomanages the global sales and marketing
distribution strategy.
Tania Cruickshank
General Counsel
Key areas of responsibility
Tania Cruickshank is General Counsel at Man Group.
Tania leads the legal teams working in Man Group’s
offices in London, New York, Hong Kong and Pfäffikon,
Switzerland.
Emma Holden
Chief People Officer
Key areas of responsibility
Emma Holden is Chief People Officer of Man Group,
with responsibility for the People function.
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Man Group plc | Annual Report 2024
Key activities of the Board during 2024
Board activities
Strategy and business development Risk management
Financial performance
Strategic priorities and multi-year goals and targets
Considered, reviewed and approved Man Group’s key strategic
priorities presented by management.
1 2 3 4
C S E C
E B
R
Progress against strategic priorities
Oversaw progress against strategic priorities, including key milestones
and accountability. CEO and CFO reports presented at each meeting,
alongside specific deep dives.
1 2 3 4
C S E C
B
R
M&A and strategic partnership opportunities
Reviewed M&A and strategic partnership opportunities.
1 2 3 4
C S E
B
R
External perspectives on the market environment
Considered current industry trends, including industry performance,
investor sentiment and long-term market evolution.
1 2 3 4
C S
Group Operations update
Presentation of the firm’s COO Office function, including detail of the
structure of the team, key initiatives and objectives. Areas of focus
included trading execution efficiency and departmental talent pipeline
planning.
1 2 3 4
C S E
E B
R
Strategy updates – Sales, Wealth, and specific business units
Received updates from functions across the Group providing an
insight on developments within the key areas of strategic focus,
including diversifying investment capabilities and extending client
reach across the globe.
1 2 3 4
S E C
B
R
Varagon acquisition
Monitored the ongoing integration of Varagon following its
acquisition in 2023 and consideration of key areas, including
financial performance targets, optimising value proposition and sales
functions.
1 2 3 4
C S E
B
R
Investor Relations
Considered Man Group in the context of the UK equity market, the
broader market position, and the firm’s key priorities.
1 2 3
C S
Responsible Investment and Corporate Sustainability
initiatives
Received an update on Man Group’s approach to ESG and RI at both a
fund strategy and Group level. Client sentiment and key trends in ESG
considered alongside the performance of ESG-orientated strategies
and Man Group’s ESG ratings.
See page 48-59 for further details.
1 2 3 4
C S E C
E B
R
Risk appetite and governance framework
Approved revised risk appetite and governance framework.
1 2 3 4
C S E C
E B
R
Emerging and principal risks
Examined the potential impact of emerging risks. Discussed the firm’s
principal risks.
For further information see pages 30 to 37.
1 2 3 4
C S E C
E B
R
Effectiveness of risk management and internal controls
Considered Man Group’s systems of risk management and internal
controls and concluded that these continued to be effective.
For further information see pages 30 to 37 and 89 to 91.
1 2 3 4
C S E C
E B
R
CrowdStrike incident
Received updates from management in real time and following a
robust review of business resilience after the CrowdStrike incident.
Considered the firm’s response and any residual vulnerabilities.
For further information see page 89.
3
C S E
B
R
2024 Budget and 2024–26 Medium Term Plan (MTP)
Approved the 2024 Budget and 2024-26 MTP, having reviewed and
challenged the underlying assumptions for net flows, performance,
revenue margins and costs.
3 4
C S E C
E B
FY 2023 year-end results and 2024 interim results
Reviewed, challenged and approved the 2023 Annual Report and the
2024 interim results.
4
C S E
Dividends
Recommended the 2023 final dividend to shareholders which was
approved at the 2024 AGM. Approved payment of the 2024 interim
dividend.
4
S
Amendment of and extension to the Revolving Credit Facility
(RCF)
Approved an amendment to Man Group’s RCF specifying ESG targets
which were aligned with the executive directors’ LTIP ESG scorecard.
Reviewed and approved a term extension of the $800 million RCF for
one year.
1 2 3 4
C S E C
E B
R
Asset reunification and share forfeiture programme
Considered and approved an asset reunification, share forfeiture and
unclaimed dividends exercise, the proceeds of which were transferred
to the Man Group plc Charitable Trust.
3
C
B
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Governance
Man Group plc | Annual Report 2024
People and culture
Executive directors’ objectives
Discussed, challenged and approved executive directors’ objectives.
3 4
C E
Key management appointments
Considered management’s proposals for the appointment of a Chief
People Officer.
3
C S E
B
R
Board skills and independence
Reviewed the findings from the Nomination and Governance
Committee regarding the Board’s independence and skill set
and approved a limited extension of Richard Berliand’s (Senior
Independent Director) nine-year tenure.
1 2 3 4
C S E R
2023 Board evaluation and 2024 external Board performance
review
Discussed the output of the annual Board evaluation, considered and
approved areas of focus for 2024. Agreed the approach to the 2024
external Board performance review.
For further information see pages 82 to 83.
1 2 3 4 C S E C
E B
R
2023 independent Board review
Reviewed the progress and implementation of the recommendations
following the independent Board review into Board culture and
governance arrangements which took place during 2023.
1 2 3 4
C S E C
E B
R
Board and Committee attendance 2024
Board
1,2
Audit & Risk
Committee
Nomination &
Governance
Committee
Remuneration
Committee
Lucinda Bell 6/6 5/5 4/4 5/5
Richard Berliand 6/6 5/5 4/4 7/7
Laurie Fitch 6/6 5/5 4/4 7/7
Antoine Forterre 6/6 n/a n/a n/a
Robyn Grew 6/6 n/a n/a n/a
Ceci Kurzman 6/6 n/a 4/4 7/7
Board
1,2
Audit & Risk
Committee
Nomination &
Governance
Committee
Remuneration
Committee
Alberto G. Musalem 1/1 1/1 0/1
3
2/2
Anne Wade 6/6 n/a 4/4 7/7
Dixit Joshi 4/4 2/2 2/2 n/a
Sarah Legg 4/4 2/2 2/2 n/a
Paco Ybarra 3/3 n/a 1/1 n/a
1 Two strategy sessions were held during the year (January and September 2024) which were attended by all Board members.
2 There was one additional ad-hoc Board meeting which took place in January which all members attended.
3 Alberto Musalem did not attend the February Nomination and Governance meeting given he would be stepping down from the Board on 29 February 2024.
Key to strategy:
1
Innovative investment strategies
2
Strong client relationships
3
Efficient and effective
operations
4
Returns to shareholders
Key to stakeholders:
C
Clients
S
Shareholders
E
Employees
C
Communities
E
Environment
B
Business partners and suppliers
R
Regulators
Board activities
Innovative investment strategies 19%
Strong client relationships 22%
Efficient and effective operations 23%
Returns to shareholders 22%
Governance and other 14%
For more information on our strategy see
pages 14 to 15.
For more information on our stakeholder
groups see pages 76 to 79.
Sharesave Offer 2024
Approved the offer of the 2024 Sharesave scheme to all eligible
employees.
3 4
E
Appointment of non-executive directors
Approved the appointment of Sarah Legg, Dixit Joshi and Paco Ybarra
as non-executive directors, recognising the skill set they each bring to
the Board to support the delivery of the firm’s strategy.
For further information see page 95.
1 2 3 4 C S E C
E B
R
Workforce engagement feedback
Discussed key themes identified from the Board’s engagement with
employees from offices across the globe. Agreed actions to address
feedback.
For further information see page 77.
3
E
Man Group culture and staff survey results
Reviewed Man Group’s culture alongside the staff survey results.
Discussed current initiatives to enhance and preserve the firm’s
culture and further opportunities supporting and listening to
employees. Assessed Man Group’s social rankings against peers.
3
E
C
Board Diversity, Equity and Inclusion Policy
Considered and approved changes to the Board Diversity, Equity and
Inclusion Policy.
3 4
C S E
B
R
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Man Group plc | Annual Report 2024
Stakeholder engagement
Our key stakeholders
The Board believes that engaging with stakeholders is crucial to Man Group’s
business, enabling better decision-making for the long-term benefit of the
Company and its stakeholders.
Consequences of decisions in the long term
The Board has demonstrated its awareness of the likely
consequences of its decisions over the long term as part of
itsconsideration of Man Group’s strategy and business model
asset out on pages 10 to 11 and 14 to 15. The Board held
designated strategy days in January and September 2024 to
consider the long-term strategic direction of the firm and
announced the firm’s strategic priorities during early 2024. As
part ofthese strategic discussions, the Board considered market
andindustry trends and potential impact on stakeholders.
Our section 172(1) statement is integrated across these pages 76
to 79 and sets out who our stakeholders are, how the Board has
engaged with each stakeholder group and any key outcomes.
We have also identified below some principal decisions made by
the Board during the year, and how the Board considered the
interests of our stakeholders when making long-term strategic
decisions.
Board appointments
C S E C
E B
R
The Board approved the appointments of Sarah Legg, Dixit Joshi and
Paco Ybarra as non-executive directors during 2024. Given the role
that non-executive directors play in setting and monitoring the
delivery of the firm’s strategy, the Board was aware of the importance
of the appointments to all stakeholders and took this into account
when formulating the role criteria, identifying potential candidates and
during the appointment process itself. Following two extensive search
processes, the non-executive directors, who bring significant
strengths in capital markets, finance and executive management,
emerged as the preferred candidates.
The Board believes that, following these appointments, it has the
right mix of skills and experience to support the development of the
Company’s strategy and deliver long-term success. Details of the
appointment process are set out in the Nomination and Governance
Committee report on page 94.
Approval of strategic priorities
C S E
E B
R
In February, the firm announced its multi-year strategic priorities,
aiming: to diversify investment capabilities, notably in quant equity,
credit and solutions; to extend client reach, with a particular
emphasis on North America, wealth and insurance channels; and
to leverage existing strengths and scale. The Board will continue
to monitor progress against these objectives.
Given the strategic significance of the announcement, the Board
considered the potential impact of the strategic priorities on Man
Group’s key stakeholders. Noting that all stakeholder groups would
be impacted, the Board was particularly mindful of the interests of
clients, employees and shareholders.
Share buyback programme
C S R
The Board approved a share buyback programme of up to
$50million during the year, which commenced in March 2024
andconcluded in September 2024. Prior to its approval, the Board
considered the views of the firm’s stakeholders, particularly
thoseofits shareholders, and deliberated whether the buyback
programme would be an appropriate use of capital for delivering
long-term success. Alternative uses of capital were also discussed,
and the Board concluded that the buyback was the most
appropriate option for the firm and reflected the Board’s
confidence in the performance of the firm.
RCF amendment
C S E C
E B
R
In March 2024, the Board amended the existing Revolving
CreditFacility to include Environmental, Social and Governance targets
which were aligned to the targets contained in the executive director
LTIP ESG scorecard, thereby classifying the facility as a sustainability-
linked loan. Specific attention was given to the impact of the decision
on employees and the environment when discussing and approving
the proposed amendment.
Engagement in action – Principal decisions of the Board
Details of how the Board has had regard to the following matters
as set out in section 172(1)(a)-(f) of the UK Companies Act 2006
can be found on the following pages:
– Consequences of decisions in the long term – 76.
– Interests of employees – 77.
– Fostering business relationships – 77.
– Impact on the community and environment – 78.
– High standards of business conduct – 79.
– Need to act fairly between shareholders – 77.
Key to stakeholders:
C
Clients
S
Shareholders
E
Employees
C
Communities
E
Environment
B
Business partners and suppliers
R
Regulators
76
Governance
Man Group plc | Annual Report 2024
ShareholdersClients
Why?
Delivering outperformance for our clients
is fundamental to our corporate purpose.
To achieve this, an understanding of our
clients’ investment goals is critical to ensure
decisions relating to the strategic direction
of the firm are aligned to those of our clients.
How?
The Board considered the impact of
challenging and volatile markets, which
continued from 2023 into 2024. The Board
received regular updates on how the firm
engaged with its clients during these
periods of volatility and how itcontinued to
meet clients’ investment goals, build strong
client relationships and deliver market
outperformance.
The unification of the firm’s range of
discretionary investment capabilities into
a new Discretionary division created a
platform for growth across the product
range and facilitated a clearer articulation to
clients of the firm’s investment capabilities.
Further information on the Discretionary
division is set out on page 38.
Client relationships and priorities were a
key focus during the Board’s January and
September strategy sessions, recognising
the importance of the firm’s long-lasting
and strategic partnerships with its clients
and supporting client needs.
The Board delegates most direct
engagement with clients to executive
directors and the senior management
team. Regular updates on client interaction
and engagement are presented at Board
meetings via the CEO report.
Since her appointment as CEO in 2023,
Robyn has spent considerable time
engaging with clients around the world to
ensure that their priorities are in alignment
with the future direction of the firm.
The Board sought advice and perspectives
on current and future industry and
market trends, including the competitive
landscape, inorder to anticipate client
needs, develop the firm’s strategy and
setobjectives accordingly.
Outcomes
The Board continues to have a deep
knowledge of the firm’s client base
and client relationships, and how these
continue to link to the firm’s ambitions
and strategic goals.
The Board remains aware of key areas of
client focus such as liquidity, investment
risk and ESG. A deep-dive presentation
on ESG and RI investmentmatters held
during the year included considerable
discussion bythe Board on the differing
client views around ESG issues.
The Board approved the firm’s multi-
year strategic priorities, including the
consolidation of the firm’s discretionary
investment capabilities.
Why?
As a listed company, the Board is aware
of the importance of institutional and
individual shareholders. Central to this is
considering the effective use of capital to
deliver long-term success.
We are committed to proactive engagement
with our shareholders and mindful that with
a varied shareholder base, it is important
to act fairly between shareholders and
consider a variety of needs. Market trends
demonstrate that shareholders are
increasingly interested in how decisions are
made, as well as the decision itself, and the
firm is committed to providing shareholders
with reliable, timely and transparent
information.
How?
The Board actively engages with
Man Group’s largest shareholders and
encourages feedback as part of this
engagement process. Executive directors
and the Board Chair meet shareholders
and attend investor roadshows and other
investor events throughout the year.
Key topics in 2024 included investment
performance and risk management
in challenging financial markets, the
streamlining of the firm’s discretionary
capabilities, and our capital allocation policy.
The Board receives regular reports from
the Investor Relations function on the
Company’s shareholder base, including key
themes on shareholder sentiment.
Although shareholders are updated
via engagement meetings, electronic
communication (including the website),
as well as written correspondence where
necessary, the Board recognises that the
AGM is the primary formal interaction with
shareholders. We have carefully considered
the 2025 Notice of Annual General Meeting,
taking into consideration shareholder views.
Outcomes
The Board received metrics on
shareholders as part of monthly
reporting toinform discussion and
decision-making.
Continued proactive engagement with
shareholders, led by the firm’s Investor
Relations function, CEO and CFO. 100+
meetings took place during the year.
An extensive roadshow with
shareholders was held with a focus on
US-based shareholders.
Continued attendance at all major
financial services conferences held
throughout the year.
The Board approved a share buyback
programme during the year in
linewith the firm’s approach to capital
management.
All resolutions passed at the 2024 AGM
receiving over 89% in favour.
The Board considered shareholder
views as part of its deliberations
withrespect to amendment of the firm’s
revolving credit facility to include ESG-
related targets.
Employees
Why?
Our employees are integral to the success
of the firm. Maintaining anddeveloping
an engaged and motivated workforce,
and strong corporate culture allows us
to continue to deliver excellent service
toour clients and maintain high standards
of business conduct throughout the
organisation. Listening to and acting upon
employees’ views contributes to our ability
to attract and retain the best talent and
support long-term success.
How?
In line with our workforce engagement
model, Ceci Kurzman continued to be the
non-executive director responsible for
leading engagement throughout 2024.
Ceci conducted a series of sessions with
employees during the year and shared
her feedback from these sessions with
theBoard. Employees arealso encouraged
to share their thoughts and feedback on
working atMan Group with Ceci via email
which is promoted in the firm’s newsletter.
The Board received workforce engagement
updates which included Robyn’s approach
to engaging with employees, including Q&A
style townhall meetings and a ‘Robyn’s take’
Slack channel which contains updates on
the firm and the industry more generally.
Townhall sessions were held during the year
which focused on the Solutions business,
the FY2023 results and an open Q&A
session. Minds at Man sessions were also
held throughout the year, with topics which
included non-financial risk, operations,
and style in the workplace. These sessions
enabled employees to ask questions and
share their views with directors and senior
management.
The Board also undertook a review of Man
Group’s culture in the latter part of the year,
which supplemented the regular people
and culture updates throughout the year.
We also considered and discussed the
results of the staff survey undertaken
during the year and the actions proposed to
address the feedback received.
Outcomes
The Board continues to champion the
firm’s diversity, equity and inclusion
initiatives and schedules regular updates
from relevant teams across the firm.
The Board discussed the outcomes of
the 2024 staff survey, notingthe areas
of focus for 2025 and agreed actions to
addressthem.
The Board considered feedback
from Ceci’s workforce engagement
sessions. Key themes included positive
feedback on the ManKind volunteering
programme, valued work/ life balance
and a well-received response to the
enhanced maternity and parental
leave policy.
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Man Group plc | Annual Report 2024
ESG
Our commitment to ESG is fundamental to our corporate strategy,
both in the way we provide investment services to our clients
and beneficiaries in line with their goals, and as a listed company
ourselves. ESG matters are driven, through the ESG governance
framework, at all levels of the firm and feature in many of the
management meetings we have each year.
Although we acknowledge that clients’ preferences may vary,
we have continued to integrate ESG into our investment processes
inline with client demand, with ESG-integrated AUMof $62.6 billion.
Senior management and individual portfolio managers are in frequent
dialogue with each other and with clients to ensure a consistent,
coherent approach to achieving ESG targets. We are proud of the
focus that ESG has had withinthe firm during the year and look
forward to our continueddevelopment in this area.
More detail can be found in the Sustainability and responsibility
section on pages 48 to 59.
Volunteering opportunities
Each year employees from across the firm are offered the opportunity
to volunteer their time to support charities and organisations that are
striving to make a positive impact in local communities.
Further detail can be found on page 45.
Communities
Stakeholder engagement continued
Why?
Community engagement and charitable efforts are central to Man
Group’s ethos and culture. We have a responsibility to contribute to the
local communities in which we work and have multiple initiatives in
place to support this aim.
How?
The Board actively encourages, supports and monitors progress
oninitiatives that it believes will have a positive impact on the
communities in which Man Group operates. The Board considers,
and is briefed by management on, the firm’s contributions to
communities via charitable partnerships and donations, and
volunteering opportunities for employees (operated by the firm’s
ManKind programme).
Our employee networks host a number of events and initiatives
overthe course of the year which celebrate communities globally.
These include events in celebration of Black History Month, Pride and
International Women’s Day.
Outcomes
590+ Man Group employees volunteered as part of the firm’s
ManKind offering to employees. Employees are entitled to two paid
volunteering days per year. More detail on ManKind can be found on
page 45.
Man Group works with the #10,000BlackInterns and Girls Are
INvestors Network (GAIN) programmes. Man Group is a signatory
to the Race at Work Charter and is a Disability Confident Committed
employer.
Ongoing work with a number of schools and charities, including the
King’s Maths School (UK).
Man Group’s Corporate Sustainability brochure and Diversity, Equity
and Inclusion report detail a range of commitments and how the
firm embodies its key principle of ‘responsibility’.
Environment
Why?
Man Group recognises the need to be a good corporate, global citizen
and responsible investor, whilst taking into account the needs and
beliefs of our clients.
How?
The Board has responsibility for the oversight of Man Group’s
environmental impact and monitors progress made against targets.
Itregularly discusses ESG and climate-related matters and is provided
with updates from senior management throughout the year. This
work covers the environmental impact of Man Group itself, as well as
the ESG solutions that we offer to clients interested in responsible
investment.
The firm is an active member of industry groups including the IIGCC,
SBAI, UKSIF and is a signatory to the UN Global Compact and the
UN-supported Principles for Responsible Investment, amongst
others. Man Group is also a signatory of the Net Zero Asset Managers
initiative, a group of asset managers committed to supporting the goal
of net zero greenhouse gas emissions by 2050 or sooner.
Outcomes
ESG matters were discussed regularly at Board and Audit and
Risk Committee meetings during 2024. In December 2024, the
Board received a detailed presentation on RI and ESG matters,
considering both the corporate and investment management
perspectives.
The Board continues to monitor compliance with ESG targets and
provide challenge where appropriate.
The Remuneration Committee monitors ESG performance in the
context of ESG-related objectives and metrics as part of executive
director remuneration arrangements.
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Fostering business relationships
The Board also works to foster strong business relationships withits
business partners and suppliers.
The Board considers Man Group’s impact on its supply chain as part of
its annual approval of the Modern Slavery Transparency Statement.
High standards of business conduct
As an asset management company, it is vital that our workforce acts
with a high degree of integrity in accordance with our published
business principles. The Board is responsible for determining the
Company’s values and leading by example to instil a positive culture
throughout the organisation which reflects a reputation of adhering
tohigh standards of conduct. The policies and practices set out on
pages 63 to 65 support ManGroup in upholding these standards.
The Board receives updates regarding corporate culture at eachBoard
meeting as part of the CEO report and undertook aspecific review on
culture received in December 2024. The Board also received updates
on workforce engagement, the output of the 2024 employee survey
and feedback following engagement with the designated workforce
engagement non-executive director.
Business partners and suppliers
Why?
Man Group has a long-held reputation for good relationships with
business partners and suppliers. This is important to the Board and
toall employees.
Good relations with business partners and suppliers are essential
tothe firm’s effective day-to-day operation. Man Group holds itself
tohigh standards of business conduct and integrity and it expects
itssuppliers and business partners to do the same.
How?
Man Group has a structure in place comprised of various committees
and policies (including a Supplier Code of Conduct), which together
govern our approach to the risk management of, and engagement
with, suppliers.
The Board, via reporting from the Audit and Risk Committee, is kept
updated on the development of any key supplier risks. Timelines of
payments to suppliers are tracked on a monthly basis within the UK,
the firm’s main country of operation.
A dedicated cyber security team oversees and assesses our
suppliersto ensure they are compliant with the firm’s cyber security
requirements and the Board is kept informed of any developments
viathe Audit and Risk Committee.
The Board reviews Man Group’s engagement with its broader
supply chain as part of its annual approval of the Modern Slavery
Transparency Statement.
Outcomes
Updates throughout the year regarding third-party engagements
and ongoing relationships, particularly with regard to operational
resilience linked to the introduction of the Digital Operational
Resilience Act.
Man Group remains a signatory to the Chartered Institute of
Credit Management Prompt Payment Code.
Where unresolvable issues arise with existing suppliers, the Board
ismade aware via the Audit and Risk Committee and the matter
handled appropriately.
Regulators
Why?
The firm’s products and services are regulated by various global
regulators. Man Group is committed to compliance with its regulatory
obligations and to maintaining open and collaborative communication
with its regulators. We are confident that our employees maintain
the highest standards of conduct, which in turn helps us to meet our
regulatory compliance obligations.
How?
Man Group maintains regular contact with all applicable regulators
and keeps them apprised of any upcoming matters of note.
The Compliance function has delegated responsibility for day-
to-day regulatory reporting matters. The Board and Audit and
Risk Committee receive and consider regular updates from senior
management on compliance matters, including upcoming changes
introduced by regulators that require action.
Man Group’s induction programme for new non-executive directors
includes a comprehensive overview of Man Group’s legal and
regulatory responsibilities as well as matters of regulatory focus
anddevelopment.
Outcomes
The Board and the Audit and Risk Committee were provided with
regular updates regarding engagement with the firm’s global
regulators.
The Board and Audit and Risk Committee regularly discussed
regulatory priorities.
The Audit and Risk Committee received regular compliance
updates, including updates regarding matters such as the FCA’s
Consumer Duty.
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A skilled, effective and forward-thinking Board
Board effectiveness
Board oversight, challenge and decision-making
During the year the Board held six formal meetings, one ad-hoc
meeting, two additional in-depth strategy sessions and held Board
committee meetings as required. Where possible, members were
all physically present however, on occasion, members joined by
videoconference where they were unable to attend the meeting
in person. Attendance at these meetings is set out on page 75.
The Board regularly meets with, and seeks input from, senior
management, subject matter experts and representatives from
keyteams. These interactions enable Board members to build
theirunderstanding of Man Group as well as the trends, risks and
opportunities impacting the sector in which Man Group operates.
Consideration of the Company’s identified stakeholders forms part
ofthe Board’s decision-making process. Further details on these
groups, together with how the Board engages with stakeholders and
key outcomes during 2024, are set out in the stakeholder engagement
section on pages 76 to 79.
Board meetings are conducted on the basis that all written materials
submitted are thoroughly reviewed by Board members in advance
tomaximise the opportunity for discussion at meetings. The non-
executive directors challenge proposals and approaches presented
bymanagement and draw on their experience to give guidance or
suggest alternative approaches or ideas, where appropriate. Board
meetings are effectively chaired and structured in a manner that
encourages all views to be expressed and heard.
Diversity, equity and inclusion
The Board is a highly skilled, committed and diverse group of
individuals, focused on understanding its own strengths, challenges
and operational style. The Board biographies on pages 70 to 71 and the
analysis of the Board’s composition and skills on page 81 give an
overview of the breadth and depth of talent and experience on Man
Group’s Board. The non-executive directors bring diversity through
wide-ranging backgrounds, contributions and perspectives to Board
review and decision-making from their current executive or portfolio
careers. A mix of different tenures delivers fresh outlooks and
challenge, complemented by a longer-term understanding of the
business and its people. In early 2024, the Board approved a revised
Diversity, Equity & Inclusion Policy which articulates our approach to
Board diversity, equity and inclusion now and in the future. More
information can be found on pages 96 to 97.
Independence and time commitment
All of the non-executive directors are considered to be independent
and the Board Chair was considered independent on her appointment
to therole. There are a number of ways in which the independence of
our non-executive directors is safeguarded:
meetings between the Chair and the non-executive directors
without the executive directors being present;
meetings between each of the directors and the Senior
Independent Director to discuss feedback on the performance
of the Chair;
separate and clearly defined roles for the Chair and CEO (see page
69 for further details); and
formal review of independence as part of the process for renewing
the appointment of non-executive directors. Further details can be
found opposite and on page 95.
To avoid ‘over-boarding’ and to minimise potential conflicts, all Board
members are required to inform the Chair (or in the case of the Chair,
the SID) of any proposed changes totheir external roles, including an
indication of the expected time commitment of any new external role
so that an assessment can be undertaken as to whether the director
will continue to have sufficient time to discharge their duties as a
director of Man Group. Any proposed appointments that are considered
to be significant, or represent potential conflicts, will be assessed by
the Board and a decision taken on the extent to which any such
conflicts can be managed. In addition, the Board carries out a formal
biannual review of all such roles to ensure that they do not represent
an unmanageable business conflict or a time commitment which might
prejudice directors’ contributions. Before appointing a new director,
consideration will be given to the prospective director’s other
appointments and interests. The letters of appointment of the
non-executive directors contain provisions specifying the expected
time commitment to firm-related activities.
Anne Wade was appointed as a non-executive director of Anglo
American plc and a member of its Audit and Sustainability
Committees. This appointment was considered to be significant for
the purposes of Provision 15 of the Corporate Governance Code 2018
(the Code) and in line with the process outlined above, the SID
assessed the demands of the role, taking into account Anne’s other
appointments. Laurie Fitch was appointed as a non-executive director
and member of the ESG Committee of EDP (Energias de Portugal).
Again this appointment was considered to be significant under
Provision 15 of the Code and in line with the process outlined above,
the Chair assessed the demands of the role, taking into account
Laurie’s other appointments. Both matters were referred to the Board
for consideration and it was concluded that they would not affect the
directors’ ability to discharge their roles with Man Group and the
appointments were approved by the Board.
The Company reports the following diversity target
information as at 31 December 2024:
UK Listing Rule target Outcome Group’s position
At least 40% of Board
directors are women.
Target
achieved.
60% of Board directors
arewomen.
At least one senior Board
position (Chair, CEO, SID or
CFO) is held by a woman.
Target
achieved.
Chair and CEO are women.
At least one Board director
isfrom a minority ethnic
background.
Target
achieved.
Four of the Board directors
are from a minority ethnic
background (see page 83).
The Board and culture
The Board recognises that both the maintenance and
development of company culture drives Man Group’s ability to
deliver on its strategic priorities and provides a collaborative and
inclusive environment for all employees. As Man Group continues
to grow, the Board is committed to ensuring that the culture of the
firm is aligned with its core values and is successfully embedded
across the organisation. The Board receives regular reporting at
Board meetings (via the CEO and CFO reports) and undertakes a
formal review of culture annually. In addition, feedback is actively
sought from employees through the engagement survey and
through the workforce engagement programme. Further
information on engagement with employees through our
workforce engagement non-executive director, Ceci Kurzman,
can be found on page 77.
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Man Group plc | Annual Report 2024
10%
50%
40%50%
40%
10%
Board induction process
All new directors receive a comprehensive and tailored induction to the
business. Induction programmes are structured around one-to-one
briefings with the senior management and the Company Secretary,
with relevant briefing materials and follow-up meetings arranged
where appropriate. Directors are encouraged to seek updates on
any topics which arise on which they would like further information.
Details of the induction programme for non-executive directors are
on our website.
The induction process is broken down into three phases. The first
phase focuses on core Board responsibilities and dynamics,
governance arrangements and the Man Group culture and history, and
includes meetings with Board members, the Company Secretary and
key advisers. Phase two focuses on central functions of the business,
while phase three focuses on investment management, trading and
responsible investment. Phases two and three involve meetings with
certain members of the ExCo and the managementteam. Directors are
invited to provide feedback on the induction programme to ensure it is
useful and well targeted.
Sarah Legg, Dixit Joshi and Paco Ybarra were appointed as non-
executive directors during the year, and received tailored inductions
in the months following their respective appointments.
Continuous development of the Board
Throughout the year, the Board is kept updated on key areas of the
business and regulatory changes through the following methods:
briefings included within Board papers;
presentations from senior management and other employees on
specific issues; and
educational sessions from internal subject matter experts and
external advisers.
The main training topics covered during the year were:
the asset management industry, investor sentiment and
industry trends;
updates on statutory and regulatory developments;
geopolitics and strategy;
AI in investment management; and
ESG and responsible investing.
In addition, opportunities continued to be made available to non-
executive directors to attend seminars and workshops on topical
business and regulatory issues offered by professional services firms
and law firms.
Board tenure Age
35–44
45–54
55+
0–3 years
3–6 years
6+ years
Finance/audit Risk
Strategy/M&A ESG
Cyber security Operations
Financial services/asset
management
Legal Compliance/regulatory
People/reward Technology
Communications/marketing International markets
Workforce engagement
Aggregated skills and experience of Board members as at 31 December 2024
Key to skills and experience:
Extensive direct experience
Considerable experience
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Area of assessment Agreed actions Progress made during 2024
Performance
Increase focus and discussion
on absolute and relative firm
performance.
Introduced granular absolute and relative performance data into the CEO
pack for framing of discussions at each Board meeting.
Further strengthen
understanding of investor
views during Board discussions.
Continued to hold investor relations deep-dive each year and focus
on investor commentary in Board reporting where appropriate. Chair
meetings with investors. Remuneration policy meetings were held and
the outcomes of which were discussed with the Board.
Strategy
Continue to focus on
longer-term strategic priorities
and tracking progress against
these in 2024.
Strategic priorities agreed in early 2024 and oversight of implementation,
including key milestones and accountability.
Held Board strategy days throughout the year.
Succession planning
andleadership
Continue to build on the Board’s
existing skills and experience.
Recruitment of individuals with deep markets experience and strong
accounting experience.
Encourage management voices
and perspectives.
Increased exposure to and engagement with all ExCo members and other
members of the senior management team.
Board evaluation
Determining Board effectiveness
A Board performance review is undertaken on an annual basis to
determine the effectiveness of the Board, its committees, the Chair
and individual directors. The process is either facilitated internally by
the Chair or, every third year by an external organisation. The Board
seeks to continually improve its performance and ensure it is effective
in discharging its duties under the UK Corporate Governance Code. The
review offers an opportunity for individual members to reflect on the
past performance of the Board and identify areas of focus for the
future to enhance the Board’s effectiveness.
Evaluation for the year ended 31 December 2023
In 2023, the Board evaluation process was internally facilitated by the
Chair, Anne Wade. The findings highlighted several areas of focus and
development for consideration during 2024 and progress against these
actions is shown below.
Independent Board review of culture and governance
During 2023, the Board commissioned an independent review of the
Board’s culture and governance arrangements. The review, which was
separate from the annual Board evaluation, was jointly facilitated by
Clare Chalmers and A&O Consulting, and involved interviews with
individual Board members and other key stakeholders, with a summary
of key findings presented to the Board.
The review concluded that the Board was engaged and of a high
quality, and that the governance processes supporting its operation
were effective. It noted that there was recognition of the important
role that the Board played in providing scrutiny and challenge to the
executive, and a consistent view that the executive responded well
to challenge and reacted appropriately when it was given. The table
below indicates agreed actions and implementation during 2024.
The Board considers that all actions are now closed.
Agreed actions Progress made
Increase the pool of executive search firms used to support non-executive
search processes.
Two separate executive search firms were engaged to support the
non-executive search processes in 2024.
Extend the membership of the Nomination and Governance Committee to
include the rest of the existing non-executive directors.
All non-executive directors now sit on the Nomination and
Governance Committee.
Enhance the non-executive director induction programme to include
additional focus on firm and Board culture.
The non-executive director induction programme has been redesigned
and successfully used for the induction of the 2024 recruitments.
Ensure that appropriate information is shared with all Board members
outside formal Board and Committee meetings, particularly in the case of
significant externally driven events.
The Board performance review carried out in late 2024 recognised that
management has taken significant strides in its support of the Board,
becoming more transparent and better at sharing information, including
between meetings where appropriate.
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Diversity of the Board and executive management by gender and ethnicity as at 31 December 2024
Under UK Listing Rule 6.6.6(10), the Company is required to disclose numerical data on the ethnic background and the gender identity of the
Company’s Board and its executive management. For the purposes of this reporting, executive management has been defined as all members
of the Executive Committee and the Company Secretaries.
The data in the tables below has been compiled via voluntary disclosure and is recorded in our HR platform (Workday).
Reporting table on sex/gender representation
Number of Board
members
Percentage of
the Board¹
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number
in executive
management¹
Percentage of
executive
management
Men 4 40% 2 8 57.1%
Women 6 60% 2 6 42.8%
Other categories 0 0% 0 0 0%
Not specified/prefer not to say 0 0% 0 0 0%
Reporting table on ethnicity representation
White British or other White (including minority-White groups) 6 60% 4 12 85.7%
Mixed/Multiple Ethnic Groups 1 10% 0 1 7.1%
Asian/Asian British 1 10% 0 0 0%
Black/African/Caribbean/Black British 0 0% 0 0 0%
Other ethnic group 2 20% 0 0 0%
Not specified/prefer not to say 0 0% 0 1 7.1%
1 Robyn Grew and Antoine Forterre are considered both Board and executive management for the purposes of this reporting.
2024 Board performance review
During the year, the Board commissioned the triennial independent
Board performance review. The review was facilitated by Clare
Chalmers, and involved interviews with individual Board members and
other key stakeholders, with a summary of key findings presented to
the Board. During the initial conversations with Clare Chalmers it was
established that although she had facilitated previous Board
performance reviews, there had been a sufficient level of change on
the Board to ensure that independence was not compromised by her
previous work. Clare Chalmers’ previous Board performance review
had taken place in early 2021, when only four of the current ten
directors were in role.
The review was a formal and rigorous evaluation which considered the
Board’s composition, diversity and effectiveness. The review noted
positive boardroom dynamics, appropriate levels of challenge and the
effective integration of the new directors. It was concluded that it was
a high-functioning Board and the Board, its committees, the Chair and
individual directors were effective in their roles.
Summary of internal effectiveness development areas for 2025
Area of assessment Key findings Agreed actions
Composition
Continued focus on Board
composition including of the
Committees as well as the SID
role.
Future focus by the Nomination & Governance Committee on Board and
Committee composition. Consideration of the process for the selection
of the SID in advance of the change of SID in Q4. Continue to consider
how best the Board can access relevant technology expertise.
Management
Leadership
Support for the executive. The Board will continue to support the executive and in particular will
focus on supporting the CEO at an early stage in her tenure and the new
CPO in strengthening People processes.
Workforce
engagement
Consider opportunities for
non-executive directors other
than the designated director to
be involved.
All non-executive directors to continue to be invited to workforce
engagement events where appropriate. Continued detailed reporting
at Board meetings.
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Man Group plc | Annual Report 2024
1
2
3
4
Dear Stakeholder
I am pleased to present the report of the Audit and Risk Committee
(the ARCom). The ARCom plays a key role in assessing the integrity
ofMan Group’s financial reporting, monitoring the effectiveness of
thefirm’s systems and processes of risk management and internal
controls, and reviewing and monitoring the activities of the Internal
Audit function and the external auditor.
Firstly, I would like to welcome Dixit Joshi and Sarah Legg, who
became members ofthe ARCom in May 2024. The ARCom has
benefited greatly from their extensive previous experience and
fresh insights.
Key achievements for 2024
Throughout the year, the ARCom closely monitored risks arising
from macroeconomic and geopolitical events, including interest rate
changes and election outcomes. The Committee scrutinised the
controls in place to navigate the challenges presented by these events
and considered the impact on the firm’s risk management controls in
light of the changing dynamics, with a significant focus on emerging
risk and operational resilience considerations.
The ARCom oversaw an external quality assessment (EQA) of the
Internal Audit function, with the findings presented to the Committee
in May 2024. The EQA enabled the ARCom to confirm that the Internal
Audit function operated effectively, while also facilitating a strategic
assessment of the future model for the function to ensure it is strongly
positioned to discharge its vital role. The ARCom therefore closely
monitored the subsequent tender process for the outsourced provider
of the firm’s Internal Audit function and reviewed its recommendations
in December 2024 – full details of the process can be found on
page 91.
We also maintained a focus on cyber and information security risk
matters, as well as operational resilience. The Committee devoted
significant time to monitoring live industry-wide threats and the firm’s
operational resilience framework, including the work undertaken to
ensure compliance with the DORA and review of the firm’s key
third-party dependencies.
At its September meeting, the ARCom assessed integration risk in the
context of Man Varagon, one year on from its acquisition. The exercise
allowed the ARCom to review the implementation of risk controls and
monitor the cultural integration with the wider firm.
Focus areas for 2025
For 2025, as well as considering the standing items of business,
theARCom will focus on the following areas:
preparing for the implementation of UK corporate governance
reforms, specifically in relation to identification and assessment of
material controls;
continued monitoring of the firm’s operational resilience
framework;
assessing geopolitical and economic risk factors which will impact
the firm and its stakeholders; and
monitoring the progress of the Internal Audit function to ensure
execution of the outsourced model delivers the additional value
potential identified by the tender process.
I hope you find this report a useful insight into the work of the ARCom
and I look forward to continuing our work in 2025.
Lucinda Bell
Chair, Audit and Risk Committee
Proportion of the committee time spent on key responsibilities
1. Risk management 54%
2. Financial reporting 18%
3. External audit 11%
4. Internal audit 17%
Summary of the ARCom’s main 2024 activities
Reviewed the progress of the operational resilience
framework and preparatory work ahead of the introduction
of the Digital Operational Resilience Act (DORA).
Monitored the information within the interim and annual
financial statements and challenged the key accounting
policies, judgements and estimates. Concluded thatthe
statements were fair, balanced and understandable, and
recommended their approval to the Board.
Monitored and reviewed the effectiveness of the firm’s risk
management systems and internal controls and conducted
a robust assessment of principal and emerging risks.
Approved the 2024 Internal Audit Plan, received regular
updates on the progress of Internal Audit reviews, and
monitored management’s response to address actions.
Oversaw an external quality assessment of the Internal
Audit function and subsequent outsourced Internal Audit
provider tender process.
Recommended the reappointment, and approved the
remuneration, ofDeloitte as external auditor and approved
the 2024 external Audit Plan.
Membership:
Lucinda Bell (Chair)
Richard Berliand
Laurie Fitch
Sarah Legg
Dixit Joshi
Lucinda Bell
Chair, Audit and
Risk Committee
Audit and Risk Committee report
The ARCom devoted significant time to
the review of the operational resilience
framework and the Internal Audit model.
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How the ARCom operates
Forward
agenda
Covers key events in the financial reporting cycle, specific risk matters and standing items set out in the ARCom terms of reference.
Reviewed as part of an open discussion with ARCom members and updated in response to changing business risks and priorities.
Agenda setting
meeting
Held in advance of each ARCom meeting to identify key issues impacting the business that may require consideration by the ARCom.
Attended by the ARCom Chair, CFO, Head of Non-Financial Risk, Head of Internal Audit, representatives from Deloitte (as external
auditors) and the ARCom Secretary.
Briefing
sessions
Prior to each ARCom meeting, the ARCom Chair meets with the ARCom Secretary to discuss the meeting papers, consider any
particular matters of concern and identify those matters which require meaningful discussion at ARCom meetings. The ARCom Chair
also has one-to-one briefings with the presenters where necessary.
Committee
meetings
At each meeting, the ARCom considers:
reports and presentations on key financial reporting, risk, compliance and audit matters from management;
standing governance items;
regular dashboards and/or metrics which highlight and monitor changes in the key risks impacting the business, compliance,
the financial controls framework and internal controls; and
‘deep-dive’ assessments of topical risk items identified by the ARCom and management.
Board reporting
The Board is updated by the ARCom Chair on the key areas of discussion with recommendations made, as appropriate.
Training
ARCom members periodically attend training sessions delivered by industry experts on audit and regulatory matters, as well as other
items of interest.
Roles and responsibilities
Financial
reporting
Review the integrity of the Company’s interim and year-end financial reports and statements, and recommend their approval to
the Board.
Risk
management,
internal
controls and
compliance
Review and report to the Board on the effectiveness of the firm’s systems of risk management and internal controls.
Review the effectiveness of the firm’s Risk and Compliance functions, regulatory reporting activities and channels available for its
workforce to raise concerns.
Internal Audit
Approve the annual Internal Audit Plan and review the effectiveness of the Internal Audit function and management’s response to
theirfindings.
Approve the appointment and removal of the outsourced Internal Audit provider.
External audit
Recommend to the Board the appointment, and approve the remuneration, of the external auditor, including reviewing the external
auditor’s effectiveness and independence.
Membership
The members of the ARCom are Lucinda Bell (Chair), Richard Berliand,
Laurie Fitch, Dixit Joshi and Sarah Legg.
The ARCom as a whole has a combined skill set relevant to the sector
in which the Group operates and Lucinda, Dixit and Sarah, have recent
and relevant financial experience for the purposes of the 2018 UK
Corporate Governance Code (the Code). The ARCom also has the
required competence in accounting in compliance with DTR 7.1.1AR.
Further details of the ARCom members’ experience and areas of
expertise are provided on pages 70 and 71.
The Board Chair, CEO and CFO are invited to attend ARCom meetings
along with the Head of Internal Audit and representatives from
Deloitte, in their capacity as Man Group’s external auditor. Other
members of the management team attend for those items that are
relevant to them. The ARCom meets periodically during the year with
the Head of Internal Audit and representatives from Deloitte without
management present.
Roles and responsibilities
The ARCom is fundamental to Man Group’s governance framework
through its monitoring of financial reporting, the relationship with
the external auditor, the effectiveness of risk management and
internal controls, and the monitoring of the Internal Audit and
Compliance functions.
A high-level summary of the ARCom’s roles and responsibilities is
outlined above, together with an explanation of howit has discharged
its responsibilities during the year. Full terms of reference for the
ARCom, which are reviewed on an annual basis and were approved by
the Board in December 2024, are available on the Company’s website.
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How the ARCom has discharged its roles andresponsibilities
Financial reporting
Key accounting and disclosure matters
The ARCom reviewed the key accounting policies, judgements and estimates adopted by management as part of the monitoring of the integrity
of the financial information contained in the interim and annual financial statements. The appropriateness of the disclosures in the financial
statements were also reviewed. A fundamental judgement applied in preparing the financial statements is the appropriateness ofadopting the
going concern assumption. The ARCom’s actions in relation to this judgement are outlined below together with the other key areas of judgement,
estimation and disclosure.
Key accounting and disclosure matters
Matters considered Action Outcome
Going concern and viability
Judgement is exercised when considering
the ability of Man Group to continue in
operation and to meet its financial obligations
as they fall due over the 12-month period
following the approval of the financial
statements, and therefore in determining
whether it is appropriate to apply the going
concern assumption in their preparation.
Further judgement must be applied when
assessing the viability of the business
over the course of the next three years,
and therefore the appropriateness of the
viability statement on page 37, particularly
as the ability to accurately forecast financial
performance diminishes further into
the future.
Please refer to Note 2 in the consolidated
financialstatementsforfurtherdetails
The ARCom considered forecast financial performance,
net tangible assets and liquidity resources alongside the
forecast requirements across a range of scenarios to
assess the impact on the short- and medium-term ability
of the business to continue in operation and to meet its
financial obligations as they fall due.
The principal and emerging risks, which are outlined on
pages 32 to 36, all of which are monitored by the Board on
a regular basis, were considered, selecting the appropriate
range of scenarios to assess in the context of going
concern and viability.
The ARCom also reviewed the going concern disclosure
in the financial statements and the viability statement
in the Annual Report (as set out on pages 147 and 37
respectively).
After due consideration, the ARCom confirmed
to the Board that it was appropriate for the
consolidated financial statements to be prepared
on a going concern basis. The ARCom confirmed
the going concern disclosure in the financial
statements appropriately reflected the
judgement applied.
After discussion and having considered the
firm’s prospects, emerging and principal risks,
forecast capital position and liquidity resources
and requirements, the ARCom concluded that
the three-year assessment period, in line with
the firm’s business planning horizon, remained
appropriate and recommended the draft viability
statement to the Board for approval.
Consolidation of investments
in funds
Man Group holds investments in a number
of funds which it manages for seeding,
co-invest, or risk retention requirements.
Judgement is exercised when assessing
whether certain investments are controlled
by Man Group and therefore need to be
consolidated into the financial statements.
This is considered to be a critical accounting
judgement, as disclosed in Note 3 of the
consolidated financial statements.
Please refer to Note 5.2 in the consolidated
financialstatementsforfurtherdetails
The ARCom reviewed management’s assessment of
investments Man Group controls in accordance with IFRS
10 ‘Consolidated Financial Statements’ and the disclosure
of this assessment as a critical judgement in the financial
statements. The CLOs which were consolidated into the
financial statements continued to be an area of focus
given the quantum of the balances brought onto the
consolidated balance sheet.
The ARCom also considered the appropriateness of the
use of APMs to exclude the impact of the consolidation
gross-up, thereby reflecting Man Group’s maximum
exposure to loss associated with consolidated
fund entities.
The ARCom concluded that it was satisfied with
management’s assessment of the vehicles which
are considered to be controlled by Man Group, the
associated accounting treatment and the critical
judgement disclosure in the financial statements.
36 investments have been consolidated on a line-
by-line basis in 2024 with a grossing up impact on
the balance sheet of $1,939 million.
Employment-related expenses
The accounting for amounts payable to
sellers of businesses acquired who hold
put options over their residual ownership
interests and who are also Man Group
employees is considered to be both a
critical accounting judgement and a source
of significant estimation uncertainty, as
disclosed in Note 3 of the consolidated
financial statements.
Please refer to Note 6.2 in the consolidated
financialstatementsforfurtherdetails
The ARCom reviewed and challenged the judgements
applied by management in accounting for the payments
to the sellers of businesses acquired who continue in
employment as employment-related expenses rather than
as transactions with owners, specifically as cash-settled
share-based payments. The ARCom also considered the
assumptions used in valuing these employment-related
expenses, which are a source of significant estimation
uncertainty given their link to the expected future value
and performance of Man Varagon.
The ARCom considered the complexity the accounting
treatment adds to the interpretation of Man Group’s
results, and management’s proposal to use alternative
performance measures (APMs) to assist readers with
their interpretation.
The ARCom concluded that it was satisfied with
management’s application of the requirements
of IFRS and concurred with management’s use
of APMs, further considered below, to assist in
understanding the economic substance of the
cash flows in each accounting period.
The ARCom further confirmed that it agreed with
the methodology and assumptions applied in the
valuation of the employment-related expenses
and the appropriateness of the disclosures in
Note 6.2 of the consolidated financial statements.
Audit and Risk Committee report continued
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Matters considered Action Outcome
Pension valuation assumptions
Man Group has defined benefit pension plans
in the UK and Switzerland, which are well
funded and result in a net pension asset. The
assessment of the actuarial assumptions
applied in valuing these plans determines the
carrying value on Man Group’s balance sheet
and is considered to be a critical accounting
estimate, as disclosed in Note 3 of the
consolidated financial statements.
Please refer to Note 13 in the consolidated
financialstatementsforfurtherdetails
The ARCom discussed and agreed with management the
pension valuation assumptions applied by our external
actuarial experts, noting that these are in the middle of the
range of established market practice and fairly reflect the
valuation of our pension assets and pension obligations in
accordance with IAS 19 ‘Employee Benefits’. The ARCom
also considered the disclosure of the valuation of the net
pension asset as a critical accounting estimate in the
consolidated financial statements.
The actuarial assumptions underlying the valuation of
the defined benefit pension plans were updated at 31
December 2024 to reflect the impact of macroeconomic
factors, most notably on inflation and mortality
assumptions.
The ARCom confirmed that it agreed with the
external valuation assumptions applied in
determining the carrying value of the net pension
asset, as set out in Note 13, and the critical
accounting estimate disclosure in Note 3 to the
consolidated financial statements.
Impairment assessment of goodwill
Testing for impairment is undertaken at least
annually through the application of a ‘value in
use’ model. This requires estimates of future
cash flows, growth rates and associated
discount rates.
Please refer to Note 9 in the consolidated
financialstatementsforfurtherdetails
The ARCom considered reports from management
outlining the methodology for the impairment assessment
and the rationale for testing a single group of CGUs. The
ARCom also challenged the assumptions underpinning the
goodwill valuation model including cash flow projections,
discount rates, the cost allocation methodology, and levels
of available headroom.
The ARCom agreed that it was appropriate that
no impairment was recognised for the year ended
31 December 2024.
Impairment of non-financial assets
Man Group sub-leases a portion of its
Riverbank House premises and assesses
at the end of each reporting period the
expected credit losses relating to finance
lease receivables are calculated with
reference to estimates derived from the
deemed risk of default.
Man Group accounts for its investments
in associates using the equity method. An
impairment assessment of the carrying
value of associates is performed annually
or whenever events or changes in
circumstances indicate that the carrying
amount may not be recoverable.
Please refer to Notes 8 and 10 in the
consolidatedfinancialstatementsfor
further details
The ARCom reviewed management’s assessment of the
credit risk associated with finance lease receivables.
The ARCom considered management’s impairment
assessment of Man Group’s investment in associate HUB
following a revision to HUB’s business plan in the year.
The ARCom confirmed it agreed with
management’s calculation of the expected credit
losses associated with finance lease receivables
and the determination that the exposure to
such receivables is not considered a significant
credit risk.
The ARCom agreed that, due to the reduction in
the carrying value of the investment in HUB as a
result of losses incurred during the development
phase, the carrying value at 31 December 2024
remained appropriate and no impairment
was required.
Deferred tax assets (DTA)
Man Group has deferred tax assets in the US
which largely represent historical tax losses
and future deductions for amortisation of
goodwill and other intangible assets that will
reduce the tax payable in the US. The value
of the US DTA recognised requires judgement
regarding the assessment of probable
future profits.
Please refer to Note 11 in the consolidated
financialstatementsforfurtherdetails
The ARCom reviewed the assumptions underpinning
the profit forecast supporting the valuation of the US
DTA. In particular, the ARCom considered management’s
assessment of the expected timing of forecast profits
and the expiry of certain US tax losses over time, and the
determination that taxes would become payable in the US
in 2025.
The ARCom confirmed that it was satisfied
that the methodology adopted continued to be
appropriate. A credit to the income statement of
$1 million was recognised in the year due to the
recognition of DTAs following changes in forecast
future profits.
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Matters considered Action Outcome
Alternative performance measures
Man Group assesses its performance using
a variety of APMs. The Board focuses on
core profit as this reflects the revenue and
costs that drive Man Group’s cash flows and
inform the basis upon which its variable
compensation is assessed.
Please refer to pages 180 to 187 for further
details
The ARCom reviewed and discussed the APMs
contained in the Interim and Annual Reports, including
the appropriateness of their definition, application and
disclosure.
The balance between the use of APMs and the use of
statutory measures when discussing Man Group’s financial
results in the year was also considered.
In making this assessment, the ARCom considered a paper
prepared by management which compared core profit to
operating cash flows for the last five years.
The ARCom noted that core profit over the last five
years was broadly consistent with operating cash
flows and therefore concluded that the APMs,
including core profit, were appropriate, provided a
fair assessment of the operating performance of
the business and were appropriately defined and
reconciled to statutory measures as disclosed on
pages 180 to 187.
The ARCom concluded that an appropriate
balance and level of prominence was presented
across statutory and core measures.
Consideration of climate change
impact on accounting estimates and
assumptions
Man Group considers and assesses the
impact of climate change as part of its
broader risk governance framework which
captures both short- and longer-term
risks. This assessment informs the Board’s
judgement as to whether climate change
impacts the accounting estimates and
assumptions used in the preparation of the
financial statements.
Please refer to Note 3 in the consolidated
financialstatementsforfurtherdetails
The ARCom reviewed the possible impact of climate
change on accounting estimates and assumptions.
The ARCom confirmed with respect to the
impact of climate change that there are no key
assumptions concerning the future or other key
sources of estimation uncertainty at the reporting
date that may have a significant risk of causing a
material adjustment to the carrying amounts of
Man Group’s assets and liabilities within the next
financial year.
Audit and Risk Committee report continued
Fair, balanced and understandable assessment
At the request of the Board, the ARCom reviewed the interim
andannual financial statements in conjunction with the narrative
sections of the Interim and Annual Reports to ensure that there
wasconsistency in the information reported, that sufficient weight
hadbeen given to both positive and negative aspects of business
performance, that there was an appropriate balance between
statutory and alternative performance measures, and that key
messages had been presented coherently.
The ARCom concluded that, taken as a whole, the Interim and Annual
Reports were fair, balanced and understandable and provided
the information necessary for shareholders, and other stakeholders, to
assess Man Group’s position and performance, business model
and strategy.
Climate-related disclosures
Pursuant to the ARCom’s delegated authority from the Board to
monitor compliance with regulations and disclosures related to climate,
sustainability and ESG, the Committee reviewed the GHG emissions
and TCFD disclosures contained in the Annual Report. KPMG were
engaged to assist in the assurance of the GHG emissions disclosures,
which were presented to the ARCom for approval at its February 2025
meeting. Further details on these disclosures can be found in the
Sustainability and responsibility section on pages 48 to 65.
Electronic reporting format
The ARCom was briefed on the process supporting the preparation
of the consolidated financial statements in digital form in accordance
with DTR 4 of the FCA’s Disclosure Guidance and Transparency Rules.
Robust procedures and controls are in place to support the preparation
and review processes to ensure high-quality and timely filing in
line with the requirements of the regulation and the FRC’s
recommendations of best practice, including full review of the tagged
file and challenge of the judgements made by the outsourced tagging
provider. The ARCom was also briefed on the FRC discussion paper on
opportunities for future UK digital reporting, to which the firm
submitted a response.
Correspondence with the FRC
The Company received no specific correspondence from the FRC
in the period. The topics identified in the FRC’s ‘Annual Review of
Corporate Reporting 2023/2024’ publication were reviewed, however
no specific changes were required to Man Group’s consolidated
financial statements as a result.
Financial statements benchmarking
At the request of the ARCom, management performed a
benchmarking exercise on the consolidated financial statements
during the year. Having reviewed management’s assessment, the
ARCom concluded that Man Group’s financial statements compare well
with peers overall. The ARCom agreed with management’s proposal to
further enhance disclosures in a limited number of areas in the 2024
financial statements.
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Risk management and internal controls
Monitor and review of risk and control environment
– keybusiness areas
In discharging its risk management role, the ARCom combined
oversight of the firm’s response to live risk events with consideration
of more strategic risk management themes, exemplified by its close
monitoring of the global CrowdStrike outage, as well as the ARCom’s
continued focus on operational resilience, and integration risks
following the acquisition of Varagon. Key areasof risk-based
discussion are set out below.
Operational resilience
Throughout the year, the ARCom monitored the progress of the
firm’s operational resilience framework, a deep dive on the topic being
presented to the September meeting. The ARCom was able to assess
the implementation of the core structure of the framework and provide
insights on the next phase, which focuses on development of the
framework through live scenarios and implementation of the Third
Party Risk Management Framework (TPRM) to further enhance the
firm’s understanding of the resilience of key third parties.
The ARCom also provided oversight to the firm’s compliance with
DORA, which came into force in January 2025 and focuses on
information communication technology (ICT) risk management and
governance, incident reporting, resilience testing, third-party risk and
information sharing. At its July meeting, the ARCom received a briefing
covering the regulatory background to DORA and the firm’s approach
to ensuring compliance with its requirements, including the challenges
and risks to delivery.
In July 2024, the ARCom received a detailed briefing from
management on its response to the global CrowdStrike outage,
with an additional update presented at the September meeting
covering insights from the wider industry impact and implementation
of further enhancements to risk controls and the operational
resiliency framework.
Integration risk
Following its acquisition in 2023, the ARCom closely monitored
Varagon’s integration to ensure that robust and consistent risk
management controls were implemented and aligned with the wider
firm’s risk management framework. The ARCom continued to monitor
progress in 2024, including a shift in focus to cultural elements of
risk management to ensure the firm’s collaborative risk culture was
swiftly embedded.
In September the ARCom visited New York, where the senior
management at Man Varagon is based, affording the opportunity for
the ARCom to devote attention to an in-depth assessment of the
progress of the integration, including a focus on cultural elements,
presented by Man Varagon senior management.
Monitor and review of risk and control environment
– keyfunctional areas
The ARCom also considered presentations from each of the firm’s key
functional areas.
Risk
The ARCom received its annual update from the Risk function and
discussed its role in supporting Man Group’s governance processes.
The ARCom considered key person risk across business units, with
an emphasis on the management succession planning framework for
those roles. The ARCom endorsed the thorough approach taken, which
includes close engagement from the ExCo and the emphasis placed on
development pathways for talented individuals. The ARCom also
received litigation briefings during the year as necessary.
At the July meeting, the ARCom received a presentation from the
investment risk Chief Risk Officer on the work of the Investment Risk
team, with an emphasis on risk governance processes. The ARCom
discussed how stronger collaboration, as well as process and control
enhancements were enabled through the team’s structure, whereby
Investment Risk team members are embedded within each investment
engine to cater to specific needs of each business unit while remaining
part of one cohesive team of investment risk managers.
The ARCom also reviewed proposed amendments to the Risk
Appetite and Governance Framework (the Framework), including
a new quantitative risk appetite statement to cover Man Varagon’s
loan syndication activities. The ARCom endorsed the revised
Framework and recommended it to the Board for approval
(a summary of Man Group’s risk appetite statements is available
on the Company’s website).
Finance
The ARCom received updates at each meeting from the CFO and
Group Financial Controller on the Finance function’s operations
and controls.
The ARCom monitored the status of the government’s reforms in audit
and corporate governance and discussed the updated UK Corporate
Governance Code, focusing in particular on the new requirements
regarding the review and reporting of the risk management and
internal controls framework, which will apply from the 2026 financial
year. The ARCom also kept abreast of changing reporting standards
and application guidance throughout the year, including regular review
of IASB and IFRS Interpretations Committee publications to assess the
impact on the firm’s financial statements. The ARCom also endorsed
the firm’s response to the FRC’s discussion paper on opportunities for
future UK digital reporting.
At the September meeting, the Group Financial Controller presented on
the firm’s tax position, the key projects undertaken by the Tax team
during 2024 and areas of focus for 2025. During the year, the Group
Financial Controller also presented the annual Finance function review,
outlining several automation initiatives which had enhanced controls
and the efficiency of processes, as well as the completion of the
integration of Man Varagon into the firm’s Workday system.
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Compliance
In addition to regular Compliance reporting to the ARCom throughout
the year, in July the Head of Non-Financial Risk presented the 2024
Compliance Review. Particular focus was given to the potential for
change in the regulatory landscape with the election of new
governments in key jurisdictions for the firm, routine entity level
regulatory examinations, and the firm’s engagement with regulators
during the year, including the appointment of Robyn Grew to the FCA’s
Markets Practitioner Panel and the firm’s participation in the Bank of
England’s System-wide Exploratory Scenario (SWES). The ARCom was
kept apprised of the development of the SEC Private Fund Adviser
Rules, which were vacated in June by the US Court of Appeals for the
Fifth Circuit.
Consideration was also given to resourcing levels, the current priorities
of key regulators and Compliance function-led initiatives, as well as
the significant work undertaken to support the retirement of certain
brands by the firm in line with the strategic priorities set out during
the year. The ARCom continued to monitor steps taken by the
management team to raise awareness of the channels available to
Man Group’s workforce to raise concerns, including through review
of amendments to the firm’s Global Whistleblowing Policy.
Throughout the year, the ARCom monitored risks relating to the firm’s
RI strategy through a dashboard summarising regulatory updates and
industry themes, including greenwashing.
In addition, the Money Laundering and Reporting Officer presented
their Annual Report at the February 2024 meeting and confirmed that
Man Group had established and maintained effective anti-money
laundering and counter-terrorist financing systems and controls.
Cyber and information security
Cyber and information security remained an area of focus for the
ARCom throughout the year as it continued to receive regular reports
on key themes andtrends. In addition, at the February meeting the
Chief Information Security Officer presented their annual report,
detailing key initiatives within the information security function to
ensure the firm’s controls continued to be robustand keep pace with
the fast-changing threat landscape.
The Committee was fully briefed on the steps taken in response to the
high-profile CrowdStrike outage, management having acted quickly
to ascertain any risk to the firm and ensure no material client or
operational impacts occurred.
At the request of the ARCom, a periodic Technology risk agenda item
was introduced to the ARCom agenda in 2024 to facilitate further
discussion on areas of risk within the Technology function given its
strategic importance to the wider firm. The Chief Technology Officer
presented updates to the ARCom during the year, highlighting the
investment in additional resource to information security related
aspects of the Technology function’s work and several initiatives which
necessitated close collaboration with the Information Security team.
At the May meeting, the ARCom was briefed on the findings of a ‘red
team’ exercise, during which the firm’s information security
infrastructure had been tested by an external consultancy firm to
simulate a live scenario and assess whether any enhancements to
defensive controls were necessary. The ARCom endorsed the findings
of the report which identified several areas to strengthen while noting
that the overall assessment indicated that defences were robust.
Ongoing monitoring of the Group’s systems of risk
management and internal control
The ARCom is satisfied that – through regular review of reports
anddashboards, in-depth assessment of key business areas
andfunctions, consideration of changes to the Risk Governance
andAppetite Framework and ongoing review of progress against
theInternal Audit Plan (more detail below) – it is appropriately
monitoring the ongoing effectiveness of Man Group’s systems of risk
management and internal control. Further details can be found in the
Risk management section on pages 30 to 37.
During the year, a number of operational matters were reported to
theARCom. These were discussed as necessary throughout the
yearand papers summarising these matters were considered by the
ARCom at its December 2024 and February 2025 meetings. Whilst
Man Group sought to improve its processes in response to the matters
identified, they were not considered sufficiently material either in
number or nature to require separate disclosure in the financial
statements or to indicate that the control environment had not been
operating effectively. The ARCom also concluded that there were no
specific matters to bring to the Remuneration Committee’s attention
which may impact its decision on discretionary remuneration
payments, given management action had already been taken
wherenecessary.
The ARCom also discussed the initial work undertaken to identify
material controls which would require disclosure on the introduction
(in respect of the 2026 financial year) of Provision 29 of the UK
Corporate Governance Code 2024. Throughout 2025, the ARCom
will continue to progress the approach to the disclosures and the
accompanying assurance to be sought on the identified controls,
ensuring that the approach aligns with both the requirements of the
Code and developing best practices.
Internal Audit
Internal Audit Plan
The Group’s Internal Audit function continues to be performed by
KPMG. The ARCom reviewed and approved the 2025 Internal Audit
Plan which included details of the planned audit reviews for 2025 and
the proposed team responsible for delivering the 2025 plan to be led by
Katie Clinton, KPMG partner, who was appointed Head of Internal Audit
in December 2024 (see further details on page 91).
The ARCom discussed Internal Audit reports presented by the Headof
Internal Audit at each meeting, reviewed progress against the2023
and 2024 Internal Audit Plans and monitored the closure of
management actions arising from Internal Audit’s recommendations
toaddress control enhancements. Whilst no significant weaknesses
were identified in any of the Internal Audit reports, a number of
improvements to certain processes and controls were implemented
inresponse to the recommendations.
Audit and Risk Committee report continued
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Effectiveness of Internal Audit function
During the year, the Committee conducted an EQA of the Internal
Audit function, seeking feedback from management and Committee
members. Theprocess concluded that, overall, the Internal Audit
function continued to perform to a satisfactory level and provided an
independent perspective on Man Group’s control environment. The
EQA considered areas such as resourcing, delivery, reporting and
adding value, and the independence of the function, incorporating
feedback from ARCom members and key stakeholders across the firm.
The EQA findings were presented to the Committee in May 2024 and
confirmed that the Internal Audit function operated in accordance with
relevant International Internal Audit Standards. In addition to providing
assurance that the function operated effectively, the EQA facilitated
a strategic assessment of the future model and resourcing of the
function to ensure it was fully equipped to discharge its vital role in
the context of the changing needs and structure of the firm.
While it was ultimately considered that an outsourced Internal Audit
function remained appropriate, the ARCom agreed with management
that a tender for the outsourced provider should be initiated to ensure
full value was derived from the external perspective offered by an
outsourced model.
The ARCom closely monitored the subsequent tender process, which
was conducted in two phases, led by a selection panel (the Panel) with
representation from ARCom and management (Lucinda Bell, Sarah
Legg, Antoine Forterre, and Kate Squire).
External audit
Audit Committees and the External Audit:
Minimum Standard (the Standard)
The Company is subject to the Standard published by the FRC inMay
2023 which currently applies on a voluntary basis.
The Company has chosen to apply the Standard and confirms
compliance with its requirements. Reporting on the activities
undertaken by the Committee to meet the requirements of the
Standard is contained throughout the ARCom report. The Company’s
accounting policies are included within the financial statements on
pages 142 to 178.
2024 External Audit Plan
At the October meeting, the 2024 External Audit Plan was presented
by Bevan Whitehead, who has been lead engagement partner since
2021. The plan, which was discussed and approved by the ARCom, set
out the proposed materiality threshold, the scope of the audit and the
significant audit risks that had been identified.
Auditor independence and the provision of
non-audit services
In order to safeguard the independence and objectivity of the
externalauditor, the ARCom is responsible for the development,
implementation and monitoring of Man Group’s policies on the
provision of non-audit services and oversight of the hiring of personnel
from the external auditor should this occur. The ARCom reviewed and
approved the Company’s non-audit services policy at the September
2024 meeting.
Outsourced Internal Audit tender process
Phase 1
In the first phase, three candidates were approached to
participate, each of whom then met with key stakeholders
across the firm and submitted written proposals which
were reviewed by the Panel.
Two candidates progressed to the next stage.
Phase 2
Both candidates then met with the CEO and presented to
the Panel, which resulted in the recommendation to
reappoint KPMG.
The recommendation was based primarily on the emphasis
placed on the importance of leveraging the institutional
knowledge that KPMG had built as the incumbent, while
acknowledging the need for a new approach, including a
refreshed team, with a mindset of continuous
improvement and utilisation of technology and external
subject matter expertise to further develop the Internal
Audit offering.
The ARCom reviewed the Panel’s recommendations in
December 2024 and approved the continued appointment
of KPMG as the outsourced Internal Audit provider, led by
Katie Clinton as the Head of Internal Audit.
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Summary of non-audit services policy
In accordance with the non-audit services policy, any potential
services to be provided by the external auditor, which are not
excluded under the non-audit services policy and are prescribed
by the FRC’s Revised Ethical Standard 2024 but which have an
expected value of $75,000 or more, must be approved by the
ARCom in advance. The non-audit services fees in aggregate
must not exceed 70% of the statutory audit fee for the previous
three years, which is equivalent to $2.1 million for 2024. The
policy is available on the Company’s website.
The total remuneration paid to Deloitte in 2024 was $5.1 million
(2023: $4.5 million), including $0.9 million in non-audit services
fees (2023: $0.8 million), the increase in the year being due to an
inflation-driven increase. Non-audit services primarily relate to
controls assurance work, Deloitte having been engaged due to
its familiarity with the Group. A full breakdown of the
remuneration paid to Deloitte can be found on page 153.
The independence of the external auditor is
safeguarded by control measures including:
policies limiting the nature of non-audit services (see above)
and hiring of personnel from the external auditor, both of
which are subject to annual review by the ARCom;
an independent reporting line from the external auditor
totheARCom and provision of private sessions without
management presence;
rotation of the lead engagement partner every five years;
provision of a confidential helpline which employees can use
toreport concerns; and
provision of an annual letter from the external auditor
confirming its independence.
Following a formal assessment of the external auditor’s
independence and objectivity in February 2025, the ARCom
concluded that Deloitte continued to be independent
andobjective.
Effectiveness of external audit process
At the May 2024 meeting, the ARCom considered feedback from
ARCom members and various members of the management team in
order to facilitate the ARCom’s formal assessment of the effectiveness
of the external audit process. Respondents were asked for their views
on several components of the external audit process including the
quality of the audit partner and team, planning and execution of the
audit, quality of audit reporting and the external auditor’s
independence and objectivity.
The process was further supported by Deloitte’s report on Audit
Quality Indicators (AQIs), which provided insights into factors that
may significantly impact audit quality, and thus facilitated an informed
assessment of the effectiveness of the external audit and areas
for improvement.
The responses indicated that, overall, Deloitte was performing in line
with expectations, with the audit team demonstrating appropriate
challenge and understanding of Man Group’s business, notably in
relation to the firm’s internal controls.
Audit and Risk Committee report continued
Thorough planning at the outset and an effective management
escalation process had ensured the efficiency of the audit, with key
delivery deadlines broadly met.
A number of areas, including the continued focus on streamlining
of audit papers, together with early engagement of subject matter
experts in reviewing technical and valuation related items, were
identified as requiring further consideration and Deloitte’s plans to
address these issues were set out alongside the 2024 Audit Plan.
After discussion, the ARCom concluded that the external audit process
in respect of the 2023 financial statements had been effective.
Deloitte provided constructive challenge to management’s
assumptions and judgement in relation to accounting for the payments
to the sellers of businesses acquired who continue in employment as
employment-related expenses, and the valuation of those payments.
In all areas, Deloitte concluded that the assumptions and judgements
applied by management were appropriate.
Reappointment of Deloitte as external auditor
Deloitte was first appointed as the Group’s external auditor in 2014,
following a tender process led by the ARCom in 2013 and was
recommended for re-appointment following a further competitive
tender process held in 2022 (described in the 2022 Annual Report)
in respect of the audit of the 2024 financial year.
Following the ARCom’s review of the effectiveness of the external
audit process earlier in the year and its assessment of the external
auditor’s independence and objectivity, it has recommended
thereappointment of Deloitte as Man Group’s external auditor
totheBoard. The Board has subsequently recommended the
reappointment of Deloitte for approval by shareholders at the
2025 Annual General Meeting.
The ARCom will continue to assess the external audit process annually
to ensure that it remains effective and the audit fee represents good
value to shareholders, while mandatory rotation of the external auditor
is required by the 2034 financial year. The ARCom confirms that the
Company has complied with the provisions of the Statutory Audit
Services Order 2014 for the financial year under review.
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How the ARCom has assessed its performance
Outlined in the table below are the key areas that were identified
in the ARCom’s 2023 performance review as requiring further
consideration and development during 2024, together with the
progress that has been achieved in 2024.
2024 progress on 2023 actions
2023 evaluation 2024 progress
Discuss and agree
appropriate balance
between audit versus
risk coverage at
meetings
Meeting agendas are carefully constructed
to emphasise Audit or Risk where required,
exemplified by the heavy focus at February
and July meetings on review of the annual
and interim financial statements.
Feedback throughout the year also indicated
sufficient time is dedicated to all items, and
topical items had been successfully integrated
where necessary throughout the year.
Consideration of the
separation of the
ARCom into separate
Audit and Risk
Committees
Feedback indicated a consensus that a single
Committee remained appropriate, due in
large part to the positioning of the agenda
appropriately at each meeting throughout the
year which facilitated the required balance
across the responsibilities of the Committee.
The merits of establishing separate Audit and
Risk committees will continue to be reviewed
in 2025.
Progress against the agreed 2023 actions was assessed in July 2024,
with feedback sought from ARCom members at that stage. In February
2025, the ARCom considered the findings and recommendations of
the external performance review conducted by an external consultant
as part of the wider Board evaluation process. Interviews were
conducted with ARCom members and certain regular attendees in
December 2024. The external consultant also attended the December
2024 ARCom meeting to observe its dynamics at work.
The results of the review confirmed that the ARCom was operating
effectively, and responses indicated that the ARCom was a thoughtful
and collaborative forum. Feedback indicated that the Committee
members provided informed and constructive challenge to
management, and the ARCom Chair was praised for their chairing
style in facilitation of this dynamic.
Areas identified for focus in 2025 included continued discipline on the
length of board packs as well as further refinement of reporting to
enable historic comparative analysis of key risk metrics.
Lucinda Bell
Chair, Audit and Risk Committee
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Dear Stakeholder
This year the Nomination and Governance Committee (the Committee)
spent considerable time working on the recruitment of three new
non-executive directors to the Board of Directors. In the spring we
recommended the appointment of Sarah Legg and Dixit Joshi, which
became effective immediately after the Company’s AGM in May. We
then also recommended the appointment of Paco Ybarra which
became effective on 6 September 2024. All of these appointments
followed an extensive search process and enabled us to add specific,
identified, skill sets to the Board, as signposted in this report in last
year’s Annual Report. These appointments were undertaken with
the assistance of external executive search firms (see page 97 for
further details).
Turning to Board committee changes, in May Lucinda Bell joined the
Remuneration Committee. The three new non-executive directors all
joined the Nomination and Governance Committee upon appointment,
as we believe it appropriate that all non-executive directors are
members of the Nomination and Governance Committee. Sarah and
Dixit also joined the Audit and Risk Committee. We consider that the
Board committees are all appropriately resourced.
Given the importance of succession planning to the long-term
success of the Company, the Committee continued to dedicate time
to considering this during the course of 2024. This included a robust
review of independence. For more information, see our section on
Board independence on page 80. I would, however, like to comment
specifically on Richard Berliand. Since 19 January 2025 Richard has
been a director for more than nine years. The Committee has rigorously
reviewed his independence and role, taking account of the provisions
of the UK Corporate Governance Code (the Code), and is completely
satisfied that he remains independent in character and judgement,
and can continue to be viewed as independent for the purposes of
the Code. For full details see page opposite.
Since the extension of the remit of the Committee to include
governance-related items in late 2023, we have spent an increased
proportion of our time considering governance aspects, including
carrying out a formal corporate governance review which took
account of the changes being introduced by the 2024 UK Corporate
Governance Code.
We have also refreshed our process around skills data collation,
review and presentation, which is so helpful in guiding succession
planning conversations.
An extremely important aspect of our work in 2024 has been the
review of our approach to sustainability oversight. The Committee
spent time evaluating whether to establish a Board sustainability
committee. The directors agree that this responsibility sits at the
highest level, with the Board. It is therefore appropriately managed
under the current structure, and the full Board retains responsibility
for sustainability, with decision making informed by regular reporting
to the Board and presentations and training. For more information
please see page 60.
In 2024 an externally facilitated Board performance review was
conducted, which concluded that the Board, committees, Chair
and individual directors were all effective in their roles. For more
information please see page 83.
Anne Wade
Chair
Summary of the Nomination and Governance
Committee’s activities during 2024 and
early 2025
Reviewed the size, composition, diversity and skill
set of the Board and its Committees.
Recommended to the Board for approval the
appointment of:
– Sarah Legg and Dixit Joshi as non-executive directors
and members of the Audit and Risk Committee and
Nomination and Governance Committee;
– Paco Ybarra as a non-executive director and member
of the Nomination and Governance Committee; and
– Lucinda Bell as a member of the Remuneration
Committee.
Recommended to the Board for approval significant
changes to the Board Diversity, Equity and Inclusion Policy
(see page 96 for further details).
Reviewed the independence of all Board members.
Reviewed our approach to Sustainability oversight.
Introduced a formal annual Corporate Governance review.
Membership:
Anne Wade (Chair) Dixit Joshi
Lucinda Bell Ceci Kurzman
Richard Berliand Sarah Legg
Laurie Fitch Paco Ybarra
Where appropriate, Robyn Grew is invited to attend
Committee meetings.
Anne Wade
Chair, Nomination and
Governance Committee
Nomination and Governance Committee report
The Nomination and Governance Committee
was delighted to recommend to the Board
for approval the appointment of three new
non-executive directors.
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1
2
3
4
Role of the Committee
The Committee’s Terms of Reference were reviewed by the Committee
and submitted to the Board for approval, and are available on the
Company’s website. A summary of responsibilities is as follows:
keep the Board’s composition under regular review in terms of
its size, structure, skills, experience and diversity in response to
changing business needs and opportunities;
identify the particular skills, knowledge and experience required
for specific Board appointments;
conduct the search and selection process for new directors;
recommend the appointment of new candidates to the Board
and the renewal, where applicable, of existing non-executive
director appointments;
review plans for executive director and senior management
development and succession; and
keep the Company’s corporate governance arrangements under
review and make appropriate recommendations to the Board to
ensure that the Company’s arrangements are consistent with UK
corporate governance standards and best practice.
Committee membership and remit
As mentioned above, in response to Board feedback and the
recommendation set out in the independent governance review
undertaken during 2023, all non-executive directors are appointed to
the Committee. The list of members is set out on the page opposite
and on the Company’s website in the Corporate governance section
under the title Committee membership.
In addition, the Committee recommended and the Board approved
that it would be appropriate to extend its remit to cover governance-
related items, consistent with many of our peers. During 2024,
the Committee, with the support of the Company Secretary, has
reviewed the Company’s corporate governance arrangements and
recommended changes to the Board as well as monitoring developing
trends, initiatives and proposals in relation to Board governance issues.
This has included changes reflecting the implementation of the 2024
Corporate Governance Code.
Board and Committee changes
As previously mentioned, there have been a number of changes to the
Board and Committees during 2024. Alberto Musalem stepped down
from the Board and from the Committee, the Audit and Risk
Committee, and the Remuneration Committee with effect from the
end of February 2024. In early May 2024 Lucinda Bell was appointed
as a member of the Remuneration Committee.
On 10 May 2024, Sarah Legg and Dixit Joshi were appointed to the
Board and as members of the Nomination & Governance Committee
and the Audit and Risk Committee. Sarah has spent her career in a
variety of finance leadership roles and is an experienced non-executive
director and Audit Committee Chair. Dixit brings significant capital
markets experience and commercial insight from his senior leadership
and executive positions at major global financial institutions.
On 6 September 2024, Paco Ybarra was appointed to the Board and
as a member of the Committee. He is a veteran of the global banking
industry who brings exceptional experience in capital markets across
multiple asset classes and geographies from his senior leadership roles
with a major banking group.
The last two years have undoubtedly been a period of change for Man
Group’s Board. We have worked hard to support the Board to manage
this in an appropriate manner and the Committee will continue to keep
Board composition under review.
Board independence
The independence, effectiveness and commitment of each of the
non-executive directors have been reviewed and the Committee
and Board were satisfied with the independence, effectiveness and
commitment of all the non-executive directors during the year.
As mentioned on the page opposite, since January 2025 Richard
Berliand has been a director for more than nine years. The Committee
has rigorously reviewed his independence and role, taking account
of the provisions of the UK Corporate Governance Code, and is
completely satisfied that he remains independent in character and
judgement. Richard’s deep understanding of financial markets, the
regulatory environment, risk management and technology, all gained
through senior executive and non-executive roles in the financial
services sector, make him a valued contributor to the Board. His
institutional knowledge of Man Group provides useful context and
continuity following a period of change for the Board.
Having considered recent Board changes and the importance of
an orderly transition of the role of Senior Independent Director and
concluded there were no circumstances impairing Richard’s ability
to act in the best interest of the Company and shareholders, the
Committee recommended, and the Board agreed, that it was
appropriate to extend Richard’s role as a non-executive director and
the Senior Independent Director until a date no later than December
2025, subject to shareholder approval at the 2025 AGM. This would
take his total tenure as a non-executive director to nine years and
eleven months. The Board plans to appoint a new Senior Independent
Director in Q4 of 2025.
Proportion of committee time spent on key responsibilities
1. Board appointments 43%
2. Board and senior management
succession planning 17%
3. Diversity, Equity
and Inclusion 14%
4. Corporate Governance 26%
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Nomination and Governance Committee report continued
Committee evaluation
Progress on the priority areas identified by the Committee in last year’s evaluation is set out below, together with the areas for focus highlighted
in the 2024 evaluation.
Progress on priority areas identified in 2023 evaluation
Priority area Agreed action Progress during 2024
Non-executive searches
Progress non-executive searches for individuals with
deep markets experience and candidates with strong
financial and accounting experience.
Sarah Legg, Dixit Joshi and Paco Ybarra recruited.
Succession planning
Explore the potential appointment of an adviser to the
Board to provide additional insights and knowledge
around technology and cyber security.
Ongoing conversations around technology and cyber
security advice. Presentations and training for the Board
on these topics.
The Committee also discussed the following areas which were identified in the 2024 Board evaluation as requiring further Committee
consideration during 2025:
Consider the process for replacing the SID and make appropriate recommendations.
Review committee membership requirements.
Consider how best the Board can access relevant technology experience.
Ongoing consideration of gender balance.
Anne Wade
Chair
Board Diversity, Equity and Inclusion Policy
The Board Diversity, Equity and Inclusion Policy sets out the Board’s
understanding of the value and impact of diversity in its broadest
sense and the measures, processes and inputs through which it seeks
to increase diversity on the Board and its Committees, and influence
and monitor its impact within the Company as a whole.
The policy, which was significantly changed in early 2024, as explained
in last year’s Annual Report, is summarised below. It is fully aligned
with Man Group’s Global Inclusion Statement and Diversity, Equity and
Inclusion report, which is available on our website. Further details of
our diversity, equity and inclusion activities throughout the firm are
given in the People and culture section on pages 40 to 45. The
progress regarding the number of women in Man Group’s senior
management roles (defined as those who are, or report directly to,
members of our Executive Committee) is set out in the Non-financial
KPIs section on page 21.
Policy overview
The Board is committed to promoting diversity, equity and inclusion
in their broadest sense, both in terms of the Board’s own composition
and within Man Group’s senior management and employee base as a
whole. The Board sees diversity as the combination and interaction of
people with different knowledge, skills, experience, backgrounds and
outlooks. It believes that this creates greater value and leads to better
decision-making and performance at all levels of the organisation.
The Board is responsive to diversity, equity and inclusion challenges
within the financial services industry, acknowledging the
underrepresentation of some groups within the industry, and endorses
the steps initiated and implemented by the executive management
team to help navigate these challenges. In addition to the internal
diversity, equity and inclusion initiatives within Man Group, the Chair
and CEO are members of the 30% Club, Man Group is represented on
Dixit Joshi
Non-executive director
Sarah Legg
Non-executive director
Paco Ybarra
Non-executive director
Directors appointed in 2024
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external diversity and inclusion-focused committees and working
groups with other firms across the industry to maximise impact, and
is committed to transparency and sharing progress publicly as a
signatory to the Women in Finance Charter and Race at Work Charter.
The Board supports the adoption and disclosure of targets for building
gender and ethnic diversity into FTSE company boards and senior
management, including the recommendations set out in the FTSE
Women Leaders Review on gender diversity and the Parker Review on
ethnic diversity and the Board diversity targets set out in the Listing
Rules. The Board is committed to complying with these by ensuring
that there is at least 40% female representation and at least one
director from an ethnic minority background on the Board, as well as
ensuring that at least one of the senior Board positions is held by a
woman. The Board acknowledges that during periods of transition,
this composition may not, temporarily, be maintained.
The Board also recognises that these targets should be viewed as a
base level to work from and that diversity of thought comes in many
forms. As a consequence, the Board challenges itself to continue its
progress and maintain a target of at least 50% of its members
representing minorities and diversity in all its forms.
Set out below are three main areas on which we are focusing in
pursuing our policy objectives.
Board appointments
When seeking to make a new appointment, the Board will focus first on
identifying an individual with the capability, expertise and experience
that are required to discharge the specific role, and will select the best
candidate on that basis. Within this remit, it recognises the added value
to be derived from all forms of diversity. To support this objective, we
adopt a formal approach to Board searches, which includes insisting
on strong representation of underrepresented groups on search firms’
long lists and short lists and remaining conscious of any potential for
bias in the interview and selection process. In 2024 the search firms
Spencer Stuart and Russell Reynolds were engaged to undertake
these searches. Neither firm has any other connection with the
Company or individual directors. We will also consider and explore
alternative routes to the supply of appropriate candidates.
Implementation in 2024
The Committee considered diversity in the context of the non-
executive searches during 2024 and requested the external search
firms supporting on these searches to take account of this when
identifying potential candidates for the relevant roles. As set out on
page 83 we are pleased that we have exceeded the targets contained
in the Women Leaders’ Review and Parker Review and that two of the
four senior Board roles (CEO, CFO, Chair and SID) are held by women,
exceeding the targets set out in the UK Listing Rules.
Oversight of recruitment, development and inclusion
The Board continues to encourage and oversee the output from a wide
range of recruitment and people development policies and initiatives
led by the Executive Committee, which aim to grow the diversity of
Man Group’s talent pool, provide development opportunities for all and
embed an equitable and inclusive culture. While we cannot lead such
initiatives directly, our role as a Board is to monitor and challenge the
impact they are having on the firm. As part of this oversight, we review
and discuss the success of the diversity, equity and inclusion network
activities across Man Group. We also keep updated on Man Group’s
relationships with partners who can help source talent from more
diverse backgrounds and under-represented groups and Man Group’s
sponsorship of events that encourage more diverse talent into
financial careers.
In addition, a key role of the Nomination and Governance Committee
is to monitor and discuss with the CEO the career development and
succession plans for senior management across the firm, including the
progress of any underrepresented groups. This enables us to promote
the development of a strong and diverse pipeline of talent for future
executive leadership and Board positions. The responsibilities of
the Nomination and Governance Committee in relation to the
implementation of its diversity, equity and inclusion objectives
are outlined in its terms of reference.
Implementation in 2024
In addition to the regular updates on specific people hires and
promotions, the Board again undertook a specific review of Man
Group’s culture. This included consideration of the diversity, equity and
inclusion network activities to promote and support a diverse culture
within the organisation and management’s continued efforts to
improve diversity within the organisation. The Board also discussed
and approved gender and ethnicity targets for senior management.
Further details are set out on pages 42 to 43.
Formal succession planning discussions at Board and Nomination
and Governance Committee meetings were supplemented this year
through more informal discussions during Board dinners around
development and succession planning for Board and senior
management positions.
The Board was also able to increase its exposure to executives below
Board level and to assess the strength, breadth and diversity of
management resource available to the business through:
updates at Board and Committee meetings from Executive
Committee members and other members of the management
team on the areas of the business for which they are responsible;
attending presentations delivered by various individuals within the
business, including several portfolio managers; and
participation by certain non-executive directors in an Executive
Committee mentoring programme.
Review and reporting
The Board is committed to the development of diversity, equity and
inclusion on the Board and among Man Group’s employees. It will seek
feedback on Board balance, including diversity in all its forms alongside
the balance of skills and experience, in its annual Board evaluation and
will keep the review and challenge of Man Group’s people development,
inclusion and diversity programmes on the Board agenda. An account
of the Board’s activities and progress against its objectives in these
areas will be given in the Annual Report each year.
Implementation in 2024
Feedback from the 2023 Board and Committee evaluations highlighted
the strong gender diversity on the Board as well as the diversity of
perspective and background whilst identifying the need to bring
additional markets and accounting experience to the Board in 2024.
The Nomination and Governance Committee will continue to focus on
ensuring the composition of the Board remains appropriate, along with
the promotion of diversity through recruitment, talent management
and succession.
The Company is pleased to make the disclosures required under the
UK Listing Rules around gender and ethnic diversity at Board and
executive management level. The metrics regarding diversity targets
(gender and ethnicity) of Board and Executive Committee members
and the Company Secretaries, in the form prescribed by the FCA, are
included on page 83.
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1
2
4
5
6
3
1. Executive directors’
remuneration 42%
2. Employee remuneration 17%
3. Shareholder engagement,
DRR and Remuneration
Policy 17%
4. Senior management
remuneration 12%
5. Governance and other 8%
6. Financial regulation 4%
Summary of the Remuneration Committee’s
activities in 2024 and early 2025
Reviewed and consulted with shareholders on the Directors’
Remuneration Policy.
Determined the total annual compensation for the executive
directors, Executive Committee members, the Company
Secretary and Remuneration Code staff.
Considered compensation of the wider workforce, including
by reference to both gender and ethnicity metrics, and
reviewed the ratio of the CEO’s pay to other employees.
Reviewed the remuneration of the Chair and recommended
to the Board that no changes should be made.
Reviewed and approved the Directors’ Remuneration report.
Current Membership
1
:
Laurie Fitch (Chair)
Lucinda Bell
2
Richard Berliand
Ceci Kurzman
Anne Wade
Where appropriate, Robyn Grew and Antoine Forterre are
invited to attend Committee meetings, but are not present for
discussions relating to their own remuneration.
1 Alberto Musalem retired from the Board and stepped down from
the Committee on 29 February 2024.
2 Lucinda Bell was appointed as a member of the Committee on
8 May 2024 and attended all meetings after that date.
Directors’ Remuneration report
1. Chair’s annual statement
Laurie Fitch
Chair of the
Remuneration
Committee
How the Committee spent its time in 2024
Contents
Chair’s annual statement 99-102
Remuneration at a glance 103-107
Directors’ Remuneration Policy summary table 103
Remuneration outcomes for 2024 104-105
Executive director pay in the context of
Man Group’s shareholders 106
Executive director pay in the context of
Man Group’s employees 107
Remuneration outcomes in 2024 108-117
Single total figure of remuneration for executive directors 108
Annual bonus in respect of 2024 performance 108-110
Vesting outcome in respect of the 2022 LTIP 111
Relative importance of spend on pay 112
Review of past performance 112
Percentage change in directors’ remuneration 113
CEO pay ratio 113-114
Retirement benefits 114
Single total figure of remuneration for non-executive directors 114
Payments to former executive director 114
Directors’ interests and shareholding requirement 115
Directors’ interests in shares and options under Man Group
long-term incentive plans 115-116
Shareholder voting and engagement 117
Implementation of Directors’ Remuneration
Policy for 2025 118
Base salary 118
Annual bonus for 2025 118
Long-Term Incentive Plan for 2025 118
Non-executive directors’ Remuneration Policy for 2025 118
Remuneration Committee 119-122
Membership and attendance 119
Independent advisers 120
Committee activities during 2024 and the early part of 2025 120
2024 Committee performance review 121
Benchmarking and peer groups 122
Directors’ Remuneration Policy 123-128
Executive directors’ Remuneration Policy 123-128
Illustrative pay for performance scenarios 125
Performance measures selection and approach to target setting 126
Difference between executive directors’ and
employees’ remuneration 126
Approach to recruitment remuneration 126
Service contracts and exit payment policy 127-128
External appointments 128
Non-executive directors’ Remuneration Policy 128
Recruitment of non-executive directors 128
Consideration of conditions elsewhere in Man Group 128
Consideration of shareholder views 128
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Governance
Man Group plc | Annual Report 2024
Dear Stakeholder
On behalf of the Board, I am pleased to present the Directors’
Remuneration report (the DRR) for the year to 31 December 2024.
For ease of reference, this report contains the following sections:
a detailed index to help you find the sections you need (page 98);
this annual statement (pages 99 to 102);
the ‘remuneration at a glance’ section, summarising how the
current Directors’ Remuneration Policy (‘the Policy’) has been
implemented in 2024 pages 103 to 107);
the annual report on remuneration (pages 108 to 122); and
the new Directors’ Remuneration Policy (‘the New Policy’)
on which shareholders will be asked to vote at the 2025 AGM
(pages 123 to 128).
1.1 Introduction
On behalf of the Committee, I would like to start by thanking those
shareholders who continued to engage with us during 2024. We
appreciated that, at the 2024 Annual General Meeting (AGM), more
than 90% of our shareholder base voted in favour of the DRR.
Our existing Policy was approved by shareholders at the 2022 AGM,
with the support of 91% of shareholders. During the past year, we
conducted a review of our Policy ahead of the three-year renewal vote
by shareholders due at the 2025 AGM. The Committee concluded that
it was appropriate to largely roll forward the existing Policy at this time,
but intends to conduct a further review during 2025, as outlined in
more detail below.
In the early autumn of 2024, I undertook an extensive consultation
with our largest shareholders on two discrete proposed changes to the
Policy and its implementation. I would like to thank those investors who
responded to our consultation for their thoughtful and constructive
feedback which has helped to shape the proposals we are now
putting forward.
During the remainder of the year, the Committee’s particular areas of
focus included remuneration outcomes in the context of Man Group’s
performance and remuneration below Board level.
Against a volatile year in our industry, Man Group remained resilient and
we believe the executive pay outcomes, as detailed below and in the
sections that follow, appropriately reflect that level of performance
and that the current Policy has operated as intended in this context.
1.2 Directors’ Remuneration Policy
As noted above, the Committee undertook a review of the Policy
during 2024 as part of the normal triennial policy cycle, with a new
Policy due to be submitted for shareholder approval at the 2025 AGM.
As part of the review process, the Committee considered a number of
areas including the alignment of our remuneration structure with our
strategic objectives, the market competitiveness of current
remuneration levels, changes in regulatory and governance
requirements and developments in market best practice.
In considering the market competitiveness of current remuneration
levels, the Committee considered benchmarking data against
relevant peers. As part of this exercise, the Committee undertook
a comprehensive selection process to identify those companies who
represent the most appropriate peer group(s) for Man Group. In doing
so, the Committee noted two key factors to consider. Firstly, Man
Group competes for senior talent in a global marketplace, with many of
our key competitors being headquartered outside the UK, particularly
in the US. Secondly, Man Group is one of the few listed companies in
the world that operates in the liquid alternative investment industry.
Most companies in this industry are privately owned and whilst
remuneration data is not widely published externally, market data
from several global companies including privately listed companies
was provided independently by external advisers as part of the
benchmarking exercise. In particular, the Committee notes that
we often recruit from (and lose senior talent to) these privately
owned competitors.
The Committee’s review did highlight concerns over the
competitiveness of the CEO’s total remuneration, with initial analysis
demonstrating a lower relative positioning of pay compared to peers.
The Committee therefore intends to conduct a more in-depth review
of the Policy during 2025, including further consideration of the
relative positioning of pay against a global peer group to reflect the
global nature of our business, and wider market developments as part
of the UK competitiveness debate, to look at whether to bring a more
material change to shareholders at the 2026 AGM.
In this context, we are proposing largely to roll forward the current
Policy for at least the next 12 months, incorporating two changes:
Policy change: remove the $1.1 million cap on CEO salary; and
implementation change: merge the strategic/personal and ESG
objectives weightings in executive directors’ annual cash bonus
(currently 15% each) resulting in a 30% weighting.
In 2016, the CEO’s salary was increased to $1.1 million and in 2018
as part of the new Policy at that time, the $1.1 million salary cap was
introduced. Since the salary cap was introduced in 2018, CEO salaries
in the UK listed asset management market have significantly increased
such that the salary positioning has fallen relative to peers (but still
remains competitively positioned overall). Furthermore, given the
cumulative impact of annual increases for the wider workforce as a
result of high inflation over the last few years, and the fact that salary
caps are extremely uncommon in the broader UK and global market,
it is the Committee’s view that the cap is no longer appropriate and is
therefore proposing its removal. The Committee will continue to keep
executive directors’ salaries under review, and it is expected that any
future base salary increases (if appropriate) would typically be in line
with or below, the average all-employee salary increase.
Man Group challenges itself to be recognised as a leader in providing,
to the clients who so elect, Responsible Investment (RI) across all our
investment styles and our commitment to RI includes integration of
ESG into investment decisions, stewardship, advocacy and thought
leadership. We are also committed to our people, wider society and the
environment, which reflect our core values. Currently, 15% of the bonus
and 10% of the LTIP are linked to ESG-related objectives. In addition,
15% of the bonus is attributable to strategic and personal objectives,
some of which incorporate ESG-related areas.
No changes are proposed to the LTIP approach, but we are proposing
to make changes to the bonus for 2025. In particular, we are proposing
to merge the strategic/personal and ESG objectives into a combined
30% weighting. Specific ESG-related objectives will be included within
the 30% overall weighting, but the change will allow more flexibility to
adjust the weighting of particular objectives from year to year in line
with our strategic priorities and recognise where there is overlap, for
example between diversity metrics and wider people, talent and
succession planning objectives, and group them accordingly. The
categories of objectives for 2025 are broadly consistent with those
used in previous years e.g. climate and sustainability, talent and people.
As in previous years, the Committee works hard to ensure that the
objectives remain stretching and that its assessment of performance
against them is robust. The 70% weighting on financial metrics will be
retained, with no changes proposed to these weightings or measures.
99
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Man Group plc | Annual Report 2024
Directors’ Remuneration report continued
1. Chair’s annual statement continued
The performance metrics selected for use in the short- and
long-term incentive arrangements reflect Man Group’s strategic
priorities. The financial metrics are aligned withMan Group’s financial
key performance indicators (KPIs) which illustrate and measure the
relationship between the investment experience of Man Group’s
clients, our financial performance andthecreation of shareholder value
over time. The non-financial objectives in the bonus, including those
related to ESG, are aligned with our strategic focus and non-financial
KPIs to ensure that executives remain focused on the delivery of
annual performance whilst ensuring the building blocks for future
growth are put in place. This alignment ensures that the link between
strategy, the KPIs by which we measure performance and reward is
clear, as shown in the table below.
1.3 Shareholder engagement in 2024
At the time the2023 DRR was published in March 2024, we contacted
shareholders representing over 50% of our shareholder base, together
with the main shareholder representative bodies and proxy agencies,
offering a meeting or call to discuss any aspects of our current Policy
or the2023 DRR. We subsequently met with all shareholders who
requested ameeting.
As I mentioned earlier, as part of our consultation on the changes to
the Policy, we wrote to 20 of our largest shareholders, representing
around 56% of our shareholder base and the main proxy agencies,
during autumn 2024. We received feedback from most of the
shareholders contacted, and I was delighted to meet with some of
those shareholders to discuss the proposals further. In addition, we
received a written response from Glass Lewis and also had a meeting
with the Investment Association. There was broad support for the
proposed changes to the Policy and its implementation, and no
changes were made to the original proposals.
1.4 The link between the pay of executive
directors andthe workforce
Overall salaries for the wider workforce in 2024 increased by an
average of 4.9%, with higher increases generally awarded to those with
lower salaries.
For 2025, once again, higher salary increases will continue to be
targeted at those employees on lower salaries. Overall salaries are
budgeted to increase by an average of 3.8%. This is lower than last
year, reflecting lower inflation and market salary movements.
In addition, as part of its consideration of the overall appropriateness
of the executive directors’ remuneration in 2024, the Committee
undertook the following actions:
approved the total bonus pool to be allocated to staff;
carried out a detailed review of bonus proposals and evaluations
forthe Executive Committee, Company Secretary and individuals
covered by the Remuneration Codes;
reviewed the ratio of CEO pay to the UK employee population and
discussed the reasons for the movement over previous years,
asset out in the commentary following table R8 on page 114; and
reviewed annual performance ratings and compensation
outcomes by gender and ethnicity to ensure decision-making was
objective and without bias. This analysis, which has now become
an integral part of Committee business, showed that
compensation in the wider workforce was fair and reasonable,
when taking account of the employee’s role and location.
The Committee again engaged with employees by providing
asimple document explaining how the remuneration of the executive
directors is determined and how that links with the approach to the
remuneration of the wider workforce, and employees are periodically
invited to submit any questions via a dedicated email address.
Financial
KPIs
Strategic priorities
Non-
financial
KPIs
Innovative investment
strategies
Strong client
relationships
Efficient and effective
operations
Returns to
shareholders
Relative
investment
performance
Relative net
flows
Core
management
fee EPS
growth
Core EPS
Bonus metrics
Carbon
footprint
Women
insenior
management
roles
ESG
integrated
AUM
Workforce
engagement
Relative net flows
Core management fee EPS
Core EPS
Strategic, personal and ESG-related objectives
LTIP metrics
Relative investment performance
Relative TSR
Cumulative relative net flows
3-year core management fee EPS
3-year core EPS
ESG scorecard
100
Governance
Man Group plc | Annual Report 2024
1.5 Review of performance in 2024
2024 was a volatile year, shaped by a complex mix of macroeconomic
shifts, geopolitical tensions, and divergent central bank policies. In this
environment Man Group remained resilient and the Committee are
encouraged by the progress made over the year against the strategic
goals announced last February.
We delivered 1.0% of relative investment performance during theyear.
Our flows whilst negative for the year were ahead of the industry,
demonstrating the relevance of our offering and our client
relationships. Total gross inflows were $43.9 billion; our second best
year on record. Our assets under management ended 1% higher
compared with the beginning of the year.
Our ability to generate value for our shareholders continues to be
acore focus. Man Group delivered Total Shareholder Return (TSR)
performance in 2024 of -3%, underperforming the FTSE 250 return
of 8% and more direct peers in the FTSE 350 Financial Services index
of 17%.
1.6 Remuneration outcomes for 2024
In the ‘Remuneration at a glance’ section of this report on page 104
we have again detailed how we set stretching targets for the
2024 bonus.
Targets for each performance measure are set by the Committee
with consideration of a number of reference points, including internal
budgets and forecasts, consensus estimates available at the time and
the long-run historical performance of Man Group and our peers.
The range of targets set for relative net flows requires at least industry
outperformance and at the maximum level would deliver strong market
share gains. In 2024, we experienced net outflows of $3.3 billion,
driven by a $7.0 billion single client redemption in the third quarter
of the year. On an asset-weighted basis, the industry on average
experienced higher outflows, meaning we still delivered positive
relative net flows of 0.2%. This falls below the threshold for this target
resulting in no payout for this element of the bonus, out of a possible
maximum of 30%.
The threshold, target and maximum for core management fee EPS
were set above the 2023 targets, and against these higher targets
21.5 cents per share was delivered, resulting in an outcome just
above target for this metric.
The one-year volatility of performance fee income means that it
isappropriate to set a wide range for core EPS bonus targets. Although
performance fees were lower in 2023, following record performance in
the prior two financial years, the threshold, target and maximum were
set 6% higher than in 2023 at 27.0 cents, 34.0 cents and 41.0 cents
respectively. The threshold target was set above the core EPS
delivered in 2023. The increase in core management fee EPS, along
with higher performance fees in 2024 led to core EPS of 32.1 cents
being delivered, i.e. between threshold and target.
This resulted in an overall outcome on the financial component of
thebonus of 20.6% out of a maximum of 70%.
The Committee noted that strong progress hadbeen made against
the ESG-related objectives (as detailed on page 109). These objectives,
which arealigned to the objectives set out under our sustainable
growth strategy, are common to both executive director roles and
a score of14%, out of a maximum of 15%, was awarded.
The personal and strategic objectives which account for a maximum of
15% of the bonus are intended to incentivise performance on the range
of other strategic actions and activities in the business, the results of
which we expect to see delivered over time.
Both executive directors delivered extremely well on their personal and
strategic objectives, details of which are set out on pages 109 and 110.
Key highlights include the launch of our new strategic priorities to the
market which were well received by key stakeholders. Progress during
the year against these priorities exceeded expectations. Other
highlights include strong client engagement and expansion of
presence in those markets where we are underweight. Significant
progress was made towards diversifying our investment capabilities,
particularly in credit, quant equity and solutions, which underpinned
the resilience of our 2024 financial results. Employee engagement
score remains high and encouraging progress has been achieved on
diversity but both management and the Committee recognise that
there is more to do in this space. During 2024, the integration of
Varagon was seamlessly and successfully executed. A review of the
seed strategy led to $434 million being redeemed from the seed book
and $332 million reinvested to support the launch of new strategies
in line with the firm’s strategic priorities e.g. warehouse activity to
support the evergreen private credit strategy at Man Varagon,
multi-strategy solutions offerings, etc.
The Committee determined that awards for the strategic and personal
objectives of 14% for both Robyn Grew and Antoine Forterre
appropriately reflected their performance during the year.
The Committee considered the outcomes for the ESG and the
strategic and personal objectives in the context of the overall business
performance. The Committee noted that the financial performance
outcome was significantly impacted by a single client redemption in
the third quarter, and that this is not reflective of the management
team’s overall performance. The Committee strongly believes that
the achievements outlined above are instrumental in laying the
foundations for growth in the future, and it is appropriate that this
performance is reflected in the bonus outcome for executive directors.
The overall annual bonus outcome for 2024 was therefore 48.6%
of maximum.
The 2022 LTIP award was made in March 2022 for the three-year
period from 1 January 2022 to 31 December 2024 and vests in
March2025, with a subsequent two-year post vesting holding period.
The level of vesting at threshold is 0% meaning that the directors
must exceed the threshold performance for any of the award to vest.
This was the first year that ESG-related metrics were included in the
LTIP. These metrics together with the other LTIP metrics and targets
for the 2022 award are set out in the 2021 DRR (revised carbon
emission metrics were set out in the 2022 DRR) together with details of
how the Committee considered thetarget ranges to be appropriately
stretching. In that context, I am pleased to say that the 2022 LTIP has
vested at 80.6%.
Over the three-year LTIP performance period, our funds performed
strongly overall, returning $16.3 billion in investment gains and
delivering 4.0% of relative outperformance to our clients. We saw
netinflows of $2.8 billion which has had a direct positive impact on
our AUM.
Relative net flows, a measure of our ability to attract and retain investor
capital in comparison with peers was +10.4% over the last three years,
reflecting the strength of the client franchise and ability to gain market
share on a consistent basis.
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Man Group plc | Annual Report 2024
The growth in AUM has translated to an increase in management fee
revenue each year. Combined with fixed cost discipline and operating
leverage as a result of early and significant investment in technology,
this resulted in strong core management fee EPS growth over the
three-year period.
Man Group’s share price has decreased by 5.7% over the same
three-year period, compared with an average decrease of -17.2%
amongst asset management peers. Man Group has delivered TSR
of 9.4% which puts it into the mid second quartile of its FTSE 250
peer group.
A summary of the outcome against each of the performance metrics
together with further details of how the Committee established the
stretching target ranges is shown in the ‘Remuneration at a glance’
section on pages 104 to 105 with full details included on page 111 of
the annual remuneration report.
Robyn Grew did not receive a 2022 LTIP award as she was not an
executive director at the time the LTIP award was granted. Robyn’s first
LTIP award was granted in September 2023 and the outcome of this
award will be reported in the 2025 DRR. The value of Antoine Forterre’s
2022 LTIP award is set out on page 111.
In determining whether the overall remuneration of the executive
directors for 2024 was appropriate, the Committee considered
a number of factors including:
the performance delivered for 2024;
the experience of Man Group’s shareholders. Over the three-year
LTIP performance period, Man Group’s relative TSR of 9.4% put it
in the mid second quartile, ranking at position 48 out of 152
companies, when compared with comparable FTSE250
constituents; and
the experience of Man Group’s employees. Average employee
bonuses are higher than in 2023, giving employees a much better
experience than that of the executive directors, meaning that
employees have a divergent experience compared to the executive
directors for whom bonus outcomes are lower than in 2023.
The Committee concluded that the bonus outcome was fair and
appropriate and therefore no discretion was applied. The Committee
also considered that the LTIP vesting outcome fairly reflected the
performance delivered over the three-year period and no discretion
was applied. As part of its consideration, the Committee satisfied itself
that there were no windfall gains under the LTIP and no adjustments
were required.
1.7 Remuneration for 2025
The Committee determined that the CFO would receive a 3.7% salary
increase from $680,000 to $705,000, with effect from 1 January 2025,
broadly in line with the budgeted average employee increase for 2025.
Subject to shareholder approval for removing the CEO salary cap, the
Committee has determined that the CEO’s base salary will be increased
by 2.7% from $1,100,000 to $ 1,130,000 which is below the budgeted
average employee increase for 2025 of 3.8%. The increase would be
backdated to 1 January 2025, in line with the effective date of the
salary increase for the CFO.
The annual review of the Chair fees was also undertaken during the
year. It was recommended to the Board that there be no changes to
the Chair’s fees in 2025. There will be no changes to the non-executive
directors’ (NEDs’) fees in 2025 either.
The Committee considered the structure of the annual bonus and LTIP
for 2025. With the exception of the merger of the strategic/personal
and ESG elements of the annual bonus referenced earlier, no changes
to the bonus metrics and weightings will be made for 2025. In addition
other than a minor change to simplify the ESG scorecard from three
equally weighted measures to two equally, no changes to the metrics
and weightings for the 2025 LTIP will be made. See page 118 for
further details.
1.8 Conclusion
I hope that you find the information in this letter, and the sections of
the DRR that follow, to be clear and useful and I would welcome any
feedback you may have.
We look forward to welcoming you at our 2025 AGM and receiving
your support for this DRR and Policy at that meeting.
Laurie Fitch
Chair of the Remuneration Committee
Directors’ Remuneration report continued
1. Chair’s annual statement continued
102
Governance
Man Group plc | Annual Report 2024
2.1 Directors’ Remuneration Policy summary table
Key elements ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 ‘30 2024 Policy and implementation Proposed 2025 Policy and implementation
Fixed pay
Salary
Overall Policy maximum of $1.1m applies to
all executive directors, meaning no increase
for the CEO overthe life of the Policy
No Policy maximum
Salaries effective from 01/01/24:
Robyn Grew $1.1m
Antoine Forterre $680k
Salaries effective from 01/01/25:
Robyn Grew $1.13m
1
Antoine Forterre $705k
Pension
allowance
Maximum pension contribution aligned to the maximum available to allemployees of 14% of
salary and subject to the same service criteria to receive the highest contribution rate
Benefits
Includes family private medical insurance, life assurance and permanent health insurance
Cash
bonus
Maximum
opportunity
300% of salary
Operation
Awarded as a combination of cash (45%) and deferral (55%) into shares (and funds once the
shareholding requirement has been met) vesting in three equal tranches in each of the
following three years
Metrics (%)
Relative net flows
Core management fee EPS (cents)
Core EPS (cents)
ESG-related objectives
Strategic and personal objectives
30
20
20
15
15
Metrics (%)
Relative net flows
Core management fee EPS (cents)
Core EPS (cents)
ESG-related, strategic and
personal objectives
30
20
20
30
Deferred
bonus
Long-term
incentive
Maximum
opportunity
300% of salary
Operation
Forward-looking three-year performance conditions with share grant at year 0, vesting year 3
with subsequent two-year holding period
Metrics (%)
Relative investment performance
Relative TSR vs FTSE 250
3-year cumulative core
management fee EPS
3-year cumulative core EPS
Cumulative relative net flows
ESG scorecard
20
20
10
30
10
10
Share
ownership
Shareholding
requirements
CEO 300% of salary
Other executive directors 200% of salary
Post-
employment
requirements
100% of the requirement, or the actual holding on departure if lower, to be retained for
two years after leaving the Board
Malus and
clawback
Circumstances
The Committee may apply malus and/or clawback to variable pay in certain specified
circumstances, including:
where the director fails to meet the required standards of fitness and propriety;
fraud or misconduct;
material misstatement of financial results affecting the assessment of a performance
condition; or
where there has been an error or inaccuracy relating to the determination of variable pay.
In addition, it can apply malus if a director participates in, or was responsible or accountable for:
a material error;
a material downturn in financial performance;
a material failure of risk management;
censure by any regulatory authority; or
a significant detrimental impact on the Company’s reputation.
Malus applies until the end of the vesting period with clawback applying until the end of any
applicable retention period
The full details of the Directors’ Remuneration Policy approved in May 2022 can be viewed at www.man.com.
1 Dependent on shareholder approval at the 2025 AGM.
2. Remuneration at a glance
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Man Group plc | Annual Report 2024
2.2 Remuneration outcomes for 2024
2024 bonus outcome
The targets for relative growth in net flows were set at the same
percentage growth rates as in the previous three years but, given
theconsiderably higher starting point for AUM, those growth rates
translate into much higher absolute targets than last year. A single
client redemption in the third quarter weighed down performance
for net flows in the year. In that context, relative growth of 0.2%
represents good performance.
Net flows, relative growth (%)
1.0% threshold
3.5% target
6.0% maximum
Net Inflows, Relative growth (%)
9.8%
4.6%
2020 2021 2022 2023 2024
4.9%
5.3%
0.2%
The threshold, target and maximum for core management fee EPS
were set at respectively 19%, 24% and 27% higher than the 2023
targets. We delivered core management fee EPS of 21.5 cents, up 17%
on 2023. Growth in net management fee revenues was partly offset by
an increase in our fixed cost base as a result of planned investment to
support growth. This represented another year of strong performance
which delivered a slightly above target payout under this metric.
Core management fee EPS (¢)
18.5 threshold
21.0 target
23.5 maximum
10.3
15.7
18.4
18.4
2020 2021 2022 2023
2024
21.5
Core EPS includes both management fee and performance fee related
core earnings. The targets are based on the core management EPS
targets, to which are added implicit targets for performance fee EPS.
Given the volatility and unpredictability of performance fees, those
implicit targets are set with a wider range of outcomes.
The core EPS threshold, target and maximum targets was set 6%
higher than in 2023. This resulted in core EPS targets of 27.0 cents,
34.0 cents and 41.0 cents at threshold, target and maximum
respectively, meaning that the threshold target was set above the
core EPS achieved in 2023. The realised core performance fee EPS of
10.6 cents for 2024 represents an 165% increase on the performance
delivered in 2023, driven by a significant increase in performance
fees from a broad range of strategies. Added to core management
fee EPS, the core EPS delivered was 32.1 cents i.e. between threshold
and target.
Core EPS (¢)
0.0
10.6
21.2
31.8
42.4
53.0
27.0 threshold
34.0 target
41.0 maximum
16.2
38.7
48.7
2020 2021 2022 2023
2024
Core management fee EPS Core performance fee EPS
22.4
32.1
Details of the performance against the ESG-related objectives, shared
by the executive directors, and their individual strategic and personal
objectives are set out in the table on pages 109 to 110.
2022 Long-Term Incentive Plan outcome (for the
period from 1 January 2022 to 31 December 2024)
In the 2021 DRR, the Committee set out the targets for the LTIP grant
to be made in March 2022 and explained why it considered them to be
appropriately stretching and, if achieved, to represent excellent returns
to shareholders. Revised carbon emission metrics were set out in
the 2022 DRR. As a reminder, the level of vesting at threshold is 0%
meaning that the directors will only start to receive any value under the
LTIP when threshold performance has been exceeded. This represents
amuch tougher hurdle than in many listed businesses (where there is a
level of payout for meeting the threshold level). The table on page 105
sets out the target ranges and the performance delivered against
them with further detail on each metric:
Directors’ Remuneration report continued
2. Remuneration at a glance continued
104
Governance
Man Group plc | Annual Report 2024
2022 LTIP (1 January 2022 to 31 December 2024)
Metric Weighting Threshold Target Maximum Achievement Outcome
Relative investment performance 20% 0.0% 3.0% 6.0% 4.0% 13.3%
Relative TSR vs. FTSE 250 20% Median
Mid-point
between the
median and
upper quartile
Upper
quartile
Mid
2nd quartile 14.8%
3-year cumulative core management fee EPS, cents 10% 46.0 51.0 56.0 58.3 10.0%
3-year cumulative core total EPS, cents 30% 58.0 76.0 95.0 103.2 30.0%
Relative cumulative net flows 10% 0.0% 9.0% 18.0% 10.4% 5.9%
ESG scorecard 10% 6.6%
Women in Senior positions 27.50% 28.75% 30.00% 35.48% 3.3%
Carbon emissions per employee
1
7.30 6.70 6.00 10.51 3.3%
3 year cumulative growth in ESG AUM 24.0% 36.0% 48.0% 0.6% 0.0%
Total 100% 80.6%
1 Theachievementwas10.51beforecarbonoffsetsandzeroaftercarbonoffsets,theuseofwhichwereexplicitlydisclosedinthe2021DRR,resultinginmaximumpayout.
Relative investment performance measures outperformance
against our peers and the threshold of 0% means the directors are only
rewarded under this measure if Man Group outperforms its peers. Over
the three-year performance period relative investment performance of
4.0% was between target and maximum, resulting ina payout of 13.3%
for this metric.
Relative TSR vs. FTSE 250 measures how Man Group’s Total
Shareholder Return compares to that of the constituents of the FTSE
250 excluding investment trusts, funds and REITs. Out of a population
of 152 stocks still listed at the end of December 2024 (from 174) atthe
beginning of the measurement period), Man Group has again delivered
relative TSR in the mid second quartile, ranking at number 48 out of
the peer group.
The targets for 3-year cumulative core management fee EPS were
established in absolute terms at 46 cents at threshold, 51centsat
target and 56 cents at maximum. The targets required core
management fee EPS to be, on average, 8% and 19% higher than
achieved in 2021 at target and maximum respectively over three years
which the Committee considered to be appropriately stretching.
Cumulative core management fee EPS of 58.3 cents has been
drivenby excellent performance over the period, especially in 2022.
As described earlier, core EPS is the sum of core management fee EPS
and core performance fee EPS, with the latter being the more volatile
and unpredictable element of core EPS. The threshold, target and
maximum were established at 58 cents, 76 cents and 95 cents. One
way in which the Committee satisfied itself that these targets were
appropriately stretching was by reviewing the cumulative core EPS
delivered in the three-year periods ending on each of the previous
five years. This showed that the threshold and target had only been
achieved on one occasion during that time. An excellent three year
cumulative core EPS outcome of 103.2 cents was delivered, resulting in
maximum payout under this metric.
The targets for relative cumulative net flows required
Outperformance of 0%, 9% and 18% at target, threshold and
maximumrespectively. The achievement of 10.4% of relative
growthon this measure represents an excellent outcome for
all ofManGroup’sinvestors.
ESG Scorecard
Three equally weighted ESG related metrics were introduced into the
LTIP in January 2022. The maximum target for the women in senior
positions metric was aligned with our external goal of 30% by the end
of 2024. The achievement of above 35% is above the maximum of 30%
resulting in maximum payout under this metric. The carbon emissions
per employee target was based on an extrapolation of our 2022
external goal to 2025 applying the same percentage reduction that
was used to derive the 2022 goal from 2019 goals and allowed for
number of full time employees growth based on approved headcount
plans. The achievement was 10.51, before carbon offsets and zero
after carbon offsets, the use of which, were explicitly disclosed in the
2021 DRR, resulting in maximum payout. The threshold, target and
maximum for the three-year ESG-integrated AUM metric were set
at 24%, 36% and 48% growth respectively. The threshold was not
achieved, mainly due to a large client redemption from ESG
integrated strategies.
Overall outcome
Over the three-year LTIP performance period, Man Group has delivered
excellent results and this performance is reflected in the 2022 LTIP
vesting level being 80.6%, as set out above and in more detail on
page 111. The Committee specifically reviewed the impact of the share
buybacks implemented over the period on the realised EPS metrics,
and therefore the overall LTIP outcome, and concluded that no
adjustments to the outcome were required. It noted thatthe
cumulative core management fee would have been 94% met and the
cumulative core EPSmetrics would have been fully met even if the
share count was unchanged from the end of 2021. The Committee also
reviewed theimpact of foreign exchange movements and noted that
they were negative overall. This was because the benefit on costs of
a better USD:GBP exchange rate was outweighed by the negative
impact on AUM and therefore revenues. The Committee also satisfied
itself that there were no windfall gains.
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2.3 Executive director pay in the context of Man Group’s shareholders
The chart below shows the TSR generated over a five year period from Dec 2019 to Dec 2024, including the period between 1 September 2023
and 31 December 2024 when Robyn Grew took over from Luke Ellis as CEO. This is compared to both the FTSE 250 and the FTSE 350 Financial
Services index.
Total Shareholder Return (TSR) (Dec 2019 – Dec 2024)
Man Group TSR
Source: Bloomberg
FTSE 250 TSR FTSE 350 Financial Services TSR
Jun
2021
Dec
2019
Dec
2020
Dec
2021
Jun
2022
Dec
2022
Jun
2023
Dec
2023
Jun
2024
Dec
2024
100
200
300
0
June
2020
The chart below shows the executive directors’ shareholdings compared with their shareholding requirements. Under the Policy,shares owned
outright and those deferred shares that no longer have performance conditions attached count towards the shareholding requirement. LTIP
shares retained during the two-year post-vesting holding period also count towards the requirements. Shares which are not owned outright are
shown net of tax (i.e. excluding that proportion of those shares expected to be sold on vesting to settle the associated tax liability). All executive
directors comfortably exceed their shareholding requirement.
Executive directors’ shareholdings (number of shares)
0 100 200 300 400 500 600 700 800 900
Shares owned outright
Shares no longer subject to performance conditions (net)
Antoine Forterre (requirement = 200% of salary)
980,055 shares
Robyn Grew (requirement = 300% of salary)
2,694,269 shares
% of salary
Shareholding requirement
Directors’ Remuneration report continued
2. Remuneration at a glance continued
106
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Man Group plc | Annual Report 2024
2.4 Executive director pay in the context of Man Group’s employees
In determining the appropriate remuneration for the executive directors, the Committee carefully considered conditions for employees across
thefirm. A high calibre, motivated workforce, appropriately rewarded for their contributions, is a critical component of our success and the table
below illustrates remuneration paid to the executive directors in the context of the wider workforce.
Year ended
31 December
2024
Year ended
31 December
2023
4
CEO – single total remuneration figure (SFT) ($’000) 3,151 10,146
Ratio of CEO SFT to median UK employee
1
19:1 67:1
Compensation – all employees ($m)
2
684 595
Compensation ratio
3
47% 50%
Number of bonus-eligible employees 1,649 1,655
Mean annual bonus award per bonus-eligible employee ($’000) 253 201
Median annual bonus award per bonus-eligible employee ($’000) 50 35
CEO SFT as % of total compensation of all employees 0.5% 1.7%
Aggregate total SFT of all executive directors as % of total compensation of all employees 1.0% 2.1%
1 See table R8 on page 113 for the full disclosure of the CEO ratio.
2 Compensationforallemployeesrepresentstotalfixedpay(salary,pensionandbenefits)andvariablepayinrespectof2024.
3 Compensationratiorepresentstotalcorecompensationcostsforallemployees(fixedbasesalaries,benefits,variablebonuscompensationandassociatedsocial
securitycosts)asaproportionofcorenetrevenue(grossmanagementandotherfees,performancefees,incomeorgainsoninvestmentsandotherfinancial
instruments,andshareofpost-taxprofitsofassociates,lessdistributioncosts).
4 2023numbershavebeenrestatedtoreflecttheactualvalueoftheLTIPthatvestedinMarch2024,basedonthesharepriceandexchangerateonthatdate;inthe
2023 DRR, the number was estimated based on a three-month average share price and the exchange rate at the end of 2023.
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3.1 Single total figure of remuneration for executive directors
The table below sets out a single figure for the total remuneration received by each executive director for the year ended 31 December 2024 and
the prior year.
Single total figure of remuneration for executive directors (audited) – Table R1
All figures in USD
Executive directors
Robyn Grew Antoine Forterre
2024 2023
1
2024 2023
Salary 1,100,000 366,667 680,000 654,000
Taxable benefits
2
306,582 208,016 5,179 3,337
Pension benefits
3
135,857 46,609 83,637 82,827
Other
4
5,149 844 18,813 16,601
Total fixed remuneration 1,547,588 622,136 787,629 756,765
Short-term variable
5
1,603,800 711,700 991,440 1,269,414
Long-term variable
6
– – 1,803,033 –
Total variable remuneration 1,603,800 711,700 2,794,473 1,269,414
Total 3,151,388 1,333,836 3,582,102 2,026,179
1 Robyn Grew was appointed to the Board on 1 September 2023. Remuneration disclosed for 2023 is in connection with Robyn Grew’s role as an executive director for
the period 1 September 2023 to 31 December 2023.
2 Taxablebenefitsincludeprivatemedicalinsurance.TheremunerationdisclosedforRobynGrewin2024includes$225,000ofestimatedtaxequalisationpayments
and$42,086ofcostsrelatingtothepreparationofUKandUStaxreturns,includingthetaxpaidinrelationtothesecosts.
3 PensionbenefitsarepaidintotheManGroupSelf-InvestedPersonalPensionwithanycontributionsexceedingtheannualorlifetimeallowancepaidascashonacost
neutralbasistotheCompany.
4 ‘Other’includesnon-taxablebenefits(lifeinsurance,Groupincomeprotectionandfundfeerebates).
5 See table R2 for details of the short-term variable compensation award. The Committee has not applied any discretion to the formulaic outcome.
6 The 2022 award under the Man Group plc LTIP was made in March 2022 for the three-year performance period commencing on 1 January 2022 and ending on
31 December 2024. Vested shares will be delivered following a further two-year holding period. See tables R3 and R4 for details of the long-term variable
compensationaward.ThevalueoftheLTIPshownaboveisestimatedbasedonathree-monthaveragesharepriceof£2.0845andyear-endexchangerateof$1=
£1.25. The LTIP award was originally based on the market value of a Man Group plc share on 10 March 2022 being £1.9435. The value shown above therefore includes
$291,785whichrelatestosharepricegrowthovertheperformanceperiod.RobynGrewdidnotreceiveanawardundertheMarch2022LTIPasshewasappointed
after this date. Neither Robyn Grew nor Antoine Forterre received an award under the March 2021 LTIP which applied for the 2021-2023 performance period. No
discretion has been applied to the formulaic outcome.
3.2 Annual bonus in respect of 2024 performance
The annual bonus is based on the Committee’s assessment of executive directors’ performance against objectives agreed by the Board
atthe beginning of the year, split 70% based on financial metrics, 15% on ESG-related objectives and 15% on individual strategic andpersonal
objectives. The threshold, target and maximum ranges are considered by the Remuneration Committee to represent appropriatelystretching
levels of performance and are set by reference to internal budgets and strategic plans, industry backdrop and external expectations, as covered
in more detail in the Chair’s letter and ‘Remuneration at a glance’ section. Table R2 shows the results of the Committee’s assessment of the
performance delivered in 2024.
Annual bonus in respect of 2024 (audited) – Table R2
Financial metric Weighting
2023
actual
Threshold
(25% of
max)
Target
(50% of
max)
Maximum
(100% of
max)
2024
outcome
%
achieved
Bonus outcome
after weighting
(% of max)
Relative net flows 30% 4.9% 1.0% 3.5% 6.0% 0.2% 0% 0.0%
Core management fee EPS (cents) 20% 18.4 18.5 21.0 23.5 21.5 60% 12.0%
Core EPS (cents) 20% 22.4 27.0 34.0 41.0 32.1 43% 8.6%
Total financial metrics 70% 20.6%
ESG-related objectives
1
15% 10% 14.0%
Robyn Grew Antoine Forterre
Strategic and personal objectives 15% 14.0% 14.0%
Percentage of maximum annual
bonus awarded 100% 48.6% 48.6%
Quantum of award – total
2
$1,603,800 $991,440
Quantum of award – paid in cash $721,710 $446,148
Quantum of award – deferred $882,090 $545,292
1 The ESG objectives relating to the 2024 annual bonus can be found on page 109.
2 45%ofthebonusispaidincashwiththeremaining55%deferredintoManGroupplcshares;whenadirectorachievestheirshareholdingrequirement,uptohalfof
thedeferralmaybeintoManGroupfundsandthebalanceintoshares.Nofurtherperformanceconditionsapplytothedeferral,whichvestsinthreeequaltranches
onthefirst,secondandthirdanniversaryofgrantsubject,innormalcircumstances,tocontinuedemployment.
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024
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Assessment of performance against qualitative objectives
Objective Outcome Assessment
ESG-related
1
Climate and sustainability
Improve Man Group’s environmental impact
aligned to the SBTi
Progress towards net zero goals by 2030 is on track. Met all short-term targets
for 2024.
Registered supporter of the TCFD with metrics and targets for the firm set in line
with the guidance provided for asset managers.
ISO 14001: 2018 accreditation obtained in 2024, embedding an Environmental
Management System for our London operations at Riverbank House.
The 2024 carbon emissions (per employee) increased slightly versus the prior
year. This reflects critical data centre expansion and initial investments in
strategic growth initiatives. Continued drive in more offices to use renewable
energy.
Diversity, equity and inclusion
Continue to build a diverse workforce Positive trajectory in the proportion of women in senior management roles. As at
end of 2024, 35% (2023: 31%) of the senior management team were women,
exceeding the target of 32.5% set at the end of 2023. Overall, 33% of Man Group’s
employees were women.
As at the end of 2024, 15% of our senior managers were from an ethnic minority,
up from 10% at the end of 2023. Overall, 27% of employees are ethnically diverse,
compared to 26% in 2023. 90% of employees had completed their ethnicity
profile, up from 87% last year.
Various initiatives in place that work alongside our talent progression programme
to continue to support our efforts. For example, we have signed the Race at Work
Charter and continue as active members of the Diversity Project’s Race and
Ethnicity workstream.
Corporate social responsibility
Continue to support Man Group’s employees
and communities
Increase of 44% in the number of employees volunteering, with 595 people
contributing their time and skills during 2024. Significant increase (77%) in the
number of volunteering hours in 2024.
Continued to work with Progress Together as a Founding Partner for UK-wide
initiatives to improve social mobility.
Man Group’s ranking in the Social Mobility Index has seen a modest improvement.
Increase in disclosure rates with 38% of employees reporting information,
versus 29% at the end of 2023, reflecting a dedicated engagement campaign
with employees.
Workplace Strategy review (UK) undertaken, based on employee surveys and
stakeholder feedback. All planned works completed, with positive employee
feedback received on the changes.
Strategic and personal
Robyn Grew
Clients
Grow strategic relationships with 25-30
of the accounts within Man Group’s largest
clients
Annual client survey conducted. Results showed Man Group’s clients views
arepositive in relation to the firm’s strategy, investment capabilities and
content offering.
Strong personal focus on client relationships, deepening existing and developing
new client relationships. Met with a significant number (65 meetings) of Man
Group’s key and prospective clients with a focus on building on relationships in
North America. Expanded presence in North America. Attracted $43.9 billion of
gross inflows, our second best year on record. Increased market share for a fifth
consecutive year.
1 The ESG related-objectives are shared by the CEO and CFO.
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Objective Outcome Assessment
Strategy and innovation
Progress implementation of key
strategic priorities
Successful Varagon integration and growth
Develop a targeted and prioritised strategic
approach to M&A opportunities in line with
stated strategy
Positive progress on the implementation of key strategic priorities including a
more targeted approach to M&A. Britain’s Most Admired Companies awarded Man
Group the highest score in the asset management sector for ‘clarity of strategy’.
Varagon: new evergreen private credit strategy successfully launched in Q3,
backed by a long-standing Man Group client. Strong pipeline of client interest
going into 2025. Successful completion of phase 1 and 2 of the integration
process of Varagon.
M&A activities have focused on credit, in line with the firm’s strategic priorities.
125+ acquisition opportunities were reviewed during the year, with 75+ in credit.
People and talent
Development of leadership talent to
support strategy
Employee engagement
External assessment to evaluate the ExCo’s collective capabilities, alignment and
leadership dynamics. Exercise is ongoing with actionable insights for individual
development and succession planning. A new Chief People Officer, also appointed
to the Executive Committee, joined the firm in December 2024. Continued focus
on internal bench strength and leadership talent. Further development of internal
successors for key roles. Opportunities created for some emerging talent to
expand their leadership responsibilities.
Benefits programme reviewed in response to employee engagement feedback.
More competitive benefits package rolled out, including the introduction of paid
fertility leave and people on parental leave, regardless of their gender, now remain
eligible for full discretionary bonuses.
Employee engagement remains high (7.9/10), with a participation rate of 84%.
Strategic and personal
Antoine Forterre
Strategy and innovation
Realign resources and structure of the
organisation to support the firm’s strategy
Continue to review inorganic
growthopportunities
Re-organisation and legal entity review substantially completed, resulting in
management time and cost savings.
M&A activities have focused on credit, in line with the firm’s strategic priorities.
125+ acquisition opportunities were reviewed during the year, with 75+ in credit.
Review of seed strategy completed, leading to $434m of liquidity redeemed and
$332m reinvested to support the launch of new strategies in line with the firm’s
strategic priorities e.g. warehouse activity at Man Varagon, multi-strategy
offerings, etc.
Risk and controls
Review balance sheet risks considering new
strategy and activities
Progress implementation of changes to the
Internal Audit function
Review of balance sheet and liquidity framework completed, including a review of
external financing arrangements. Balance sheet quantitative risk appetite
statements revamped.
Internal audit External Quality Assessment conducted. Extensive RFP process to
appoint a third-party provider of internal audit services concluded at end of 2024.
Stakeholders
Effective management of key stakeholders in
relation to Man Group’s strategic priorities
Increased level and frequency of direct engagement with key stakeholders and
shareholders, prospective investors. New strategic priorities launched to the
market. Well received by key stakeholders, noting their focus and ambition against
a challenging backdrop for the sector.
Review of corporate broking/advisory services to support strategy most
efficiently.
Britain’s Most Admired Companies awarded Man Group the highest score in the
asset management sector for ‘clarity of strategy’. Positive feedback from
employees on quality and frequency of internal communications.
Assessment of performance against qualitative objectives continued
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024 continued
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Man Group plc | Annual Report 2024
3.3 Vesting outcome in respect of the 2022 Long-Term Incentive Plan
Long-term incentive awards are made under the LTIP. Awards vest at 0% for threshold performance, 50% for target performance and 100% of the
award will vest if the performance conditions are achieved in full, with straight-line vesting between threshold and target and between target and
maximum. The 2022 LTIP was awarded in March 2022 for the three-year performance period from 1 January 2022 to 31 December 2024. The
vesting of the 2022 LTIP was subject to the achievement of five performance measures in addition to an ESG scorecard, consisting of three
equally weighted measures. The targets and vesting outcomes for the 2022 LTIP are shown in the table below:
Vesting outcome for 2022 LTIP award (audited) – Table R3
Performance targets Actual performance
Measure
Threshold
(0%)
Target
(50%)
Maximum
(100%) Outcome
Percentage
met
Weighting
LTIP outcome,
after
weighting
Relative investment performance 0.0% 3.0% 6.0% 4.0% 67% 20% 13.3%
Cumulative relative net flows 0.0% 9.0% 18.0% 10.4% 58% 10% 5.9%
3-year cumulative core management fee EPS (cents) 46.0 51.0 56.0 58.3 100% 10% 10.0%
3-year cumulative core total EPS (cents) 58.0 76.0 95.0 103.2 100% 30% 30.0%
Relative TSR vs FTSE 250 Median
Mid-point
between
the median
and upper
quartile
Upper
quartile
Mid
second
quartile 74% 20% 14.8%
ESG scorecard 10%
Women in Senior positions 27.50% 28.75% 30.00% 35.48% 100% 3.3%
Carbon emissions per employee (MTCO
2
e)
1
7.30 6.70 6.00 10.51 100% 3.3%
3-year cumulative growth in ESG AUM 24.0% 36.0% 48.0% 0.6% 0% 0.0%
Vesting of LTIP (% maximum) 80.6%
1 Theachievementwas10.51beforecarbonoffsetsandzeroaftercarbonoffsets,theuseofwhichwereexplicitlydisclosedinthe2021DRR,resultingin
a maximum payout.
Vesting outcome for 2022 LTIP award (audited) – Table R4
Date of grant
Shares
awarded
1
,
2
Vesting
percentage
Number of
shares
vesting
Value of
shares
vesting
3
Vesting date
End of
holding
period
Executive director
Antoine Forterre 11 Mar 22 857,435 80.6% 691,093 $1,803,033 Mar-25 Mar-27
1 ThemonetaryvalueofthisawardwasconvertedintoanumberofsharesusingtheGBP/USDexchangeratesof$1=£1.3127andasharepriceof£1.9435,beingthe
market value on the immediately preceding dealing day to grant. This award attracts dividend accruals from grant date to the end of the two-year holding period for
vested shares.
2 Robyn Grew was not awarded an award under the 2022 LTIP as she was appointed as an executive director on 1 September 2023.
3 ThevalueoftheLTIPshownaboveisestimatedbasedonathree-monthaveragesharepriceof£2.0845andyear-endexchangerateof$1=£1.25.
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3.4 Relative importance of spend on pay
The table below shows the year-on-year change in total employee expenditure compared with the change in shareholder distributions.
Relative importance of spend on pay – Table R5
2024
$m
2023
$m
%
change
Total employee expenditure
1
706 595 19
Shareholder distributions
2
242 404 -40
1 Remunerationpaidtoorreceivablebyallemployees(i.e.accountingcostexcludingotheremployment-relatedexpensesinrelationtoVaragonacquisition
accounting).RefertoNote6totheGroup’sConsolidatedfinancialstatementsforfurtherdetails.
2 Distributionstoshareholders(dividendspaidof$181millionandrepurchaseofsharesof$223millionin2023,dividendspaidof$192millionandrepurchaseofshares
of$50millionin2024).
3.5 Review of past performance
The performance graph below compares the Company’s Total Shareholder Return (TSR) performance against the FTSE 250 Index and the
FTSE 350 Financial Services Index. The FTSE 250 has been chosen as the primary comparator to align with the peer group used in the LTIP.
Prior to 2019, Man Group had chosen the FTSE 350 Financial Services Index as the comparator group so it has also been shown below,
forreference.
Total Shareholder Return graph (Dec 2014 – Dec 2024)
Man Group TSR
Source: Bloomberg
FTSE 250 TSR FTSE 350 Financial Services TSR
Dec
2018
Dec
2024
Dec
2019
Dec
2020
Dec
2021
Dec
2022
Dec
2023
Dec
2017
Dec
2016
Dec
2015
0
100
200
300
Dec
2014
Historical CEO remuneration – Table R6
Accounting period ended
31 Dec
2015
31 Dec
2016
31 Dec
2017
31 Dec
2018
31 Dec
2019
31 Dec
2020
31 Dec
2021
31 Dec
2022
31 Dec
2023
31 Dec
2024
CEO single figure ($’000) R Grew
1
n/a n/a n/a n/a n/a n/a n/a n/a 1,334 3,151
L Ellis
2
n/a 1,347 6,215 2,856 2,804 3,150 7,797 13,332
4
8,812
5
n/a
E Roman
3
5,367 910 n/a n/a n/a n/a n/a n/a n/a n/a
Short-term variable award
(asa percentage of
maximum opportunity)
R Grew
1
n/a n/a n/a n/a n/a n/a n/a n/a 64.7% 48.6%
L Ellis
2
n/a 40.2% 78.8% 58.3% 56.3% 69.4% 98.5% 94.8% 63.7% n/a
E Roman
3
83.3% n/a n/a n/a n/a n/a n/a n/a n/a n/a
Long-term variable award
(asa percentage of
maximum opportunity)
R Grew
1
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
L Ellis
2
n/a 28.6% 46.2% n/a n/a n/a 60.0% 84.6%
3
95.4% n/a
E Roman
3
40.7% n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 RobynGrewwasappointedasCEOwitheffectfrom1September2023.Remunerationdisclosedfor2023reflectsfourmonths’serviceonly.RobynGrewwasawarded
herfirstLTIPin2023.Consequentlynolong-termvariableawardsareshownforRobynGrewinthetableabove.
2 LukeElliswasappointedCEOon1September2016.Remunerationfor2016,therefore,reflectsfourmonths’serviceonly.LukeEllissteppeddownfromtheBoardon
31August2023andremunerationfor2023thereforeonlyreflectseightmonths’service.
3 Emmanuel Roman became CEO on 28 February 2013 and stepped down on 31 August 2016.
4 The Committee exercised its discretion and reduced the number of shares initially awarded under the 2020 LTIP by 10.6%.
5 Thelong-termvariableoutcomereportedin2023wasestimatedbasedonathree-monthaveragesharepriceandyear-endexchangerate.TheCEOsinglefigure
totalhasbeenre-statedabovetoreflecttheactualsharepriceof£2.4940andexchangerateof£1:$1.2730ofthe2021LTIPvesting.
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024 continued
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3.6 Percentage change in directors’ remuneration
The table below sets out the percentage change in remuneration for the directors compared with all staff. There are no employees of Man Group
plc, other than the executive directors, so the comparison has been made, on a voluntary basis, to all staff.
Percentage change in directors’ remuneration – Table R7
2024 2023 2022
2
2021
2
2020
2
Salary/
fees Benefits
1
Bonus
Salary/
fees Benefits Bonus
Salary/
fees Benefits Bonus
Salary/
fees Benefits Bonus
Salary/
fees Benefits Bonus
Executive directors
Robyn Grew
2
0% 34% -25% – – – – – – – – – – – –
Antoine Forterre 4% 20% -22% 5% 7% -27% 0% -7% 24% – – – – – –
Non-executive directors
Anne Wade 120% 78% - 67% 5% – 11% -4% – 15% – – – – –
Lucinda Bell
3
10% 41% - 0% -21% – -11% 340% – 6% 618% – – – –
Richard Berliand 13% 319% - 0% -10% – -6% 196% – -10% -40% – 8% 341% –
Laurie Fitch
4
4% 170% - – – – – – – – – – – – –
Dixit Joshi
5
- - - – – – – – – - – – – – –
Ceci Kurzman 15% 2% - 5% 41% – 8% 313% – 0% – – – – –
Sarah Legg
5
- - - – – – – – – – – – – – –
Alberto Musalem
6
5% -75% - 0% 158% – – – – – – – – – –
Paco Ybarra
5
- - - – – – – – – – – – – – –
All staff
7
5%
8
16%
8
22%⁹ 6%
8
4%
8
-47%
9
6%
8
4%
8
18%
9
3%
8
15%
8
84%
9
4%
8
22%
8
-15%
9
1 Benefitsincludeprivatemedicalinsurance,lifeinsurance,Groupincomeprotection,fundfeerebatesandrelocationexpensesforexecutivedirectorsandincludes
travelandassociatedexpensesfornon-executivedirectors.From2024onwards,taxablebenefitdisclosureswillnotincludeemployerNationalInsurance
contributions.Forthepurposesofthepercentagechangecalculationfrom2023to2024,the2023taxablebenefitsdonotincludeemployerNationalInsurance
contributionsandhavebeenre-statedintableR9.Thepercentagechangeinbenefitsforthenon-executivedirectorsshouldbereadinconjunctionwiththedata
showingactualtaxablebenefitsintableR9(page114).
2 Robyn Grew was appointed to the Board on 1 September 2023. Her salary and bonus for 2023 have been annualised for the purposes of calculating the percentage
changein2024.Herbenefitsfor2023havealsobeenannualisedwiththeexceptionoftheoneoffcostsinrelationtoherrelocationwhichweredisclosedinthe2023
Directors’ Remuneration Report.
3 LucindaBellwasappointedasamemberoftheRemunerationCommitteeeffective8May2024andthereforetheincreaseintotalfeesisreflectedinthecalculation
above.
4 Laurie Fitch was appointed to the Board on 25 August 2023 and therefore her fees for 2023 have been annualised for the purposes of calculating the percentage
change in 2024.
5 Dixit Joshi and Sarah Legg were both appointed to the Board on 10 May 2024 and Paco Ybarra was appointed to the Board on 6 September 2024. A percentage
change therefore has not been disclosed for these directors.
6 Alberto Musalem stepped down from the Board on 29 February 2024; however, the fees received for the period he was a non-executive director in 2024 have been
annualised for the purposes of the calculation shown above.
7 Figuresarecalculatedonanannualisedfull-time-equivalent(FTE)basis(excludingdirectors).Figuresshownfor2020weredisclosedonapercapitabasis.
8 Representstheaverageincreaseinsalaryandtaxablebenefitsinunderlyingcurrencyinwhicheachmemberofstaffispaid.
9 Forstaff,bonusincludesbothvariablecashcompensationanddeferredawardsrelatingtothecurrentyear.
3.7 CEO pay ratio
The table below compares the 2024 single total figure of remuneration for Robyn Grew as shown in table R1 with that of Man Group’s UK
employees who are paid at the 25th percentile (lower quartile), 50th percentile (median) and 75th percentile (upper quartile).
Table R8
Year Method
25th percentile
pay ratio
50th percentile
pay ratio
75th percentile
pay ratio
2024 A 29:1 19:1 10:1
2023 A 100:1 67:1 38:1
2022 A 126:1 76:1 39:1
2021 A 68:1 42:1 23:1
2020 A 29:1 19:1 11:1
2019 A 26:1 17:1 10:1
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Man Group plc | Annual Report 2024
The Committee reviewed the CEO ratios when compared with previous years. The pay ratios for 2024 are significantly lower than the ratios for
2023 and the three prior years. They considered that this movement was largely explained by the CEO’s total remuneration not including a vested
LTIP award. Robyn Grew received her first LTIP award in 2023 which will not vest for three years. In addition, the CEO bonus was lower than the
previous year and the bonus pool for all employees was higher than the previous year. The pay ratios have fluctuated over time based on
performance and, as mentioned above, due to the change in CEO, and therefore there is no discernible trend in the ratios over this period.
The Committee notes that the pay ratios for 2024 reflect the nature of the CEO’s package being more heavily weighted towards variable pay
compared to the wider workforce. As a result the pay ratios are likely to be driven largely by the CEO’s incentive outcomes and may therefore
fluctuate significantly on a year-to-year basis. Furthermore, the Committee is satisfied that the pay ratios are consistent with Man Group’s
remuneration framework and that they drive the behaviours consistent with the Group’s remuneration policies.
The ratio has been calculated using Option A methodology, which uses actual employee data. The Committee considered this to be the most
accurate approach. Total full-time equivalent remuneration for people employed for the full 12-month period ending on 31 December 2024 has
been calculated in line with the methodology for the ‘single figure of remuneration’ for the CEO (table R1, page 108). This data was then ranked to
identify the individuals at the 25th, 50th and 75th percentiles and the salary and total pay and benefits for the three identified quartile point
employees are shown in the table below.
All figures in USD 25th percentile 50th percentile 75th percentile
Salary 76,477 93,685 152,955
Total pay and benefits 109,376 169,880 304,184
3.8 Retirement benefits
Robyn Grew and Antoine Forterre are not eligible for any defined benefits under the Man Group plc Pension Plan.
3.9 Single total figure of remuneration for non-executive directors
The table below sets out a single figure for the total remuneration received by each non-executive director for the year ended 31 December 2024
and the prior year.
Single total figure of remuneration for non-executive directors (audited) – Table R9
All figures in GBP
Fees Taxable benefits
1
Total
2024 2023 2024 2023 2024 2023
Anne Wade
2
385,000 175,000 52,144 29,234 437,144 204,234
Lucinda Bell
3
121,526 110,000 2,677 1,905 124,203 111,905
Richard Berliand 130,000 115,000 7,978 1,905 137,978 116,905
Laurie Fitch 125,000 40,256 20,402 7,569 145,402 47,825
Dixit Joshi
4
61,263 n/a 1,904 n/a 63,167 n/a
Ceci Kurzman 97,500 85,000 10,051 9,855 107,551 94,855
Sarah Legg
4
61,263 n/a 2,788 n/a 64,051 n/a
Alberto Musalem
5
17,500 100,000 2,406 9,780 19,906 109,780
Paco Ybarra
6
25,231 n/a 1,117 n/a 26,348 n/a
1 Taxablebenefitscomprisetravelandassociatedexpenses.Taxablebenefitdisclosuresfornon-executivedirectorsinpriorAnnualReportsincludedemployer
National Insurance contributions. The disclosure included in the table above (for both 2024 and 2023) excludes employer National Insurance contributions.
The2023figureshavebeenrestatedaccordingly.
2 Anne Wade was appointed as Chair of the Board on 1 October 2023.
3 LucindaBellwasappointedasamemberoftheRemunerationCommitteeeffective8May2024.
4 Dixit Joshi and Sarah Legg were appointed to the Board on 10 May 2024 and their remuneration has been pro-rated accordingly.
5 Alberto Musalem stepped down from the Board on 29 February 2024 and his remuneration has been pro-rated accordingly.
6 Paco Ybarra was appointed to the Board on 6 September 2024 and his remuneration has been pro-rated accordingly.
3.10 Payments for Luke Ellis (former executive director) (audited)
Luke Ellis stepped down from the Board on 31 August 2023. His 12-month notice period commenced following the notification of his retirement in
May 2023 and he began his garden leave from 1 September 2023. He remained employed by the Company until 10 May 2024 and he received his
salary ($390,710), contractual benefits ($9,277) and pension supplement ($49,422) in full until that date. As a retiree, he retains his right to
outstanding LTIP awards which for 2022 and 2023 will be pro-rated for time. Luke’s 2022 LTIP was pro-rated for up until the end of his
employment. Based on a vesting outcome of 80.6%, 979,818 shares are expected to vest in March 2025. The estimated value of this award is
$2,556,306 based on a three-month average share price to 31 December 2024 of £2.0845 and year-end exchange rate of $1 = £1.25. The award
is subject to the same performance conditions and vesting outcomes as disclosed in table R3 and R4. Other than in respect of the payments
made to Luke Ellis as set out above, no other payments to past directors or for loss of office were made during the year.
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024 continued
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Man Group plc | Annual Report 2024
3.11 Directors’ interests
Directors’ interests in shares of Man Group plc (audited) – Table R10
Number of
ordinary
shares
31 December
2024
1,2
Number of
ordinary shares
31 December
2023
1
Executive directors
Robyn Grew 1,663,642 1,460,160
Antoine Forterre 718,999 579,031
Non-executive directors
Anne Wade 56,000 44,000
Lucinda Bell - –
Richard Berliand 75,000 75,000
Laurie Fitch 7,390 –
Dixit Joshi 38,923 –
Ceci Kurzman - –
Sarah Legg 12,108 –
Paco Ybarra - –
Alberto Musalem
3
- –
1 Alloftheaboveinterestsarebeneficial.
2 There has been no change in the directors’ interests in the ordinary shares of Man Group plc from 31 December 2024 up to 26 February 2025, being the latest
practicable date prior to the publication of this report.
3 Alberto Musalem stepped down from the Board on 29 February 2024. His shareholding is shown as at this date.
Executive directors’ shareholdings measured against their respective shareholding requirement as at
31 December 2024 (audited) – Table R11
Shares owned
outright
Shares no
longer subject
to
performance
conditions
1
Total
shareholding
2
Value of
shareholding
3
(USD)
Annual salary
(USD)
Shareholding
requirement
as a % of
salary
Current
shareholding
as a % of
salary
Requirement
met?
Executive directors
Robyn Grew 1,663,642 1,030,627 2,694,269 7,229,883 1,100,000 300% 657% Yes
Antoine Forterre 718,999 261,056 980,055 2,629,909 680,000 200% 387% Yes
1 Unvesteddeferredsharesareshownonanetoftaxbasis.DetailsofunvestedawardscanbefoundintablesR13andR14(page116).
2 Sharesthatcounttowardsachievementoftheshareholdingrequirementarelimitedto:(i)sharesownedoutright;(ii)unvesteddeferredsharesgrantedunderthe
Deferred Share Plan (DSP) and (iii) vested LTIP shares which are no longer subject to performance conditions which will be delivered at the end of the two-year
holding period.
3 ShareholdingsforRobynGrewandAntoineForterrearevaluedasat31December2024atasharepriceof£2.1440andaGBP/USDexchangerateof£1=$1.2516.
4 The directors have no interests in share options which have vested but remain unexercised.
3.12 Directors’ interests in shares and options under Man Group long-term incentive plans
Scheme interests to be awarded under the Man Group plc Long-Term Incentive Plan (LTIP)
1
– Table R12
Award
(% of salary)
Award value
2
(USD)
Vesting
date
End of holding
period date
Executive directors
Robyn Grew 300% 3,300,000 Mar-28 Mar-30
Antoine Forterre 300% 2,115,000 Mar-28 Mar-30
1 Awards under the LTIP will be made in March 2025 for the three-year performance period commencing on 1 January 2025 and ending on 31 December 2027; the
proportion of the award which vests will be determined based on the measures, weightings and target ranges set out in table R19 (page 118). 0% of the award will vest
at threshold with straight-line vesting between threshold and target and target and maximum performance. 100% of the award will vest for maximum performance.
2 Thefacevalueoftheawardsrepresents300%ofsalary.ThemonetaryvalueoftheseawardswillbeconvertedintoanumberofsharesusingtheUSD/GBPexchange
rate and the market value on the immediately preceding dealing day to grant. The awards will be granted as conditional awards of shares and will vest, to the extent
the performance conditions have been achieved, three years later and will then be subject to a further two-year holding period, under the LTIP rules, following which
shares will be delivered. These awards attract dividend accruals from grant date to the end of the two-year holding period for vested shares.
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Man Group plc | Annual Report 2024
Conditional share awards under the Long-Term Incentive Plan (LTIP) – subject to performance conditions and
holding period (audited) – Table R13
Date of grant
1 January
2024
Granted
during the
year
1
Lapsed during
the year
Dividends
accruing
2
31 December
2024
Vesting
date
3
End of
holding
period
4
Executive directors
Robyn Grew Sep-23 1,263,690 – – 66,278 1,329,968 Sep-26 Sep-28
Mar-24 – 1,034,620 – 54,263 1,088,883 Mar-27 Mar-29
Antoine Forterre Mar-22 814,706 – – 42,729 857,435 Mar-25 Mar-27
Mar-23 609,889 – – 31,987 641,876 Mar-26 Mar-28
Mar-24 – 639,583 – 33,544 673,127 Mar-27 Mar-29
1 Awards under the 2024 LTIP were granted in March for the three-year performance period commencing on 1 January 2024 and ending on 31 December 2026. The
monetaryvalueoftheseawardswas$3,300,000forRobynGrewand$2,040,000forAntoineForterre,eachrepresenting300%ofbasesalaryconvertedintoa
numberofsharesusingtheGBP/USDexchangeratesof£1=$1.2789andasharepriceof£2.4940,beingthemarketvalueontheimmediatelyprecedingdealingday
to grant. The awards have been granted as conditional awards of shares and will vest, to the extent the performance conditions have been achieved, three years later
and will then be subject to a further two-year holding period, under the LTIP rules. These awards attract dividend accruals from grant date to the end of the two-year
holding period for vested shares. The performance metrics and targets for the 2024 LTIP are disclosed in the 2023 Directors’ Remuneration Report.
2 On 12 April 2024, dividend accruals of 73,274 and 65,809 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a sterling dividend
of 8.54 pence. On 9 August 2024, dividend accruals of 47,267 and 42,451 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a
sterling dividend of 4.26 pence.
3 Awards vest at 0% at threshold, 50% at target and 100% at maximum, with straight-line vesting between these points.
4 Vested shares are delivered to participants at the end of a two-year holding period.
Nil-cost options granted under the Man Group Deferred Share Plans – subject only to service conditions
(audited) – Table R14
Date of grant
1 January
2024
Granted
during
the year
Exercised/
vested during
the year
Lapsed during
the year
Dividends
accruing
10
31 December
2024
Exercised/
vested date
Executive directors
Robyn Grew
1
Deferred Share Plan (DSP)
Mar-21 131,284 – 131,284 – – - Mar-24
Mar-22
2
506,926 – 253,463 – 13,292 266,755 Mar-24
Mar-23
3
932,553 – – – 48,910 981,463 –
Mar-23
4
233,133 – 77,711 – 8,150 163,572 Mar-24
Mar-24
5
– 506,245 – – 26,545 532,790 –
Antoine Forterre Deferred Share Plan (DSP)
Mar-22
6,7
320,501 – 160,250 – 8,402 168,653 Mar-24
Mar-23
8
297,480 – 104,360 – 15,600 208,720 Mar-24
Mar-24
9
– 109,446 – – 5,739 115,185 –
1 Robyn Grew was appointed to the Board on 1 September 2023. The DSP awards granted from March 2021 to March 2023, along with a portion of her March 2024
awardrelatetoheremploymentbeforeshewasadirector.OptionsgrantedundertheDSPtoRobynGrewaredeliveredautomaticallyuponvestingduetoUStax
rules.
2 Remaining award vests in March 2025 with shares delivered automatically upon vesting.
3 Award vests in a single instalment in March 2028 with shares delivered automatically upon vesting.
4 AwardvestsintwoequalinstalmentsinMarch2025andMarch2026withsharesautomaticallydelivereduponvesting.
5 AwardvestsinthreeequalinstalmentsinMarch2025,March2026andMarch2027withsharesautomaticallydelivereduponvesting.
6 Remaining award vests in March 2025. Option is exercisable from the vesting date.
7 A portion of the award is attributable to the period prior to Antoine Forterre’s appointment as an executive director.
8 AwardvestsintwoequalinstalmentsinMarch2025andMarch2026.Optionsmaynotbeexercisedforatleastsixmonthsfollowingvesting.
9 AwardvestsinthreeequalinstalmentsinMarch2025,March2026andMarch2027.Optionsareexercisablefromthevestingdate.
10 On 12 April 2024, dividend accruals of 58,903 and 18,080 were added to Robyn Grew and Antoine Forterre awards respectively based on a sterling dividend of 8.54
pence. On 9 August 2024, dividend accruals of 37,994 and 11,661 were added to Robyn Grew and Antoine Forterre awards respectively based on a sterling dividend of
4.26 pence.
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024 continued
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Options granted under the Man Group Sharesave Scheme (audited) – Table R15
Number of options
Date of grant
1 January
2024
Granted
during the
year
Exercised
during the
period
Lapsed
during the
year
31 December
2024 Option price
Earliest
exercise date
Latest
exercise date
Executive directors
Robyn Grew – – – – – – – – –
Antoine Forterre Sep-22 14,925 – – – 14,925 201.0p Oct-27 Mar-28
3.13 Shareholder voting and engagement
At the AGMs held on 6 May 2022 and 9 May 2024, votes cast by proxy and at the meeting in respect of directors’ remuneration were as follows:
Table R16
Resolution Votes for % for Votes against % against Total votes cast
Votes withheld
(abstentions)
Approve the Directors’ Remuneration Policy (May 2022) 939,700,962 91.37 88,798,755 8.63 1,028,499,717 698,307
Approve the annual report on remuneration (May 2024) 779,383,941 94.03 49,501,590 5.97 828,885,531 64,048,975
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4.1 Base salary
Salaries are reviewed annually taking into account market benchmarks for executives of comparable status, responsibility and skill.
Base salary of executive directors – Table R17
Base salary at Robyn Grew Antoine Forterre
1 January 2024 $1,100,000 $680,000
1 January 2025 $1,130,000
1
$705,000
1 Subject to the approval of the removal of the CEO salary cap which will be proposed to shareholders at the 2025 AGM.
4.2 Annual bonus for 2025
The following table shows the performance metrics and weightings for the annual bonus in 2025. The strategic and personal and ESG objectives
have been combined to form one 30% weighting. The Committee considers that the disclosure of detailed performance targets in advance for
2025 would be commercially sensitive and they are not, therefore, disclosed here but will be disclosed retrospectively in the 2025 Directors’
Remuneration Report.
Table R18
Metrics Weighting %
Relative net flows, growth % 30%
Core management fee EPS 20%
Core total EPS 20%
Strategic and personal and ESG objectives 30%
Total 100%
4.3 Long-Term Incentive Plan for 2025
The threshold to maximum ranges for the Man Group plc LTIP are set out in the table below. Awards vest at 0% at threshold, 50% at target and
100% at maximum, with straight-line vesting between these points. Vested awards are subject to a two-year holding period.
Table R19
Metrics Threshold Target Maximum Weighting %
Relative investment performance 0% 3% 6% 20%
Relative TSR vs FTSE 250 (excluding investment trusts, funds and REITs) Median
Mid-point
between
median and
upper
quartile
Upper
quartile 20%
3-year cumulative core management fee EPS, cents 55.0¢ 62.5¢ 72.5¢ 10%
3-year cumulative core EPS, cents 75.0¢ 97.5¢ 122.5¢ 30%
Relative cumulative relative net flows 0% 9% 18% 10%
ESG scorecard
1
10%
Total 100%
1 TheESGscorecardmetricincludestwoequallyweightedobjectives:toincreasethenumberofwomeninseniorpositions(threshold33%,target34%andmaximum
35%), to reduce Scope 1 to 3 emissions per FTE (cumulative emissions from 1 January 2025 to 31 December 2027: threshold 12.3 MTCO
2
e, target 11.2 MTCO
2
e and
maximum 10.1 MTCO
2
e).
4.4 Non-executive directors’ Remuneration Policy for 2025
There are no planned increases to the Chair or non-executive director fees in 2025.
Non-executive directors’ fees for 2025 – Table R20
Position (all figures in GBP) 2025 2024 % change
Chair of the Board
1
385,000 385,000 –
Board fee
2
80,000 80,000 –
Senior Independent Director 25,000 25,000 –
Audit and Risk Committee Chair 35,000 35,000 –
Other Audit and Risk Committee members 15,000 15,000 –
Workforce engagement NED 7,500 7,500 –
Remuneration Committee Chair 30,000 30,000 –
Other Remuneration Committee members 10,000 10,000 –
1 The Chair does not receive Board or Committee membership fees.
2 Includes Nomination and Governance Committee membership.
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4. Implementation of Directors’ Remuneration Policy for 2025
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5.1 Membership and attendance
The Committee met seven times during 2024 with attendance by members as indicated on page 75. Lucinda Bell joined the Committee on8 May
2024 and Alberto Musalem stepped down as a Board member and member of the Committee on 29 February 2024. All other members held office
throughout the year. In addition tothe meetings, certain urgent proposals relating to the retention of awards by good leavers and remuneration
arrangements for certain individuals were circulated and agreed by email between meetings.
Committee meetings are regularly attended by the CEO and, where appropriate, by the CFO at the invitation of the Chair. The Committee
issupported by the Senior Reward Executive, who routinely attends meetings. Members of the Legal, Compliance, People, Finance and Executive
Incentive Plans teams attend meetings when required to provide information and advice on remuneration, regulatory and executive incentive
plan matters. The Company Secretary acts as Secretary to the Committee. No attendee plays any part in determining their own remuneration.
At the end of each meeting there is an opportunity for private discussion between Committee members without the presence of executive
directors and management if required.
Roles and responsibilities
The Committee’s principal responsibilities are to:
Determine the Company’s remuneration philosophy and the principles and structure of its Policy, ensuring that these support and promote
the long-term sustainable success of the Company and are in line with the Company’s purpose and values, business strategy, objectives,
risk appetite and long-term interests and comply with all regulatory requirements and promote long-term shareholder and other
stakeholder interests;
Recommend to the Board the Remuneration Policy for the executive directors, for approval by shareholders, and make remuneration
decisions within that approved Remuneration Policy;
Approve the total annual compensation for individual executive directors based on their achievement against objectives set by the
Committee and Board at the start of the year for the short-term annual bonus and at the start of the relevant performance period for the LTIP.
Recommend to the Board the remuneration of the Board Chair;
Approve the total annual compensation for Executive Committee members, the Company Secretary and Remuneration Code staff;
and review and consider shareholder and proxy voting agencies feedback on remuneration matters and agree the approach to
ongoing engagement.
Decision-making process
The Committee’s decision-making process takes account of legislation, regulation, corporate governance standards, guidance issued by
regulators, shareholders and shareholder representative bodies. As covered in section 5.2, the Committee has independent external advisers and
reviews their objectivity and independence annually. To avoid conflicts of interest, no Committee member or attendee is present when matters
relating to his or her own remuneration are discussed. Full terms of reference for the Committee, which are reviewed on an annual basis and
submitted to the Board for approval, are available on the Company’s website: www.man.com/corporate-governance.
In compliance with the UK Corporate Governance Code (2018) (the Code), we have set out below how the Committee addressed the following
factors in setting and applying the Policy:
Risk
Inappropriate risk-taking is avoided and good alignment with shareholders is achieved through a number of mechanisms including significant
bonus deferral into shares and funds, a three-year performance period for the Long-Term Incentive Plan (the LTIP) with a subsequent two-year
post-vesting holding period and shareholding requirements, including for two years after cessation of employment. Before any decisions about
incentive outcomes are made, the Audit and Risk Committee reports to the Committee on any specific matters indicating excessive risk-taking or
lack of regard for controls and procedures. Malus and clawback provisions apply to the incentives inarange of specified circumstances, as set out
in the table on page 125.
Predictability
The charts on page 125 illustrate the potential remuneration outcomes under a range of scenarios (including in the event of a 50% increase in
the share price). Each year a detailed review is undertaken in order to set stretching annual and three-year performance targets in the bonus
and LTIP respectively.
Proportionality
The link between strategic priorities and incentive metrics is set out in detail in the chart on page 100. The Committee considers wider employee
remuneration, holistic business performance and shareholder experience in determining the appropriate level of executive director remuneration.
5. Remuneration Committee
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Alignment to culture
The key principles that underpin our approach to remuneration (and which apply at all levels of the organisation) are:
Remuneration is structured to support corporate strategy and sound risk management.
Employees’ interests are aligned with shareholders and the bonus pool is drawn from profit.
Incentives are designed to encourage behaviour focused on longer-term strategic and sustainable performance.
Our total remuneration is competitive in the talent markets from which we hire.
Simplicity
Incentive schemes are straightforward in their structure and operation with explicit links between strategic priorities, key performance indicators
and incentive metrics.
Clarity
The Policy is clearly laid out in tabular form in the DRR (summary on page 103 and full policy on pages 123 to 128). Details ofthe operation of the
Policy have been explained to the wider workforce, as set out in the Chair’s statement. The new UK Corporate Governance Code published in
January 2024 will apply to Man Group in the financial year beginning 1 January 2025.
5.2 Independent advisers
Following a formal tender process in July 2017, the Committee appointed PricewaterhouseCoopers (PwC) to provide it with advice on a range
ofremuneration matters including the benchmarking of directors’ compensation in the asset management sector, trends in market practice
andregulatory disclosures. PwC also provide professional services in the ordinary course of business including tax and related advisory work
toparts of Man Group. There are processes in place to ensure the advice received by the Committee is independent of any support provided
tomanagement. The Committee is satisfied on this basis that PwC are able to serve as an objective and independent remuneration adviser. The
total fees paid to PwC in relation to 2024 were £147,500 (excluding VAT). The fees paid comprise a fixed fee element and in addition, out of scope
work which is charged on a time spent basis.
The Committee also received legal advice from Herbert Smith Freehills LLP on compliance with legislation and regulations relating to
remuneration matters.
5.3 Committee activities during 2024 and the early part of 2025
The summary below sets out the main issues considered and decisions made by the Committee in the period following the publication of the
2023 Directors’ Remuneration report up to the current date.
Chair’s fee
Reviewed the fee level of the Chair in the context of benchmarking of similar roles in broadly equivalent-sized companies in the financial
services sector, the FTSE 350 and of the demands of the role and recommended to the Board that this should remain unchanged.
Executive director compensation
Established the threshold, target and maximum ranges to be achieved for the financial metrics and recommended to the Board for approval
the objectives to be delivered under the non-financial component of the annual bonus.
Reviewed the Policy as set out in detail in the Chair’s statement.
Assessed the 2024 performance, against the financial and non-financial metrics of the annual bonus, of the CEO and CFO, and considered
whether any discretionary intervention was required to adjust the formulaic outcome; approved the total cash sum payable and the amount
to be deferred.
Reviewed the level of achievement of each executive director in respect of their shareholding requirement and consequently determined that
the option to defer up to 50% of the bonus deferral amount into funds could be offered.
Reviewed the available benchmarking for the CEO and CFO roles, to provide the business context for all the above reward decisions.
See page 99 for further details.
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Shareholder engagement and reporting
Reviewed shareholder voting and feedback on the 2024 AGM resolutions for the 2023 DRR, noting the substantial level of support.
Consulted with 20 of our largest shareholders, representing 56% of the shareholder base, and the main proxy advisor groups as part of the
consideration of the new Directors’ Remuneration Policy.
Reviewed the 2024 DRR taking account of best practice recommendations and institutional shareholder guidelines.
Compensation below Board level
Reviewed, challenged and approved the 2024 bonus pool proposed by management in relation to the Company’s performance for the year.
Approved bonus deferral policies for different groups of staff.
Approved total compensation proposals for Executive Committee members, taking account of the CEO’s appraisal of their individual
performance for 2024 and their adherence to the Company’s business values.
Approved the total compensation for individuals identified as Remuneration Code staff.
Approved the total compensation for the Company Secretary.
Undertook benchmarking for specific Executive Committee roles.
Reviewed and approved remuneration arrangements for the Chief People Officer.
Retained oversight of the total compensation for staff earning over $1 million, taking account of the CEO’s appraisal of their performance for
2024 and reports from the Risk and Compliance functions on any related risk issues arising during the year.
Reviewed the approach to wider workforce compensation, including by reference to gender and ethnicity metrics.
Reviewed the ratio of CEO pay to the lower quartile, median and upper quartile remuneration paid to UK employees (see pages 113-114).
Financial regulation and governance
Reviewed ongoing regulatory developments on remuneration and their implications for the Company’s business.
Reviewed the Company’s Financial Conduct Authority Remuneration Policy Statement and the Company’s Remuneration Policy.
Approved the list of Remuneration Code staff for 2024.
5.4 2024 Committee performance review
An independent external consultant undertook a full-year review of the operation, performance and effectiveness of the Committee during 2024.
The topics covered included the composition of the Committee, conduct and outcomes of specific areas of the Committee’s activity and focus
during the year and the support and advice available to the Committee. In the performance review feedback, the Committee acknowledged the
quality of the advice provided by its advisers and the papers delivered by management, which allowed the Committee to engage in thorough
debate and supported informed decision making. It further acknowledged the strong performance made by the Committee Chair, in her first full
year in the role and the quality of the composition of the Committee.
During the year the following key areas of focus were agreed for 2025:
Deliver the 2024 DRR.
Consider and review the Directors’ Remuneration Policy and continue to engage with shareholders on any proposed changes.
Keep shareholder guidelines and corporate governance best practice under review to ensure the Committee is responding to any
developments in these areas.
Continue to build the Committee’s understanding and consideration of compensation below the Board and build on the analysis of workforce
remuneration by reference to gender and other diversity metrics.
Ensure information and advice on developments in the broader remuneration landscape are provided to the Committee as required.
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5.5 Benchmarking and peer groups
Benchmarking is one of several factors considered by the Committee in its deliberations on remuneration as it is important that the Committee
understands the level of remuneration paid by Man Group’s competitors for similar positions and which they may be offering in the marketplace.
Many of Man Group’s senior staff are geographically mobile, particularly between London and New York, and an explicit consideration of
remuneration levels in both geographies is highly relevant to enable us to continue to recruit and retain global talent. Man Group is one of the few
listed companies anywhere in the world that operates in the liquid alternative investment industry. Most businesses in this industry are privately
owned and systematic remuneration data is not publicly available. Man Group does compete for talent against these businesses and staff do
move between Man Group and these private companies so, as part of its understanding of the broader business context, the Committee will
continue to review available information on privately owned peers as well as the direct information about remuneration in those privately held
companies that Man Group has acquired.
UK/Europe peer group US listed peer group
3i ICG Affiliated Managers Federated Hermes
Abrdn Jupiter Alliance Bernstein Fiera Capital
Anima Holding M&G Apollo Global Management Janus Henderson
Ashmore Ninety-One Ares SEI Investments
Bridgepoint Schroders Artisan Partners Victory Capital Management
DWS Vontobel Carlyle Virtus Investment Partners
Unless otherwise stated, all information in the DRR is unaudited. As the Company is Jersey-incorporated, it is not subject to the provisions of the
UK Companies Act 2006 and therefore information on the directors’ remuneration in the DRR is included on a voluntary basis. The disclosures
contained in the DRR relate to the Company’s statutory directors (as set out on pages 70 and 71 of the Annual Report) only. In respect of those
directors, the disclosures are prepared in line with the provisions of the UK Companies Act 2006 and the Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008.
The information in the DRR should be read in conjunction with Man Group’s APMs, outlined on pages 180 to 187.
For and on behalf of the Board
Laurie Fitch
Chair of the Remuneration Committee
26 February 2025
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This section of the report sets out the New Policy for executive and non-executive directors which will be put to shareholders for approval and,
if approved, be effective from the conclusion of the 2025 AGM on 9 May 2025. The Committee intends to conduct a review of the Policy
during 2025.
6.1 Executive directors’ Remuneration Policy
Aligning the interests of the executive directors with those of shareholders and with Man Group’s strategic goals is central to Man Group’s Policy.
The current Policy has operated as intended and, as set out in the Chair’s statement, the Committee is proposing to remove the $1.1m cap on CEO
salary. In addition, the Committee is proposing a change to the implementation of the Policy, to merge the strategic/personal and ESG metric
weightings in the annual bonus (currently 15% each) resulting in a 30% weighing.
In line with shareholders’ interests, Man Group continues to aim to retain and incentivise high calibre executive directors. It will do this by paying
a competitive base salary and benefits, together with a short-term annual bonus, with significant deferral, and a long-term incentive plan (LTIP)
collectively linked to a range of financial and non-financial metrics and objectives to deliver Man Group’s strategy and ensure alignment with
shareholder interests.
Decision-making process
As described in the Chair’s statement, during 2024, the Policy was reviewed in consultation with some of the Company’s shareholders. In
September 2024, we wrote to 20 of our largest shareholders and the main shareholder representative bodies to consult on our proposed New
Policy. Shareholders were offered the opportunity to discuss the changes with the Committee Chair and the Senior Reward Executive. We were
pleased that the majority of shareholders and shareholder representative bodies contacted took the time to engage with us and that there was
broad support for the proposed changes to the New Policy and its implementation. The Committee also considered input from management
and from its independent advisers, as well as taking account of latest market practice and corporate governance developments. Any potential
conflicts of interest were managed by ensuring that no individual was present when their own remuneration arrangements were discussed
and that the proposed changes aligned to Man Group’s strategy, values and culture.
Executive directors’ Remuneration Policy – Table R21
Function Operation Opportunity Performance metrics
Base salary
Based on experience and individual
contribution to leadership and
Company strategy.
Salaries are reviewed annually taking into account
market ranges for executives of comparable status,
responsibility and skill in companies ofsimilar size
and complexity to Man Group with consideration
also given tosector relevance. Any salary increase
will typically take effect from (or be backdated to)
1 January each year.
In reviewing salaries the
Remuneration Committee takes
into account individual and
Company performance, wider
workforce salary increases, time
since the last increase, market
practice and total compensation
opportunity.
None.
Pension
To provide an opportunity for
executives to build up income on
retirement.
Group Personal Pension (GPP), or a similar
contribution to an alternative arrangement is
provided. For those exceeding HM Revenue &
Customs pension allowances, cash allowances are
provided at no additional cost to Man Group.
The maximum employer
contribution for executive
directors is aligned with the
maximum available under the
wider employee policy, currently
14% of pensionable base salary. To
qualify for the maximum employer
contribution level, directors must
meet certain service criteria in line
with the policy for all employees.
None.
Benefits
To provide non-cash benefits which
are competitive in the market in
which the executive is employed.
Benefits include family private medical insurance,
life assurance, permanent health insurance and
gym membership subsidy.
Flexible benefits can be purchased from
base salary.
Other ad hoc benefits such as relocation may be
offered, depending on personal circumstances.
The Company provides Directors’ and Officers’
liability insurance and may provide indemnities to
the fullest extent permitted by relevant legislation.
It is not anticipated that the total
benefits for any executive director
will normally exceed 10% of salary.
None.
Sharesave
To encourage UK-based employees to
own Man Group shares.
The Man Group Sharesave Scheme isan all-
employee plan. The executive directors who
participate in the Sharesave Scheme are granted
options over Man Group shares and make monthly
savings from their post-tax salary. Options are
granted at a maximum 20% discount (subject
to Board approval) to market price on the date
ofgrant.
Savings capped at HM Revenue
& Customs limits.
None.
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Function Operation Opportunity Performance metrics
Annual bonus
To incentivise and reward strong
performance against annual financial
and non-financial targets. Deferral
of a significant proportion of the
bonus into shares
(
or fund units
)
is designed to align executives’
interests with those of shareholders
over the long term.
Performance measures and stretching targets
are set at the start of the year. Atthe end of the
year, the Committee considers the extent to which
these have been achieved and sets the award
level, taking into account the overall performance
context and experience ofshareholders.
45% of any bonus is delivered upfront incash and
55% is delivered in shares (orfund awards where
the executive director has met the minimum
shareholding requirement) deferred for up to
three years, released on the first, second and
third anniversary of grant in three equal tranches.
Retention periods may apply where required
by regulations.
The Committee may award dividend equivalents
on deferred shares in respect of dividends declared
during the deferral period delivered as shares or
cash atthe discretion of the Committee at the
same time as the delivery of vested shares.
Malus and clawback provisions apply in certain
specified circumstances, further details of which
are provided below.
The maximum award is 300%
ofsalary.
Threshold performance is 25%
andtarget performance is 50%
ofthe maximum.
The bonus is based on the Committee’s
assessment of executive directors’
performance over a financial year
against objectives, which are based
at least 70% on financial measures
which may include, but are not
limited to, measures of assets under
management, revenue, profit and cash
and no more than 30% on non-financial
measures which may include ESG,
strategic and personal objectives.
Details of the bonus targets will be
disclosed retrospectively in next
year’s Directors’ Remuneration Report,
when they are no longer deemed
commercially sensitive by the Board.
The Committee retains the discretion
toadjust the bonus if it considers that
the formulaic outcome does not reflect
underlying business performance.
The Committee also retains discretion
to make changes to the award if
required by regulations.
Long-Term Incentive Plan
To engage and motivate executive
directors to deliver on KPIs which
support implementation of the
Company’s strategy in order to
deliver superior long-term returns to
shareholders.
An annual award of Man Group plc shares, subject
to performance conditions over a period of at least
three years. An additional holding period of at least
two years will apply following vesting.
Notional dividends accrue on share awards to the
extent that the performance conditions are met,
delivered as shares or cash atthe discretion of the
Remuneration Committee at the same time as the
delivery of vested shares.
Malus and clawback provisions apply in certain
specified circumstances, further details of which
are provided below.
The maximum annual grant is
300% of salary.
Threshold performance results in
0% vesting, target performance
results in 50% vesting, rising
to 100% vesting for maximum
performance.
The vesting of awards is linked to a
range of measures which may include,
but is not limited to:
A measure of investment
performance.
A profitability measure.
A growth measure (e.g.
management fee EPS and/or
increase in net flows).
A relative performance measure
(e.g.TSR).
An ESG-related measure.
Weightings may vary year-on-year with
no individual metric accounting for
more than 50% of the overall outcome.
Details of the measures for the awards
to be made in March 2025 are set out
on page118.
The Committee has discretion to
amendthe performance conditions,
inexceptional circumstances, if it
considers it appropriate to do so,
e.g.inthe event of accounting changes,
M&A activities and disposals. Any such
amendments would be fully explained
and disclosed in the next year’s
Directors’ Remuneration Report. The
Committee retains discretion to adjust
the extent to which an award shall vest
if appropriate to reflect the broader
financial performance of Man Group.
The Committee also retains discretion
to make changes to the award if
required by regulations.
Shareholding requirements
In order to align the interests of executive directors
and shareholders, Man Group requires its executive
directors to maintain a percentage ofsalary in Man
Group shares.
The CEO is required to maintain
a shareholding of 300% of base
salary. Other executive directors
are required tomaintain a
shareholding of 200%of
base salary.
Executive directors are required to build
up this shareholding progressively.
Incumbents will build up to the
prescribed shareholdings with vested
shares where not already at or above
this level. The full requirement, or the
actual holding on departure if lower,
must be retained for two years after
departure from Man Group.
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Function Operation Opportunity Performance metrics
Malus and clawback
The Committee may apply malus and/or clawback
to variable pay in certain specified circumstances
including: (i)where the director fails to meet the
required standards of fitness and propriety, (ii)
fraud or misconduct, (iii)material misstatement
of financial results affecting the assessment
of a performance condition, or (iv) where there
has been an error or inaccuracy relating to the
determination of variable pay.
In addition, it can apply malus if the director
participates in, or was responsible or accountable
for, (i) a material error, (ii) a material downturn
infinancial performance, (iii) a material failure of
risk management, (iv) censure by any regulatory
authority or, (v) a significant detrimental impact on
the Company’s reputation.
Malus applies until the end of the vesting period
with clawback applying until the end of any
applicable retention period.
The Committee retains discretion
tomake changes to the malus and
clawback provisions if required
by regulations.
Notes to the policy table:
InimplementingtheaboveRemunerationPolicy,theCommitteeshallhaveregardtoallrelevantlegalandregulatoryrequirements,includingtheprinciplesand
provisionsoftheUKListingRules,andtheFinancialConductAuthority’sRemunerationCodes,theUKCorporateGovernanceCode(2024)andtoleadinginvestor
representative body guidelines.
Anycommitmentsmadepriorto,butduetobefulfilledafter,theapprovalandimplementationoftherevisedRemunerationPolicyapprovedbyshareholders(including
under any previously approved policy) will be honoured. In addition to the elements of remuneration detailed in the policy table, the Remuneration Committee may
consideritappropriatetograntanawardunderadifferentstructureinordertofacilitatetherecruitmentofanindividual(seedetailsintheparagraph‘Approachto
recruitment remuneration’).
Where employees hold units in funds managed by Man Group, the fund may rebate fees to the employee.
6.2 Illustrative pay for performance scenarios
The chart below provides an illustration of some of the potential reward opportunities for executive directors in respect of the operation
ofthePolicy in 2025 showing the potential split between the different elements of remuneration under different performance scenarios:
‘minimum’, ‘mid-point’, ‘maximum’ and ‘maximum with 50% share price appreciation’.
Illustrative pay performance scenarios ($’000)
Minimum
Mid-point
Maximum
Maximum with 50%
share price appreciation
$9,850
$1,375
$4,765
$8,155
100%
29%
17%
14%
36% 36%
42%
34%
42%
17%34%
Minimum
Mid-point
Maximum
Maximum with 50%
share price appreciation
Robyn Grew
CEO
$6,115
$828
$2,943
$5,058
100%
28%
16%
14%
36% 36%
42%
35%
42%
17%35%
Antoine Forterre
CFO
Salary, pension and benefits
Annual bonus
LTIP
125
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
6.2 Illustrative pay for performance scenarios continued
Assumptions used:
The ‘minimum’ scenario reflects 2025 base salary (subject to shareholder approval for the removal of the salary cap in the case of Robyn
Grew), pension (14% of salary) and benefits (excluding tax equalisation costs) as disclosed in the single figure of total remuneration (i.e. fixed
remuneration) which are the only elements of the executive directors’ remuneration packages not linked to performance during the year
under review;
The ‘mid-point’ scenario reflects fixed remuneration as above, plus a target payout of 50% of the maximum annual bonus and 50% vesting for
the LTIP;
The ‘maximum’ scenario reflects fixed remuneration as above, plus full payout of both the annual bonus and LTIP;
The ‘minimum’, ‘mid-point’ and ‘maximum’ illustrations are based on initial award value and do not, therefore, reflect potential share price
appreciation or any dividend equivalent received over the vesting/deferral periods;
The ‘maximum with 50% share price appreciation’ shows the impact of a 50% increase in the value shares across the vesting period for the
LTIP awards; itdoes not reflect any potential dividends received over the vesting period; and
Annual bonus includes both the cash bonus and the amount of the bonus deferred.
6.3 Performance measures selection and approach to target-setting
Annual objectives are set according to immediate priorities identified by the Board and management and will be reviewed and adjusted annually
to reflect changing priorities. The long-term performance metrics are in line with the long-term strategic focus of the Company and will be
reviewed as required in line with any changes in strategic direction. Targets will be set by reference to internal budgets and strategic plans,
industry backdrop and external expectations to ensure they represent appropriately stretching levels of performance.
6.4 Differences between executive directors’ and employees’ remuneration
The Remuneration of executive directors is structurally similar to that of the wider workforce. A higher proportion of total remuneration for
executive directors is variable pay. Executive Committee members participate in an annual bonus scheme with significant levels of deferral, to
align their remuneration with the long-term interests of shareholders and fund investors. However, in line with market practice in alternative
investment funds, their incentive payouts areuncapped.
Employee remuneration includes base salary, pension (capped at 14% of salary) and benefits (which include private health, subsidised gym
membership, the opportunity to participate in charitable activities during working hours and a range of flexible benefits which can be purchased
from salary), an annual performance bonus and, for senior contributors, long-term share and fund-based deferrals. The level of deferral increases
as total compensation increases. This provides alignment with shareholders and the future performance of Man Group and with the interests
ofinvestors in funds managed by Man Group.
Sales staff have a specific bonus scheme to incentivise appropriate asset raising and retention, whilst aligning interests on costs.
6.5 Approach to recruitment remuneration
External appointment
Approach to recruitment remuneration – Table R22
Component Approach Maximum grant value
Base salary
Base salary will be determined to provide competitive total compensation in relation to
relevant market practice, experience and skills of the individual, internal relativities and
their current compensation.
n/a
Pension
Pension contributions or an equivalent cash supplement will be set in line with existing
policy, including any service criteria, in line with other employees.
14% of salary
1
Benefits
Benefits may include (but are not limited to) private medical insurance, life assurance,
permanent health insurance, Group income protection and any necessary relocation
expenses.
n/a
Sharesave
New UK appointees will be eligible to participate in any all-employee share schemes the
Company offers.
n/a
Annual bonus
The remuneration structure described in the Policy table will apply to new appointees
with the relevant maximum being pro-rated to reflect the proportion of employment
over the year.
300% of salary
Long-Term Incentive
Plan
New appointees may be granted awards under the Long-Term Incentive Plan, on the
same terms as other executive directors, as described in the Policy table, including in
respect of the first part-year of service.
300% of salary
1 The directors’ maximum pension contribution is aligned to the maximum available to all employees, currently 14% of salary.
Directors’ Remuneration report continued
6. Directors’ Remuneration Policy continued
126
Governance
Man Group plc | Annual Report 2024
In determining the appropriate remuneration, the Committee will take into consideration all relevant factors (including quantum, nature of
remuneration and the jurisdiction from which the candidate was recruited) to ensure that arrangements are in the best interests of both Man
Group and its shareholders. Any package offered will be structured so as to be sufficiently competitive (but not excessively so) so that senior,
high calibre candidates can be appointed, to promote the long-term success of Man Group. Consideration will be given to the candidate’s skills,
knowledge and experience in determining the appropriate remuneration.
With respect to a new appointment, the Committee may ‘buy out’ incentive arrangements, including bonuses, forgone on leaving a previous
employer, and awards made under such buyout arrangements may be in addition to the remuneration outlined in the table above. In doing so,
the Committee will consider relevant factors including any performance conditions attached to those incentive arrangements and the likelihood
of those conditions being met. In defining the size of this ‘buyout’ award, the Committee would ensure that its fair value is no higher than the fair
value of the incentive arrangements forgone. The Committee may also consider it appropriate to structure any such ‘buyout’ award differently
to the structure described in the policy table including whether appropriate performance conditions should apply, exercising the discretion
available under the UK Listing Rules. Any buyout award granted will be structured so as to comply with the requirements of any applicable
remuneration codes.
The Committee does not intend that such ‘buyout’ awards will be made as a matter of routine; on the contrary, although the Committee cannot
anticipate every circumstance which it might face in the future, it is expected that any such awards will only be contemplated in exceptional
circumstances, will be reviewed and approved by the full Board and will be described fully in the subsequent year’s DRR.
Internal appointment
For the appointment of a new executive director by way of internal promotion, the Committee’s approach will be consistent with the policy for
external appointees detailed above. Where an individual has contractual commitments made prior to their promotion to the Board, the Company
will continue to honour these commitments.
6.6 Service contracts and exit payment policy
Service contracts – Table R23
Element Condition
Contract dates
Robyn Grew: 1 September 2023
Antoine Forterre: 1 October 2021
Current appointment
No fixed term
Notice period
(by either Company
ordirector)
Robyn Grew: 12 months
Antoine Forterre: 6 months
The Company’s policy is that notice periods (including for any new executive director) will not exceed 12 months
Provisions for contract
termination
Under all contracts the Company can opt to terminate immediately by making a payment in lieu of the notice period or part of it.
Robyn Grew’s contract requires payment of base salary only in lieu. Antoine Forterre’s contract requires payment ofbase salary
plus a cash sum in lieu of pension contributions and other insured benefits.
Payments in lieu are to be made in monthly instalments unless the Company and the executive director agree otherwise.
Unless the Company decides otherwise, the executive directors have a duty to mitigate their losses arising from termination
of their employment where payment in lieu of notice is offered in which case any replacement earnings earned in what would
otherwise have been thenotice period would reduce the obligation on the Company to make payments in lieu.
Annual bonus
The service contracts do not oblige the Company to pay any bonus to executive directors and bonuses are awarded atthe
Committee’s discretion. Payment of any bonus is conditional upon the executive director being inemployment and not under
notice at the payment date, except in certain ‘good leaver’ circumstances.
Where the executive director is deemed to be a ‘good leaver’, deferred bonus awards are retained by participants and release
would follow the normal vesting schedule (except in the case of death where the Committee may allow early vesting). The
treatment (including application of time pro-rating) will be decided by the Committee taking into account the circumstances of
the departure including the performance of the executive director. Good leaver reasons include death, retirement on terms agreed
with the Company, ill-health, injury or disability and sale of the company or business in which the individual was employed. The
Committee may also decide, in its discretion, to grant good leaver status in other exceptional circumstances.
Long-Term Incentive
Plan
The treatment of long-term awards is governed by the relevant LTIP rules, as approved by shareholders. Where an individual’s
employment terminates, the LTIP rules provide for unvested long-term incentive awards to lapse except assetout below:
Under the LTIP rules, where an individual is deemed to be a ‘good leaver’, unvested long-term incentive awards will vestat
the normal vesting date subject to performance against applicable performance conditions and, unless the Committee
determines otherwise, pro-rating for time. Any Committee determination will take into account a number ofconsiderations,
in particular performance and other circumstances relating to their termination of employment.
Good leaver reasons include death, retirement, ill-health, injury or disability, redundancy, sale of the company or business in
which the individual was employed and cessation of employment on terms agreed with the Company. The Committee may
also decide, in its discretion, to grant good leaver status in other circumstances and will take into account the reason for
leaving and the executive director’s performance up to the date employment ceases.
Where the post-departure shareholding requirements have not been met at the date of departure, after exit post-vesting
holding periods will continue to apply.
127
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Man Group plc | Annual Report 2024
To protect Man Group’s business interests, the executive directors’ service contracts contain covenants which restrict the executives directors’
ability tosolicit or deal with clients and their ability to solicit senior employees. Both executive directors have also entered into a broader non-
compete covenant for an agreed period post termination.
Man Group may agree to pay legal fees or other professional advice fees incurred by an individual in connection with their termination of
employment, and/or fees for outplacement services. Payment may also be made in relation to accrued but untaken holiday. Reimbursement may
also be made for reasonable relocation costs where an executive director (and, where relevant, his or her family) had originally relocated to take
up the appointment; this may include the shipment of personal goods and winding-up his or her affairs in the UK and the incidental costs incurred
in doing so. In certain circumstances, the Committee may approve new contractual arrangements with departing executive directors, potentially
including (but not limited to) settlement, confidentiality, restrictive covenants and/or consultancy arrangements. These arrangements would only
be entered into where the Committee believes that it is in the best interests of Man Group and its shareholders to do so.
Executive directors’ service contracts are available to view at the Company’s registered office.
6.7 External appointments
With the approval of the Board in each case, and subject to the overriding requirements of the Company, executive directors may accept a
limited number of external appointments as non-executive directors of other companies and retain any fees received. Details of any external
directorships held by executive directors, including associated fees, are provided in the Directors’ Remuneration Report for the relevant year.
6.8 Non-executive directors’ Remuneration Policy
Non-executive directors have formal letters of appointment. The Chair has a contract with the Company which provides that her appointment is
terminable on six months’ notice. The letters of appointment of other non-executive directors, except for Richard Berliand contain a three-month
notice period. The letter of appointment of Richard Berliand does not contain any notice provisions or provision for compensation in the event of
early termination. It is intended that the letters of appointment of all future non-executive directors will contain a three-month notice period.
The Board’s policy is to appoint non-executive directors for an initial three-year term, subject to retirement and reappointment by shareholders
annually at the AGM, which may be followed by a further three years by mutual agreement. Any further extension will be subject to rigorous
review. The initial dates of appointment of the non-executive directors to the Board are shown on pages 70 to 71 of this 2024 Annual Report, and
their current fee levels are provided in the DRR on page 114. Non-executive directors are encouraged to build a shareholding in the Company.
Letters of appointment for the non-executive directors are available to view at the Company’s registered office.
Details of the policy on fees paid to our non-executive directors are set out in the table below.
Non-executive directors’ Remuneration Policy – Table R24
Function Operation Opportunity
Fees
To attract and
retain non-
executive
directors of the
highest calibre
and experience
relevant to Man
Group.
Fees are reviewed annually by the Board at the year-end
taking into account market benchmarks fornon-executives
of companies of similar size and complexity to Man Group
with consideration of sector relevance.
The Chair’s remuneration is recommended by the
Committee and approved by the Board. Neither the Chair nor
the non-executive directors take part in discussions or vote
on their own remuneration.
Non-executive directors are reimbursed for expenses, such
as travel and subsistence costs, incurred in connection with
the carrying out of their duties. Any taxcosts associated
with these benefits are paid by theCompany.
Fee levels will take account of any significant change inthe scope of
the role or time commitment required and are set by reference to an
appropriate comparator group.
Non-executive directors receive a base fee for Board service, including
Nomination and Governance Committee membership where appropriate.
Additional fees are payable for acting as Senior Independent Director,
asa member orChair of the Committee or the Audit and Risk Committee
or for other responsibilities, including those relating to workforce
engagement. They do not participate in any share option or share
incentive plans. Man Group retains the discretion to pay additional fees to
non-executive directors should Man Group require a significant additional
time commitment in exceptional or unforeseen circumstances.
6.9 Recruitment of non-executive directors
When recruiting a new non-executive director, the Board will utilise the New Policy as set out in table R24 above. A base fee in line with the
prevailing fee schedule would be payable for Board membership, with additional fees payable as set out in table R24.
6.10 Consideration of conditions elsewhere in Man Group
In assessing executive director remuneration, internal relativities within Man Group are reviewed by the Committee. Theseinternal reviews cover
the individual elements of base salaries, benefits and total compensation. The Committee has shared with allemployees a simple document
explaining how the remuneration of the executive directors is determined and how that aligns with employee remuneration. A dedicated email
address has been established to provide employees with a quick and easy way to raise any questions with the Committee. The Committee has
not, however, formally consulted with employees during its review of the Directors’ Remuneration Policy.
6.11 Consideration of shareholder views
The Committee values engagement with shareholders and their representative bodies and consulted extensively before proposing this policy,
on which it will be seeking shareholder approval at the 2025 AGM.
For and on behalf of the Board
Laurie Fitch
Chair of the Remuneration Committee
26 February 2025
Directors’ Remuneration report continued
6. Directors’ Remuneration Policy continued
128
Governance
Man Group plc | Annual Report 2024
The Directors present their report,
together with the audited consolidated
financial statements, for the year
ended 31December 2024.
Man Group plc is incorporated as a public company limited by
sharesand is registered in Jersey with the registered number 127570.
The Company’s registered office is 22 Grenville Street, St Helier,
Jersey JE4 8PX.
Although the Company is subject to Companies (Jersey) Law 1991
(Jersey law), the following report also includes certain disclosures
required for a UK incorporated company under the UK Companies Act
2006 in the interests of good governance.
The Directors’ report comprises pages 129 and 130 and the other
sections and pages of the Annual Report and financial statements
cross-referenced below which are incorporated by reference. The
Corporate Governance statement comprises pages 66 to 131. In line
with common practice, certain disclosures normally included in the
Directors’ report have instead been integrated into the Strategic report
(pages 2 to 65) and the financial statements:
Disclosure Location Page(s)
Business relationships, stakeholders
and their effect ondecisions
Strategic report
Governance report
10-11
76-79
Directors’ responsibility statement
and statement of disclosure to auditor
Directors’ responsibility
statement
131
Directors’ share interests Directors’ Remuneration
report
115-117
Employment policies including
disability and equal opportunities
and employee engagement
Strategic report
Governance report
63-65
77
Financial risk management Note 24 172-173
Financial instruments Note 23 170-171
Future developments in the business Strategic report 14-15
Going concern disclosure Note 2 147
Greenhouse gas emissions, energy
consumption and energyefficiency
Strategic report 51-53
Internal control and risk management Strategic report 30-37
Research and developmentactivities Strategic report 14-19
Purchase of own shares Note 20 168
Subsidiary undertakings listing Note 30 177-178
Listing Rule 6.6.1R disclosure
The Employee Trust waived its rights to receive dividends on shares
held by them. Information regarding long-term incentive schemes is
contained within the Directors’ Remuneration report on pages 98 to
128. There are no further disclosures relevant to Listing Rule 6.6.1R.
Directors
Details of the directors, with their biographies, can be found on pages
70 to 71. The following director changes occurred during 2024:
Alberto G Musalem Stepped down from the Board on 29 February 2024
Dixit Joshi Appointed to the Board on 10 May 2024
Sarah Legg Appointed to the Board on 10 May 2024
Paco Ybarra Appointed to the Board on 6 September 2024
Directors’ Report
It is proposed that Richard Berliand, who has served as a non-
executive director since January 2016, will extend his role as a
non-executive director and the SID until a date no later than
December 2025, subject to shareholder approval.
Powers of directors
The Board is responsible for the management of the business of the
Company and may exercise all the powers of the Company subject
tothe provisions of relevant statutes and the Company’s Articles of
Association (the Articles). A copy of the Articles is available on the
Company’s website and by request from the registered office of the
Company. The Articles may be amended by a special resolution of
theshareholders.
Appointment, retirement and replacement
of directors
The appointment, retirement and replacement of directors are
governed by the Articles, the 2018 UK Corporate Governance Code
and Jersey law. Under the Articles, the Board has the power to appoint
further directors during the year, but any director so appointed must
stand for reappointment at the next Annual General Meeting (AGM).
In accordance with the Articles, one-third of the Board must retire by
rotation at each AGM and may stand for reappointment. Inpractice,
and in accordance with the UK Corporate Governance Code, all Board
members retire and offer themselves for reappointment at each AGM.
The Articles give each director the power to appoint any person
tobetheir alternate, such appointment being subject to Board
approvalwhere the proposed alternate is not an existing director
oftheCompany.
Directors’ indemnities and insurance cover
The Company has maintained third-party indemnity provisions for
thebenefit of the directors of Man Group plc and its subsidiaries,
andthese remain in force at the date of this report. New indemnities
are granted by the relevant company to new directors on their
appointment and cover, to the extent permitted by the UK Companies
Act 2006 and any local jurisdictional requirements, any third-party
liabilities which they may incur as a result of their service on a Board
within the Group. The Company arranges directors’ and officers’ liability
insurance to cover certain liabilities and defence costs whichan
indemnity does not meet. The Company arranges separatepension
trustee liability insurance to cover certain liabilities and defence costs
of the pension trustees. Neither the indemnity nor the insurance
policies provide any protection in the event of a director or trustee
being found to have acted fraudulently or dishonestly in respect of
the Company or its subsidiaries.
Annual General Meeting (AGM)
The 2025 AGM of Man Group plc will be held at Riverbank House,
2Swan Lane, London EC4R 3AD on Friday 9 May 2025 at 9am.
Shares
Share capital
The issued share capital as at 26 February 2025 consisted of
1,273,949,460 ordinary shares of 3 3/7 US cents per share. Details
ofmovements in issued share capital in the year to 31 December 2024,
together with the rights and obligations attaching to the Company’s
shares, are set out in Note 20 to the financial statements and in the
Company’s Articles.
129
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Man Group plc | Annual Report 2024
Authority to purchase own shares
At the 2024 AGM, the Company was authorised by its shareholders
topurchase up to a maximum of 860,959,114 of its ordinary shares.
Details of shares purchased under this authority by the Company
during the year are detailed in Note 20 to the financial statements.
Substantial interests
As at 31 December 2025, the Company had been notified of the
following voting interests in the ordinary share capital of the Company
in accordance with DTR 5 of the FCA’s Disclosure Guidance and
Transparency Rules (DTRs). As a non-UK incorporated issuer, a
substantial interest is deemed to be 5% or greater. Percentages are
shown as notified, calculated with reference to the Company’s latest
total voting rights announcement prior to the date of the movement
triggering the notification.
It should be noted that these holdings are likely to have changed since
the Company was notified, however notification of any change is not
required until the next notifiable threshold is crossed.
Shareholder
Number of
voting rights
notified to the
Company
Percentage of
issued share
capital
Date of
notification
BlackRock, Inc. Below 5% Below 5%
5 September
2024
No changes to the above were disclosed to the Company in
accordance with DTR 5 during the period 31 December 2024 to
27 February 2025 inclusive, being the latest practicable date prior
to the publication of this report.
Information provided to the Company under the DTRs is publicly
available via the regulatory information service and on the Company’s
website at https://www.man.com/investor-relations.
Dividend information
The directors recommend a final dividend of 11.6 cents per share in
respect of the year ended 31 December 2024. Payment of this dividend
is subject to approval at the Company’s 2025AGM.
The Company offers a Dividend Reinvestment Plan (DRIP),
wheredividends can be reinvested in further Man Group plc shares.
Further details on the proposed dividend payment, together with the
Company’s capital allocation policy, dividend payment methods and
the DRIP, can be found in the Shareholder information section on
pages 188 to 189.
Restriction on voting rights
Employee Trust and share awards
Man Group operates share incentive arrangements for qualifying
staff.Where vesting conditions are met, awards granted under these
arrangements are settled in Company shares. In order to assist in
hedging Man Group’s exposure to such awards, the Company
hasestablished the Employee Trust, which assumes the Company’s
obligation to deliver shares to employees on vesting. To enable the
Employee Trust to meet these obligations, Man Group provides
fundsby way of direct contributions or loans. The Employee Trust
hasindependent trustees and its assets are held separately from those
of Man Group. However, given its nature as a structured entity under
IFRS, it is consolidated into the Group financial statements.
Foraccounting purposes, the shares held by the Employee Trust are
treated as though they were treasury shares. These shares remain,
however, in issue as trust assets. Under the Employee Trust deed, the
trustees have discretion to vote, or abstain from voting, on resolutions
put to shareholders.
Treasury shares
Ordinary shares held by the Company in treasury do not carry voting
rights. If the treasury shares are subsequently sold or transferred for
the purposes of satisfying an employee share scheme as permitted
bythe Jersey (Companies) Law 1991, then the shares, at this point,
will again carry their full voting rights. Further details on treasury
sharescan be found in Note 20 to the financial statements.
Share transfer restrictions
In accordance with the current Directors’ Remuneration Policy, the
CEO is required to hold shares in Man Group plc representing at
least300% of salary and other executive directors are required to
holdshares in Man Group plc representing at least 200% of salary.
Directors are required to retain their shareholdings in full for two
yearsafter departure from Man Group plc or, where appropriate, in
circumstances where directors have stepped down from the Board
but remain with the Company; this will be at the lower of either their
required or actual shareholding on leaving. Further information can be
found in the Directors’ Remuneration report on pages 98 to 128.
The Board may decline to register a transfer of any share which is
nota fully paid share. In addition, registration of a transfer of an
uncertificated share may be refused in the circumstances set out in
The Companies (Uncertificated Securities) (Jersey) Order 1999 and
where the number of joint holders exceeds four.
Change of control
The Company is not party to any significant agreements that
takeeffect, alter or terminate upon a change of control following
atakeover bid except for the Company’s $800 million revolving
creditfacility dated 19 December 2023 which could, under specific
circumstances, become repayable following a relevant change of
control. The Company’s employee share and fund product incentive
schemes contain provisions whereby, upon a change of control of
theCompany, outstanding options and awards will vest and become
exercisable, subject to any pro-rating that may be applicable. If a
change of control of the Company relates to an internal reorganisation,
the Board may determine, with the consent of the new controlling
company, that in the case of share awards the outstanding options and
awards will not vest and will be automatically surrendered in
consideration for the grant of new equivalent awards or options in the
new controlling company and that fund product awards will not vest
but will continue to subsist.
Independent auditor
The Company’s auditor, Deloitte, has indicated its willingness to
continue in office and a resolution to reappoint Deloitte as auditor of
the Company will be proposed at the 2025 AGM.
Political donations
The Company’s policy is not to make any donations or contributions to
political parties or organisations and no such payments were made
during the year.
Approved by the Directors and signed on behalf of the Board.
Juliet Dearlove
Interim Company Secretary
26 February 2025
Directors’ Report continued
130
Governance
Man Group plc | Annual Report 2024
The directors are responsible for
preparingthe Annual Report and the
financial statements in accordance
with applicable law and regulations.
The Companies (Jersey) Law 1991 requires the directors to
preparefinancial statements for each financial year. Under that law
thedirectors have elected to prepare the financial statements in
accordance with applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the United Kingdom. The financial
statements are required by law to give a true and fair view of the state
of affairs of the Company and of the profit or loss of the Company for
that period.
In preparing the Group financial statements, International Accounting
Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a
mannerthatprovides relevant, reliable, comparable and
understandable information;
provide additional disclosures when compliance with the specific
requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity’s financial position and financial
performance; and
make an assessment of the Company’s ability to continue as a
going concern.
The directors are responsible for keeping proper accounting records
that disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the financial
statements comply with the Companies (Jersey) Law 1991. They are
also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
offraud and other irregularities.
Directors’ responsibility statement
The directors are responsible for the maintenance and integrity of
thecorporate and financial information included on the Company’s
website. Legislation in Jersey, Channel Islands governing the
preparation and dissemination of financial statements may differ
fromlegislation in other jurisdictions.
Each of the directors as at 31 December 2024, whose names and
functions are on pages 70 to 71, confirm that, to the best of each
person’s knowledge and belief:
the financial statements, prepared in accordance with the relevant
financial reporting framework, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the
Company and the undertakings included in the consolidation taken
as a whole;
the Strategic report includes a fair review of the development and
performance of the business and the position of the Company and
the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties
that they face;
the Annual Report and the financial statements, taken as a whole,
arefair, balanced and understandable and provide the information
necessary for shareholders to assess the Company’s and Group’s
position, performance, business model and strategy; and
there is no relevant audit information of which the Group’s auditor
isunaware, and that they have taken all steps that they ought to
have taken as a director in order to make themselves aware of any
relevant audit information and to establish that Man Group’s
auditor is aware of that information.
131
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc | Annual Report 2024
Financial statements contents
Audited information Note
Independent auditor’s report 133
Consolidated income statement 142
Consolidated statement of comprehensive income 142
Consolidated balance sheet 143
Consolidated cash flow statement 144
Consolidated statement of changes in equity 145
Notes to the Group financial statements 146
Basis of preparation 1 146
Going concern 2 147
Judgemental areas and accounting
estimates
3 147
Revenue 4 148
Investments in fund products and
other investments
5 149
Costs 6 152
Finance income and finance expense 7 154
Leases and rental income 8 154
Goodwill and acquired intangibles 9 157
Investments in associates 10 159
Tax 11 159
Earnings per share (EPS) 12 161
Pension 13 162
Cash, liquidity and borrowings 14 165
Fee and other receivables 15 165
Leasehold improvements and equipment 16 166
Software intangible assets 17 166
Trade and other payables 18 167
Provisions 19 167
Equity 20 168
Reconciliation of statutory profit to cash
generated from operations
21 169
Dividends 22 169
Financial assets and liabilities 23 170
Financial risk management 24 172
Share-based payment schemes 25 174
Geographical information 26 175
Related party transactions 27 175
Other matters 28 176
Unconsolidated structured entities 29 176
Group investments 30 177
Unaudited information
Five-year record 179
Alternative performance measures 180
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Report on the audit of the
financial statements
1. Opinion
In our opinion the financial statements of Man Group plc (the
‘Company’) and its subsidiaries (‘Man Group’):
Give a true and fair view of the state of Man Group’s affairs as at
31 December 2024 and of Man Group’s profit for the year then
ended;
Have been properly prepared in accordance with United Kingdom
adopted international accounting standards; and
Have been properly prepared in accordance with Companies
(Jersey) Law 1991.
We have audited the financial statements which comprise:
The consolidated income statement;
The consolidated statement of comprehensive income;
The consolidated balance sheet;
The consolidated cash flow statement;
The consolidated statement of changes in equity; and
The related notes 1 to 30.
The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom adopted international
accounting standards.
2. Basis for opinion
We conducted our audit in accordance with International Standards on
Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under
those standards are further described in the auditor’s responsibilities
for the audit of the financial statements section of our report.
We are independent of Man Group in accordance with the ethical
requirements that are relevant to our audit of the financial statements
in the UK, including the Financial Reporting Council’s (the ‘FRC’s’)
Ethical Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these
requirements. We confirm that we have not provided any non-audit
services prohibited by the FRC’s Ethical Standard to Man Group.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independent auditor’s report to the members of Man Group plc
3. Summary of our audit approach
Key audit
matter
The key audit matters that we identified in the current
year were:
– Accuracy of performance fees; and
– Valuation of the employment-related payables to
sellers of businesses acquired.
Materiality The materiality that we used for the consolidated
financial statements was $22.5m (2023: $19.8m) which
was determined on the basis of 2% of management and
other fees, which is consistent with the basis of
determination used in the prior year.
Scoping We performed a risk-based assessment across Man
Group to identify relevant components and account
balances, over which audit procedures would be
performed.
These components accounted for 99% (2023: 99%) of
Man Group’s revenue, 99% (2023: 98%) of Man Group’s
profit before tax and 99% (2023: 99%) of Man Group’s total
assets. All other components were subject to analytical
review procedures.
Significant
changes
in our
approach
We revised our key audit matter in relation to Varagon
which previously focused on the accounting for the
acquisition in the prior year, to focus instead on the
annual revaluation of the liability to certain sellers of
Varagon.
We changed our group scoping process as a result of
International Standard on Auditing (UK) 600 (Revised),
however, this did not have a significant impact on the
outcome of our scoping.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of Man Group’s ability to
continue to adopt the going concern basis of accounting included:
Considering the available cash and cash equivalents balance at
year-end of $225m as disclosed in Note 14 and assessing how this
is forecast to fluctuate over the coming 12 months in line with
management’s forecasted performance. This analysis includes
assessing the amount of headroom in the forecasts considering
cash restrictions;
Considering the available revolving credit facility of $800m as
disclosed in Note 14 and assessing the nature and terms of the
financing facilities available to Man Group;
Assessing the impact of downside scenarios considered by
management including whether the potential impact of climate
change were captured;
Testing of the clerical accuracy and assessing the sophistication of
the model used to prepare the forecasts;
Assessing the reasonableness of the assumptions used in the
forecasts and the historical accuracy of forecasts prepared by
management alongside the historical conversion of accounting
profits to cash in the business, including consideration of current
macroeconomic conditions; and
Assessing the appropriateness of the going concern disclosures by
comparing them to management’s assessment for consistency
and for compliance with the relevant reporting requirements.
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4. Conclusions relating to going concern continued
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on Man Group’s ability to continue as a going concern for a period of at least 12 months from when the
financial statements are authorised for issue.
In relation to the reporting on how Man Group has applied the UK Corporate Governance Code, we have nothing material to add or draw attention
to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the
current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These
matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the
efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
5.1 Accuracy of performance fees
Key audit matter
description
At $308m (2023: $178m) performance fee revenue remains a material balance.
The measurement of performance fee revenue requires the accurate interpretation and implementation of methodologies
as set out in investment management agreements which are often bespoke for each client or fund.
Performance fees are calculated less frequently than management fees, usually once or twice a year based on
crystallisation dates specified in agreements. Performance fee calculations contain a range of inputs (including fee
methodology, fee rates, fee base, crystallisation dates, fund return and relevant benchmarks) and are also manual and are
more complicated than those for management fees, increasing the relative risk of misstatement.
There is a fraud risk associated with the accuracy of performance fee revenue due to this balance’s importance to
stakeholders and link to long term incentives. Given the complexity of the calculations and related risk of misstatement,
accuracy of performance fees is deemed to be a key audit matter.
The accounting policy for performance fees is detailed in Note 4 to the financial statements.
How the scope
of our audit
responded to
the key audit
matter
In response to the risk over the accuracy of performance fees, we performed the following procedures:
To assess relevant controls:
We obtained an understanding of and tested the relevant controls over the accuracy of performance fees.
We further obtained an understanding of the relevant controls at service organisations.
We placed reliance on controls as part of our audit approach.
We performed the following tests of detail:
We independently agreed a sample of calculation methodologies to investment management agreements and source
documentation, evaluated the calculation methodology and the accuracy of the inputs used, assessed the arithmetic
accuracy of the underlying computation and challenged any judgements when interpreting governing documents.
We assessed the reliability of source information obtained from third-party administrators by reference to the third-
party administrators’ controls reports;
We performed retrospective comparisons against audited financial statements of the funds, where available; and
For amounts subsequently finalised and invoiced after the year-end, we assessed the amounts invoiced against the
accrued amounts at the year-end.
Key observations Based on our work, we concluded that performance fees are appropriately recorded.
Independent auditor’s report to the members of Man Group plc continued
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5.2. Valuation of the employment-related payables to sellers of businesses acquired
Key audit matter
description
In the prior year, Man Group acquired a controlling interest in Varagon Capital Partners (“Varagon”). Certain conditional
payments to sellers of Varagon remaining in employment following the acquisition are tied to employee service and are
therefore required to be accounted for as cash-settled share-based payments under IFRS 2 (see Note 25).
For 2024, this employment-related expense was $38m (2023: $23m) and the corresponding liability for employment-related
payables to sellers of businesses acquired at 31 December 2024 was $56m (2023: $23m).
The valuation of these amounts involves the selection of an appropriate valuation approach and inputs by management,
including cash flow forecasts, discount rates and exit multiples. These are highly subjective due to the relatively long period
to settlement, the unobservable inputs and the corresponding risks and uncertainties. Accordingly, this has been disclosed
as a key source of estimation uncertainty (see Note 3) and represents a Key Audit Matter.
How the scope
of our audit
responded to the
key audit matter
In response to the risk over the valuation of the employment-related payables to sellers of businesses acquired, we
performed the following procedures:
We obtained an understanding of and tested the relevant controls over management’s process for estimating the
employment-related payables to sellers of businesses acquired;
We tested the computational accuracy of management’s calculations;
We engaged our valuation specialists to evaluate the valuation technique applied and the reasonableness of
management’s discount rates and exit multiple assumptions;
We assessed the FY24 forecasts in comparison to FY23 and considerations of published industry forecasts;
We performed an overall stand-back assessment of management’s valuation assumptions as a whole, including
considering the possibility of management bias; and
We assessed the appropriateness of Man Group’s disclosures and tested the related sensitivity calculations.
Key observations Based on our work, we concluded that the IFRS 2 liability and related income statement expense are reasonable, and that
the disclosures are appropriate.
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Group materiality $22.5m
Component performance materiality range $11.1m to $0.1m
Audit & Risk Committee Reporting Threshold $1.1m
Management and other fees Group materiality
Management and
other fees $1,126m
6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a
reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group
Materiality
$22.5m (2023: $19.8m)
Basis for
determining
materiality
2% of management and other fees (2023: 2% of management and other fees)
Rationale for
the benchmark
applied
We have determined management and other fees to be an appropriate basis for determining materiality as it reflects current
year performance whilst being relatively stable compared with other benchmarks. We excluded performance fees from our
materiality benchmark to avoid the undue fluctuations in materiality that would arise from year-on-year variations in
performance fees, if total revenues or a profit measure were used instead.
Materiality ($m)
Independent auditor’s report to the members of Man Group plc continued
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6.2. Performance materiality
We set performance materiality at a level lower than materiality to
reduce the probability that, in aggregate, uncorrected and undetected
misstatements exceed the materiality for the financial statements as a
whole. Group performance materiality was set at 70% of group
materiality for the 2024 audit (2023: 70%).
When considering performance materiality we have considered our
past experience of the audit, and our accumulated understanding of
Man Group and its environment. In particular, we took into account the
reliability of Man Group’s internal controls over financial reporting and
whether we were able to rely on controls for a number of business
processes. We further took into account the low number of corrected
and uncorrected misstatements identified in prior periods, and allowed
for a degree of unpredictability of the full year result as at the time of
planning our audit.
6.3. Error reporting threshold
We agreed with the Audit and Risk Committee that we would report to
the Committee all audit differences in excess of $1.1m (2023: $990k),
as well as differences below that threshold that, in our view, warranted
reporting on qualitative grounds. We also report to the Audit and Risk
Committee on disclosure matters that we identified when assessing
the overall presentation of the financial statements.
7. An overview of the scope of our audit
7.1. Identification and scoping of components
Man Group operates across ten geographical locations with operations
in Europe, North America, Asia and Australia. We developed our group
audit plan by assessing the qualitative and quantitative risk
characteristics of each significant account balance. We considered the
relative contribution of each component to each account balance and
also took into consideration the requirements for statutory audits of
certain components.
Based on this assessment, we focused our work on 37 (2023: 31)
components across the UK, the US, Switzerland, Channel Islands,
Ireland, Hong Kong and the Cayman Islands, where we performed audit
procedures on one or more account balances. These components
accounted for 99% (2023: 99%) of Man Group’s revenue, 99% (2023:
98%) of Man Group’s profit before tax and 99% (2023: 99%) of Man
Group’s total assets. All other components were subject to analytical
review procedures.
Books and records for most geographies are maintained by Man
Group’s finance team in London, and accordingly these components
and account balances were all audited by the group audit team. Local
finance teams maintain books and records for the US (New York and
Texas) and Switzerland, but with significant reliance on the finance
function in the UK. Accordingly, the group audit team led the audit of
these components and account balances with assistance from local
audit staff as required. For Varagon, we engaged our local audit team
based in the US (Texas) to assist with the audit of specified account
balances, however, the audit work related to the Varagon key audit
matter as described above was performed directly by the group audit
team.
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7.2. Our consideration of the control environment
Where relevant, we followed a combined approach of performing
substantive and controls testing. We took a controls reliance approach
over management and performance fees across the majority of the
business. We also tested relevant controls over distribution costs, fixed
compensation, asset servicing and investment in fund product plans.
Where we placed reliance on service organisation reports specifically at
administrators and transfer agents, we have obtained an
understanding of the controls in the service organisation reports and
tested any complementary controls performed by Man Group.
We tested general IT controls with involvement of IT specialists, over
Man Group’s financial reporting processes and the relevant IT systems
for management fees, performance fees, distribution costs and
compensation. In addition, we tested the manual relevant controls
which complement these where needed.
7.3. Our consideration of climate-related risks
In planning our audit, we considered the potential financial impacts on
Man Group and its financial statements of climate change and the
transition to a low carbon economy. We considered management’s own
assessment of the related risks and opportunities as described on
page 36, together with our cumulative knowledge and experience of
Man Group and the environment in which it operates. We assessed
management’s disclosures about critical judgements and key sources
of estimation uncertainty, including the potential impact of climate
change on those judgements and estimates, in Note 3 to the financial
statements. We assessed management’s going concern and viability
disclosures, and identified no significant impact of climate change on
those disclosures given the timeframes of those assessments. We
have considered whether information included in the climate-related
disclosures in the Annual Report is consistent with our understanding
and knowledge of the business and the financial statements. Our
knowledge obtained in the audit is from attending meetings with key
management personnel responsible for climate change at Man Group,
reviewing the group’s risk register, reviewing board packs and meeting
minutes and evaluating any public announcements or initiatives to
which Man Group has committed.
7.4. Working with other auditors
As described in 7.1 above, all work was performed by the group audit
team with assistance from local staff in Switzerland, the US and Ireland
in certain areas. Local staff was directed and supervised by the group
audit team, with regular calls to provide direction, discuss progress and
provide updates relevant to the group audit. For the US Varagon
component team and Ireland, the local work scope was established by
the group team in outbound audit referral instructions, with inbound
reporting on the outcome of the work supplemented with regular calls
throughout the audit and review of local workpapers as considered
appropriate.
Revenue
Audit procedures
performed
99%
Review at group level 1%
Profit before tax
Audit procedures
performed
99%
Review at group level 1%
Total assets
Audit procedures
performed
99%
Review at group level 1%
Independent auditor’s report to the members of Man Group plc continued
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Man Group plc | Annual Report 2024
8. Other information
The other information comprises the information included in the
Annual Report, other than the financial statements and our auditor’s
report thereon. The directors are responsible for the other information
contained within the Annual Report.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the course of
the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
9. Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the
directors are responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for
assessing Man Group’s ability to continue as a going concern,
disclosing as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either
intend to liquidate the group or to cease operations, or have no realistic
alternative but to do so.
10. Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit ofthe financial
statements is located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditor’s
report.
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11. Extent to which the audit was considered capable
of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with
laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is
detailed below.
11.1. Identifying and assessing potential risks related
to irregularities
In identifying and assessing risks of material misstatement in respect
of irregularities, including fraud and non-compliance with laws and
regulations, we considered the following:
The nature of the industry and sector, control environment and
business performance including the design of Man Group’s
remuneration policies, key drivers for executive directors’
remuneration, bonus levels and performance targets;
Results of our enquiries of management, internal audit, the
directors and the Audit and Risk Committee about their own
identification and assessment of the risks of irregularities including
those that are specific to Man Group’s sector;
Any matters we identified having obtained and reviewed Man
Group’s documentation of their policies and procedures relating to:
– Identifying, evaluating and complying with laws and regulations
and whether they were aware of any instances of non-
compliance;
– Detecting and responding to the risks of fraud and whether
they have knowledge of any actual, suspected or alleged fraud;
– The internal controls established to mitigate risks of fraud or
non-compliance with laws and regulations;
The matters discussed among the audit engagement team
including significant component audit teams and relevant internal
specialists, including tax, pensions, valuations, IT and industry
specialists regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and
incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud in the accuracy of
performance fees. In common with all audits under ISAs (UK), we are
also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory
framework that Man Group operates in, focusing on provisions of those
laws and regulations that had a direct effect on the determination of
material amounts and disclosures in the financial statements. The key
laws and regulations we considered in this context included
Companies (Jersey) Law 1991, Listing Rules and the Disclosure
Guidance and Transparency rules, pensions legislation and tax
legislation.
In addition, we considered provisions of other laws and regulations that
do not have a direct effect on the financial statements but compliance
with which may be fundamental to Man Group’s ability to operate or to
avoid a material penalty. These included Man Group’s solvency
requirements and matters regulated by the Financial Conduct
Authority (FCA), Man Group’s lead regulator.
11.2. Audit response to risks identified
As a result of performing the above, we identified accuracy of
performance fees as a key audit matter related to the potential risk of
fraud. The key audit matters section of our report explains the matter
in more detail and also describes the specific procedures we
performed in response to that key audit matter. In addition to the
above, our procedures to respond to the risks identified included the
following:
Reviewing the financial statement disclosures and testing to
supporting documentation to assess compliance with provisions
of relevant laws and regulations described as having a direct effect
on the financial statements;
Enquiring of management, the Audit and Risk Committee and
in-house and external legal counsel concerning actual and
potential litigation and claims;
Performing analytical procedures to identify any unusual or
unexpected relationships that may indicate risks of material
misstatement due to fraud;
Reading minutes of meetings of the Audit and Risk Committee,
reviewing internal audit reports and reviewing correspondence
with HMRC, Financial Conduct Authority (FCA) and other regulators
globally; and
In addressing the risk of fraud through management override of
controls, testing the appropriateness of journal entries and other
adjustments; assessing whether the judgements made in making
accounting estimates are indicative of a potential bias; and
evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and
potential fraud risks to all engagement team members including
internal specialists and component audit teams, and remained alert to
any indications of fraud or non-compliance with laws and regulations
throughout the audit.
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Report on other legal and regulatory
requirements
12. Opinion on other matter prescribed by our
engagement letter
In our opinion the part of the Directors’ Remuneration Report to be
audited has been properly prepared in accordance with the basis
described on page 122.
13. Corporate Governance Statement
Based on the work undertaken as part of our audit, we have concluded
that each of the following elements of the Corporate Governance
Statement is materially consistent with the financial statements and
our knowledge obtained during the audit:
The directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any material
uncertainties identified set out on page 147;
The directors’ explanation as to its assessment of Man Group’s
prospects, the period this assessment covers and why the period
is appropriate set out on page 37;
The directors’ statement on fair, balanced and understandable set
out on page 131;
The board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on page 32;
The section of the Annual Report that describes the review of
effectiveness of risk management and internal control systems set
out on page 30; and
The section describing the work of the Audit and Risk committee
set out on pages 84 to 93.
14. Matters on which we are required to report by
exception
14.1 Adequacy of explanations received and
accounting records
Under the Companies (Jersey) Law 1991 we are required to report to
you if, in our opinion:
We have not received all the information and explanations we
require for our audit; or
Proper accounting records have not been kept by the Company or
proper returns adequate for our audit have not been received from
branches not visited by us; or
The financial statements are not in agreement with the accounting
records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to address
15.1. Auditor tenure
Following the recommendation of the Audit and Risk Committee, we
were appointed by the shareholders at the Annual General Meeting on
9 May 2014 to audit the financial statements for the year ending
31 December 2014 and subsequent financial periods. The period of
total uninterrupted engagement including previous renewals and
reappointments of the firm is 11 years, covering the years ending
31 December 2014 to 31 December 2024.
15.2 Consistency of the audit report with the
additional report to the Audit and Risk Committee
Our audit opinion is consistent with the additional report to the Audit
and Risk Committee we are required to provide in accordance with
ISAs (UK).
16. Use of our report
This report is made solely to the Company’s members, as a body, in
accordance with Article 113A of the Companies (Jersey) Law, 1991. Our
audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to them in
an auditor’s report and those matters we have expressly agreed to
report to them on in our engagement letter and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s
members as a body, for our audit work, for this report, or for the
opinions we have formed.
As required by the FCA Disclosure Guidance and Transparency Rule
(DTR) 4.1.15R – DTR 4.1.18R, these financial statements will form part of
the Electronic Format Annual Financial Report filed on the National
Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR
4.1.18R. This auditor’s report provides no assurance over whether the
Electronic Format Annual Financial Report has been prepared in
compliance with DTR 4.1.15R – DTR 4.1.18R.
Bevan Whitehead, FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Recognised Auditor
London, United Kingdom
26 February 2025
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142
Consolidated income statement
For the year to 31 December
2024 2023
Note $m $m
Management and other fees
4
1,126
990
Performance fees
4
308
178
Revenue
1,434
1,168
Net income or gains on investments and other financial instruments
5.1
88
76
Third-party share of gains relating to interests in consolidated funds
5.2
(10)
(24)
Rental income
5.2,8.1
3
6
Distribution costs
6
(38)
(32)
Net revenue
1,477
1,194
Asset servicing costs
6
(67)
(58)
Compensation costs
6.1
(706)
(595)
Other employment-related expenses
6.2
(38)
(23)
Other costs
6.3
(215)
(198)
Finance income
7
15
13
Finance expense
7
(38)
(34)
Gain on disposal of investment property – right-of-use lease assets
8.1
3
12
Amortisation and impairment of acquired intangibles
9
(24)
(28)
Share of post-tax loss of associates
10
(2)
(3)
Revaluation of acquisition-related liabilities
(4)
–
Third-party share of post-tax profits
(3)
(1)
Statutory profit before tax
398
279
Tax expense
11.1
(100)
(45)
Statutory profit attributable to owners of the Company
298
234
Statutory earnings per share
12
Basic
25.7¢
19.9¢
Diluted
25.1¢
19.4¢
Consolidated statement of comprehensive income
For the year to 31 December
2024 2023
Note $m $m
Statutory profit attributable to owners of the Company
298
234
Other comprehensive income/(loss):
Remeasurements of defined benefit pension plans
13
2
(10)
Deferred tax on pension plans
11.3
–
2
Items that will not be reclassified to profit or loss
2
(8)
Cash flow hedges:
Valuation gains taken to equity
20
14
Realised gains transferred to consolidated income statement
(22)
(12)
Deferred tax on cash flow hedges
11.3
1
–
Net investment hedges
7
1
Foreign currency translation
(7)
3
Items that may be reclassified to profit or loss
(1)
6
Other comprehensive income/(loss)
1
(2)
Total comprehensive income attributable to owners of the Company
299
232
143
Consolidated balance sheet
At 31 December
2024 2023
Note $m $m
Assets
Cash and cash equivalents
14
454
276
Fee and other receivables
15
492
551
Investments in fund products and other investments
5
2,414
2,279
Investments in associates
10
8
11
Current tax assets
11.2
17
15
Finance lease receivable
8.1
77
67
Leasehold improvements and equipment
16
58
53
Leasehold property – right-of-use lease assets
8.2
90
112
Investment property – right-of-use lease assets
8.2
13
17
Investment property – consolidated fund entities
5.2
12
30
Software intangible assets
17
57
54
Deferred tax assets
11.3
117
128
Pension asset
13
13
12
Goodwill and acquired intangibles
9
752
776
Total assets
4,574
4,381
Liabilities
Borrowings
14
–
140
Trade and other payables
18
655
713
Employment-related payables to sellers of businesses acquired
6.2
56
23
Provisions
19
16
16
Current tax liabilities
11.2
3
3
CLO liabilities – consolidated funds
5.2
1,366
1,036
Third-party interest in consolidated funds
5.2
553
554
Third-party interest in other subsidiaries
1
1
Lease liability
8.2
248
283
Total liabilities
2,898
2,769
Net assets
1,676
1,612
Equity
Capital and reserves attributable to owners of the Company
20
1,676
1,612
The financial statements were approved by the Board of Directors on 26 February 2025 and signed on its behalf by:
Robyn Grew Antoine Forterre
Chief Executive Officer Chief Financial Officer
144
Consolidated cash flow statement
For the year to 31 December
2024 2023
Note $m $m
Operating activities
Cash generated from operations
21
769
470
Interest paid
(27)
(23)
Payment of lease interest
8.2
(11)
(10)
Tax paid
11.2
(83)
(100)
Cash flows from operating activities
648
337
Investing activities
Interest received
12
12
Purchase of leasehold improvements and equipment
16
(18)
(12)
Purchase of software intangible assets
(23)
(2 1)
Acquisition of subsidiaries, net of cash acquired
–
(170)
Cash flows used in investing activities
(29)
(191)
Financing activities
Repayments of lease liability principal
8.2
(22)
(10)
Purchase of Man Group plc shares by the Employee Trust
(35)
(56)
Proceeds from sale of Treasury shares in respect of Sharesave
1
4
Share repurchase programmes (including costs)
20
(50)
(223)
Ordinary dividends paid to owners of the Company
22
(192)
(181)
Transactions with non-controlling shareholders
3
–
Payment of third-party share of post-tax profits
(4)
–
Payment of upfront costs of revolving credit facility
–
(3)
Net (repayment)/drawdown of borrowings
14
(140)
140
Cash flows used in financing activities
(439)
(329)
Net increase/(decrease) in cash and cash equivalents
180
(183)
Cash and cash equivalents at beginning of the year
276
457
Effect of foreign exchange movements
(2)
2
Cash and cash equivalents at end of the year
14
454
276
Less: restricted cash held by consolidated fund entities
14
(229)
(96)
Available cash and cash equivalents at end of the year
14
225
180
145
Consolidated statement of changes in equity
Man Group plc
Profit shares held by Cumulative
Reorganisation and loss Employee Treasury translation Other
$m
Note
Share capital
reserve account Trust shares adjustment reserves Total
At 1 January 2023
46
(1,688)
3,590
(80)
(225)
41
15
1,699
Statutory profit
–
–
234
–
–
–
–
234
Other comprehensive
(loss)/income
–
–
(8)
–
–
4
2
(2)
Total comprehensive income
–
–
226
–
–
4
2
232
Share-based payments
–
–
40
–
–
–
–
40
Current tax on share-based
payments
11.2
–
–
5
–
–
–
–
5
Deferred tax on share-based
payments
11.3
–
–
1
–
–
–
–
1
Purchase of Man Group plc
shares by the Employee Trust
–
–
–
(56)
–
–
–
(56)
Disposal of Man Group plc
shares by the Employee Trust
–
–
(30)
30
–
–
–
–
Share repurchases
20
–
–
(125)
–
–
–
–
(125)
Transfer to Treasury shares
–
–
223
–
(223)
–
–
–
Transfer from Treasury shares
–
–
(18)
–
15
–
3
–
Disposal of Treasury shares
for Sharesave
–
–
–
–
4
–
–
4
Cancellation of Treasury
shares
(1)
–
(103)
–
103
–
1
–
Dividends paid
22
–
–
(181)
–
–
–
–
(181)
Put option over non-
controlling interests
–
–
(7)
–
–
–
–
(7)
At 31 December 2023
45
(1,688)
3,621
(106)
(326)
45
21
1,612
Statutory profit
–
–
298
–
–
–
–
298
Other comprehensive
income/(loss)
–
–
2
–
–
–
(1)
1
Total comprehensive income
–
–
300
–
–
–
(1)
299
Share-based payments
–
–
39
–
–
–
–
39
Current tax on share-based
payments 11.2
–
–
3
–
–
–
–
3
Deferred tax on share-based
payments
11.3
–
–
(2)
–
–
–
–
(2)
Purchase of Man Group plc
shares by the Employee Trust
–
–
–
(35)
–
–
–
(35)
Disposal of Man Group plc
shares by the Employee Trust
–
–
(31)
31
–
–
–
–
Share repurchases
20
–
–
(50)
–
–
–
–
(50)
Transfer to Treasury shares
–
–
50
–
(50)
–
–
–
Transfer from Treasury shares
–
–
(8)
–
7
–
1
–
Disposal of Treasury shares
for Sharesave
–
–
–
–
1
–
–
1
Cancellation of Treasury
shares
(1)
–
(112)
–
112
–
1
–
Dividends paid
22
–
–
(192)
–
–
–
–
(192)
Put option over non-
controlling interests
–
–
1
–
–
–
–
1
At 31 December 2024
44
(1,688)
3,619
(110)
(256)
45
22
1,676
Under the Companies (Jersey) Law 1991, a company may make a distribution from any source other than the nominal capital account and
capital redemption reserve, included within other reserves. The Company has reserves available for distribution of $2.9 billion as at
31 December 2024 (2023: $2.9 billion).
146
Notes to the consolidated financial statements
1. Basis of preparation
Accounting framework
The audited consolidated financial information has been prepared in accordance with International Financial Reporting Standards (IFRSs) and
interpretations (IFRICs) as adopted by the United Kingdom. The consolidated financial statements are prepared on a going concern basis
using the historical cost convention, except for certain financial instruments that are measured at fair value and defined benefit pension
plans. Our significant accounting policies, which have been consistently applied in the current and prior years, are included in the relevant
notes, except for those below which relate to the consolidated financial statements as a whole.
Man Group plc (the Company) has taken advantage of the exemption provided in Article 105 (11) of the Companies (Jersey) Law 1991 and
therefore does not present its individual financial statements and related notes.
Consolidation
The consolidated group is the Company and its subsidiaries (together Man Group). The consolidated financial statements are presented in
United States dollars (USD), the Company’s functional currency, as the majority of our revenues, assets, liabilities and financing are
denominated in USD.
Monetary assets and liabilities denominated in foreign currencies are translated at the spot rate on each balance sheet date. Non-monetary
items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Transactions
denominated in foreign currencies are converted at the spot rate at the date of the transaction or, if appropriate, the average rate for the
month in which the transaction occurs. The resulting exchange differences are recognised in the consolidated income statement.
For consolidated entities that have a functional currency other than USD, the assets and liabilities are translated into USD at the spot rate on
the balance sheet date. Income and expenses are translated at the average rate for the period in which the transactions occur. The resulting
exchange differences between these rates are recorded in other comprehensive income.
We apply net investment hedge accounting to the net assets of material subsidiaries that have a functional currency other than USD. Gains
or losses on derivatives are recycled from the consolidated income statement through other comprehensive income in the foreign currency
translation reserve in equity to offset the impact of any currency translation of the net assets of these subsidiaries. The accumulated gains
or losses are recycled to the consolidated income statement on disposal of the related subsidiary.
The consolidated financial information contained within these financial statements incorporates our results, cash flows and financial position
and includes our share of the results of any associates and joint ventures using the equity method of accounting. Subsidiaries are entities we
control (including certain structured entities, as defined by IFRS 12 ‘Disclosure of Interests in Other Entities’) and are consolidated from the
date on which control is transferred to us until the date that control ceases. Control exists when we have the power to direct the relevant
activities, exposure to significant variable returns and the ability to utilise power to affect those returns. All intercompany transactions and
balances are eliminated on consolidation. Although the Employee Trust has independent trustees and its assets are held separately, it is
consolidated into the financial statements given its nature as a structured entity which has the obligation to deliver deferred compensation
awards to our employees.
Business combinations
Man Group uses the acquisition method to recognise acquired businesses from the date on which we obtain control of the acquiree. The
consideration transferred in an acquisition is measured at the fair value of the assets transferred, including any contingent consideration, the
liabilities incurred, and any equity instruments issued. The fair value of the business acquired is measured at the fair value of the acquiree’s
identifiable assets and liabilities at that date. Goodwill is measured as the excess of the sum of the consideration transferre
d and the amount
of any non-controlling interests in the acquiree over the net of the amounts of the identifiable assets acquired and liabilities assumed at the
acquisition date. Acquisition-related costs are recognised in the consolidated income statement as incurred. Any contingent consideration is
recognised at fair value at the acquisition date, with subsequent changes in fair value recognised in the consolidated income statement.
Non-controlling interests in subsidiaries are measured either at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s identifiable net assets on a case-by-case basis. Immaterial non-controlling interests may not be disclosed separately, with the
non-controlling interest in consolidated profits deducted from statutory profit before tax within other costs and share of equity offset
against the profit and loss account. Put options held by third parties over their non-controlling interests are classified as a financial liability as
there is no unavoidable right to defer settlement of the obligation.
Operating segments
The Chief Operating Decision Maker (CODM) has been identified as the Man Group Board (the Board) as Man Group’s key decision-making
body.
Management information regarding revenues, net management fee margins and investment performance relevant to the operation of the
investment managers, products and the investor base are reviewed by the Board. A centralised shared infrastructure for operations, product
structuring, distribution and support functions for our investment management business means that operating costs are not allocated to its
constituent parts. As a result, performance is assessed, resources are allocated, and other strategic and financial management decisions are
determined by the Board, considering our investment management business as a whole. Accordingly, we operate and report the investment
management business as a single segment, together with relevant information regarding AUM, flows and net management fee margins, to
allow for analysis of the direct contribution of products and the respective investor base.
147
1. Basis of preparation continued
Impact of new accounting standards
There were no new or amendments to existing accounting standards issued by the International Accounting Standards Board (IASB)
effective for the first time in the year to 31 December 2024 that have had a significant impact on these consolidated financial statements.
In November 2023, the IASB issued an exposure draft (ED) on Financial Instruments with Characteristics of Equity, which impacts the
accounting for non-controlling interests over which there is a put option. The ED requires non-controlling interests to be recognised and
measured based on current rights associated with an instrument, as well as the recognition of a put option over an entity’s own shares at the
present value of the gross settlement value. While the proposals have not had a material impact on the consolidated financial statements to
date, the impact could become more material in the future should the value of non-controlling interests increase. The IASB continues to
deliberate the feedback to the ED before deciding on the future project direction.
IFRS 18 ‘Presentation and Disclosures in Financial Statements’ was issued in 2024 and is effective for accounting periods commencing on or
after 1 January 2027. The application of IFRS 18 will have an impact on the consolidated financial statements from a presentation and
disclosure perspective.
No other standards or interpretations issued and not yet effective are expected to have a material impact on the consolidated financial
statements.
2. Going concern
The preparation of the consolidated financial statements on a going concern basis is supported by the forecast financial performance and
capital and liquidity analysis of Man Group, as approved by the Board. This analysis considers our net tangible assets and liquidity resources
and requirements and utilises the Man Group budget, medium-term plan and the capital and liquidity plan. These plans include rigorous
downside testing, including analyses of stressed capital and liquidity scenarios, and incorporate Man Group’s principal and emerging risks,
which are outlined on pages 32 to 36 and monitored by the Board on an ongoing basis.
3. Judgemental areas and accounting estimates
The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and assumptions. We continually
evaluate our estimates and judgements based on historical experience and expectations of future events that are considered reasonable in
the circumstances. These judgements and estimates are an area of focus for the Board and, in particular, the Audit and Risk Committee.
Critical judgements
Consolidation of fund entities
Man Group acts as the investment manager or adviser to fund entities. A significant area of judgement is whether we control certain of those
fund entities to which we are exposed via either direct investment holdings, total return swaps, or sale and repurchase arrangements. We
assess such relationships on an ongoing basis to determine whether we control each fund entity and therefore consolidate them into our
results. Further details of the control assessment are set out in Note 5.
Employment-related expenses
Amounts payable to sellers of businesses acquired who hold put options over their non-controlling interests and who are also employees are
accounted for as employment-related expenses rather than consideration for the acquisition because those payments are contingent on the
completion of a minimum service period. As the value of the payments is linked to equity interests in the business, the arrangements are
accounted for as cash-settled share-based payments. Significant judgement is applied in determining the appropriate accounting policies to
apply to these arrangements since the terms differ significantly from those of a traditional share-based payment. In particular, judgement is
applied in treating each employee’s share of the post-acquisition profits of the business and the underlying put option as a single
instrument, and in selecting the appropriate vesting period.
Critical accounting estimates
Employment-related expenses
The value of employment-related expenses arising from business combinations is a source of significant estimation uncertainty as the
expenses are determined with reference to the expected future value and performance of the business acquired. The valuation reflects the
best estimate of the amounts payable under the put options and has been estimated using a discounted cash flow model. Changes in the
fair value of these cash-settled share-based payments, including the discount unwind, will be recognised in the consolidated income
statement up until the final settlement date. Details of the assumptions used in the valuation, together with a sensitivity analysis, are set out
in Note 6.2.
Pension
The estimation uncertainty arising on the valuation of the net pension asset remains a critical accounting estimate, as adopting alternative
assumptions for the key inputs could result in a materially different value being recognised on the consolidated balance sheet (Note 13).
Other considerations
The measurement of provisional values of the identifiable assets acquired, liabilities assumed and goodwill arising on the acquisition of
Varagon Capital Partners, L.P. in 2023 was disclosed as a critical accounting estimate in the prior year. As these amounts were finalised
during the year with no adjustment, this is no longer considered an area of critical estimation uncertainty.
The Board has also considered the assumptions used in the assessments for: impairment of goodwill, investments in associates and finance
lease receivables; and the recoverability of deferred tax assets. The Board has concluded that these assumptions do not have a significant
risk of causing a material adjustment to the carrying amounts of our assets or liabilities at the balance sheet date.
The Board has also considered the impact of climate change on the consolidated financial statements, in particular in relation to the going
concern assessment, the cash flow forecasts used in the impairment assessments of non-current assets and the assumptions around future
life expectancies used in the valuation of the net pension asset. The impact of climate change on the consolidated financial statements is
not currently expected to be material.
148
Notes to the consolidated financial statements continued
4. Revenue
Accounting policy
Fee income is our primary source of revenue, which is derived from the investment management agreements that we have in place with
the fund entities or the accounts that we manage.
Management and other fees, which include all non-performance related fees, are recognised in the period in which the services are
provided and do not include any other performance obligations. Fees are generally based on an agreed percentage of NAV or AUM and
are typically charged in arrears and receivable within one month.
Performance fees relate to the performance of the funds or managed accounts managed during the year and are recognised as the
performance obligation is satisfied, whereby the fee can be reliably estimated and it is highly probable that a significant reversal will not
occur. This is generally at the end of the performance period or upon early redemption by an investor when the fee has crystallised. Until
the performance period ends, market movements could significantly move the NAV of the fund products and therefore the value of any
performance fees receivable. For alternative strategies, we will typically only earn performance fees on any positive investment returns
in excess of the high-water mark, meaning we will not be able to earn performance fees with respect to positive investment
performance in any year following negative performance until that loss is recouped. For long-only strategies, performance fees are
usually earned only when performance is in excess of a predetermined strategy benchmark (positive alpha). Where performance fees are
earned over a longer timeframe, usually in relation to private markets funds, revenue may be recognised before the contractual
crystallisation date. In this case, constraints are applied to the performance fee accrued in the relevant fund to reflect the uncertainty of
performance over the remaining period to crystallisation. Once crystallised, performance fees typically cannot be clawed back.
Rebates, which relate to repayments of management and performance fees charged, typically to institutional investors, are recognised in
the same period as the associated fees. As rebates constitute a reduction in the fees charged for services provided, they are presented
net within management and other fees and performance fees in the consolidated income statement.
149
5. Investments in fund products and other investments
Accounting policy
Investments in fund products are classified at fair value through profit or loss, with net gains due to movements in fair value recognised
through net income or gains on investments and other financial instruments.
The fair values of investments in fund products other than CLOs are typically derived from their reported NAVs, which in turn are based
upon the value of the underlying assets. The valuation of the underlying assets within each fund product is determined by external
valuation service providers based on an agreed valuation policy and methodology. While these valuations are performed independently
of Man Group, we have established oversight procedures and due diligence processes to ensure that the NAVs reported by the external
valuation service providers are reliable and appropriate. Purchases and sales of investments are recognised on trade date.
Our holdings in unconsolidated CLO risk retention assets are priced using a bottom-up valuation method. We use third-party valuations
to price the securities within the underlying portfolios and then apply the percentage of the CLO notes we hold to these valuations.
Seeding investments portfolio
We use capital to invest in fund products as part of our ongoing business, to build product breadth and to trial investment research
developments before marketing the products broadly to investors. Seed capital is invested via direct holdings in fund products or sale
and repurchase (repo) arrangements, which allow us to finance seed investments in a cash-efficient way. Alternatively, we may obtain
exposure to seed investments via total return swap (TRS) arrangements. Under a repo arrangement we are committed to repurchase
the underlying seed investments at maturity and pay an interest charge over the period, with the obligation to repurchase the assets on
maturity recorded as a liability within trade and other payables. Under a TRS arrangement, we are under no form of repayment obligation
and have no ownership interest (or voting rights) in the underlying investment. In exchange for the returns on the underlying seed
investments, we pay a floating rate of interest.
Other than our holdings in CLOs and co-investments, our seed investments are generally liquid in nature and may be liquidated at short
notice. It is not practicable to allocate our seeding investments portfolio between amounts expected to be recovered or settled within or
after 12 months after the end of the reporting period as the sale or liquidation of seed investments is subject to client asset raising and the
ongoing requirements of the business. The majority of our CLO holdings are likely to be settled more than 12 months after the end of the
reporting period.
Consolidation
The control considerations under IFRS 10 ‘Consolidated Financial Statements’ apply to fund product investments, including those
underlying our repo and TRS instruments. Fund entities deemed to be controlled are consolidated on a line-by-line basis from the date
control commences until it ceases. In the control assessment, we consider our exposure to variable returns and the existence of
substantive kick-out rights. Other factors considered include the nature of relevant fee arrangements, the decision-making powers we
hold as investment manager or adviser and whether the shares we hold include voting rights. Where we do not control the fund, our
investment is classified within investments in fund products.
We only have limited exposure to the variable returns of the fund entities we manage unless we either hold an investment in the fund
entity or receive the returns of the fund entity via a TRS or repo arrangement. For most fund entities: the existence of independent
boards of directors; rights which allow for the removal of the investment manager or adviser; the influence of external investors; limited
exposure to variable returns; and the arm’s length nature of our contracts with those fund entities, indicate that we do not control them.
As a result, the associated assets, liabilities, and results of these funds are not consolidated into the financial statements.
The assets held by the CLOs we consolidate are priced using independent pricing sources. Other than subordinated notes, the debt
liabilities of consolidated CLOs are valued at par plus accrued interest, which is considered equivalent to fair value. The subordinated
notes of these CLOs are priced using an intrinsic valuation approach, excluding any potential future value.
Investment property held by consolidated fund entities comprises land and buildings held to earn rent or for capital appreciation, or both,
and is measured at cost less depreciation and impairment. Other than land, which is not depreciated, depreciation is calculated on a
straight-line basis over the asset’s estimated useful life (between three and 30 years).
Third-party interests in consolidated fund entities are measured at fair value, typically derived from the reported NAVs.
Fund product investments held for deferred compensation arrangements
We hold fund product investments related to deferred compensation arrangements to offset any change in the associated compensation
cost over the vesting period. At vesting, the value of the fund investment is delivered to the employee. These fund product investments
are measured at fair value and include balances held by the Employee Trust.
Investments in loans
From time to time, Man Group warehouses loans it underwrites and originates with the intention of syndicating such loans following a
short period of time. These investments in loans are included within investments in fund products and other investments on the
consolidated balance sheet and measured at fair value through profit or loss.
Hedge accounting
We apply cash flow hedge accounting to fund investments related to deferred fund product awards, whereby the offsetting gains or
losses on these fund products are matched against the corresponding fund product-based payment compensation charge in the
consolidated income statement pro rata over the vesting period. Gains or losses are recognised through other comprehensive income
and held within the cash flow hedge reserve in equity until they are recycled over the vesting period into the consolidated income
statement.
150
Notes to the consolidated financial statements continued
5. Investments in fund products and other investments continued
The seeding investments portfolio reflects our exposure to holdings in investments in fund products, as follows:
2024 2023
$m $m
Investments in fund products
231
289
Investments in loans
27
–
Investments in consolidated funds: CLO assets
1,453
1,103
Investments in consolidated funds: other transferable securities
702
884
Other investments
1
3
Investments in fund products and other investments
2,414
2,279
Less:
Fund investments held for deferred compensation arrangements
(189)
(189)
Investments in consolidated funds: exclude consolidation gross-up of net investment
(1,692)
(1,492)
Other investments
(1)
(3)
Seeding investments portfolio
532
595
Included in fund investments held for deferred compensation arrangements at 31 December 2024 are balances of $87 million (2023:
$101 million) which are expected to be settled after more than 12 months.
At 31 December 2024, exposure to fund products via TRS was $232 million (2023: $230 million). Additional exposure via repo arrangements
(included within investments in fund products, with an offsetting repayment obligation included within trade and other payables) was
$16 million (2023: $45 million). The largest single investment in fund products at 31 December 2024 was $52 million (2023: $88 million).
5.1. Net income or gains on investments and other financial instruments
2024 2023
$m $m
Net gains on seeding investments portfolio
47
47
Consolidated fund entities: gross-up of net gains on investments
32
39
Foreign exchange movements
6
(11)
Net gains on fund investments held for deferred compensation arrangements and other investments
3
1
Net income or gains on investments and other financial instruments
88
76
151
5. Investments in fund products and other investments continued
5.2. Consolidation of investments in funds
At 31 December 2024, our interests in 36 (2023: 35) funds, including CLOs, met the definition of control and have therefore been
consolidated on a line-by-line basis.
Consolidated fund entities are included within the consolidated balance sheet and income statement as follows:
2024 2023
$m $m
Balance sheet
Cash and cash equivalents
229
96
CLO assets
1
1,453
1,103
Other transferable securities
1
702
884
Fee and other receivables
6
88
Investment property
12
30
Trade and other payables
(20)
(116)
CLO liabilities
(1,366)
(1,036)
Net assets of consolidated fund entities
1,016
1,049
Third-party interest in consolidated funds
(553)
(554)
Net investment held by Man Group
463
495
Income statement
Net gains on investments
2
62
90
Rental income
3
1
1
Management fee expenses
4
(9)
(5)
Performance fee expenses
4
(2)
(2)
Other costs
5
(12)
(9)
Net gains of consolidated fund entities
40
75
Third-party share of gains relating to interests in consolidated funds
(10)
(24)
Net gains attributable to net investment held by Man Group
30
51
Notes:
1 Included within investments in fund products and other investments.
2 Included within net income or gains on investments and other financial instruments.
3 Relates to rental income generated from investment property held by consolidated fund entities.
4 Relates to management and performance fees paid by the funds to Man Group during the year, which are eliminated within management and other fees and performance fees
respectively in the consolidated income statement.
5 Includes depreciation, impairment and gains or losses on disposal of investment property held by consolidated fund entities.
Movements in the carrying value of investment property held by consolidated fund entities can be analysed as follows:
2024 2023
$m $m
Cost at beginning of the year
34
38
Additions
8
–
Disposals
(30)
(4)
Cost at end of the year
12
34
Accumulated depreciation and impairment at beginning of the year
(4)
(4)
Depreciation
–
(1)
Disposals
2
–
Reversal of impairment
2
1
Accumulated depreciation and impairment at end of the year
–
(4)
Net book value at beginning of the year
30
34
Net book value at end of the year
12
30
The fair value of investment property held by consolidated fund entities of $16 million at 31 December 2024 (2023: $30 million) is based on
valuations provided by independent property experts or agreed sales prices.
152
Notes to the consolidated financial statements continued
6. Costs
Accounting policy
Distribution costs
Distribution costs, which are paid to external intermediaries for marketing and investor servicing, largely in relation to retail investors, are
typically variable with AUM and the associated management fee revenue. Distribution costs are expensed over the period in which the
service is provided.
Asset servicing costs
Asset servicing includes custodial, valuation, fund accounting, registrar, research and administration functions performed by third parties
on behalf of the funds or managed accounts, as well as market data acquired under contract to Man Group. Asset servicing costs are
recognised in the period in which the services are provided. The costs of these services vary based on transaction volumes, the number
of funds or managed accounts and their NAVs, and the mix of client strategies.
Compensation costs
Salaries, variable cash compensation and social security costs are charged to the consolidated income statement in the period in which
the service is provided and include partner drawings. In the short term, the variable component of compensation adjusts with revenues
and profitability.
Compensation can be deferred by way of equity-settled share-based payment schemes and fund product-based compensation
arrangements. Where deferred compensation relates to our fund products, the fair value of the employee services received in exchange
for the fund investments is recognised as a straight-line expense of the mark-to-market value of the awards over the relevant vesting
period, with a corresponding liability recognised in the consolidated balance sheet. We generally elect to separately purchase the
equivalent fund investments at grant date to offset any associated change in the value of deferred compensation due, and on vesting
the value of the fund investment is delivered to the employee (subject to the terms of the plan rules, which include malus provisions). If a
fund product-based award is forfeited, the cumulative charge recognised in the consolidated income statement is reversed in full.
Other employment-related expenses
Other employment-related expenses relate to amounts payable to sellers of businesses acquired in exchange for post-acquisition
services and are recognised in profit and loss up to the vesting of the put options over the sellers’ non-controlling interests.
6.1. Compensation costs
2024 2023
$m $m
Salaries
219
201
Variable cash compensation
294
205
Deferred compensation: share-based payment charge
39
40
Deferred compensation: fund product-based payment charge
81
83
Social security costs
54
50
Pension costs (Note 13)
19
16
Compensation costs
706
595
Comprising:
Fixed compensation: salaries and associated social security costs, and pension costs
264
239
Variable compensation: variable cash compensation, deferred compensation and associated social security costs
442
356
The unamortised deferred compensation at 31 December 2024 is $103 million (2023: $120 million) and has a weighted average remaining
vesting period of 2.1 years (2023: 2.2 years).
We recognised $22 million of non-recurring restructuring costs in the year ended 31 December 2024 (2023: nil), included within variable
compensation costs. These costs were incurred in realigning our resources with the future requirements of the business.
Average headcount
The table below details average headcount by function, including directors, employees, partners and contractors.
2024
2023
Investment management
456
469
Sales and marketing
288
251
Technology and infrastructure
1,058
996
Average headcount
1,802
1,716
Headcount at 31 December
1,777
1,790
153
6. Costs continued
6.2. Other employment-related expenses
Other employment-related expenses of $38 million (2023: $23 million) comprise amounts which would be payable to the sellers of
businesses acquired on exercise of the put options to acquire their non-controlling interests, and the distributions of those sellers’
proportionate share of post-acquisition profits. Of the total expense recognised, $10 million (2023: $2 million) relates to the proportionate
share of profits earned in the year.
The associated employment-related payables at 31 December 2024 of $56 million (2023: $23 million) are accounted for as cash-settled
share-based payments (Note 25).
The valuation uses forecast cash flows based on management’s best estimate of future profits. These cash flows are underpinned by our
medium-term plan for the three years post the balance sheet date, and appropriate growth assumptions for the remainder of the period until
the final settlement date in 2034. A terminal value multiple in line with the market is applied to the profits in the final year to determine the
value of the amounts payable to the sellers on exercise of the put options over their non-controlling interests. The discount rates used have
been benchmarked against external comparables and reflect the risks inherent in the future cash flows. The forecast distributions for the
period up to the exercise date of the put option in 2034 are accumulated and expensed over the minimum service periods ending between
2026 and 2029. The present value of the forecast settlement amount of the put option is expensed over the same vesting periods.
Valuation assumptions
2024
2023
Discount rate
– Management fee earnings
11%
11%
– Performance fee earnings
17%
17%
Sensitivity analysis
The value recognised for other employment-related expenses is an area of significant estimation uncertainty as the fair value has been
determined with reference to the expected future value and performance of a portion of the business. The estimates will be updated in each
reporting period until the associated liabilities are settled. The table below illustrates the impact of changing the most significant
assumptions used in the expected future value calculation on the expense recognised in the consolidated income statement.
Increase/(decrease) in
employment-related expense
$m
2024
Discount rate decreased/(increased) by 5%
25
(16)
Forecast growth in future cash flows increased/(decreased) by 50%
16
(11)
6.3. Other costs
2024 2023
$m $m
Audit, tax, legal and other professional fees
27
24
Technology and communications
27
24
Staff benefits
23
19
Occupancy
18
20
Temporary staff, recruitment, consultancy and managed services
15
13
Travel and entertainment
12
11
Marketing and sponsorship
7
5
Insurance
5
5
Costs associated with legal claims
4
1
Other cash costs
14
10
Other costs – consolidated fund entities (Note 5.2)
12
9
Acquisition-related costs
–
9
Other costs before depreciation and amortisation
164
150
Depreciation of right-of-use lease assets (Note 8.2)
15
14
Depreciation of leasehold improvements and equipment (Note 16)
11
12
Amortisation of software intangible assets (Note 17)
25
22
Total other costs
215
198
Auditor remuneration
2024 2023
$m $m
Fees payable to the external auditor for the audit of the consolidated financial statements
1.0
1.0
Other services:
The audit of the Company’s subsidiaries pursuant to legislation
3.2
2.7
Audit-related assurance services
0.5
0.5
All other services
0.4
0.3
Total auditor’s remuneration
5.1
4.5
154
Notes to the consolidated financial statements continued
7. Finance income and finance expense
2024 2023
$m $m
Finance income
Interest on cash deposits
12
12
Unwind of net investment in finance lease discount (Note 8.1)
3
1
Total finance income
15
13
Finance expense
Unwind of lease liability discount (Note 8.2)
(11)
(10)
Interest expense on total return swaps and sale and repurchase agreements
(15)
(12)
Other finance expense
(12)
(12)
Total finance expense
(38)
(34)
Net finance expense
(23)
(21)
8. Leases and rental income
8.1. Man Group as lessor
Accounting policy
Man Group’s lease arrangements primarily relate to business premises property leases. We act as intermediate lessor in respect of certain
right-of-use (ROU) lease assets which are in turn sub-let to third parties. We assess whether a contract is or contains a lease at the
inception of the contract. The lease term is determined as the non-cancellable period of a lease, together with periods covered by an
option to extend the lease if we consider that exercise of the extension option is reasonably certain and periods covered by an option to
terminate the lease if the break option is reasonably certain not to be exercised. Lease extension options and break clauses inherent in
our sub-leases do not have a significant impact.
Finance leases
Whenever the terms of a sub-lease transfer substantially all risks and rewards of ownership of the underlying ROU lease asset to the
lessee, we classify the contract as a finance lease. This is typically when the end of the sub-lease term aligns with the end of our head
lease, with no break option. Amounts due from lessees under finance leases are recognised as receivables at the amount of the net
investment in the lease. The net investment in the lease is measured at the present value of the lease payments receivable over the
lease term and any upfront incremental costs of obtaining the lease, discounted using our incremental cost of borrowing under the head
lease. The net investment in the lease is adjusted for lease payments and finance lease interest as well as the impact of any subsequent
lease modifications. Finance lease interest is included within finance income.
Operating leases
Sub-leases which do not meet the definition of a finance lease are classified as operating leases. Sub-lease rental income is recognised
on a straight-line basis over the lease term in the consolidated income statement.
An impairment expense is recognised for the amount by which the related ROU lease asset’s carrying value exceeds its recoverable
amount, being its value in use. For the purposes of assessing impairment, investment property ROU lease assets are grouped at the
lowest levels for which there are separately identifiable cash flows, being the individual sub-lease contract level.
The contractual undiscounted lease payments receivable under operating and finance leases were as follows:
2024
2023
Operating Finance Operating Finance
$m leases leases leases leases
Within one year
1
3
2
–
Between one and two years
–
5
1
3
Between two and three years
1
10
–
5
Between three and four years
1
11
–
9
Between four and five years
–
11
–
10
Between five and ten years
–
54
–
47
Between ten and 15 years
–
9
–
17
3
103
3
91
At 31 December 2024, the contractual undiscounted minimum finance lease payments receivable can be reconciled to the net investment in
finance lease as follows:
2024 2023
$m $m
Undiscounted lease payments
103
91
Less: unearned finance income
(26)
(24)
Net investment in finance lease
77
67
155
8. Leases and rental income continued
8.1. Man Group as lessor continued
Movements in the net investment in finance lease are as follows:
2024 2023
$m $m
At beginning of the year
67
–
Additions
9
65
Unwind of finance lease discount
3
1
Foreign exchange movements
(2)
1
At end of the year
77
67
Fair value of investment property
2024 2023
$m $m
Value in use
16
23
Less:
Carrying value
(13)
(17)
Headroom
3
6
Sub-lease rental income from operating leases was $2 million in 2024 (2023: $5 million). Operating expenses of $1 million (2023: $5 million)
arising from investment property that did not generate rental income during the period are included within other costs.
In 2024, we signed a sub-lease for a portion of the vacant space in our main premises in London. As the sub-lease extends to close to the
end of the head lease with no break option, it is classified as a finance lease. On lease commencement, we recognised a finance lease
receivable. The derecognition of the associated ROU lease asset resulted in a gain on disposal of $3 million (2023: $12 million) being
recognised in the consolidated income statement.
8.2. Man Group as lessee
Accounting policy
For arrangements where we are the lessee, a ROU lease asset and a related lease liability are recognised on the consolidated balance
sheet at the date from which we have the right to use the asset, usually the lease commencement date. For short-term leases (defined
as leases with a term of one year or less) and leases of low-value assets, we recognise the lease payments on a straight-line basis over
the lease term within other costs in the consolidated income statement. The exercise of break clauses inherent in our leases are typically
not reflected in the lease term other than on the occurrence of a significant event or change in circumstances.
ROU lease assets relating to the portion of our leased business premises which we then sub-let under operating leases are classified as
investment property, with other ROU lease assets classified as leasehold property. Transfers from investment property to leasehold
property occur when we commence development of a previously sub-let portion of our leased business premises with a view to
occupying that space. Similarly, transfers from leasehold property to investment property occur when we cease to occupy a portion of
the leased business premises with the intention of sub-letting that space under an operating lease. Investment property ROU lease
assets are derecognised when the associated space is sub-let under a finance lease, with a finance lease receivable recognised in the
consolidated balance sheet on lease commencement.
All of our ROU lease assets, including those classified as investment property, are measured at cost less depreciation and impairment.
Cost includes the amount of the initial measurement of the associated lease liability, lease payments made at or before the lease
commencement date, lease incentives received, associated leasehold improvements classified as investment property and estimated
costs to be incurred in restoring the property to the condition required under the terms of the lease. Depreciation is calculated on a
straight-line basis over the asset’s estimated useful life, which for leasehold improvements classified as investment property is the
shorter of the lease term and the life of the improvement (up to 24 years) and for all other assets is the lease term and is included within
other costs. We assess ROU lease assets for impairment whenever events or circumstances indicate that the carrying amount may not
be recoverable.
All lease liabilities are measured at the present value of lease payments due over the lease term, discounted using our incremental cost
of borrowing (being the rate we would have to pay to finance a similar asset) at the lease commencement date or the modification date.
The lease liability is adjusted for lease payments and unwind of lease liability discount as well as the impact of any subsequent lease
modifications. The unwind of lease liability discount is included within finance expense.
Cash payments in relation to leases, which reduce the lease liability recognised on the consolidated balance sheet, are presented as
payment of lease interest (within operating activities) and repayments of principal lease liability (within financing activities) in the
consolidated cash flow statement. Payments in relation to short-term leases and leases of low-value assets are included within cash
flows from operating activities.
156
Notes to the consolidated financial statements continued
8. Leases and rental income continued
8.2. Man Group as lessee continued
Right-of-use lease assets
2024
2023
Leasehold Investment Leasehold Investment
$m property property Total property property Total
Cost at beginning of the year
199
101
300
169
242
411
Acquired through business combinations
–
–
–
22
–
22
Additions
5
–
5
3
–
3
Disposals
(2)
(50)
(52)
–
(141)
(141)
Remeasurement on modification
(14)
–
(14)
5
–
5
Cost at end of the year
188
51
239
199
101
300
Accumulated depreciation and impairment at beginning
of the year
(87)
(84)
(171)
(77)
(171)
(248)
Disposals
2
48
50
–
91
91
Depreciation
(13)
(2)
(15)
(10)
(4)
(14)
Accumulated depreciation and impairment at end
of the year
(98)
(38)
(136)
(87)
(84)
(171)
Net book value at beginning of the year
112
17
129
92
71
163
Net book value at end of the year
90
13
103
112
17
129
Lease liability
The maturity of our contractual undiscounted cash flows for the lease liability is as follows:
2024 2023
$m $m
Within one year
19
32
Between one and five years
120
114
Between five and ten years
138
142
Between ten and 15 years
28
54
Undiscounted lease liability at end of the year
305
342
Discounted lease liability at end of the year
248
283
Of the total discounted lease liability at 31 December 2024 of $248 million (2023: $283 million), $10 million (2023: $21 million) is expected to
be settled within 12 months.
Movements in the lease liability are as follows:
2024 2023
$m $m
At beginning of the year
283
253
Acquired through business combinations
–
22
Additions
5
3
Cash payments
(33)
(20)
Unwind of lease liability discount
11
10
Remeasurement on modification
(14)
5
Foreign exchange movements
(4)
10
At end of the year
248
283
157
9. Goodwill and acquired intangibles
Accounting policy
Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred and the amount of any non-controlling interest over the
fair value of the identifiable net assets of the acquired business at the date of acquisition. Goodwill is carried on the consolidated balance
sheet at cost less accumulated impairment, has an indefinite useful life, is not subject to amortisation and is tested for impairment
annually, or whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment expense is
recognised for the amount by which the asset’s carrying value exceeds its recoverable amount. The recoverable amount of our group of
cash-generating units (CGUs) is assessed each year using a value in use calculation.
Goodwill does not generate cash flows independently of other groups of assets and thus is assigned to a group of CGUs for the purposes
of impairment testing. Our CGUs are aggregated into a single group for impairment testing purposes, reflecting the lowest level at which
goodwill is monitored by management and which incorporates our private market asset managers alongside our liquid asset managers.
The value in use calculation uses cash flow projections based on the Board-approved financial plan for the subsequent three-year period
from the balance sheet date, plus a terminal value. The valuation analysis is based on best practice guidance whereby a terminal value is
calculated at the end of a discrete budget period and assumes, after this three-year budget period, no growth in asset flows above the
long-term growth rate.
The assumptions applied in the value in use calculation are derived from past experience and assessment of current market inputs. We
have applied a bifurcated discount rate to the modelled cash flows to reflect the different risk profile of management fee profits and
performance fee profits. The discount rates are based on our weighted average cost of capital using a risk-free interest rate, together
with an equity market risk premium and an appropriate market beta derived from consideration of our own beta, similar alternative asset
managers, and the asset management sector as a whole. The terminal value is calculated based on the projected closing AUM at the end
of the three-year forecast period and applying the mid-point of a range of historical multiples to the forecast cash flows associated with
management and performance fee profits.
The value in use calculation is presented on a post-tax basis, consistent with the prior year, given most comparable market data is
available on a post-tax basis. This is not significantly different to its pre-tax equivalent.
Acquired intangibles
Intangible assets acquired in a business combination and recognised separately from goodwill are initially measured at their fair value at
the acquisition date. Following initial recognition, acquired intangibles are held at cost less accumulated amortisation and impairment.
Acquired intangibles comprise investment management agreements and related client relationships (IMAs), distribution channels and
brand names and are initially recognised at fair value based on the present value of the expected future cash flows and are amortised on
a straight-line basis over their expected useful lives, which are between seven and 15 years (IMAs and brands), and eight and 12 years
(distribution channels). Acquired intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. Disposals of acquired intangibles are recognised in the year the related cash inflows are
transferred.
2024
2023
Brand Brand
names and names and
distribution distribution
$m
Goodwill
IMAs
channels
Total
Goodwill
IMAs
channels Total
Cost at beginning of the year
2,455
974
103
3,532
2,425
834
96
3,355
Acquired through business combinations
–
–
–
–
30
140
7
177
Cost at end of the year
2,455
974
103
3,532
2,455
974
103
3,532
Accumulated amortisation and impairment
at beginning of the year
(1,836)
(824)
(96)
(2,756)
(1,836)
(801)
(91)
(2,728)
Amortisation
–
(23)
(1)
(24)
–
(22)
(3)
(25)
Impairment
–
–
–
–
–
(1)
(2)
(3)
Accumulated amortisation and impairment
at end of the year
(1,836)
(847)
(97)
(2,780)
(1,836)
(824)
(96)
(2,756)
Net book value at beginning of the year
619
150
7
776
589
33
5
627
Net book value at end of the year
619
127
6
752
619
150
7
776
158
Notes to the consolidated financial statements continued
9. Goodwill and acquired intangibles continued
Goodwill impairment assumptions
Pre-tax Assumptions
Key assumptions at 31 December 2024 and 31 December 2023 equivalent
adopted
1
Compound average annualised growth in AUM (over three years)
6%
Discount rate
– Management fee earnings
14%
11%
– Performance fee earnings
22%
17%
Terminal value (mid-point of range of historical multiples)
– Management fee earnings
13.0x
– Performance fee earnings
5.5x
– Implied terminal growth rate
3%
Note:
1 Earnings discount rate assumptions are presented post-tax. Earnings multiples are applied to the forward year.
Goodwill impairment and sensitivity analyses
Details of the valuations are provided below, including sensitivity tables which show scenarios whereby the key assumptions are changed to
stressed assumptions, indicating the modelled headroom or impairment that would result. We have considered reasonably foreseeable
changes in the compound average annualised growth in AUM forecast assumption, stressing this by 2% and the lower of 10% or to the point
at which impairment would arise. Each assumption, or set of assumptions, is stressed in isolation. The results of these sensitivities make no
allowance for mitigating actions that management would take if such market conditions persisted.
2024 2023
$m $m
Value in use
5,090
5,560
Less:
Carrying value of CGUs
(870)
(880)
Headroom
4,220
4,680
Discount rates (post-tax)
Multiples (post-tax)
Compound average Management fee/ Management fee/
Sensitivity analysis at 31 December 2024 annualised growth in AUM performance fee performance fee
Key assumption stressed to:
6%
4%
(4)%
1
10%/16%
12%/18%
14.0x/6.5x
12.0x/4.5x
Modelled headroom ($m)
4,220
3,680
1,690
4,340
4,100
4,650
3,790
Increase/(reduction) in value in use ($m)
(540)
(2,530)
120
(120)
430
(430)
Discount rates (post-tax)
Multiples (post-tax)
Compound average Management fee/ Management fee/
Sensitivity analysis at 31 December 2023 annualised growth in AUM performance fee performance fee
Key assumption stressed to:
6%
4%
(4)%
1
10%/16%
12%/18%
14.0x/6.5x
12.0x/4.5x
Modelled headroom ($m)
4,680
4,150
2,190
4,810
4,550
5,140
4,220
Increase/(reduction) in value in use ($m)
(530)
(2,490)
130
(130)
460
(460)
Note:
1 Stressed by 10%, as opposed to the point of impairment, given an impairment scenario is not reasonably foreseeable.
Impairment of acquired intangibles
In 2023, acquired intangibles with a carrying value of $3 million were fully impaired following the termination of the IMAs to which they relate.
159
10. Investments in associates
Accounting policy
Associates are entities in which Man Group holds an interest and over which we have significant influence but not control. In assessing
significant influence, we consider our power to participate in the financial and operating policy decisions of the investee through its
voting or other rights.
Associates are accounted for using the equity method. Under the equity method, associates are carried at cost plus our share of
cumulative post-acquisition movements in undistributed profits/losses. Gains and losses on transactions between Man Group and our
associates are eliminated to the extent of our interests in these entities. An impairment assessment of the carrying value of associates is
performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, with
any impairment recognised in the consolidated income statement.
2024 2023
$m $m
At beginning of the year
11
14
Return of capital
(1)
–
Share of post-tax loss
(2)
(3)
At end of the year
8
11
In 2021, we acquired a 23% interest in Hub Technology Partners Ltd (HUB) for cash of $19 million and $1 million in contribution of other
assets. We have assessed the carrying value of our investment in HUB for impairment following a revision to its business plan. As the
carrying value has been significantly reduced due to losses incurred during the development phase, we do not consider our investment
to be impaired.
11. Tax
Accounting policy
Tax expense
Tax expense is based on our taxable profit for the year. While the Company is domiciled in Jersey, it is UK tax resident due to
management and control being exercised in the UK. Taxable profit differs from net profit as reported in the consolidated income
statement because it excludes items of income or expense that are taxable or deductible in other years, in addition to items that are
never taxable or deductible. Accounting for tax involves a level of estimation uncertainty given the application of tax law requires a
degree of judgement, which tax authorities may dispute. Tax liabilities are recognised based on the best estimates of probable outcomes,
with regard to external advice where appropriate.
We are a global business and therefore operate across multiple different tax jurisdictions. Income and expenses are allocated to these
different jurisdictions based on transfer pricing methodologies set in accordance with the laws of the jurisdictions in which we operate,
and international guidelines as laid out by the Organisation for Economic Co-operation and Development (OECD). The effective tax rate
results from the combination of taxes paid on earnings attributable to the tax jurisdictions in which they arise.
Deferred tax
Deferred tax is recognised using the balance sheet liability method in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for tax purposes.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised,
based on tax laws and rates that have been enacted or substantively enacted at the reporting date.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
liabilities when they relate to income taxes levied by the same taxation authority and we intend to settle those current tax assets and
liabilities on a net basis.
11.1 Tax expense
Factors affecting the tax expense for the year
The majority of our profits in the period were earned in the UK, Switzerland and the US. Our tax expense is the same as (2023: lower than) the
amount that would arise using the theoretical tax rate applicable to our profits as follows:
2024 2023
$m $m
Profit before tax
398
279
Theoretical tax expense at UK rate: 25% (2023: 23.5%)
100
66
Effect of:
Overseas tax rates different to UK
(2)
(4)
Adjustments to tax charge in respect of previous years
1
(2)
Recognition of US deferred tax assets
(1)
(19)
Recognition of other deferred tax assets
(6)
–
State taxes
3
–
Pillar 2 top-up taxes
1
–
Other
4
4
Tax expense
100
45
160
Notes to the consolidated financial statements continued
11. Tax continued
11.1 Tax expense continued
The tax expense for the year comprises the following:
2024 2023
$m $m
Current tax
UK corporation tax on profits
76
56
Foreign tax
16
14
Adjustments to tax charge in respect of previous years
(2)
(5)
Current tax expense
90
65
Deferred tax
Origination and reversal of temporary differences
7
(23)
Adjustments to tax charge in respect of previous years
3
3
Deferred tax expense/(credit)
10
(20)
Total tax expense
100
45
The effective tax rate in the year was 25% (2023: 16%).
Factors affecting our future tax charges
The principal factors which may influence our future tax rate are changes in tax legislation in the territories in which we operate, the mix of
income and expenses earned and incurred by jurisdiction, and the consumption of available deferred tax assets.
Man Group became subject to the global minimum top-up tax under Pillar 2 legislation from 1 January 2024 and may be liable for additional
taxes in certain jurisdictions in which we operate, notably Ireland, the US and Switzerland. No material Pillar 2 current tax expense has been
recognised in the year ended 31 December 2024. We continue to assess the impact of the Pillar 2 legislation on our future financial
performance but do not expect this to become material.
We have applied the temporary exception from the accounting requirements for deferred taxes in IAS 12 ‘Income Taxes’. Accordingly,
Man Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar 2 income taxes.
11.2 Current tax assets and liabilities
The movements in our net current tax assets/liabilities are as follows:
2024 2023
$m $m
Net current tax asset/(liability) at beginning of the year
12
(37)
Charge to the consolidated income statement
(90)
(65)
Credit to equity
3
5
Tax paid
83
100
Other balance sheet movements
7
6
Foreign currency translation
(1)
3
Net current tax asset at end of the year
14
12
11.3 Deferred tax assets and liabilities
The movements in our net deferred tax assets and liabilities by category are as follows:
Tax
allowances Accumulated
Deferred over/(below) operating
$m compensation
depreciation
Intangibles
losses
Partnerships
Other
Total
At 1 January 2023
51
10
12
23
–
9
105
Credit to consolidated income statement
3
(8)
1
23
–
1
20
Credit to other comprehensive income and equity
3
–
–
–
–
–
3
At 31 December 2023
57
2
13
46
–
10
128
Charge to consolidated income statement
12
(4)
(1)
(21)
2
2
(10)
Charge to other comprehensive income and equity
(1)
–
–
–
–
–
(1)
At 31 December 2024
68
(2)
12
25
2
12
117
The gross amounts for which deferred tax assets have not been recognised are as follows:
2024 2023
$m $m
United States
24
43
Switzerland
19
64
United Kingdom
–
12
Hong Kong
4
4
China
1
1
Total
48
124
Of the total $48 million unrecognised available gross deferred tax assets, $19 million will expire between 2027 and 2029, $24 million will
expire by 2038 and $5 million have no expiry.
161
11. Tax continued
11.3 Deferred tax assets and liabilities continued
US deferred tax assets
We have recognised accumulated deferred tax assets in the US of $76 million (2023: $86 million) that will be available to offset future taxable
profits. At 31 December 2024, deferred tax assets relating to $2 million of the available US state and city tax losses (2023: $3 million) are
unrecognised as we do not expect to realise sufficient future taxable profits against which these losses can be offset before they expire in
2038. We have now utilised substantially all of our federal tax losses and therefore expect to pay tax on any profits we may generate in the
US in the future.
2024 2023
US net deferred tax assets $m $m
Recognised
At beginning of the year
86
64
Credit/(charge) to consolidated income statement:
Recognition of available tax assets
1
19
Utilisation
(11)
–
Other movements
–
3
At end of the year
76
86
Unrecognised
At beginning of the year
3
18
Recognition of available tax assets
(1)
(19)
Other movements
–
4
At end of the year
2
3
12. Earnings per share (EPS)
Movements in the number of ordinary shares in issue and the shares used to calculate basic and diluted EPS are provided below.
2024
2023
Total Weighted Total Weighted
number average number average
Number of shares at beginning of year
1,313,349,959
1,313,349,959
1,350,556,782
1,350,556,782
Cancellation of own shares held in Treasury
(39,400,499)
(31,003,671)
(37,206,823)
(30,339,448)
Number of shares at end of the year
1,273,949,460
1,282,346,288
1,313,349,959
1,320,217,334
Shares held in Treasury share reserve
(84,044,723)
(86,618,732)
(110,774,081)
(107,401,080)
Man Group plc shares held by Employee Trust
(35,203,028)
(35,670,938)
(35,289,202)
(35,073,864)
Basic number of shares
1,154,701,709
1,160,056,618
1,167,286,676
1,177,742,390
Dilutive impact of:
Employee share awards
28,072,378
27,671,674
Employee share options
946,849
1,641,378
Dilutive number of shares
1,189,075,845
1,207,055,442
2024 2023
Statutory profit ($m)
298
234
Basic EPS
25.7¢
19.9¢
Diluted EPS
25.1¢
19.4¢
162
Notes to the consolidated financial statements continued
13. Pension
Accounting policy
We operate multiple defined contribution plans in the regions in which we operate and two (2023: two) material funded defined benefit
plans.
Defined contribution plans
We pay contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. We have no
further payment obligation once the contributions have been paid. Defined contribution costs are recognised as pension costs within
compensation in the consolidated income statement when they are due.
Defined benefit plans
A defined benefit plan creates a financial obligation to provide funding to the pension plan to provide a retired employee with pension
benefits usually dependent on one or more factors such as age, years of service and compensation. As with the vast majority of similar
arrangements, we ultimately underwrite the risks related to the defined benefit plans. The risks to which this exposes us include:
• Uncertainty in benefit payments: the value of our liabilities for post-retirement benefits will ultimately depend on the amount of
benefits paid out. This in turn will depend on the level of inflation (for those benefits that are subject to some form of inflation
protection) and how long individuals live.
• Volatility in asset values: we are exposed to future movements in the values of assets held in the plans to meet future benefit
payments.
• Uncertainty in cash funding: movements in the values of the obligations or assets may result in us being required to provide higher
levels of cash.
The two material defined benefit plans operated are the Man Group plc Pension Fund in the UK (the UK Plan) and the Man Group Pension
Plan in Switzerland (the Swiss Plan).
– UK Plan
The UK Plan is operated separately from Man Group and managed by independent trustees. The trustees are responsible for payment of
the benefits and management of the UK Plan’s assets. Under UK regulations, Man Group and the trustees of the UK Plan are required to
agree a funding strategy and contribution schedule for the UK Plan. We have concluded that we have no requirement to adjust the
balance sheet to recognise either a current surplus or a minimum funding requirement on the basis that we have an unconditional right
to a refund of a current or projected future surplus at some point in the future.
The UK Plan was closed to new members in May 1999, to future accrual in May 2011 and has no active members.
– Swiss Plan
In Switzerland, we operate a retirement foundation whose assets are held separately from Man Group. This foundation covers the
majority of employees in Switzerland and provides benefits on a cash balance basis. Each employee has a retirement account to which
the employee and Man Group make contributions at rates set out in the plan rules based on a percentage of salary. Every year the
pension fund commission (composed of employer and employee representatives) decides the level of interest, if any, to apply to
retirement accounts based on their agreed policy. At retirement, an employee can take their retirement account as a lump sum or have
this paid as a pension.
As the Swiss Plan is essentially a defined contribution plan with guarantees, the assets held aim to be at least as much as the total of the
member account balances at any point in time. Member account balances cannot reduce, but interest is only applied to the account
balances when sufficient surplus assets are available. As such, there is no specific asset/liability matching strategy in place, but if the
liabilities (the sum of the member account balances) ever exceed the value of the assets, we will consider how to remove a deficit as
quickly as possible. The Swiss Plan surplus is restricted by the value of the employer contribution reserve, which provides the asset
ceiling on amounts available to Man Group.
Defined contribution plans
Defined contribution plan costs totalled $17 million for the year to 31 December 2024 (2023: $14 million).
Defined benefit plans
At 31 December 2024, the UK Plan comprised 88% (31 December 2023: 89%) of our total defined benefit pension obligations.
2024 2023
$m $m
Present value of funded obligations
(259)
(292)
Fair value of plan assets
272
304
Net pension asset
13
12
163
13. Pension continued
Impact on the consolidated financial statements
Changes in the present value of the defined benefit obligations and the fair value of the plan assets are as follows:
2024
2023
Net pension Net pension
asset/ asset/
$m
Assets
Liabilities
(liability)
Assets
Liabilities
(liability)
At beginning of the year
304
(292)
12
294
(272)
22
Amounts recognised in profit and loss:
Current service cost to employer
–
(1)
(1)
–
(1)
(1)
Interest income/(cost)
12
(12)
–
13
(12)
1
Past service cost
–
–
–
–
(1)
(1)
Running costs
(1)
–
(1)
(1)
–
(1)
Amounts recognised in other comprehensive income:
Remeasurements due to:
– changes in financial assumptions
–
23
23
–
(9)
(9)
– changes in demographic assumptions
–
2
2
–
4
4
– experience adjustments
–
–
–
–
(2)
(2)
– actual return on plan assets less interest
on plan assets
(23)
–
(23)
(3)
–
(3)
Employer contributions (including plan funding)
1
–
1
1
–
1
Employee contributions
1
(1)
–
1
(1)
–
Foreign currency translation
(7)
7
–
17
(16)
1
Benefit payments
(15)
15
–
(18)
18
–
At end of the year
272
(259)
13
304
(292)
12
No contributions were paid to the UK Plan in 2024 (2023: none).
Actuarial assumptions used
The most significant actuarial assumptions used in the valuations of the two plans are as follows:
UK Plan
Swiss Plan
2024 2023 2024 2023
% p.a. % p.a. % p.a. % p.a.
Discount rate
5.5
4.5
1.1
1.5
Price inflation
3.2
3.1
1.0
1.2
Future salary increases
–
–
1.0
1.2
Pension payment increases
3.7
3.7
–
–
Deferred pensions increases
5.0
5.0
–
–
Interest crediting rate
–
–
1.3
1.5
Social security increases
–
–
1.0
1.0
Illustrative life expectancy assumptions are set out in the table below.
UK Plan
Swiss Plan
Years
2024
2023
2024
2023
Life expectancy of male aged 60 at year-end
26.5
26.5
27.9
27.8
Life expectancy of male aged 60 in 20 years
28.0
28.0
30.3
30.2
Life expectancy of female aged 60 at year-end
29.4
29.3
29.8
29.7
Life expectancy of female aged 60 in 20 years
30.8
30.7
31.8
31.7
The duration of a pension plan is the average term over which the plan’s benefits are expected to fall due, weighted by the present value of
each expected benefit payment. The duration of the UK Plan is approximately 11 years, and the duration of the Swiss Plan is approximately
16 years.
164
Notes to the consolidated financial statements continued
13. Pension continued
Sensitivity analysis
The table below illustrates the impact on the assessed value of the benefit obligations from changing the most sensitive actuarial
assumptions in isolation. The calculations have been carried out using the same method and data as our pension figures. A combination of
changes in assumptions could produce a different result.
Increase in obligation at Increase in obligation at
31 December 2024 31 December 2023
$m
UK Plan
Swiss Plan
UK Plan
Swiss Plan
Discount rate decreased by 0.5% p.a.
13
3
16
3
Inflation rate increased by 0.5% p.a.
4
–
5
–
One-year increase in assumed life expectancy
8
–
10
–
Pension asset investments
The assets held by the two plans at 31 December 2024 are as follows:
UK Plan
Swiss Plan
$m
2024
2023
2024
2023
Bonds
92
52
15
13
Liability-driven investments (LDI)
43
83
–
–
Fund investments
43
82
3
3
Index-linked government bonds
29
33
–
–
Equities
–
–
10
11
Property
–
–
2
2
Cash
33
23
2
1
Other
–
–
–
1
Total assets
240
273
32
31
The UK Plan investment strategy is set by the trustees. The current strategy is broadly split into growth and matching portfolios, with the
growth portfolio invested in Man Diversified Risk Premia. The matching portfolio is invested primarily in government and corporate bonds (the
latter through absolute return bonds and buy and maintain credit holdings), and LDI funds. The UK Plan investment strategy hedges around
100% of the movement in the ‘technical provisions’ funding measure (as opposed to the accounting measure under IAS 19 ‘Employee
Benefits’) for both interest rate and inflation expectation changes.
Part of the investment objective of the UK Plan is to minimise fluctuations in the UK Plan’s funding levels due to changes in the value of the
liabilities. This is primarily achieved using the LDI funds, which aim to hedge movements in the pension liability due to changes in interest
rate and inflation expectations. LDI primarily involves the use of government bonds (including repurchase agreements) and derivatives such
as interest rate and inflation swaps. There are no annuities or longevity swaps. These instruments are typically priced and collateralised daily
by the UK Plan’s LDI manager and/or central clearing houses. Given that the purpose of LDI is to hedge corresponding liability exposures, the
main risk is that the investments held move differently to the liability exposures. This risk is managed by the trustees, their advisers and the
UK Plan’s LDI manager, who regularly assess the position.
A rise in nominal and real gilt yields over the year to 31 December 2024 saw some significant movements in the UK Plan’s hedging assets.
There was limited impact on the UK Plan other than a fall in the value of the LDI funds due to the high level of hedging. The UK Plan’s
investments were rebalanced regularly, and the target hedging level of 100% of interest rates and inflation was preserved throughout the
period, with the funding level volatility relatively muted as a result. At 31 December 2024, the UK Plan’s hedging assets continued to hedge
around 100% of interest rates and inflation on the technical provisions basis (2023: 100%). The level of leverage utilised was in line with
regulatory requirements. The UK Plan maintains a collateral waterfall and has additional sources of short-term cash from the trustee bank
account, and access to daily-dealing funds should further collateral calls be made.
The government bond and buy and maintain corporate bond assets have prices quoted in active markets and the absolute return bonds, LDI
and Man Diversified Risk Premia are primarily unquoted. At 31 December 2024, around 28% of the UK Plan assets relate to those with quoted
prices and 72% with unquoted prices (2023: around 28% quoted and 72% unquoted). The UK Plan does not invest directly in property
occupied by Man Group or our shares.
165
14. Cash, liquidity and borrowings
Accounting policy
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term investments in money market funds or bank deposits with an original maturity
of three months or less. Cash and cash equivalents are measured at amortised cost, which is approximately equal to fair value. Cash and
cash equivalents include restricted balances held by consolidated fund entities to which we do not have access, and which are subject
to legal or contractual restrictions as to their use.
Borrowings
Borrowings comprise amounts drawn under committed revolving credit facilities. Borrowings are initially recorded at fair value and
subsequently measured at amortised cost. Drawdowns under revolving credit facilities are typically for maturities of one month or less
and are therefore presented net of repayments in the consolidated cash flow statement.
2024 2023
$m $m
Cash held with banks
162
92
Short-term deposits
24
46
Money market funds
39
42
Cash held by consolidated fund entities (Note 5.2)
229
96
Cash and cash equivalents
454
276
Less: cash held by consolidated fund entities (Note 5.2)
(229)
(96)
Available cash and cash equivalents
225
180
Undrawn committed revolving credit facility
1
800
660
Total liquidity
1,025
840
Note:
1 Excludes the $300 million facility acquired in 2023. This facility was undrawn at 31 December 2023 and cancelled in January 2024.
Borrowings
Our $800 million committed revolving credit facility (RCF) was put in place in December 2023 as a five-year facility. As the first of two one-
year extension options was exercised in the year, the facility is currently scheduled to mature in December 2029. The RCF was undrawn at
31 December 2024 (2023: $140 million drawn down).
15. Fee and other receivables
Accounting policy
Fee and other receivables are initially recorded at fair value and subsequently measured at amortised cost using the effective interest
rate method, except for derivatives (measured at fair value through profit and loss) and prepayments. Fee receivables and accrued
income relate to management and performance fees and are received in cash following finalisation of the NAVs of the underlying funds
or managed accounts.
2024 2023
$m $m
Financial assets at amortised cost
Fee receivables
26
25
Accrued income
258
274
Collateral posted with derivative counterparties
47
48
Receivables from Open Ended Investment Company (OEIC) funds
46
39
Other fund receivables
28
29
Other receivables
48
20
Receivables relating to consolidated fund entities (Note 5.2)
6
88
459
523
Financial assets at fair value through profit or loss
Derivatives
5
5
5
5
Non-financial assets
Prepayments
28
23
28
23
Total fee and other receivables
492
551
Included in fee and other receivables at 31 December 2024 are balances of $2 million (2023: $2 million) which are expected to be settled
after more than 12 months.
166
Notes to the consolidated financial statements continued
16. Leasehold improvements and equipment
Accounting policy
All leasehold improvements and equipment are recorded at cost less depreciation and impairment. Cost includes the original purchase
price of the asset and costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation is
calculated using the straight-line method over the asset’s estimated useful life, which for leasehold improvements is the shorter of the
life of the lease and that of the improvement (up to 24 years) and for equipment is between three and ten years.
2024
2023
Leasehold Leasehold
$m
improvements
Equipment
Total
improvements
Equipment
Total
Cost at beginning of the year
73
67
140
70
61
131
Acquired through business combinations
–
–
–
–
1
1
Additions
3
15
18
4
8
12
Disposals
(5)
(6)
(11)
(1)
(3)
(4)
Cost at end of the year
71
76
147
73
67
140
Accumulated depreciation and impairment at beginning
of the year
(39)
(48)
(87)
(36)
(42)
(78)
Disposals
3
6
9
–
3
3
Depreciation
(3)
(8)
(11)
(3)
(9)
(12)
Accumulated depreciation and impairment at end
of the year
(39)
(50)
(89)
(39)
(48)
(87)
Net book value at beginning of the year
34
19
53
34
19
53
Net book value at end of the year
32
26
58
34
19
53
17. Software intangible assets
Accounting policy
Following initial recognition, software intangible assets are held at cost less accumulated amortisation and impairment. Cost includes
costs that are directly associated with the procurement or development of identifiable and unique software products which will generate
economic benefits exceeding costs beyond one year. Capitalised software intangible assets are amortised on a straight-line basis over
their estimated useful lives (three years), with amortisation expense included within other costs in the consolidated income statement.
Software intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. Additions primarily relate to the continued investment in our operating platforms.
2024 2023
$m $m
Cost at beginning of the year
172
148
Acquired through business combinations
–
1
Additions
28
25
Disposals
(8)
(2)
Cost at end of the year
192
172
Accumulated amortisation at beginning of the year
(118)
(98)
Amortisation
(25)
(22)
Disposals
8
2
Accumulated amortisation at end of the year
(135)
(118)
Net book value at beginning of the year
54
50
Net book value at end of the year
57
54
167
18. Trade and other payables
Accounting policy
Trade and other payables are initially recorded at fair value, which is usually the invoiced amount, and subsequently measured at
amortised cost using the effective interest rate method, except for derivatives, contingent consideration payable and put options over
non-controlling interests in subsidiaries, which are measured at fair value through profit and loss.
2024 2023
$m $m
Financial liabilities at amortised cost
Trade payables
5
7
Compensation accruals
426
365
Other accruals
101
79
Payables to OEIC funds
45
39
Payables under repo arrangements
16
45
Tax and social security
16
31
Other payables
6
7
Payables relating to consolidated fund entities (Note 5.2)
20
116
635
689
Financial liabilities at fair value through profit or loss
Derivatives
6
12
Contingent consideration
4
3
Put options over non-controlling interests in subsidiaries
10
9
20
24
Total trade and other payables
655
713
19. Provisions
Accounting policy
Provisions are recognised when Man Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
we will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. All provisions are current
given we do not have the unconditional right to defer settlement.
2024 2023
$m $m
At beginning of the year
16
14
Additions
1
1
Unused amounts reversed
(1)
–
Foreign currency translation
–
1
At end of the year
16
16
Provisions relate to ongoing claims and leasehold property dilapidations.
168
Notes to the consolidated financial statements continued
20. Equity
Accounting policy
Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction from the proceeds, net of
tax.
Share repurchases are recognised at the point we become committed to completing them. A liability is recognised for the full amount of
the commitment, including directly attributable costs, with a corresponding debit to equity. Where repurchased shares are held in
Treasury, a transfer from the profit and loss reserve to the Treasury share reserve is recognised for the full amount of the consideration
paid. Where shares are repurchased and subsequently cancelled, the equivalent par value by which the Company’s share capital is
reduced is transferred to the capital redemption reserve.
The Employee Trust, which is consolidated into Man Group, has the obligation to deliver deferred share-based and fund product-based
compensation granted to employees, and accordingly holds shares and fund investments to deliver against these future obligations.
Man Group plc shares held by the Employee Trust and shares held in Treasury are recorded at cost, including any directly attributable
incremental costs (net of tax), and are deducted from equity (within the respective reserves) until the shares are sold, cancelled or
transferred to employees. Where such shares are subsequently sold, any consideration received, net of any directly attributable
incremental transaction costs and the related tax effects, is included in equity.
Share capital
The authorised share capital of Man Group plc comprises $100 million divided into 2,916,666,666 ordinary shares with a par value of 3
3/7
¢
each. Ordinary shares represent 100% of issued share capital and all issued shares are fully paid. The shares have attached to them full
voting, dividend and capital distribution (including on wind up) rights. They do not confer any rights of redemption. Shareholders have the
right to receive notice of, attend, vote and speak at general meetings. When a vote is taken on a poll, shareholders are entitled to one vote
per ordinary share. When a vote is taken by a show of hands, shareholders present in person or by proxy have one vote.
Treasury shares are ordinary shares previously repurchased by the Company but not cancelled, and are therefore deducted from equity and
included within the Treasury share reserve. As they are no longer outstanding, they are excluded for earnings per share and voting rights
purposes.
Movements in the number of ordinary shares in issue are set out below.
2024
2023
Nominal Nominal
Total value Total value
number $m number $m
Number of shares at beginning of year
1,313,349,959
45
1,350,556,782
46
Cancellation of own shares held in Treasury
(39,400,499)
(1)
(37,206,823)
(1)
Number of shares at end of the year
1,273,949,460
44
1,313,349,959
45
Share buybacks
2024
2023
Shares repurchased during the year (including costs) ($m)
50
223
Average purchase price (pence)
248.8
241.2
Shares repurchased (million)
16
76
Accretive impact on diluted earnings per share (%)
0.7
5.2
The $50 million share repurchase programme announced in February 2024 was completed during the year (2023: $125 million of announced
share repurchases). The purpose of the share repurchase was to deliver returns to shareholders. All repurchased shares were held in
Treasury.
Shares repurchased during the year represent 1.3% of issued share capital (excluding Treasury shares) as at 31 December 2024 and shares
held in Treasury which were cancelled during the year represent 3.3% of issued share capital (excluding Treasury shares). At 26 February
2025, we had an unexpired authority to repurchase up to 109,827,230 of our ordinary shares. A special resolution will be proposed at the
forthcoming Annual General Meeting, pursuant to which the Company will seek authority to repurchase up to 118,997,191 ordinary shares,
representing 10% of the issued share capital (excluding Treasury shares) at 26 February 2025.
The Employee Trust
At 31 December 2024, the Employee Trust held 35,203,028 Man Group plc ordinary shares (2023: 35,289,202).
In 2024, we funded $65 million via contribution or loan (2023: $99 million) to enable the Employee Trust to meet its current period
obligations. At 31 December 2024, the net assets of the Employee Trust amounted to $202 million (2023: $196 million). These assets include
35,203,028 (2023: 35,289,202) ordinary shares in the Company, and $87 million of fund product investments (2023: $88 million) which are
included within investments in fund products.
The Employee Trust waived all dividend entitlements of the shares held in the current and prior year.
Reorganisation reserve
The reorganisation reserve of $1,688 million arose on Man Group’s corporate reorganisation in 2019. The difference between the share capital
and share premium issued by the new holding company and the share capital, premium and capital reserves of the former holding company
were taken to the reorganisation reserve.
Other reserves
Other reserves at 31 December 2024 of $22 million (2023: $21 million) comprise share premium, capital redemption reserves and cash flow
hedge reserves.
169
21. Reconciliation of statutory profit to cash generated from operations
Accounting policy
Cash flows arising from the purchase and sale of investments in fund products and other investments, and from transactions with third-
party investors in consolidated fund entities, are included in cash flows from operating activities in the consolidated cash flow statement.
This classification reflects the fact that these investments are to build product breadth and to trial investment research before marketing
the products broadly to investors as part of Man Group’s ordinary operations or are otherwise held in connection with settling employee
remuneration and are not intended to be held as long-term investments.
2024 2023
Note $m $m
Cash flows from operating activities
Statutory profit
298
234
Adjustments for:
Share-based payment charge
6.1
39
40
Fund product-based payment charge
6.1
81
83
Other employment-related expenses
6.2
28
23
Net finance expense
7
23
21
Tax expense
11.1
100
45
Depreciation of leasehold improvements and equipment
16
11
12
Depreciation of right-of-use lease assets
8.2
15
14
Gain on disposal of investment property – right-of-use lease assets
8.1
(3)
(12)
Amortisation and impairment of acquired intangibles
9
24
28
Amortisation of software intangible assets
17
25
22
Share of post-tax loss of associates
10
2
3
Revaluation of acquisition-related liabilities
4
–
Realised gains on cash flow hedges
(22)
(12)
Foreign exchange movements
8
3
Other non-cash movements
(10)
(9)
623
495
Changes in working capital
1
:
(Increase)/decrease in fee and other receivables
(29)
104
Decrease in other financial assets including consolidated fund entities
2
211
71
Decrease in trade and other payables
(36)
(200)
Cash generated from operations
769
470
Notes:
1 Changes in working capital differ from the movements in these balance sheet items due to non-cash movements which either relate to the gross-up of the third-party share of
consolidated fund entities (Note 5.2) or are adjusted elsewhere in the consolidated cash flow statement, such as movements relating to the fund product-based payment charge and
other employment-related expenses (within operating activities) and the share repurchase liability (within financing activities).
2 Includes $133 million of restricted net cash inflows (2023: $12 million net cash outflows) relating to consolidated fund entities (Note 5.2).
22. Dividends
Accounting policy
Dividend distributions to the Company’s shareholders are recognised directly within equity in the period in which the dividend is paid or,
for final dividends, approved by the Company’s shareholders. Dividends are payable on the Company’s ordinary shares.
2024 2023
¢/share $m ¢/share $m
Final dividend paid for the previous financial year to 31 December
10.7
127
10.1
118
Interim dividend paid for the six months to 30 June
5.6
65
5.6
63
Dividends paid
192
181
Proposed final dividend for the financial year to 31 December
11.6
134
10.7
125
170
Notes to the consolidated financial statements continued
23. Financial assets and liabilities
Accounting policy
Classification and measurement
Financial assets and liabilities are initially recognised at fair value. We subsequently measure each financial asset and liability at fair value
through profit or loss (FVTPL) or amortised cost, with classification determined at the time of initial recognition.
Derivatives
We use derivative financial instruments to manage market risk in certain circumstances. These consist primarily of market risk hedges on
some of our seeding positions and foreign exchange contracts. The carrying value of these derivatives are included in fee and other
receivables and trade and other payables.
Fair value hierarchy
We disclose the fair value measurement of financial assets and liabilities using three levels, as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The majority of our investments in fund products fall within Level 2 due to observability of the relevant valuation inputs reflecting the
liquidity of the underlying investments and the level of subscription and redemption activity. Level 2 investments in fund products
primarily comprise holdings in unlisted, open-ended, active and liquid funds, which are priced using daily or weekly observable market
information derived from third-party sources. A lack of liquidity in the underlying investments, a lack of observability in the relevant
valuation inputs or a low level of subscription and redemption activity is typically associated with a Level 3 classification.
The assets held by our consolidated CLOs comprise a portfolio of bonds and loan securities. Loans are valued using broker quotes
sourced from an independent pricing service, with bonds priced using latest prices executed for similar assets. We do not make any
adjustments to the quotes obtained. Where the quotes are obtained from multiple pricing sources within a narrow range, the assets are
classified as Level 2 in the fair value hierarchy. Where prices are derived from a small number of quotes, or where there is a wide bid-ask
spread between quotes, we classify these assets as Level 3.
Transferable securities held by our other consolidated funds which are classified as Level 3 have significant unobservable inputs, as they
trade infrequently or not at all. When observable prices are not available for these securities, we use valuation techniques for which
sufficient and reliable data is available. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability.
The fair values of our financial assets and liabilities can be analysed as follows:
2024
Not at fair
$m
Note
Level 1
Level 2
Level 3
value
Total
Financial assets at amortised cost
Finance lease receivable
8.1
–
–
–
77
77
Cash and cash equivalents
14
–
–
–
454
454
Fee and other receivables
15
–
–
–
459
459
–
–
–
990
990
Financial assets at fair value
Fee and other receivables
15
–
5
–
–
5
Investments in fund products and other investments
5
–
216
16
–
232
Investments in loans
5
–
–
27
–
27
Investments in consolidated funds: CLO assets
5.2
–
1,242
211
–
1,453
Investments in consolidated funds: other transferable securities
5.2
286
379
37
–
702
286
1,842
291
–
2,419
Total financial assets
286
1,842
291
990
3,409
Financial liabilities at amortised cost
Trade and other payables
18
–
–
–
(635)
(635)
Lease liability
8.2
–
–
–
(248)
(248)
–
–
–
(883)
(883)
Financial liabilities at fair value
Trade and other payables
18
–
(6)
(14)
–
(20)
CLO liabilities – consolidated funds
5.2
–
(1,366)
–
–
(1,366)
Third-party interest in consolidated funds
5.2
–
(553)
–
–
(553)
–
(1,925)
(14)
–
(1,939)
Total financial liabilities
–
(1,925)
(14)
(883)
(2,822)
171
23. Financial assets and liabilities continued
2023
Not at fair
$m
Note
Level 1
Level 2
Level 3
value
Total
Financial assets at amortised cost
Finance lease receivable
8.1
–
–
–
67
67
Cash and cash equivalents
14
–
–
–
276
276
Fee and other receivables
15
–
–
–
523
523
–
–
–
866
866
Financial assets at fair value
Fee and other receivables
15
–
5
–
–
5
Investments in fund products and other investments
5
–
280
12
–
292
Investments in consolidated funds: CLO assets
5.2
–
1,057
46
–
1,103
Investments in consolidated funds: other transferable securities
5.2
274
510
100
–
884
274
1,852
158
–
2,284
Total financial assets
274
1,852
158
866
3,150
Financial liabilities at amortised cost
Trade and other payables
18
–
–
–
(689)
(689)
Lease liability
8.2
–
–
–
(283)
(283)
–
–
–
(972)
(972)
Financial liabilities at fair value
Trade and other payables
18
–
(12)
(12)
–
(24)
CLO liabilities – consolidated funds
5.2
–
(1,036)
–
–
(1,036)
Third-party interest in consolidated funds
5.2
–
(554)
–
–
(554)
–
(1,602)
(12)
–
(1,614)
Total financial liabilities
–
(1,602)
(12)
(972)
(2,586)
The movements in Level 3 financial assets and liabilities held at fair value are as follows:
2024
2023
$m
Assets
Liabilities
Assets
Liabilities
At beginning of the year
158
(12)
20
–
Transfers into/(out of) Level 3
3
–
(11)
–
Purchases
166
–
2
(12)
(Charge)/credit to consolidated income statement
1,2
(1)
(2)
1
–
Sales or settlements
(137)
–
–
–
Change in consolidated fund entities held
102
–
146
–
At end of the year
291
(14)
158
(12)
Notes:
1 Included within net income or gains on investments and other financial instruments.
2 Includes net unrealised losses of $3 million (2023: gains of $1 million) and foreign exchange movements.
The Level 3 financial assets in the portfolios of our consolidated fund entities other than CLOs primarily comprise bonds, equities and credit-
linked notes. The techniques used the valuations of those assets primarily include discounted cash flows, estimated recovery and single
broker quotes. The unobservable inputs in those valuations comprise future cash flows, discount rates and yields.
Level 3 financial liabilities held at fair value comprise contingent consideration payable and put options over non-controlling interests.
The contingent consideration payable for the acquisition of Asteria in 2023 is based on future levels of management fees and is capped
at $53 million. Put options are measured at the present value of the expected redemption amount.
Sensitivity analysis
A 5% increase/decrease in the valuations of Level 3 financial assets at 31 December 2024 would result in a $15 million increase/decrease in
their fair value.
Changes in the unobservable inputs to the valuation of Level 3 financial liabilities would not be expected to result in a significant change
in the carrying value of these assets and liabilities, and hence a sensitivity analysis has not been presented.
172
Notes to the consolidated financial statements continued
24. Financial risk management
We are exposed to a variety of financial risks: market risk, liquidity risk and credit risk. Man Group’s risk management framework and internal
control systems seek to manage these financial risks, with derivative financial instruments used to hedge certain risk exposures.
Further details of our approach to the management and mitigation of financial risk are included in the Risk management section of the
Strategic report on page 33.
24.1 Market risk
Investment book performance risk
Investments in fund products expose us to market risk and are therefore managed within limits consistent with the Board’s risk appetite. In
certain circumstances, we use derivative financial instruments, specifically equity swaps, to hedge the risk associated with mark-to-
market movements.
Market risk hedges
2024 2023
$m $m
Notional value of derivatives at 31 December
Assets
104
–
Liabilities
(12)
(175)
Net assets/(liabilities)
92
(175)
For the year ended 31 December
Loss recognised in the consolidated income statement
(2)
(17)
The market risk from seeding investments, including those financed via repo and TRS arrangements, is modelled using a value at risk
methodology with a 95% confidence interval and one-year time horizon. The value at risk, net of market risk hedges, is estimated to be
$67 million at 31 December 2024 (2023: $61 million).
We generally hold an investment in the associated fund products to hedge the mark-to-market movement in fund product-based
compensation over the vesting period.
Our maximum exposure to loss associated with interests in our consolidated CLOs is limited to the net investment in these CLOs.
Foreign currency risk
We are subject to risk from changes in foreign exchange rates on monetary assets and liabilities. In certain circumstances, we use derivative
financial instruments, specifically forward foreign exchange contracts with a one-month duration, to hedge the risk associated with foreign
exchange movements.
Foreign exchange hedges
2024 2023
$m $m
Notional value of derivatives at 31 December
Assets
264
124
Liabilities
(152)
(343)
Net assets/(liabilities)
112
(219)
For the year ended 31 December
Loss before the impact of hedging
(5)
(4)
Gain/(loss) on hedging instruments
11
(7)
Gain/(loss) recognised in the consolidated income statement after the impact of hedging
6
(11)
Of the $6 million of net realised and unrealised foreign exchange gains (2023: $11 million losses) recognised in the consolidated income
statement, $4 million of unrealised gain (2023: $10 million of loss) relates to the revaluation of our $190 million (2023: $209 million) unhedged
sterling lease liability.
The table below reflects the currency profile of our net foreign currency (non-USD) monetary assets and liabilities after the impact of
hedging:
2024 2023
$m $m
Sterling
(112)
(138)
Swiss Franc
(19)
(17)
Euro
4
22
Other
27
26
Total
(100)
(107)
A 10% strengthening/weakening of the USD against all other currencies, with all other variables held constant, would have resulted in a
foreign exchange loss/gain of $10 million (2023: $11 million), with a corresponding impact on equity. This pre-tax exposure is based on non-
USD balances held by USD functional currency entities at 31 December.
Interest rate risk
We are subject to risk from changes in interest rates on monetary assets and liabilities, principally cash deposits and financing costs. In
respect of our monetary assets and liabilities which earn/incur interest indexed to floating rates, as at 31 December 2024 a 100 basis point
increase/decrease in these rates, with all other variables held constant, would have resulted in a nil (2023: $1 million) increase/decrease in
net interest expense.
173
24. Financial risk management continued
24.2 Credit risk
Credit risk is the risk of financial loss as a result of a counterparty failing to meet its contractual obligations. This risk is mitigated by the
diversification of exposures across a number of the strongest available financial counterparties, each of which is approved and regularly
reviewed and challenged for creditworthiness by Man Group’s counterparty committee. Our risk teams monitor credit metrics, including
credit default swap spreads and credit ratings, on a daily basis.
At 31 December 2024, the $225 million available cash and cash equivalents balance was held with 19 banks (2023: $180 million with
19 banks).
2024 2023
Credit ratings of banks $m $m
AAA
39
31
AA
130
67
A
50
82
BB
6
–
Total
225
180
The single largest counterparty bank exposure of $56 million is held with an AA- rated bank (2023: $50 million held with an A- rated bank).
As in 2023, all derivatives are held with counterparties with ratings of A or higher and mature within one year. Accordingly, under the
expected credit loss model of IFRS 9 ‘Financial Instruments’, no impairment of the collateral held with derivative counterparties has been
recognised at 31 December 2024 (2023: nil).
The majority of fees are deducted from the NAVs of the respective funds by the independent administrators and therefore both the credit
risk of fee receivables and the quantum of overdue balances are minimal. Our exposure to receivables from the tenants of our investment
property which is sub-let under finance leases is not considered a significant credit risk due to the credit quality of the lessees. Accordingly,
no impairment has been recognised in respect of these receivables at 31 December 2024 (2023: nil).
The assets held by our consolidated CLOs comprise loans and bonds, cash and receivables. Our maximum exposure to the credit risk
associated with these assets is limited to the net investment in these CLOs, which at 31 December 2024 was $89 million (2023: $78 million).
The creditworthiness of the asset portfolios is reflected in the fair value of our consolidated CLOs.
24.3 Liquidity risk
Liquidity resources support ongoing operations and potential liquidity requirements under scenarios that assume stressed market and
economic conditions. Our funding requirements relating to the investment management process are discretionary. Our liquidity profile is
monitored on a daily basis and the stressed scenarios are updated regularly. The Board reviews our funding resources at each Board meeting
and on an annual basis, as part of the strategic planning process. Our available liquidity is considered sufficient to cover current
requirements and potential requirements under stressed scenarios.
At 31 December 2024, we had total liquidity of $1,025 million (2023: $840 million) comprising $225 million (2023: $180 million) of available
cash and cash equivalents and $800 million (2023: $660 million) of undrawn committed revolving credit facility (RCF).
Available cash and cash equivalents are invested in accordance with strict limits consistent with the Board’s risk appetite, which consider
both the security and availability of liquidity. Accordingly, cash is held in on-demand and short-term bank deposits and money market funds,
and at times invested in short-term US Treasury bills (which meet the definition of cash equivalents).
Our $800 million committed RCF is immediately accessible and does not include financial covenants to maintain maximum flexibility. The
RCF is currently scheduled to mature in December 2029.
Our maximum exposure to loss associated with interests in our consolidated CLOs is limited to the net investment in these CLOs (Note 5.2).
Therefore, the CLO liabilities on the consolidated balance sheet of $1,366 million (2023: $1,036 million) do not present a liquidity risk to Man
Group as we have no obligation to repay the noteholders at maturity should the CLO assets be insufficient to meet the obligations.
Maturity analysis
Trade and other payables can be analysed according to their contractual maturity dates on an undiscounted cash flow basis as follows:
2024 2023
$m $m
Within one year
600
656
Between one and three years
41
45
After three years
20
18
661
719
A maturity analysis of our undiscounted lease liabilities is set out in Note 8.2.
24.4 Capital management
Man Group has a clear, disciplined capital management framework, actively managing its capital to maximise value to shareholders by either
investing that capital to improve shareholder returns in the future or by returning it through higher dividends or share repurchases. We
periodically review our accumulated capital reserves to determine whether they exceed the amounts required to retain to ensure financial
stability and to provide an appropriate level of security to our stakeholders.
The key decision-making areas relating to the deployment and maintenance of capital, including material acquisitions and disposals, share
repurchases, capital structure and dividend policy, are matters reserved for the Board.
174
Notes to the consolidated financial statements continued
25. Share-based payment schemes
Accounting policy
Equity-settled share-based payments
Man Group operates equity-settled share-based payment schemes which are remuneration payments to selected employees that take
the form of an award of shares in the Company. These typically vest over three to five years, although conditions vary between different
types of award. The fair value of the employee services received in exchange for the share awards/options granted is recognised as an
expense, with the corresponding credit recognised in equity, and is determined by reference to the fair value of the share
awards/options at grant date.
We calculate the fair value of share options using the Black-Scholes valuation model, which takes into account the effect of both
financial and demographic assumptions. Forfeiture and early vesting assumptions are based on historical observable data. Changes to
the original estimates, if any, are included in the consolidated income statement, with a corresponding adjustment to equity.
Cash-settled share-based payments
Put options on the interests in subsidiaries held by employees, and their proportionate share of the profits of those subsidiaries, which
can be forfeited should they become ‘bad leavers’ are accounted for as cash-settled share-based payments. Cash-settled share-based
payments are measured at fair value on grant date and recognised as an employment-related expense in the consolidated income
statement over the relevant service period. They are remeasured to fair value at each reporting date, with the change in fair value
recognised as other employment-related expenses in the consolidated income statement. The credit entry is recognised as a liability in
the consolidated balance sheet.
Share awards
The fair values of equity-settled share awards granted in the year and the assumptions used in the calculations are as follows:
Deferred share plan
Executive directors' long-term incentive plan
08/03/2024 – 28/02/2023 – 10/03/2023 –
Grant dates 10/12/2024 02/08/2023 08/03/2024 04/09/2023
Share awards granted in the year
12,128,097
19,200,689
1,674,203
2,784,001
Weighted average fair value per share award granted ($)
3.2
3.4
3.2
3.1
Movements in the number of equity-settled share awards outstanding are as follows:
2024
2023
Share awards outstanding at beginning of the year
42,317,900
41,252,837
Granted
13,802,300
21,984,690
Forfeited
(2,899,848)
(2,214,057)
Exercised
(11,490,358)
(18,705,570)
Share awards outstanding at end of the year
41,729,994
42,317,900
Share awards exercisable at end of the year
158,944
137,769
Share options
The fair values of share options granted in the year under the Sharesave employee share option scheme, and the assumptions used in the
calculations, are as follows:
2024
2023
Grant date
03/09/2024
11/09/2023
Weighted average share price at grant date ($)
1
2.9
2.6
Weighted average exercise price at grant date ($)
2
2.3
2.1
Share options granted in the period
1,447,200
2,843,261
Vesting period (years)
3–5
3–5
Expected share price volatility (%)
30
30
Dividend yield (%)
5
5
Risk-free rate (%)
3.9
4.7
Expected option life (years)
3.7
3.4
Number of options assumed to vest
1,080,188
2,172,378
Average fair value per option granted ($)
0.7
0.6
Notes:
1 Sterling share price at grant date each year of £2.19 and £2.06 respectively.
2 Sterling exercise price each year of £1.76 and £1.69 respectively.
The expected share price volatility is based on historical volatility over the past five years. The expected option life is the average expected
period to exercise. The risk-free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the assumed
option life.
175
25. Share-based payment schemes continued
Movements in the number of share options outstanding are as follows:
2024
2023
Weighted Weighted
average average
exercise price
1
exercise price
1
Number
($ per share)
Number
($ per share)
Share options outstanding at beginning of the year
5,139,138
2.1
5,976,777
1.7
Granted
1,447,200
2.2
2,843,261
2.2
Forfeited
(476,292)
2.2
(691,948)
2.3
Exercised
2
(799,406)
1.8
(2,988,952)
1.4
Share options outstanding at end of the year
5,310,640
2.1
5,139,138
2.1
Share options exercisable at end of the year
239,978
2.1
361,340
1.5
Notes:
1 Calculated at 31 December exchange rates each year.
2 The sterling weighted average share price of options exercised was £2.38 (2023: £2.24) (USD-equivalent $3.06 and $2.73 respectively).
The share options outstanding at year-end had expected remaining lives as follows:
2024
2023
Weighted Weighted
average average
expected expected
Number of remaining life Number of remaining life
Range of exercise prices ($ per share) share options (years) share options (years)
0.00–3.00
5,310,640
2.5
5,139,138
2.7
Cash-settled share-based payments
The carrying value of the cash-settled share-based payment liability at 31 December 2024 was $56 million (2023: $23 million). Details of the
associated expense and a sensitivity analysis to the key assumptions used in the valuation are set out in Note 6.2.
26. Geographical information
Accounting policy
Disclosure of revenue by geographic location is based on the registered domicile of the fund entity or managed account paying our fees.
Non-current assets are allocated based on where the assets are located and include goodwill and acquired intangibles, software
intangible assets, leasehold improvements and equipment, and right-of-use lease assets. For goodwill and other acquired intangibles,
we consider that the location of the intangibles is best reflected by the location of the individuals managing those assets.
2024
2023
Non-current Non-current
$m Revenue
assets
Revenue
assets
Cayman Islands
656
–
555
–
Ireland
191
–
198
–
United Kingdom and the Channel Islands
132
604
108
606
United States of America
281
346
193
391
Other countries
174
20
114
15
1,434
970
1,168
1,012
Revenue from no single fund exceeded 10% of total annual revenue in either 2024 or 2023.
27. Related party transactions
Accounting policy
Related parties comprise key management personnel, associates and fund entities which we are deemed to control. All transactions with
related parties were carried out on an arm’s-length basis.
The Executive Committee, together with the Company’s non-executive directors, are considered to be our key management personnel, being
those directors, partners and employees having authority and responsibility for planning, directing and controlling our activities.
2024 2023
Key management compensation $m $m
Salaries and other short-term employee benefits
1
23
31
Share-based payment charge
14
19
Fund product-based payment charge
15
22
Pension costs (defined contribution)
1
1
Total
53
73
Note:
1 Includes salary, benefits and cash bonus.
Man Group paid consortium relief to its associate HUB in the current and prior years. The amounts paid in each year were not significant.
176
Notes to the consolidated financial statements continued
28. Other matters
In July 2019, the Public Institution for Social Security in Kuwait (PIFSS) served a claim against a number of parties, including certain Man
Group companies, a former employee of Man Group and a former third-party intermediary. The trial is scheduled to commence on 3 March
2025. The subject matter of these allegations dates back over a period of 20 years. PIFSS initially sought compensation of $156 million (plus
compound interest) and certain other remedies which were unquantified in the claim. In an amended particulars of claim filed in August
2024, PIFFS increased the quantum of its claim to approximately $278 million plus interest. We dispute the basis for this inflated quantum
figure and the assumptions upon which PIFFS has calculated it. We continue to dispute the allegations and consider there is no merit to the
claim (in respect of liability and quantum) and will therefore vigorously and robustly defend the proceedings.
We are subject to various other claims, assessments, regulatory enquiries and investigations in the normal course of business. The Board
does not expect such matters to have a material adverse effect on our financial position.
29. Unconsolidated structured entities
Accounting policy
We have evaluated all exposures and concluded that where we hold an investment, fee receivable, accrued income, or commitment with
an investment fund or a CLO, this represents an interest in a structured entity as defined by IFRS 12 ‘Disclosure of Interests in Other
Entities’.
Investment funds are designed so that their activities are not governed by way of voting rights, and contractual arrangements are the
dominant factor in affecting an investor’s returns. The activities of these entities are governed by investment management agreements
or, in the case of CLOs, indentures.
Our maximum exposure to loss from unconsolidated structured entities is the sum total of any investment held, fee receivables and
accrued income.
Our interest in and exposure to unconsolidated structured entities is as follows:
Less infrastructure Total AUM Fee
mandates and unconsolidated Net Fair value of receivables Maximum
Total consolidated structured management investment and accrued exposure
AUM
fund entities
1
entities Number
fee margin
2
held income to loss
2024 ($bn) ($bn) ($bn) of funds (bps) ($m) ($m) ($m)
Alternative
Absolute return
45.3
(0.5)
44.8
132
110
122
120
242
Total return
41.5
(1.6)
39.9
96
66
81
64
145
Multi-manager solutions
14.4
(9.7)
4.7
40
18
2
5
7
Long-only
Systematic
38.6
(0.1)
38.5
95
27
4
62
66
Discretionary
28.8
(0.2)
28.6
57
57
21
27
48
Total
168.6
(12.1)
156.5
420
230
278
508
Less infrastructure Total AUM Fee
mandates and unconsolidated Net Fair value of receivables Maximum
Total consolidated structured management investment and accrued exposure
AUM
fund entities
1
entities Number
fee margin
2
 held income to loss
2023 ($bn) ($bn) ($bn) of funds (bps) ($m) ($m) ($m)
Alternative
Absolute return
47.7
(0.3)
47.4
123
112
130
158
288
Total return
42.5
(1.3)
41.2
88
64
137
60
197
Multi-manager solutions
19.4
(12.8)
6.6
51
17
3
14
17
Long-only
Systematic
36.5
–
36.5
84
24
4
36
40
Discretionary
21.4
(0.2)
21.2
56
59
15
22
37
Total
167.5
(14.6)
152.9
402
289
290
579
Notes:
1 For infrastructure mandates where we do not act as investment manager or adviser, our role in directing investment activities is diminished and therefore these are not considered structured
entities.
2 Net management fee margins are the categorical weighted average.
177
30. Group investments
Details of the Company’s subsidiaries are provided below. The list excludes consolidated structured entities on the basis that, although these
are consolidated for the purposes of IFRS, they are not within the legal ownership of Man Group. The country of operation is the same as the
country of incorporation and the year-end is 31 December, unless otherwise stated. The effective Group interest represents both the
percentage held and voting rights of ordinary shares or common stock (or the local equivalent thereof), unless otherwise stated.
Parent company Country of
Company name
Registered address
incorporation
Man Group plc
22 Grenville Street, St Helier, Jersey, JE4 8PX
Jersey
Subsidiaries Direct or Country of Effective Group
Company name
Registered address
 indirect incorporation interest %
Man Group Treasury Limited
22 Grenville Street, St Helier, Jersey, JE4 8PX
Direct
Jersey
100
AHL Partners LLP
1,2
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
ArcticDB Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Asteria Investment Managers SA
Rue de Lausanne 15, 1201 Geneva, Switzerland
Indirect
Switzerland
51
FA Sub 3 Limited Luna Tower, Waterfront Drive, Road Town,
Indirect
BVI
100
Tortola
GLG Capital Management LLC
3
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
GLG LLC
3
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
GLG Partners Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
GLG Partners LP
2
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
GPM Summit Point GP LLC
3
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Habitare Homes 2 Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Asset Management (Cayman) Limited
PO Box 309, Ugland House, South Church Street,
Indirect
Cayman
100
George Town, Grand Cayman, KY1-1104
Man Asset Management (Ireland) Limited
70 Sir John Rogerson’s Quay, Dublin 2
Indirect
Ireland
100
Man Australia GP Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Australia LP
2
 Level 42, Governor Phillip Tower, 1 Farrer Place,
Indirect
Australia
100
Sydney, NSW 2000
Man (Europe) AG
Austrasse 56, 9490,
Vaduz, Liechtenstein
Indirect Liechtenstein
100
Man Fund Management Netherlands BV Beurs – World Trade Center, Beursplein 37,
Indirect
Netherlands
100
3011
AA, Rotterdam
Man Fund Management UK Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Global Private Markets (UK) Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Global Private Markets (USA) Inc.
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Man Group Holdings Limited
4
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Group Investments Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Group Japan Limited Level 3, Mill Court, La Charroterie, St Peter Port,
Indirect
Guernsey
100
Guernsey, GY1 6JB
Man Group Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Group Operations Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Group Partners LLP (formerly Man GLG
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Partners LLP)
1,2
Man Group Services Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Group UK Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Investments AG
Huobstrasse 3, 8808 Pfäffikon SZ
Indirect
Switzerland
100
Man Investments Australia Limited
Level 42, Governor Phillip Tower, 1 Farrer Place,
Indirect
Australia
100
Sydney, NSW 2000
Man Investments (CH) AG
Huobstrasse 3, 8808 Pfäffikon SZ
Indirect
Switzerland
100
Man Investments Finance Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Investments Finance Inc.
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Man Investments Holdings Inc.
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Man Investments (Hong Kong) Limited
Suite 1013-15, 10
th
Floor, Two IFC, Number 8 Finance
Indirect
Hong Kong
100
Street
Man Investments Inc.
15 North Mill Street,
Nyack, NY 10960, United States
Indirect
US
100
Man Investments Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Investment Management (Shanghai) Room 1701A, 5 Corporate Avenue, 150 Hubin Road,
Indirect
China
100
Co., Ltd Huangpu District, 200021
Man Investments (Shanghai) Limited
Room 1701A-2, 5 Corporate Avenue, 150 Hubin Road,
Indirect
China
100
Huangpu District, 200021
Man Investments (USA) Corp.
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Man Investments USA Holdings Inc.
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Man Property Holdings Limited
22 Grenville Street, St Helier, Jersey, JE4 8PX
Indirect
Jersey
100
178
Notes to the consolidated financial statements continued
30. Group investments continued
Subsidiaries continued
Direct or Country of Effective Group
Company name
Registered address
 indirect incorporation interest %
Man Solutions Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Solutions LLC
3
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Man Strategic Holdings Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Times Square GP LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
Man Times Square Holdings LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
Man Worldwide Operations
22 Grenville Street, St Helier, Jersey, JE4 8PX
Indirect
Jersey
100
Management Limited
Mount Granite Limited
Wickhams Cay, PO Box 662, Road Town, Tortola
Indirect
BVI
100
MVH Lending, LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
Net Zero Energy SFR GP Inc.
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Numeric Investors LLC
3
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Silvermine Capital Management LLC
3
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Varagon Capital Partners Agent, LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
Varagon Capital Partners, L.P.
2,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
Varagon Professionals Fund GP, LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
VCAP Onshore GP, LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
VCAP Offshore GP, S.à.r.l
5
10, Rue des Capucins, L-1313 Luxembourg
Indirect Luxembourg
73.32
VCC Advisors, LLC
5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
50.61
VCDLF SLP, LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
VIVA Onshore GP, LLC
3,5
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
73.32
Subsidiaries in liquidation/dissolution Direct or Country of Effective Group
Company name
Registered address
 indirect incorporation interest %
Man Mash Limited
Riverbank House, 2 Swan Lane, London, EC4R 3AD
Indirect
UK
100
Man Principal Strategies Corp
4001
Kennett Pike, Suite 302, Wilmington DE 19807
Indirect
US
100
Related undertakings other than subsidiaries Country of
Company name
Registered address
incorporation
Interest %
Hub Platform Technology Partners Ltd
71-75 Shelton Street, Covent Garden, London, WC2H 9JQ
UK
22.86
PR-Man Summit Point Holdings LP
2
1209
Orange Street, Wilmington DE 19801
US
5
SBI-Man Asset Management Co., Ltd
Izumi Garden Tower, 1-6-1 Roppongi, Minato-ku, Tokyo
Japan
10
Notes:
1 The financial year-end is 31 March, which aligns with the tax year of the individual partners.
2 Partnership interest.
3 Member interest.
4 Holdings comprise ordinary and deferred shares.
5 100% of the voting rights.
179
Five-year record
2024 2023 2022 2021 2020
Income statement ($m)
Core net management fee revenue 1,097 963 927 877 730
Core performance fees
310 180 779 569 179
Core profit before tax 473 340 779 658 284
Core management fee profit before tax 323 280 290 266 180
Core performance fee profit before tax
150 60 489 392 104
Core profit
381 271 647 557 240
Statutory profit before tax 398 279 745 590 179
Statutory profit 298 234 608 487 138
Earnings per share (¢)
Statutory EPS (diluted) 25.1 19.4 45.8 33.8 9.3
Core EPS (diluted)
32.1 22.4 48.7 38.7 16.2
Core management fee EPS (diluted)
21.5 18.4 18.4 15.7 10.3
Balance sheet ($m)
Net cash and cash equivalents 454 136 457 387 351
Net assets
1,676 1,612 1,699 1,651 1,497
Net tangible assets
867 782 1,022 928 716
Other metrics
Core cash flows from operating activities before working capital
movements ($m)
502 362 810 700 341
Ordinary dividends per share (¢)
17.2 16.3 15.7 14.0 10.6
AUM ($bn)
168.6 167.5 143.3 148.6 123.6
Average headcount
1,802 1,716 1,595 1,453 1,456
USD/sterling exchange rates:
Average
0.7826 0.8042 0.8081 0.7267 0.7789
Year-end
0.7990 0.7855 0.8276 0.7390 0.7315
‘Core’ measures are alternative performance measures. Further details of our alternative performance measures, including non-core items,
are set out on pages 180 to 187.
180
Alternative performance measures
We assess our performance using a variety of alternative performance measures (APMs). We discuss our results on a statutory as well as a
‘core’ basis. Core metrics, which are each APMs, exclude acquisition and disposal-related items, significant non-recurring items and volatile
or uncontrollable items, as well as profits or losses generated outside of our investment management business. Accordingly, these core
metrics reflect the way in which performance is monitored by the Board and present the profits or losses that drive our cash flows. They also
inform the way in which our variable compensation is assessed. Details of the non-core items in the year are set out below.
Our APMs also reclassify all income and expenses relating to our consolidated fund entities, which are required by IFRS to be split across
multiple lines in the consolidated income statement, to core gains/losses on investments in order to reflect their performance as part of our
seed book programme. Tax on non-core items and movements in deferred tax relating to the utilisation or recognition of tax assets in the US
are similarly excluded from core profit, with tax on core profit considered a proxy for cash taxes paid.
In 2023, accounting for the acquisition of Varagon Capital Partners, L.P. in accordance with the requirements of IFRS resulted in the
recognition of all future payments to selling shareholders who remain in employment post-acquisition as employment-related expenses.
This arises because each of these payments can be forfeited should those employees become ‘bad leavers’ during specified periods
following the acquisition. Economically, the payments are transactions with the individuals in their capacity as owners. Recognising that
these owners also hold significant roles in the organisation, the bad leaver clauses are protective in nature and not intended to compensate
the individuals for employment services. As these transactions are related to an acquisition, we consider it appropriate to adjust the expense
recognised in the year to reflect the proportion of the profits that have been generated in the same period and are attributable to these
employees through an adjustment to core profit. This more closely aligns the charges with the associated cash flows.
The approach to the classification of non-core items maintains symmetry between losses and gains and the reversal of any amounts
previously classified as non-core. Note that our APMs may not be directly comparable with similarly titled measures used by other
companies.
Non-core items in profit before tax comprise the following:
Note to the
consolidated
financial
statements
2024
$m
2023
$m
Acquisition and disposal-related:
Amortisation and impairment of acquired intangibles 9 (24) (28)
Acquisition-related costs 6.3
– (9)
Other employment-related expenses
1
6.2 (28) (21)
Revaluation of acquisition-related liabilities
(4) –
Restructuring costs 6.1
(22) –
Costs associated with legal claims 6.3
(4) (1)
Gain on disposal of investment property – right-of-use lease assets 8.1
3 12
Share of post-tax loss of associates 10
(2) (3)
Foreign exchange movements 5.1
6 (11)
Non-core items
(75) (61)
Note:
1 Adjustment to align acquisition-related employment-related expenses with proportionate share of earnings in the year.
181
Core measures: reconciliation to statutory equivalents
The statutory line items within the consolidated income statement can be reconciled to their core equivalents as follows:
2024
$m Core measure
Reclassification
of amounts relating
to consolidated
fund entities Non-core items
Per consolidated
income statement
Management and other fees
[APM]
1,135 (9) – 1,126
Performance fees
[APM]
310 (2) – 308
Revenue
[APM]
1,445 (11) – 1,434
Net income or gains on investments and other financial instruments
[APM]
50 32 6 88
Third-party share of gains relating to interests in consolidated funds
– (10) – (10)
Rental income
[APM]
2 1 – 3
Distribution costs
(38) – – (38)
Net revenue
[APM]
1,459 12 6 1,477
Asset servicing costs (67) – – (67)
Compensation costs
[APM]
(684) – (22) (706)
Other employment-related expenses
[APM]
(10) – (28) (38)
Other costs
[APM]
(199) (12) (4) (215)
Net finance expense
(23) – – (23)
Gain on disposal of investment property – right-of-use lease assets
– – 3 3
Amortisation and impairment of acquired intangibles
– – (24) (24)
Share of post-tax loss of associates
– – (2) (2)
Revaluation of acquisition-related liabilities
– – (4) (4)
Third-party share of post-tax profits
(3) – – (3)
Profit before tax
[APM]
473 – (75) 398
Tax expense
[APM]
(92) – (8) (100)
Profit
[APM]
381 – (83) 298
Core basic EPS 32.9¢
Core diluted EPS 32.1¢
2023
$m Core measure
Reclassification
of amounts relating
to consolidated
fund entities Non-core items
Per consolidated
income statement
Management and other fees
[APM]
995 (5) – 990
Performance fees
[APM]
180 (2) – 178
Revenue
[APM]
1,175 (7) – 1,168
Net income or gains on investments and other financial instruments
[APM]
48 39 (11) 76
Third-party share of gains relating to interests in consolidated funds – (24) – (24)
Rental income
[APM]
5 1 – 6
Distribution costs (32) – – (32)
Net revenue
[APM]
1,196 9 (11) 1,194
Asset servicing costs (58) – – (58)
Compensation costs
[APM]
(595) – – (595)
Other employment-related expenses
[APM]
(2) – (21) (23)
Other costs
[APM]
(179) (9) (10) (198)
Net finance expense (21) – – (21)
Gain on disposal of investment property – right-of-use lease assets – – 12 12
Amortisation and impairment of acquired intangibles – – (28) (28)
Share of post-tax loss of associates – – (3) (3)
Third-party share of post-tax profits (1) – – (1)
Profit before tax
[APM]
340 – (61) 279
Tax expense
[APM]
(69) – 24 (45)
Profit
[APM]
271 – (37) 234
Core basic EPS 23.0¢
Core diluted EPS 22.4¢
[APM] The core equivalents of these statutory measures are defined as alternative performance measures.
Core costs comprise asset servicing, compensation costs, core other employment-related expenses, core other costs and third-party share
of post-tax profits.
182
Alternative performance measures continued
Core measures: reconciliation to statutory equivalents continued
The statutory line items within the consolidated balance sheet can be reconciled to their core equivalents as follows:
2024
$m Core measure
Reclassification of
amounts relating to
consolidated
fund entities
Per consolidated
balance sheet
Assets
Cash and cash equivalents
[APM]
225 229 454
Fee and other receivables
[APM]
486 6 492
Investments in fund products and other investments
[APM]
722 1,692 2,414
Investments in associates
8 – 8
Current tax asset
17 – 17
Finance lease receivable
77 – 77
Leasehold improvements and equipment
58 – 58
Leasehold property – right-of-use lease assets
90 – 90
Investment property – right-of-use lease assets
13 – 13
Investment property – consolidated fund entities
– 12 12
Software intangible assets
57 – 57
Deferred tax assets
117 – 117
Pension asset
13 – 13
Goodwill and acquired intangibles
752 – 752
Total assets
2,635 1,939 4,574
Liabilities
Trade and other payables
[APM]
635 20 655
Employment–related payables to sellers of businesses acquired 56 – 56
Provisions
16 – 16
Current tax liabilities
3 – 3
CLO liabilities – consolidated fund entities
– 1,366 1,366
Third-party interest in consolidated funds
– 553 553
Third-party interest in other subsidiaries
1 – 1
Lease liability
248 – 248
Total liabilities
959 1,939 2,898
Net assets 1,676 – 1,676
183
Core measures: reconciliation to statutory equivalents continued
2023
$m Core measure
Reclassification of
amounts relating
to consolidated
fund entities
Per consolidated
balance sheet
Assets
Cash and cash equivalents
[APM]
180 96 276
Fee and other receivables
[APM]
463 88 551
Investments in fund products and other investments
[APM]
787 1,492 2,279
Investments in associates 11 – 11
Current tax asset 15 – 15
Finance lease receivable 67 – 67
Leasehold improvements and equipment 53 – 53
Leasehold property – right-of-use lease assets 112 – 112
Investment property – right-of-use lease assets 17 – 17
Investment property – consolidated fund entities – 30 30
Software intangible assets 54 – 54
Deferred tax assets 128 – 128
Pension asset 12 – 12
Goodwill and acquired intangibles 776 – 776
Total assets 2,675 1,706 4,381
Liabilities
Borrowings 140 – 140
Trade and other payables
[APM]
597 116 713
Employment–related payables to sellers of businesses acquired 23 – 23
Provisions 16 – 16
Current tax liabilities 3 – 3
CLO liabilities – consolidated fund entities – 1,036 1,036
Third-party interest in consolidated funds – 554 554
Third-party interest in other subsidiaries 1 – 1
Lease liability 283 – 283
Total liabilities 1,063 1,706 2,769
Net assets 1,612 – 1,612
[APM] The core equivalents of these statutory measures are defined as alternative performance measures.
184
Alternative performance measures continued
Core management fee profit and core performance fee profit
Core profit comprises core management fee profit, a steadier earnings stream, and core performance fee profit, a more variable earnings
stream. This split facilitates analysis of our profitability drivers.
2024
$m Core measure
Reclassification of
amounts relating to
consolidated
fund entities Non-core items
Per consolidated
income statement
Management and other fees 1,135 (9) – 1,126
Distribution costs (38) – – (38)
Net management fee revenue
1,097 (9) – 1,088
Rental income 2 1 – 3
Asset servicing costs
(67) – – (67)
Compensation costs (management fee)
(490) – (22) (512)
Other employment-related expenses
(10) – (28) (38)
Other costs
(199) (12) (4) (215)
Net finance expense (management fee)
(8) – – (8)
Third-party share of post-tax profits (management fee)
(2) – – (2)
Management fee profit before tax
323 (20) (54) 249
Tax expense (67)
Management fee profit 256
Core basic management fee EPS 22.1¢
Core diluted management fee EPS 21.5¢
Performance fees 310 (2) – 308
Net income or gains on investments and other financial instruments
50 32 6 88
Compensation costs (performance fee)
(194) – – (194)
Net finance expense (performance fee)
(15) – – (15)
Third-party share of post-tax profits (performance fee)
(1) – – (1)
Performance fee profit before tax
150 30 6 186
Tax expense (25)
Performance fee profit 125
Core basic performance fee EPS 10.8¢
Core diluted performance fee EPS 10.6¢
185
Core management fee profit and core performance fee profit continued
2023
$m Core measure
Reclassification of
amounts relating to
consolidated
fund entities Non-core items
Per consolidated
income statement
Management and other fees 995 (5) – 990
Distribution costs (32) – – (32)
Net management fee revenue 963 (5) – 958
Rental income 5 1 – 6
Asset servicing costs (58) – – (58)
Compensation costs (management fee) (439) – – (439)
Other employment-related expenses (2) – (21) (23)
Other costs (179) (9) (10) (198)
Net finance expense (management fee) (9) – – (9)
Third-party share of post-tax profits (1) – – (1)
Management fee profit before tax 280 (13) (31) 236
Tax expense (58)
Management fee profit 222
Core basic management fee EPS 18.8¢
Core diluted management fee EPS 18.4¢
Performance fees 180 (2) – 178
Net income or gains on investments and other financial instruments 48 39 (11) 76
Compensation costs (performance fee) (156) – – (156)
Net finance expense (performance fee) (12) – – (12)
Performance fee profit before tax 60 37 (11) 86
Tax expense (11)
Performance fee profit 49
Core basic performance fee EPS 4.2¢
Core diluted performance fee EPS 4.0¢
186
Alternative performance measures continued
Core gains/losses on investments
We use the measure core gains/losses on investments to represent the net return we receive on our seeding investments portfolio,
combining both consolidated and unconsolidated fund entities on a consistent basis. We therefore exclude from this measure gains or
losses on investments which do not relate to the performance of the seed book and adjust the amounts relating to consolidated funds to
be included in this line on a consistent basis. Core gains/losses on investments can be reconciled to the consolidated income statement
as follows:
Note to the
consolidated
financial
statements
2024
$m
2023
$m
Net gains on seeding investments portfolio 5.1 47 47
Net gains on fund investments held for deferred compensation arrangements
and other investments 5.1
3 1
Core gains on investments
50 48
Non-core items:
Consolidated fund entities: gross-up of net gains on investments 5.1
32 39
Foreign exchange movements 5.1
6 (11)
Net income or gains on investments and other financial instruments
88 76
Core tax rate
The core tax rate is the effective tax rate on core profit before tax and is equal to the tax on core profit divided by core profit before tax. The
tax expense on core profit before tax is calculated by excluding the tax benefit/expense related to non-core items from the statutory tax
expense, together with amounts relating to the utilisation or recognition of available US deferred tax assets. Therefore, tax on core profit is
considered a proxy for our cash taxes payable.
The impact of non-core items on our tax expense is outlined below:
2024
$m
2023
$m
Statutory tax expense 100 45
Tax on non-core items:
Amortisation and impairment of acquired intangibles
– 2
Restructuring costs
4 –
Costs associated with legal claims
1 –
Gain on disposal of investment property – right-of-use lease assets
(1) (3)
Foreign exchange movements
(2) 3
Non-core tax item - US deferred tax assets
(10) 22
Core tax expense
92 69
Comprising:
Tax expense on core management fee profit before tax 67 58
Tax expense on core performance fee profit before tax
25 11
The core tax rate is 19% for 2024 (2023: 20%).
Core cash flows from operations excluding working capital movements
Cash flows from operating activities excluding working capital movements can be reconciled to cash flows from operating activities as
reported in the consolidated cash flow statement as follows:
Note to the
consolidated
financial
statements
2024
$m
2023
$m
Cash flows from operating activities 648 337
Plus changes in working capital: 21
Increase/(decrease) in fee and other receivables
29 (104)
Decrease in other financial assets
(211) (71)
Decrease in trade and other payables
36 200
Core cash flows from operations excluding working capital movements
502 362
187
Net tangible assets
Net tangible assets is used as a measure of the capital available for deployment, and is equal to net assets excluding goodwill and
intangibles, as follows:
Note to the
consolidated
financial
statements
2024
$m
2023
$m
Seeding investments portfolio 5 532 595
Available cash and cash equivalents 14 225 180
Borrowings 14
– (140)
Contingent consideration 18
(4) (3)
Put options over non-controlling interests in subsidiaries 18
(10) (9)
Payables under repo arrangements 18
(16) (45)
Employment-related payables to sellers of businesses acquired
(56) (23)
Other tangible assets and liabilities
196 227
Net tangible assets
867 782
Goodwill and intangibles 809 830
Shareholders’ equity
1,676 1,612
Shareholder information
In this section we have provided
some key information to assist you in
managing your shareholding in Man
Group. If you have a question that is
not answered below, please contact
us at: shareholder@man.com
Man Group (www.man.com)
The Man Group website contains a wealth of information about the
Company, including details of the industry in which we operate, our
strategy and business performance, recent news from Man Group and
corporate responsibility initiatives. The Investor Relations section is a
key tool for shareholders with information on share price and financial
results, reports and presentations. This section of the website also
contains information on dividends and shareholder meeting details as
well as useful Frequently Asked Questions.
EQ Shareview (www.shareview.co.uk/shareholders)
Man Group’s register of shareholders is maintained by EQ, the
Company’s Registrars. Many aspects of managing your shares, such
as checking your current shareholding, managing dividend payments,
and updating your contact details, can be carried out byregistering
on the EQ Shareview website. To do this you will need your
Shareholder Reference, which can be found on your share
certificate or dividend confirmation.
Dividends
Final dividend for the year ended 31 December 2024
11.6¢ per share
The directors have recommended a final dividend of 11.6 cents per
share in respect of the year ended 31 December 2024. Payment of this
dividend is subject to approval at the 2025 Annual General Meeting
(AGM). Key dates relating to this dividend are given below:
Ex-dividend date 10 April 2025
Record date 11 April 2025
DRIP election date 29 April 2025
AGM (to approve final dividend) 9 May 2025
Sterling conversion date 9 May 2025
Payment date 21 May 2025
CREST accounts credited with DRIP shares 27 May 2025
DRIP share certificates received 28 May 2025
Capital allocation policy
Man Group’s capital allocation policy is disciplined and intended to
deliver attractive shareholder returns while supporting the future
growth of the business. Our aim is to increase the annual dividend per
share progressively over time, reflecting the firm’s underlying earnings
growth and free cash flow generation while maintaining a prudent
balance sheet. We then look to invest in organic and inorganic
initiatives that align with our strategic priorities, to drive long-term
value creation for our shareholders. Finally, any remaining available
capital is returned over time, through share repurchases when
advantageous.
The Company will fix the dividend currency conversion rate on
9 May 2025. The achieved sterling rate will be announced at this time,
in advance of the payment date.
Dividend payment methods
You can choose to receive your dividend in a number of ways:
1. Direct payment to your bank: cash dividends can be paid directly
into your UK bank or building society account. The associated dividend
confirmation will be sent direct to your registered address. Should you
need to complete a bank mandate form, these are available from the
Dividends section ofour website. Alternatively, dividend mandate
forms are available from the EQ Shareview website. If you have any
queries please contact EQ on 0371 384 2112¹ who will be able to assist.
2. Overseas payment service
2
: If you live overseas, EQ offers an
overseas payment service which is available in certain countries. This
may make it possible to receive dividends directly into your bank
account in your local currency. Further information can befound on
the EQ Shareview website or via the EQ helpline 0371384 2112¹. When
calling from outside the UK please ensure the country code is used.
3. Dividend Reinvestment Plan (DRIP): The Company is pleasedto
offer a DRIP, which gives shareholders the opportunity to build their
shareholding in the Company in a convenient and cost effective way.
Instead of receiving your dividend in cash, youreceive as many whole
shares as can be bought with your dividend, taking into account
related purchase costs; any residual cash is then carried forward and
added to your next dividend. Ifyou wish to join the DRIP, you can
download copies of the DRIPterms and conditions and the DRIP
mandate form from theDividends section of the Man Group website.
Simply complete theDRIP mandate form and return it to EQ. Should
you have any questions regarding the DRIP, please contact EQ on
0371 384 2112¹. Please note that if you wish to join the DRIP in time for
the payment of the forthcoming final dividend for the year ended
31 December 2024, EQ must have received your instruction by 5.00pm
on 29 April 2025. Instructions received after this date will be applied to
the next dividend payment.
1 Lines are open from 8.30am to 5.30pm, each business day. When calling from
outsidetheUK,pleaseensurethecountrycodeisused.
2 Please note that a payment charge will be deducted from each individual
payment before conversion to your local currency.
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Shareholder communications
Annual Report and Half Year Results
Man Group publishes an Annual Report and Half Year Results every
year. TheAnnual Report is published on the website and is sent to
shareholders through the post if they have requested to receive a
copy. The Half Year Results are published on the website and printed
copies are available on request from the Company Secretary.
E-communications
You can help Man Group to reduce its carbon footprint as well as its
printing and postage costs by signing up to receive communications
electronically rather than receiving printed documents such as
AnnualReports and Notices of AGMs in the post. To sign up for
e-communications, simply register on the EQ Shareview website.
Youwill need your Shareholder Reference, which can be found on
your share certificate or dividend confirmation or proxy card, in order
toregister. Once registered, you will need to change your mailing
preference to e-communications and provide your email address.
Youwill then receive an email each time a shareholder communication
or document becomes available on the Man Group website.
Managing your shareholding
Online, by post, or by phone
Many aspects of your shareholding can be managed by registering on
the EQ Shareview website www.shareview.co.uk. For enquiries about
your shareholding you can also contact EQ in writing at EQ, Aspect
House, Spencer Road, Lancing, West Sussex, BN99 6DA, or by
telephone on 0371 384 2112¹ quoting Ref No 874. Please quote your
Shareholder Reference when contacting EQ.
Share dealing service
EQ provides a share dealing facility through which you can buy or sell
Man Group plc shares in the UK. The service is provided by Equiniti
Financial Services Limited and can be accessed via the dealing section
of the EQ Shareview website (www.shareview.co.uk/dealing). To use
EQ’s telephone dealing service, please call 03456 037 037 between
8.00am and 4.30pm Monday to Friday. You can also buy and sell
shares through any authorised stockbroker or bank that offers a share
dealing service in the UK, or in your country of residence if outside
the UK.
Be a ScamSmart investor – avoid investment
andpension scams
Even seasoned investors have been caught out by sophisticated share
or investment scams where smooth-talking fraudsters cold callfrom
‘boiler rooms’ to offer them worthless, overpriced or even non-existent
shares, or to buy shares they currently hold at a price higher than the
market value. All shareholders are advised to be extremely wary of any
unsolicited advice, offers to buy shares at a discount, or offers of free
reports about the Company. The Financial Conduct Authority (FCA)
provides helpful information about such scams on its website,
including practical tips on how to protect yoursavings and how to
report a suspected investment scam. ManGroup encourages its
shareholders to read the information onthe site which can be
accessed at www.fca.org.uk/scamsmart. You can also call the FCA
Consumer Helpline on 0800 111 6768.
How your details are protected from cybercrime
Man Group takes the protection of its shareholders’ personaldatafrom
the ever-increasing threat of cybercrime very seriously. Shareholder
details are maintained by EQ, our Registrars, who safeguard this
information to the highest standards. EQ’s security measures include
multiple levels of firewall, no wireless access to thecorporate network,
and regular external vulnerability scans and system penetration tests.
Dividend history
To help shareholders with their tax affairs, details of dividends paid inthe 2024/25 tax year can be found below. Please note that the dividend
amounts are declared in US dollars but paid in sterling. Forease of reference the sterling dividend amounts have been detailed in the table. For
details of historical payments, please refer tothe Dividends section of our website, which can be found at www.man.com/investor-relations.
Dividends paid in the 2024/25 tax year Dividend no Payment date
Amount per
Share (p)
Ex-dividend
date Record date
DRIP share
Price (p)
DRIP
Purchase date
Interim dividend for the year ended 31 Dec 2024 0/35 20/09/24 4.26 08/08/24 09/08/24 217.57 20/09/24
Final dividend for the year ended 31 Dec 2023 0/34 22/05/24 8.54 11/04/24 12/04/24 255.45 22/05/24
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Man Group plc | Annual Report 2024
Glossary
Absolute investment performance
Percentage rise/fall in the value of the fund over the stated period
Absolute return
Alternative strategies where clients expect the strategy may have net
long, short or neutral exposure to asset classes, and that may make use
ofleverage to achieve those exposures. This includes trend following and
discretionary long/short strategies
Actively managed
The management of assets based on active decision-making as opposed to
aiming to replicate an index
AGM
Annual General Meeting
Alpha
Excess return over beta relative to a market benchmark, or a measure of
the ‘value add’ by an investment manager
Alternative
An alternative investment is an asset that is not one of the conventional
investment types, such as stocks, bonds and cash
Alternative performance measure (APM)
APMs are financial measures of current, historical or future financial
performance, financial position or cash flows that are not defined or
specified in the applicable financial reporting framework. Man Group’s
primary APMs are defined as follows:
Core profit
Core profit excludes acquisition and disposal-related items, significant
non-recurring items and volatile or uncontrollable items, as well as profits
orlosses generated outside of our investment management business.
Taxonthese ‘non-core’ items and movements in deferred tax relating
totheutilisation or recognition of tax assets in the US are also excluded
Core tax rate
The core tax rate is the effective tax rate on core profit before tax and is
equal to the tax on core profit divided by core profit before tax
Net tangible assets
Net tangible assets is used as a measure of the capital available for
deployment, and is equal to net assets excluding goodwill and intangibles
Full details of our APMs can be found on pages 180 to 187
Assets under management (AUM)
AUM are the assets that Man Group manages for investors in investment
vehicles (including fund entities) and clients with separately managed
accounts. It is akeyindicator of our performance as an investment
management group andour ability to remain competitive and build a
sustainable business. AverageAUM multiplied by our net management fee
margin equates to our management fee earning capacity. AUM is shown by
product categories that have similar characteristics (referring to Absolute
return, Total return, Multi-manager solutions, Systematic long-only and
Discretionary long-only investment strategies). AUM includes advisory-
only assets where Man Group provides model portfolios but does not
have decision making or trading authority over the assets and dedicated
managed account platform services for which Man Group provides
platform and risk management services but does not provide investment
management services
Movements in AUM are split between the following categories:
Net inflows/outflows
Net inflows/outflows are a measure of Man Group’s ability to attract and
retain investor capital. Net flows are calculated as sales less redemptions
Investment performance
Investment performance is a measure of the performance of the
investment vehicles Man Group manages for its investors, net of fees
Other movements
Some of Man Group’s AUM is denominated in currencies other than USD.
FX movements represent the impact of translating non-USD denominated
AUM into USD. Other movements includes the performance-linked leverage
movements, distributions and realisations, and capital returned to investors
from CLO strategies
ARCom
Audit and Risk Committee
Basis point (bps)
One one-hundredth of a percentage point (0.01%)
Benchmark
A standard against which the performance of a security, mutual fund
orinvestment manager can be measured; generally broad market and
market-segment stock and bond indexes are used for this purpose
Beta
Market returns
CAGR
Compound annual growth rate
Carbon dioxide equivalent (CO₂e)
A standard unit for measuring carbon footprints. Enabling the impact of
different greenhouse gas emissions to be expressed using an equivalent
amount of carbon dioxide (CO₂) as reference. We calculate total emissions
using tonnes per CO₂e or tCO₂e
Cash costs
Costs excluding depreciation and amortisation
Collateralised loan obligation (CLO)
CLOs are a security backed by a pool of debt, often corporate loans
Compensation ratio
The compensation ratio is calculated as total compensation costs divided
by net revenue
CS
Corporate Sustainability
DE&I
Diversity, Equity and Inclusion
Defined benefit (DB) pension scheme
A pension benefit where the employer has an obligation to provide
participating employees with pension payments that represent a specified
percentage of their salary for each year of service
Defined contribution (DC) pension scheme
A pension benefit where the employer’s contribution to an employee’s
pensionis measured as, and limited to, a specified amount, usually a
percentage of salary
Discretionary
Discretionary investment management is a form of investment
management inwhich buy and sell decisions are made by a portfolio
manager. The term ‘discretionary’ refers to the fact that investment
decisions are made at the portfolio manager’s discretion
Drive
Drive is our global internal diversity and inclusion network which is
designed toinform, support and inspire our people. The network’s mission
is to advance Man Group’s efforts in promoting and valuing diversity and
inclusion throughout the firm
Employee benefit trust
An employee benefit trust is a type of discretionary trust established to
hold cash or other assets for the benefit of employees, such as satisfying
share awards, with a view to facilitating the attraction, retention and
motivation of employees
Employee Trust
The Employee Trust is the employee benefit trust operated by Man Group
ESG
Environmental, Social and Governance
ESG-integrated AUM
Portion of total AUM that integrates the GSIA ESG Integration’ sustainable
investment approach, defined as ‘ongoing considerations of ESG factors
within an investment analysis and decision-making process with the aim
to improve risk-adjusted returns’. The calculation methodology identifies
all relevant funds and mandates for which explicit ESG criteria are used in
asset selection (discretionary) or a dedicated ESG model is incorporated in
the investment process (systematic).
For single manager/strategy funds: if ESG factors are materially integrated
into the investment strategy (e.g. ESG factors impact security selection
such as for Article 8/ Article 9 Funds under the SFDR), then the entire
assets of the fund will be accounted for as ESG AUM. In the case of Man
Numeric, it will be relevant to the integration of Numeric’s proprietary ESG
factor model which currently, can be as high as 70% but may be as low
as 3% in terms of weight compared to the other models. For instances
where the model weight is at the lower bound, it is still commensurate/
proportional with other individual models used in the process.
For ESG multi-strategy funds/mandates (i.e. strategies which are marketed
as ESG strategies): we include all the relevant AUM.
For non-ESG multi-strategy funds/mandates: currently only the portion of
a fund or mandate for which ESG is factored into the investment process
is included. For example, some of our multi-strategy/multi-asset portfolios
may only incorporate ESG factors in certain sleeves or asset classes.
For third party multi-strategy managers: Man Solutions will seek to assess
at the sub-strategy level for ESG-integrated AUM on the same basis. If Man
Solutions is unable to get transparency or single sleeve allocation are not
disclosed, those strategies will be assumed to not include ESG content.
Executive Committee (ExCo)
The executives responsible for delivering the firm’s strategy
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Shareholder information
Man Group plc | Annual Report 2024
RI
Responsible Investment
Relative investment performance
Percentage rise/fall in the value of the fund over the stated period relative
to peers or benchmarks. Calculated as an asset-weighted average
performance relative to peers/benchmark for all strategies where we have
identified and can access an appropriate composite
Relative net flows
Percentage above/below asset-weighted industry net flows. Industry
sources include HFR, Morningstar and Man Group analysis
Revolving credit facility (RCF)
A line of credit, to an agreed limit, that businesses can access when needed
Run rate net management fee revenue and margin
Run rate net management fee margin is calculated as core net
management fee revenue for the last quarter divided by the average AUM
for the last quarter on a fund-by-fund basis. Run rate net management fee
revenue iscalculated as the run rate net management fee margin applied
to theclosing AUM as at the period end. These measures give the most up-
to-date indication of our management fee revenue at a given date
Safecall
An independent employee helpline www.safecall.co.uk
Sale and repurchase agreement
A sale and repurchase agreement (repo) is a short-term borrowing
arrangement under which Man Group sells certain of its fund product
investments to a third-party, with a commitment to repurchase them on a
prearranged future date for consideration of the sale proceeds plus interest
Scope 1, 2 and 3 emissions
The greenhouse gas (GHG) Protocol Corporate Standard classifies
acompany’s greenhouse gas emissions into three ‘scopes’. Scope 1
emissions are direct emissions from owned or controlled sources. Scope 2
emissions are indirect emissions from the generation of purchased energy
including electricity, steam, heating and cooling. Scope 3 emissions include
allother indirect emissions that occur within a company’s value chain
Seed capital
Seed capital is an investment in a fund allowing it to develop a performance
track record or allowing it to be marketed to potential clients. Seed capital
also includes CLO risk retention positions and fund products to which Man
Group obtains exposure via sale and repurchase arrangements or TRSs
SFDR
Sustainable Finance Disclosure Regulation
SMCR
Senior Managers Certification Regime, FCA regulation which aims to
strengthen market integrity by making senior individuals more accountable
fortheir conduct and competence
Systematic
Systematic investment managers attempt to remove the behavioural
component ofinvesting by using computer algorithms to make investment
decisions
TCFD
Task Force on Climate-related Financial Disclosures
Total return
Alternative strategies where clients expect the strategy to have some
positiveexposure to particular risk factors over the course of a market cycle
although thelevel of exposure may vary over time. This includes US direct
lending, real estate, risk premia, risk parity andCLO strategies
Total return swap (TRS)
A total return swap is a swap agreement in which Man Group receives
the return on an underlying fund investment in exchange for an interest
payment onthe notional investment
Trade execution
The completion of a buy or sell order on a security in the market
TSR
Total shareholder return
UN PRI
The United Nations-supported Principles for Responsible Investment
initiativeisan international network of investors working together to
implementthe six Principles for Responsible Investment. Its goal is to
understand the implications of sustainability for investors and support
signatories to incorporate these issues or implications into their investment
decision-making and ownership practices
Weighted average carbon intensity (WACI)
The measurement of a portfolio’s exposure to carbon-intensive companies,
expressed in tonnes of CO₂e per million dollars of revenue
External audit
An external auditor performs an audit, in accordance with specific laws or
rules, of the financial statements of an organisation and is independent of
the entity being audited
FCA
Financial Conduct Authority
FRC
Financial Reporting Council
GDPR
The General Data Protection Regulation
Global Sustainable Investment Alliance (GSIA)
The Global Sustainable Investment Alliance
High-water mark
The value above which performance-fee-eligible AUM accrues
performancefees
HMRC
His Majesty’s Revenue and Customs
ICAAP
Internal Capital Adequacy and Assessment Process
ICARA
Internal Capital and Risk Assessment
IFRS
International Financial Reporting Standards
Internal audit
Provide independent assurance that an organisation’s risk management,
governance and internal control processes are operating effectively
Investment returns
The increase in AUM attributable to investment performance, market
movements and foreign exchange
KPI
Key Performance Indicator
Long-only
Long-only refers to a policy of only holding ‘long’ positions in assets
andsecurities
Machine learning
A process in which a range of applied algorithms recognise repeatable
patterns and relationships within observed data
Man Group
Man Group plc, through its investment management subsidiaries and
partnerships (collectively, ‘Man Group’), is a global investment management
business and provides a range of fund products and investment
management services for investors globally. Investment management
services are offered through Man Group plc’s regulated subsidiaries
Mid-frequency quant equity
A systematic equity long/short strategy trading a diversified set of models
across timeframes of hours to weeks
MiFID II
The second iteration of the Markets in Financial Instruments Directive
Multi-manager solutions
Multi-manager solutions includes traditional fund of funds and managed
accounts investing in vehicles managed by asset managers other than
ManGroup
Net asset value (NAV)
Net Asset Value or NAV is the sum total of the market value of all the
investment instruments held in the portfolio including cash, less any
liabilities held in the portfolio. NAV per share is found by dividing the
totalnumber of units outstanding from the NAV
Net management fee margin
Margins are an indication of the management fee revenue margins
negotiated with Man Group clients net of any distribution costs paid
tointermediaries. Net management fee margin is calculated as core net
management fee revenue divided by AUM
Passive products
Products which are intended to replicate an index
Quantitative or quant
Quantitative strategies use computer models to make trading decisions.
Aquant is a person who specialises in the application of mathematical
andstatistical methods to financial and risk management problems
Regulatory capital
Regulatory capital is the amount of risk capital set by legislation or local
regulators, which companies must hold against any difficulties such as
market or credit risks
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Man Group plc | Annual Report 2024
Company contact details
Registered office
Man Group plc
22 Grenville Street
St Helier
Jersey JE4 8PX
Telephone: + 44 (0) 20 7144 1000
Website: www.man.com
Registered in Jersey with registered no: 127570
London office
Riverbank House
2 Swan Lane
London EC4R 3AD
United Kingdom
Telephone: +44 (0) 20 7144 1000
Investor relations
Karan Shirgaokar
Head of Investor Relations
Company secretariat
Elizabeth Woods
Company Secretary
Communications
Georgiana Brunner
Head of Communications
Company advisors
Independent auditor
Deloitte LLP
Corporate brokers
Barclays
Goldman Sachs International
Corporate communications
FTI Consulting
Registrars
EQ
Shareholder information
This Annual Report has been prepared for, and only for, the members of the Company, as a body, and no other persons. The Company, its directors, employees,
agents or advisers do not accept or assume responsibility to any other person to whom this document is shown or into whose hands it may come and any such
responsibility or liability is expressly disclaimed. By their nature, the statements concerning the risks and uncertainties facing the Group in this Annual Report
involveuncertaintysincefutureeventsandcircumstancescancauseresultsanddevelopmentstodiffermateriallyfromthoseanticipated.Theforward-looking
statementsreflectknowledgeandinformationavailableatthedateofpreparationofthisAnnualReportandtheCompanyundertakesnoobligationtoupdate
thesestatements.NothinginthisAnnualReportshouldbeconstruedasaprofitforecast.Pastperformanceisnotanindicationoffutureperformance.Nothingin
thisAnnualReportshouldbeconstruedasorisintendedtobeasolicitationfororanoffertoprovideinvestmentadvisoryservicesortoinvestinanyinvestment
productsmentionedherein.AllinvestmentmanagementandadvisoryservicesareofferedthroughManGroupplcaffiliatedregulatedinvestmentmanagers.
192
Shareholder information
Man Group plc | Annual Report 2024
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