Man Group reports record AuM but interims earnings drop sharply

(Sharecast News) - Man Group reported record assets under management for the first half of the year and industry beating net inflows. Chief executive officer Robyn Grew meanwhile highlighted Man's recent acquisition of U.S.-based Varagon Capital Group.

"Diversifying our client offering has been a priority for the firm and last month we were pleased to announce the acquisition of Varagon Capital Partners," he said.

"As the private credit market continues to grow in relevance for the world's largest institutions, this transaction adds a US-focused direct lending strategy designed to provide consistent risk-adjusted outperformance at scale and in a highly customisable format."

For the six months ending on 30 June, the fund manager said that AuM had improved from $143.3bn to $151.7bn.

Net inflows of $2.6bn meanwhile were 2.5% ahead of the wider industry.

Statutory earnings per share however declined from 22.7 US cents in the year ago period to 6.8 US cents.

By 1628 BST the shares had fallen 5.36% to 226.0p.