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LONDON, March 1 British hedge fund firm Man
Group said on Wednesday it had added a net $1.9 billion
of new client money in 2016, helping its total funds under
management rise 3 percent to $80.9 billion.
Man continued, which saw strong net inflows into its
computer-driven funds, said market moves helped add a further
$3.2 billion to its assets, more than offsetting currency losses
and those from other market movements of $2.9 billion.
Adjusted profit before tax was down $205 million in 2016,
from $400 million in 2015, hit by a drop in performance fees,
and the firm said it had recommended a final dividend of 4.5
cents a share, for a total dividend for the year of 9 cents.
"2016 was a challenging year for the investment management
industry and despite respectable relative performance from our
strategies, this is reflected in our results," said Luke Ellis,
Chief Executive Officer at Man Group.
(Reporting by Maiya Keidan; editing by Simon Jessop)