March 1, 2017 / 7:29 AM / in 9 months

REFILE-Man Group assets rise 3 pct in 2016, profits by lower fees

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LONDON, March 1 (Reuters) - 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)

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