Manny Roman, Chief Executive Officer of Man, said:
"2012 was another tough year for Man. Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the US and macroeconomic risks. Investor appetite remained muted and as expected there was a further decline in Man's product margin mix and revenues.
Management's priority last year was to maintain the focus on delivering investment performance for our investors, while reducing our cost base to a level which reflects the economics of a reduced and different mix of asset flows. On both counts we made good progress.
As of mid-February 2013, most of our strategies were off to a good start and there is no doubt investor sentiment has improved somewhat. The number of requests for proposals and the pipeline of new mandates have increased to a degree. However, given the lead time required by institutional investors to invest, gross sales are likely to remain muted in the first half and we are yet to see a slow down in the rate of redemptions.
We have introduced changes to senior management to further enhance Man's focus on investment performance. We will maintain our efforts to make Man lean and efficient. We have identified areas where over the medium term we can build and enhance our investment platform and deliver profitable growth for our shareholders. This gives grounds for cautious optimism for the medium term, but there should be no doubt that business conditions remain very tough. We will continue to focus on delivering performance for our investors; from that, all else flows."
Dividend
The Board confirms that it will recommend a final dividend of 12.5 cents per share for the financial year to 31 December 2012, giving a total dividend of 22 cents per share for the year. This dividend will be paid at the rate of 8.26 pence per share.
As announced in March 2012, Man's dividend policy going forward is to pay at least 100% of adjusted management fee earnings per share in each financial year by way of ordinary dividend. In addition, the Group expects to generate significant surplus capital over time, primarily from net performance fee earnings. Available surpluses, after taking into account required capital, potential strategic opportunities and a prudent buffer, will be distributed to shareholders over time, by way of higher dividend payments and/or share repurchases. Whilst the Board continues to consider dividends as the primary method of returning capital to shareholders, it will continue to execute share repurchases when advantageous.
Dates for the 2012 final dividend
|
Ex-dividend date |
24 April 2013 |
|
Record date |
26 April 2013 |
|
Payment date |
17 May 2013 |
