Hedge funds Man Group (LON:EMG) came under selling pressure after the company's 2015 profits slumped.
Adjusted profit before tax fell to $400mln from $481mln the year before, with net performance fee profit down after what Man termed “a very strong year in 2014”.
Funds under management at the end of the year had risen 8% to $78.7bn from $72.9bn a year earlier, with the group reporting net inflows of $0.3bn, down from net inflows of $3.3bn in 2014.
The company inched up its full-year dividend to 10.2 cents from 10.1 cents the year before, which is roughly half the adjusted diluted earnings per share (EPS) of 21.1 cents (2014: 24.4 cents), and bang in line with the adjusted diluted management fee EPS, as per the company's stated dividend policy.
“Looking forward, the on-going volatility in the markets in which we operate remains very challenging and, accordingly, the risk appetite of our clients might impact flows; however, we now have a more diversified offering and a range of attractive options for growth, which have strengthened the firm and enhanced our resilience as a business," claimed Manny Roman, chief executive of Man.
The shares were off 6.7% at 150.7p in late morning trading.