| Increase/(decrease) in 2023 | ||
| employment-related expense | ||
Discount rate decreased/(increased) by 5% p.a. | 8 | (6) |
Forecast future cash flows increased/(decreased) by 50% p.a. | 3 | (20) |
2023 | 2022 | |
| $m | $m | |
Audit, tax, legal and other professional fees | 24 | 24 |
Technology and communications | 24 | 22 |
Occupancy | 20 | 18 |
Temporary staff, recruitment, consultancy and managed services | 13 | 17 |
Staff benefits | 19 | 14 |
Insurance | 5 | 7 |
Travel and entertainment | 11 | 7 |
Marketing and sponsorship | 5 | 5 |
Claims | 1 | \u2013 |
Other costs, including irrecoverable VAT | 10 | 9 |
Other costs \u2013 consolidated fund entities | 9 | 9 |
Acquisition-related costs (Note 17) | 9 | \u2013 |
Other costs before depreciation and amortisation | 150 | 132 |
Depreciation of leasehold improvements and equipment (Note 15) | 12 | 12 |
Depreciation of right-of-use lease assets (Note 16.1) | 14 | 17 |
Amortisation of other intangibles (Note 19) | 22 | 18 |
Total other costs | 198 | 179 |
2023 | 2022 | |
| $m | $m | |
Audit, tax, legal and other professional fees | 24 | 24 |
Technology and communications | 24 | 22 |
Occupancy | 20 | 18 |
Temporary staff, recruitment, consultancy and managed services | 13 | 17 |
Staff benefits | 19 | 14 |
Insurance | 5 | 7 |
Travel and entertainment | 11 | 7 |
Marketing and sponsorship | 5 | 5 |
Claims | 1 | \u2013 |
Other costs, including irrecoverable VAT | 10 | 9 |
Other costs \u2013 consolidated fund entities | 9 | 9 |
Acquisition-related costs (Note 17) | 9 | \u2013 |
Other costs before depreciation and amortisation | 150 | 132 |
Depreciation of leasehold improvements and equipment (Note 15) | 12 | 12 |
Depreciation of right-of-use lease assets (Note 16.1) | 14 | 17 |
Amortisation of other intangibles (Note 19) | 22 | 18 |
Total other costs | 198 | 179 |
2023 | 2022 | |
| $m | $m | |
Audit, tax, legal and other professional fees | 24 | 24 |
Technology and communications | 24 | 22 |
Occupancy | 20 | 18 |
Temporary staff, recruitment, consultancy and managed services | 13 | 17 |
Staff benefits | 19 | 14 |
Insurance | 5 | 7 |
Travel and entertainment | 11 | 7 |
Marketing and sponsorship | 5 | 5 |
Claims | 1 | \u2013 |
Other costs, including irrecoverable VAT | 10 | 9 |
Other costs \u2013 consolidated fund entities | 9 | 9 |
Acquisition-related costs (Note 17) | 9 | \u2013 |
Other costs before depreciation and amortisation | 150 | 132 |
Depreciation of leasehold improvements and equipment (Note 15) | 12 | 12 |
Depreciation of right-of-use lease assets (Note 16.1) | 14 | 17 |
Amortisation of other intangibles (Note 19) | 22 | 18 |
Total other costs | 198 | 179 |
2023 | 2022 | |
| $m | $m | |
Audit, tax, legal and other professional fees | 24 | 24 |
Technology and communications | 24 | 22 |
Occupancy | 20 | 18 |
Temporary staff, recruitment, consultancy and managed services | 13 | 17 |
Staff benefits | 19 | 14 |
Insurance | 5 | 7 |
Travel and entertainment | 11 | 7 |
Marketing and sponsorship | 5 | 5 |
Claims | 1 | \u2013 |
Other costs, including irrecoverable VAT | 10 | 9 |
Other costs \u2013 consolidated fund entities | 9 | 9 |
Acquisition-related costs (Note 17) | 9 | \u2013 |
Other costs before depreciation and amortisation | 150 | 132 |
Depreciation of leasehold improvements and equipment (Note 15) | 12 | 12 |
Depreciation of right-of-use lease assets (Note 16.1) | 14 | 17 |
Amortisation of other intangibles (Note 19) | 22 | 18 |
Total other costs | 198 | 179 |
2023 | 2022 | |
Investment management | 469 | 427 |
Sales and marketing | 251 | 238 |
Technology and infrastructure 1 | 996 | 930 |
Average headcount | 1,716 | 1,595 |
Headcount at 31 December | 1,790 | 1,655 |
2023 | 2022 | |
| $m | $m | |
Finance expense | ||
Unwind of lease liability discount (Note 16.1) | (10) | (10) |
Interest expense on total return swaps and sale and repurchase agreements | (12) | (3) |
Other finance expense | (12) | (3) |
Total finance expense | (34) | (16) |
Finance income | ||
Interest on cash deposits | 12 | 5 |
Unwind of finance lease discount (Note 16.2) | 1 | \u2013 |
Total finance income | 13 | 5 |
Net finance expense | (21) | (11) |
2023 | 2022 | |
| $m | $m | |
Finance expense | ||
Unwind of lease liability discount (Note 16.1) | (10) | (10) |
Interest expense on total return swaps and sale and repurchase agreements | (12) | (3) |
Other finance expense | (12) | (3) |
Total finance expense | (34) | (16) |
Finance income | ||
Interest on cash deposits | 12 | 5 |
Unwind of finance lease discount (Note 16.2) | 1 | \u2013 |
Total finance income | 13 | 5 |
Net finance expense | (21) | (11) |
2023 | 2022 | |
| $m | $m | |
Finance expense | ||
Unwind of lease liability discount (Note 16.1) | (10) | (10) |
Interest expense on total return swaps and sale and repurchase agreements | (12) | (3) |
Other finance expense | (12) | (3) |
Total finance expense | (34) | (16) |
Finance income | ||
Interest on cash deposits | 12 | 5 |
Unwind of finance lease discount (Note 16.2) | 1 | \u2013 |
Total finance income | 13 | 5 |
Net finance expense | (21) | (11) |
2023 | 2022 | |
| $m | $m | |
Finance expense | ||
Unwind of lease liability discount (Note 16.1) | (10) | (10) |
Interest expense on total return swaps and sale and repurchase agreements | (12) | (3) |
Other finance expense | (12) | (3) |
Total finance expense | (34) | (16) |
Finance income | ||
Interest on cash deposits | 12 | 5 |
Unwind of finance lease discount (Note 16.2) | 1 | \u2013 |
Total finance income | 13 | 5 |
Net finance expense | (21) | (11) |
2023 | 2022 | |
| $m | $m | |
Finance expense | ||
Unwind of lease liability discount (Note 16.1) | (10) | (10) |
Interest expense on total return swaps and sale and repurchase agreements | (12) | (3) |
Other finance expense | (12) | (3) |
Total finance expense | (34) | (16) |
Finance income | ||
Interest on cash deposits | 12 | 5 |
Unwind of finance lease discount (Note 16.2) | 1 | \u2013 |
Total finance income | 13 | 5 |
Net finance expense | (21) | (11) |
2023 | 2022 | |
| $m | $m | |
Finance expense | ||
Unwind of lease liability discount (Note 16.1) | (10) | (10) |
Interest expense on total return swaps and sale and repurchase agreements | (12) | (3) |
Other finance expense | (12) | (3) |
Total finance expense | (34) | (16) |
Finance income | ||
Interest on cash deposits | 12 | 5 |
Unwind of finance lease discount (Note 16.2) | 1 | \u2013 |
Total finance income | 13 | 5 |
Net finance expense | (21) | (11) |
2023 | 2022 | |
| $m | $m | |
Net current tax liability at beginning of the year | 37 | 15 |
Charge to the Group income statement | 65 | 159 |
Credit to equity | (5) | (4) |
Tax paid | (100) | (125) |
Other balance sheet movements | (6) | (5) |
Foreign currency translation | (3) | (3) |
Net current tax (asset)/liability at end of the year | (12) | 37 |
2023 | 2022 | |
| $m | $m | |
Current tax | ||
UK corporation tax on profits | 56 | 140 |
Foreign tax | 14 | 19 |
Adjustments to tax charge in respect of previous years | (5) | \u2013 |
Current tax expense | 65 | 159 |
Deferred tax | ||
Origination and reversal of temporary differences | (23) | (13) |
Adjustments to tax charge in respect of previous years | 3 | (9) |
Deferred tax credit (Note 20) | (20) | (22) |
Total tax expense | 45 | 137 |
2023 | 2022 | |
| $m | $m | |
Profit before tax | 279 | 745 |
Theoretical tax expense at UK rate: 23.5% (2022: 19%) | 66 | 142 |
Effect of: | ||
Overseas tax rates different to UK | (4) | (2) |
Adjustments to tax charge in respect of previous years | (2) | (9) |
(Recognition)/derecognition of US deferred tax assets (Note 20) | (19) | 7 |
Other | 4 | (1) |
Tax expense | 45 | 137 |
2023 | 2022 | |
| $m | $m | |
Cash held with banks | 92 | 124 |
Short-term deposits | 46 | 95 |
Money market funds | 42 | 130 |
Cash held by consolidated fund entities (Note 12.2) | 96 | 108 |
Cash and cash equivalents | 276 | 457 |
Less: cash held by consolidated fund entities (Note 12.2) | (96) | (108) |
Available cash and cash equivalents | 180 | 349 |
Undrawn committed revolving credit facility 1 | 660 | 500 |
Total liquidity | 840 | 849 |
2023 | 2022 | |
Credit ratings of banks | $m | $m |
AAA | 31 | 103 |
AA | 67 | 103 |
A | 82 | 143 |
Total | 180 | 349 |
2023 | 2022 | |
Market risk hedges | $m | $m |
Notional value of derivatives at 31 December | ||
Assets | \u2013 | 149 |
Liabilities | (175) | (71) |
Net (liabilities)/assets | (175) | 78 |
For the year ended 31 December | ||
(Loss)/gain recognised in the Group income statement | (17) | 39 |
2023 | 2022 | |
| $m | $m | |
Notional value of derivatives at 31 December | ||
Assets | 124 | 82 |
Liabilities | (343) | (235) |
Net liabilities | (219) | (153) |
For the year ended 31 December | ||
(Loss)/gain before the impact of hedging | (4) | 5 |
(Loss)/gain on hedging instruments | (7) | 17 |
(Loss)/gain recognised in the Group income statement after the impact of hedging | (11) | 22 |
2023 | 2022 | |
| $m | $m | |
Sterling | (138) | (155) |
Australian dollar | 14 | 41 |
Japanese yen | 7 | 19 |
Other | 10 | 10 |
Total | (107) | (85) |
2023 | 2022 | ||
| Note | $m | $m | |
Cash flows from operating activities | |||
Statutory profit | 234 | 608 | |
Adjustments for: | |||
Share-based payment charge | 5.1 | 40 | 45 |
Fund product-based payment charge | 5.1 | 83 | 72 |
Other employment-related expenses | 5.1 | 23 | \u2013 |
Net finance expense | 6 | 21 | 11 |
Tax expense | 7 | 45 | 137 |
Depreciation of leasehold improvements and equipment | 15 | 12 | 12 |
Depreciation of right-of-use lease assets | 16.1 | 14 | 17 |
Gain on disposal of investment property \u2013 right-of-use lease assets | 16.2 | (12) | \u2013 |
Amortisation and impairment of acquired intangibles | 18 | 28 | 51 |
Amortisation of other intangibles | 19 | 22 | 18 |
Share of post-tax loss of associates | 22 | 3 | 5 |
Realised gains on cash flow hedges | (12) | (7) | |
Foreign exchange movements | 3 | (13) | |
Other non-cash movements | (9) | (5) | |
495 | 951 | ||
Changes in working capital 1 : | |||
Decrease/(increase) in fee and other receivables | 104 | (68) | |
Decrease/(increase) in other financial assets including consolidated fund entities 2 | 71 | (45) | |
(Decrease)/increase in trade and other payables | (200) | 40 | |
Cash generated from operations | 470 | 878 |
2023 | 2022 | |
| $m | $m | |
Fee receivables | 25 | 35 |
Accrued income | 274 | 359 |
Collateral posted with derivative counterparties | 48 | 39 |
Receivables from Open Ended Investment Company (OEIC) funds | 39 | 20 |
Other fund receivables | 29 | 36 |
Prepayments | 23 | 17 |
Derivatives | 5 | 9 |
Other receivables | 20 | 26 |
Receivables relating to consolidated fund entities (Note 12.2) | 88 | 29 |
Fee and other receivables | 551 | 570 |
Comprising: | ||
Financial assets at amortised cost | 523 | 544 |
Financial assets at fair value through profit or loss | 5 | 9 |
Non-financial assets | 23 | 17 |
2023 | 2022 | |
| $m | $m | |
Fee receivables | 25 | 35 |
Accrued income | 274 | 359 |
Collateral posted with derivative counterparties | 48 | 39 |
Receivables from Open Ended Investment Company (OEIC) funds | 39 | 20 |
Other fund receivables | 29 | 36 |
Prepayments | 23 | 17 |
Derivatives | 5 | 9 |
Other receivables | 20 | 26 |
Receivables relating to consolidated fund entities (Note 12.2) | 88 | 29 |
Fee and other receivables | 551 | 570 |
Comprising: | ||
Financial assets at amortised cost | 523 | 544 |
Financial assets at fair value through profit or loss | 5 | 9 |
Non-financial assets | 23 | 17 |
2023 | 2022 | |
| $m | $m | |
Fee receivables | 25 | 35 |
Accrued income | 274 | 359 |
Collateral posted with derivative counterparties | 48 | 39 |
Receivables from Open Ended Investment Company (OEIC) funds | 39 | 20 |
Other fund receivables | 29 | 36 |
Prepayments | 23 | 17 |
Derivatives | 5 | 9 |
Other receivables | 20 | 26 |
Receivables relating to consolidated fund entities (Note 12.2) | 88 | 29 |
Fee and other receivables | 551 | 570 |
Comprising: | ||
Financial assets at amortised cost | 523 | 544 |
Financial assets at fair value through profit or loss | 5 | 9 |
Non-financial assets | 23 | 17 |
2023 | 2022 | |
| $m | $m | |
Fee receivables | 25 | 35 |
Accrued income | 274 | 359 |
Collateral posted with derivative counterparties | 48 | 39 |
Receivables from Open Ended Investment Company (OEIC) funds | 39 | 20 |
Other fund receivables | 29 | 36 |
Prepayments | 23 | 17 |
Derivatives | 5 | 9 |
Other receivables | 20 | 26 |
Receivables relating to consolidated fund entities (Note 12.2) | 88 | 29 |
Fee and other receivables | 551 | 570 |
Comprising: | ||
Financial assets at amortised cost | 523 | 544 |
Financial assets at fair value through profit or loss | 5 | 9 |
Non-financial assets | 23 | 17 |
| 2023 | 2022 | |
| $m | $m | |
Trade payables | 7 | 4 |
Compensation accruals | 365 | 453 |
Other accruals | 79 | 86 |
Share repurchase liability | \u2013 | 98 |
Payables under repo arrangements | 45 | 54 |
Payables to OEIC funds | 39 | 18 |
Tax and social security | 31 | 30 |
Derivatives | 12 | 6 |
Contingent consideration (Note 17) | 3 | \u2013 |
Put option over non-controlling interests in subsidiaries (Note 24) | 9 | \u2013 |
Employment-related payables to sellers of businesses acquired (Note 5) | 23 | \u2013 |
Other payables | 7 | 13 |
Payables relating to consolidated fund entities (Note 12.2) | 116 | 180 |
Trade and other payables | 736 | 942 |
Comprising: | ||
Financial liabilities at amortised cost | 712 | 936 |
Financial liabilities at fair value through profit or loss | 24 | 6 |
| Trade and other payables can be analysed according to their contractual maturity dates as follows: | 2023 | 2022 |
| $m | $m | |
Within one year | 658 | 871 |
Between one and three years | 49 | 71 |
After three years | 29 | \u2013 |
736 | 942 |
| 2023 | 2022 | |
| $m | $m | |
Trade payables | 7 | 4 |
Compensation accruals | 365 | 453 |
Other accruals | 79 | 86 |
Share repurchase liability | \u2013 | 98 |
Payables under repo arrangements | 45 | 54 |
Payables to OEIC funds | 39 | 18 |
Tax and social security | 31 | 30 |
Derivatives | 12 | 6 |
Contingent consideration (Note 17) | 3 | \u2013 |
Put option over non-controlling interests in subsidiaries (Note 24) | 9 | \u2013 |
Employment-related payables to sellers of businesses acquired (Note 5) | 23 | \u2013 |
Other payables | 7 | 13 |
Payables relating to consolidated fund entities (Note 12.2) | 116 | 180 |
Trade and other payables | 736 | 942 |
Comprising: | ||
Financial liabilities at amortised cost | 712 | 936 |
Financial liabilities at fair value through profit or loss | 24 | 6 |
| Trade and other payables can be analysed according to their contractual maturity dates as follows: | 2023 | 2022 |
| $m | $m | |
Within one year | 658 | 871 |
Between one and three years | 49 | 71 |
After three years | 29 | \u2013 |
736 | 942 |
| 2023 | 2022 | |
| $m | $m | |
Trade payables | 7 | 4 |
Compensation accruals | 365 | 453 |
Other accruals | 79 | 86 |
Share repurchase liability | \u2013 | 98 |
Payables under repo arrangements | 45 | 54 |
Payables to OEIC funds | 39 | 18 |
Tax and social security | 31 | 30 |
Derivatives | 12 | 6 |
Contingent consideration (Note 17) | 3 | \u2013 |
Put option over non-controlling interests in subsidiaries (Note 24) | 9 | \u2013 |
Employment-related payables to sellers of businesses acquired (Note 5) | 23 | \u2013 |
Other payables | 7 | 13 |
Payables relating to consolidated fund entities (Note 12.2) | 116 | 180 |
Trade and other payables | 736 | 942 |
Comprising: | ||
Financial liabilities at amortised cost | 712 | 936 |
Financial liabilities at fair value through profit or loss | 24 | 6 |
| Trade and other payables can be analysed according to their contractual maturity dates as follows: | 2023 | 2022 |
| $m | $m | |
Within one year | 658 | 871 |
Between one and three years | 49 | 71 |
After three years | 29 | \u2013 |
736 | 942 |
2023 | 2022 | |
| $m | $m | |
Investments in fund products | 289 | 304 |
Investments in consolidated funds: transferable securities (Note 12.2) | 1,987 | 905 |
Other investments | 3 | \u2013 |
Investments in fund products and other investments | 2,279 | 1,209 |
Less: | ||
Fund investments held for deferred compensation arrangements | (189) | (153) |
Investments in consolidated funds: exclude consolidation gross-up of net investment | (1,492) | (368) |
Other investments | (3) | \u2013 |
Seeding investments portfolio | 595 | 688 |
2023 | 2022 | |
| $m | $m | |
Net gains/(losses) on seeding investments portfolio | 47 | (12) |
Consolidated fund entities: gross-up of net gains on investments | 39 | \u2013 |
Foreign exchange movements | (11) | 22 |
Net gains/(losses) on fund investments held for deferred compensation arrangements and other investments | 1 | (3) |
Net income or gains on investments and other financial instruments | 76 | 7 |
2023 | 2022 | |
| $m | $m | |
Investments in fund products | 289 | 304 |
Investments in consolidated funds: transferable securities (Note 12.2) | 1,987 | 905 |
Other investments | 3 | \u2013 |
Investments in fund products and other investments | 2,279 | 1,209 |
Less: | ||
Fund investments held for deferred compensation arrangements | (189) | (153) |
Investments in consolidated funds: exclude consolidation gross-up of net investment | (1,492) | (368) |
Other investments | (3) | \u2013 |
Seeding investments portfolio | 595 | 688 |
2023 | 2022 | |
| $m | $m | |
Net gains/(losses) on seeding investments portfolio | 47 | (12) |
Consolidated fund entities: gross-up of net gains on investments | 39 | \u2013 |
Foreign exchange movements | (11) | 22 |
Net gains/(losses) on fund investments held for deferred compensation arrangements and other investments | 1 | (3) |
Net income or gains on investments and other financial instruments | 76 | 7 |
2023 | 2022 | |
| $m | $m | |
Balance sheet | ||
Cash and cash equivalents (Note 8) | 96 | 108 |
Transferable securities 1 | 1,987 | 905 |
Fees and other receivables | 88 | 29 |
Investment property | 30 | 34 |
Trade and other payables | (116) | (180) |
CLO liabilities | (1,036) | \u2013 |
Net assets of consolidated fund entities | 1,049 | 896 |
Third-party interest in consolidated funds | (554) | (359) |
Net investment held by Man Group | 495 | 537 |
Income statement | ||
Net gains/(losses) on investments 2 | 90 | (31) |
Rental income 3 | 1 | \u2013 |
Management fee expenses 4 | (5) | (4) |
Performance fee expenses 4 | (2) | (1) |
Other costs 5 | (9) | (9) |
Net gains/(losses) of consolidated fund entities | 75 | (45) |
Third-party share of (gains)/losses relating to interests in consolidated funds | (24) | 14 |
Net gains/(losses) attributable to net investment held by Man Group | 51 | (31) |
2023 | 2022 | |
| $m | $m | |
Cost at beginning of the year | 38 | \u2013 |
Additions | \u2013 | 38 |
Disposals | (4) | \u2013 |
Cost at end of the year | 34 | 38 |
Accumulated depreciation and impairment at beginning of the year | (4) | \u2013 |
Depreciation | (1) | (1) |
Reversal of impairment/(impairment) | 1 | (3) |
Accumulated depreciation and impairment at end of the year | (4) | (4) |
Net book value at beginning of the year | 34 | \u2013 |
Net book value at end of the year | 30 | 34 |
2023 | 2022 | |
| $m | $m | |
Balance sheet | ||
Cash and cash equivalents (Note 8) | 96 | 108 |
Transferable securities 1 | 1,987 | 905 |
Fees and other receivables | 88 | 29 |
Investment property | 30 | 34 |
Trade and other payables | (116) | (180) |
CLO liabilities | (1,036) | \u2013 |
Net assets of consolidated fund entities | 1,049 | 896 |
Third-party interest in consolidated funds | (554) | (359) |
Net investment held by Man Group | 495 | 537 |
Income statement | ||
Net gains/(losses) on investments 2 | 90 | (31) |
Rental income 3 | 1 | \u2013 |
Management fee expenses 4 | (5) | (4) |
Performance fee expenses 4 | (2) | (1) |
Other costs 5 | (9) | (9) |
Net gains/(losses) of consolidated fund entities | 75 | (45) |
Third-party share of (gains)/losses relating to interests in consolidated funds | (24) | 14 |
Net gains/(losses) attributable to net investment held by Man Group | 51 | (31) |
2023 | 2022 | |
| $m | $m | |
Balance sheet | ||
Cash and cash equivalents (Note 8) | 96 | 108 |
Transferable securities 1 | 1,987 | 905 |
Fees and other receivables | 88 | 29 |
Investment property | 30 | 34 |
Trade and other payables | (116) | (180) |
CLO liabilities | (1,036) | \u2013 |
Net assets of consolidated fund entities | 1,049 | 896 |
Third-party interest in consolidated funds | (554) | (359) |
Net investment held by Man Group | 495 | 537 |
Income statement | ||
Net gains/(losses) on investments 2 | 90 | (31) |
Rental income 3 | 1 | \u2013 |
Management fee expenses 4 | (5) | (4) |
Performance fee expenses 4 | (2) | (1) |
Other costs 5 | (9) | (9) |
Net gains/(losses) of consolidated fund entities | 75 | (45) |
Third-party share of (gains)/losses relating to interests in consolidated funds | (24) | 14 |
Net gains/(losses) attributable to net investment held by Man Group | 51 | (31) |
2023 | 2022 | |
| $m | $m | |
Cost at beginning of the year | 38 | \u2013 |
Additions | \u2013 | 38 |
Disposals | (4) | \u2013 |
Cost at end of the year | 34 | 38 |
Accumulated depreciation and impairment at beginning of the year | (4) | \u2013 |
Depreciation | (1) | (1) |
Reversal of impairment/(impairment) | 1 | (3) |
Accumulated depreciation and impairment at end of the year | (4) | (4) |
Net book value at beginning of the year | 34 | \u2013 |
Net book value at end of the year | 30 | 34 |
2023 | 2022 | |
| $m | $m | |
Value in use | 23 | 82 |
Less: | ||
Carrying value | (17) | (71) |
Headroom | 6 | 11 |
2023 | 2022 | |||||||
$m | Level 1 | Level 2 | Level 3 | Total | Level 1 1 | Level 2 1 | Level 3 | Total |
Financial assets held at fair value: | ||||||||
Investments in fund products and other investments (Note 12) | \u2013 | 280 | 12 | 292 | \u2013 | 284 | 20 | 304 |
Investments in consolidated funds: transferable | ||||||||
securities (Note 12.2) | 274 | 1,567 | 146 | 1,987 | 401 | 504 | \u2013 | 905 |
Derivatives (Note 10) | \u2013 | 5 | \u2013 | 5 | \u2013 | 9 | \u2013 | 9 |
274 | 1,852 | 158 | 2,284 | 401 | 797 | 20 | 1,218 | |
Financial liabilities held at fair value: | ||||||||
Derivatives (Note 11) | \u2013 | (12) | \u2013 | (12) | \u2013 | (6) | \u2013 | (6 ) |
Contingent consideration (Note 17) | \u2013 | \u2013 | (3) | (3) | \u2013 | \u2013 | \u2013 | \u2013 |
Put option over non-controlling interests in subsidiaries (Note 17) | \u2013 | \u2013 | (9) | (9) | \u2013 | \u2013 | \u2013 | \u2013 |
CLO liabilities \u2013 consolidated fund entities (Note | ||||||||
| 12.2) | \u2013 | (1,036) | \u2013 | (1,036) | \u2013 | \u2013 | \u2013 | \u2013 |
\u2013 | (1,048) | (12) | (1,060) | \u2013 | (6) | \u2013 | (6 ) |
2023 | 2022 | |||
$m | Assets | Liabilities | Assets | Liabilities |
At beginning of the year | 20 | \u2013 | 190 | \u2013 |
Transfers out of Level 3 | (11) | \u2013 | (154) | \u2013 |
Purchases | 2 | (12) | 1 | \u2013 |
Credit/(charge) to Group income statement 1,2 | 1 | \u2013 | (5) | \u2013 |
Sales or settlements | \u2013 | \u2013 | (1) | \u2013 |
Change in consolidated fund entities held | 146 | \u2013 | (11) | \u2013 |
At end of the year | 158 | (12) | 20 | \u2013 |
2023 | 2022 | |||||||
$m | Level 1 | Level 2 | Level 3 | Total | Level 1 1 | Level 2 1 | Level 3 | Total |
Financial assets held at fair value: | ||||||||
Investments in fund products and other investments (Note 12) | \u2013 | 280 | 12 | 292 | \u2013 | 284 | 20 | 304 |
Investments in consolidated funds: transferable | ||||||||
securities (Note 12.2) | 274 | 1,567 | 146 | 1,987 | 401 | 504 | \u2013 | 905 |
Derivatives (Note 10) | \u2013 | 5 | \u2013 | 5 | \u2013 | 9 | \u2013 | 9 |
274 | 1,852 | 158 | 2,284 | 401 | 797 | 20 | 1,218 | |
Financial liabilities held at fair value: | ||||||||
Derivatives (Note 11) | \u2013 | (12) | \u2013 | (12) | \u2013 | (6) | \u2013 | (6 ) |
Contingent consideration (Note 17) | \u2013 | \u2013 | (3) | (3) | \u2013 | \u2013 | \u2013 | \u2013 |
Put option over non-controlling interests in subsidiaries (Note 17) | \u2013 | \u2013 | (9) | (9) | \u2013 | \u2013 | \u2013 | \u2013 |
CLO liabilities \u2013 consolidated fund entities (Note | ||||||||
| 12.2) | \u2013 | (1,036) | \u2013 | (1,036) | \u2013 | \u2013 | \u2013 | \u2013 |
\u2013 | (1,048) | (12) | (1,060) | \u2013 | (6) | \u2013 | (6 ) |
2023 | 2022 | |||
$m | Assets | Liabilities | Assets | Liabilities |
At beginning of the year | 20 | \u2013 | 190 | \u2013 |
Transfers out of Level 3 | (11) | \u2013 | (154) | \u2013 |
Purchases | 2 | (12) | 1 | \u2013 |
Credit/(charge) to Group income statement 1,2 | 1 | \u2013 | (5) | \u2013 |
Sales or settlements | \u2013 | \u2013 | (1) | \u2013 |
Change in consolidated fund entities held | 146 | \u2013 | (11) | \u2013 |
At end of the year | 158 | (12) | 20 | \u2013 |
2023 | 2022 | |||||||
$m | Level 1 | Level 2 | Level 3 | Total | Level 1 1 | Level 2 1 | Level 3 | Total |
Financial assets held at fair value: | ||||||||
Investments in fund products and other investments (Note 12) | \u2013 | 280 | 12 | 292 | \u2013 | 284 | 20 | 304 |
Investments in consolidated funds: transferable | ||||||||
securities (Note 12.2) | 274 | 1,567 | 146 | 1,987 | 401 | 504 | \u2013 | 905 |
Derivatives (Note 10) | \u2013 | 5 | \u2013 | 5 | \u2013 | 9 | \u2013 | 9 |
274 | 1,852 | 158 | 2,284 | 401 | 797 | 20 | 1,218 | |
Financial liabilities held at fair value: | ||||||||
Derivatives (Note 11) | \u2013 | (12) | \u2013 | (12) | \u2013 | (6) | \u2013 | (6 ) |
Contingent consideration (Note 17) | \u2013 | \u2013 | (3) | (3) | \u2013 | \u2013 | \u2013 | \u2013 |
Put option over non-controlling interests in subsidiaries (Note 17) | \u2013 | \u2013 | (9) | (9) | \u2013 | \u2013 | \u2013 | \u2013 |
CLO liabilities \u2013 consolidated fund entities (Note | ||||||||
| 12.2) | \u2013 | (1,036) | \u2013 | (1,036) | \u2013 | \u2013 | \u2013 | \u2013 |
\u2013 | (1,048) | (12) | (1,060) | \u2013 | (6) | \u2013 | (6 ) |
2023 | 2022 | |||
$m | Assets | Liabilities | Assets | Liabilities |
At beginning of the year | 20 | \u2013 | 190 | \u2013 |
Transfers out of Level 3 | (11) | \u2013 | (154) | \u2013 |
Purchases | 2 | (12) | 1 | \u2013 |
Credit/(charge) to Group income statement 1,2 | 1 | \u2013 | (5) | \u2013 |
Sales or settlements | \u2013 | \u2013 | (1) | \u2013 |
Change in consolidated fund entities held | 146 | \u2013 | (11) | \u2013 |
At end of the year | 158 | (12) | 20 | \u2013 |
2023 | 2022 | |||
$m | Assets | Liabilities | Assets | Liabilities |
At beginning of the year | 20 | \u2013 | 190 | \u2013 |
Transfers out of Level 3 | (11) | \u2013 | (154) | \u2013 |
Purchases | 2 | (12) | 1 | \u2013 |
Credit/(charge) to Group income statement 1,2 | 1 | \u2013 | (5) | \u2013 |
Sales or settlements | \u2013 | \u2013 | (1) | \u2013 |
Change in consolidated fund entities held | 146 | \u2013 | (11) | \u2013 |
At end of the year | 158 | (12) | 20 | \u2013 |
2023 | 2022 | |
Market risk hedges | $m | $m |
Notional value of derivatives at 31 December | ||
Assets | \u2013 | 149 |
Liabilities | (175) | (71) |
Net (liabilities)/assets | (175) | 78 |
For the year ended 31 December | ||
(Loss)/gain recognised in the Group income statement | (17) | 39 |
2023 | 2022 | |
Market risk hedges | $m | $m |
Notional value of derivatives at 31 December | ||
Assets | \u2013 | 149 |
Liabilities | (175) | (71) |
Net (liabilities)/assets | (175) | 78 |
For the year ended 31 December | ||
(Loss)/gain recognised in the Group income statement | (17) | 39 |
2023 | 2022 | |
| $m | $m | |
Notional value of derivatives at 31 December | ||
Assets | 124 | 82 |
Liabilities | (343) | (235) |
Net liabilities | (219) | (153) |
For the year ended 31 December | ||
(Loss)/gain before the impact of hedging | (4) | 5 |
(Loss)/gain on hedging instruments | (7) | 17 |
(Loss)/gain recognised in the Group income statement after the impact of hedging | (11) | 22 |
2023 | 2022 | |
| $m | $m | |
Sterling | (138) | (155) |
Australian dollar | 14 | 41 |
Japanese yen | 7 | 19 |
Other | 10 | 10 |
Total | (107) | (85) |
2023 | 2022 | |
| $m | $m | |
Notional value of derivatives at 31 December | ||
Assets | 124 | 82 |
Liabilities | (343) | (235) |
Net liabilities | (219) | (153) |
For the year ended 31 December | ||
(Loss)/gain before the impact of hedging | (4) | 5 |
(Loss)/gain on hedging instruments | (7) | 17 |
(Loss)/gain recognised in the Group income statement after the impact of hedging | (11) | 22 |
2023 | 2022 | |
| $m | $m | |
Sterling | (138) | (155) |
Australian dollar | 14 | 41 |
Japanese yen | 7 | 19 |
Other | 10 | 10 |
Total | (107) | (85) |
| 2023 | 2022 | |||||
Leasehold | Leasehold | |||||
$m | improvements | Equipment | Total | improvements | Equipment | Total |
Cost at beginning of the year | 70 | 61 | 131 | 70 | 64 | 134 |
Acquired through business combinations (Note 17) | \u2013 | 1 | 1 | \u2013 | \u2013 | \u2013 |
Additions | 4 | 8 | 12 | 11 | 10 | 21 |
Disposals | (1) | (3) | (4) | (13) | (13) | (26) |
Transfer to leasehold improvements from investment property (Note 16.1) | \u2013 | \u2013 | \u2013 | 2 | \u2013 | 2 |
Cost at end of the year | 73 | 67 | 140 | 70 | 61 | 131 |
Accumulated depreciation and impairment at beginning | ||||||
of the year | (36) | (42) | (78) | (45) | (46) | (91) |
Disposals | \u2013 | 3 | 3 | 13 | 13 | 26 |
Transfer to leasehold improvements from investment property (Note 16.1) | \u2013 | \u2013 | \u2013 | (1) | \u2013 | (1) |
Depreciation | (3) | (9) | (12) | (3) | (9) | (12) |
Accumulated depreciation and impairment at end | ||||||
of the year | (39) | (48) | (87) | (36) | (42) | (78) |
Net book value at beginning of the year | 34 | 19 | 53 | 25 | 18 | 43 |
Net book value at end of the year | 34 | 19 | 53 | 34 | 19 | 53 |
2023 | 2022 | |
| $m | $m | |
Within one year | 32 | 25 |
Between one and five years | 114 | 97 |
Between five and ten years | 142 | 125 |
Between ten and 15 years | 54 | 74 |
Undiscounted lease liability at end of the year | 342 | 321 |
Discounted lease liability at end of the year | 283 | 253 |
2023 | 2022 | |
| $m | $m | |
At beginning of the year | 253 | 250 |
Acquired through business combinations (Note 17) | 22 | \u2013 |
Additions | 3 | 41 |
Cash payments | (20) | (23) |
Unwind of lease liability discount (Note 6) | 10 | 10 |
Remeasurement | 5 | \u2013 |
Foreign exchange movements | 10 | (25) |
At end of the year | 283 | 253 |
2023 | 2022 | |
| $m | $m | |
Value in use | 23 | 82 |
Less: | ||
Carrying value | (17) | (71) |
Headroom | 6 | 11 |
2023 | 2022 | |||
Operating | Finance | Operating | Finance | |
$m | leases | leases | leases | leases |
Within one year | 2 | \u2013 | 5 | \u2013 |
Between one and two years | 1 | 3 | 5 | \u2013 |
Between two and three years | \u2013 | 5 | 5 | \u2013 |
Between three and four years | \u2013 | 9 | \u2013 | \u2013 |
Between four and five years | \u2013 | 10 | \u2013 | \u2013 |
Between five and ten years | \u2013 | 47 | \u2013 | \u2013 |
Between ten and 15 years | \u2013 | 17 | \u2013 | \u2013 |
3 | 91 | 15 | \u2013 |
2023 | 2022 | |
| $m | $m | |
Undiscounted lease payments | 91 | \u2013 |
Less: unearned finance income | (24) | \u2013 |
Net investment in finance lease | 67 | \u2013 |
2023 | 2022 | |
| $m | $m | |
At beginning of the year | \u2013 | \u2013 |
Additions | 65 | \u2013 |
Unwind of finance lease discount (Note 6) | 1 | \u2013 |
Foreign exchange movements | 1 | \u2013 |
At end of the year | 67 | \u2013 |
2023 | 2022 | |||||||||
Distribution | Brand | Distribution | Brand | |||||||
$m | Goodwill | IMAs | channels | names | Total | Goodwill | IMAs | channels | names | Total |
Cost at beginning of the year | 2,425 | 834 | 56 | 40 | 3,355 | 2,425 | 838 | 56 | 40 | 3,359 |
Acquired through business | ||||||||||
combinations (Note 17) | 30 | 140 | \u2013 | 7 | 177 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (4) | \u2013 | \u2013 | (4) |
Cost at end of the year | 2,455 | 974 | 56 | 47 | 3,532 | 2,425 | 834 | 56 | 40 | 3,355 |
Accumulated amortisation | ||||||||||
| and impairment at beginning | ||||||||||
of the year | (1,836) | (801) | (52) | (39) | (2,728) | (1,836) | (758) | (49) | (38) | (2,681) |
Amortisation | \u2013 | (22) | (2) | (1) | (25) | \u2013 | (47) | (3) | (1) | (51) |
Impairment | \u2013 | (1) | (2) | \u2013 | (3) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4 | \u2013 | \u2013 | 4 |
Accumulated amortisation | ||||||||||
and impairment at end of the year | (1,836) | (824) | (56) | (40) | (2,756) | (1,836) | (801) | (52) | (39) | (2,728) |
Net book value at beginning | ||||||||||
of the year | 589 | 33 | 4 | 1 | 627 | 589 | 80 | 7 | 2 | 678 |
Net book value at end of the year | 619 | 150 | \u2013 | 7 | 776 | 589 | 33 | 4 | 1 | 627 |
Pre-tax | Assumptions | ||
| equivalent | adopted | ||
Compound average annualised growth in AUM (over three years) | 6% | ||
Discount rate | |||
\u2013 | Management fee earnings | 14% | 11% |
\u2013 | Performance fee earnings | 22% | 17% |
Terminal value (mid-point of range of historical multiples) | |||
\u2013 | Management fee earnings | 13.0x | |
\u2013 | Performance fee earnings | 5.5x | |
\u2013 | Implied terminal growth rate | 3% |
2023 | 2022 | |
| $m | $m | |
Value in use | 5,560 | 4,950 |
Less: | ||
Carrying value of CGUs | (880) | (720) |
Headroom | 4,680 | 4,230 |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2023 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,680 | 4,150 | 2,190 | 4,810 | 4,550 | 5,140 | 4,220 |
Increase/(reduction) in value in use ($m) | (530) | (2,490) | 130 | (130) | 460 | (460) |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2022 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,230 | 3,790 | 2,140 | 4,350 | 4,110 | 4,630 | 3,830 |
Increase/(reduction) in value in use ($m) | (440) | (2,090) | 120 | (120) | 400 | (400) |
| Fair value | |||
$m | Book value | adjustments | Fair value |
Cash and cash equivalents | 12 | \u2013 | 12 |
Fee and other receivables | 20 | \u2013 | 20 |
Investments in fund products and other investments | 6 | \u2013 | 6 |
Leasehold improvements and equipment (Note 15) | 1 | \u2013 | 1 |
Leasehold property \u2013 right-of-use lease assets (Note 16.1) | 22 | \u2013 | 22 |
Other intangibles (Note 19) | 1 | \u2013 | 1 |
Acquired intangibles (Note 18) | \u2013 | 147 | 147 |
Trade and other payables | (29) | \u2013 | (29) |
Lease liability (Note 16.1) | (22) | \u2013 | (22) |
Third-party share of post-tax profits payable | (1) | \u2013 | (1) |
Net assets acquired | 10 | 147 | 157 |
Goodwill on acquisition (Note 18) | 22 | ||
Total consideration | 179 | ||
Comprising: | |||
Cash consideration | 179 |
2023 | 2022 | |||||||||
Distribution | Brand | Distribution | Brand | |||||||
$m | Goodwill | IMAs | channels | names | Total | Goodwill | IMAs | channels | names | Total |
Cost at beginning of the year | 2,425 | 834 | 56 | 40 | 3,355 | 2,425 | 838 | 56 | 40 | 3,359 |
Acquired through business | ||||||||||
combinations (Note 17) | 30 | 140 | \u2013 | 7 | 177 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (4) | \u2013 | \u2013 | (4) |
Cost at end of the year | 2,455 | 974 | 56 | 47 | 3,532 | 2,425 | 834 | 56 | 40 | 3,355 |
Accumulated amortisation | ||||||||||
| and impairment at beginning | ||||||||||
of the year | (1,836) | (801) | (52) | (39) | (2,728) | (1,836) | (758) | (49) | (38) | (2,681) |
Amortisation | \u2013 | (22) | (2) | (1) | (25) | \u2013 | (47) | (3) | (1) | (51) |
Impairment | \u2013 | (1) | (2) | \u2013 | (3) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4 | \u2013 | \u2013 | 4 |
Accumulated amortisation | ||||||||||
and impairment at end of the year | (1,836) | (824) | (56) | (40) | (2,756) | (1,836) | (801) | (52) | (39) | (2,728) |
Net book value at beginning | ||||||||||
of the year | 589 | 33 | 4 | 1 | 627 | 589 | 80 | 7 | 2 | 678 |
Net book value at end of the year | 619 | 150 | \u2013 | 7 | 776 | 589 | 33 | 4 | 1 | 627 |
Pre-tax | Assumptions | ||
| equivalent | adopted | ||
Compound average annualised growth in AUM (over three years) | 6% | ||
Discount rate | |||
\u2013 | Management fee earnings | 14% | 11% |
\u2013 | Performance fee earnings | 22% | 17% |
Terminal value (mid-point of range of historical multiples) | |||
\u2013 | Management fee earnings | 13.0x | |
\u2013 | Performance fee earnings | 5.5x | |
\u2013 | Implied terminal growth rate | 3% |
2023 | 2022 | |
| $m | $m | |
Value in use | 5,560 | 4,950 |
Less: | ||
Carrying value of CGUs | (880) | (720) |
Headroom | 4,680 | 4,230 |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2023 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,680 | 4,150 | 2,190 | 4,810 | 4,550 | 5,140 | 4,220 |
Increase/(reduction) in value in use ($m) | (530) | (2,490) | 130 | (130) | 460 | (460) |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2022 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,230 | 3,790 | 2,140 | 4,350 | 4,110 | 4,630 | 3,830 |
Increase/(reduction) in value in use ($m) | (440) | (2,090) | 120 | (120) | 400 | (400) |
2023 | 2022 | |
| $m | $m | |
Cost at beginning of the year | 148 | 130 |
Acquired through business combinations (Note 17) | 1 | \u2013 |
Additions | 25 | 27 |
Disposals | (2) | (9) |
Cost at end of the year | 172 | 148 |
Accumulated amortisation at beginning of the year | (98) | (85) |
Amortisation | (22) | (18) |
Disposals | 2 | 5 |
Accumulated amortisation at end of the year | (118) | (98) |
Net book value at beginning of the year | 50 | 45 |
Net book value at end of the year | 54 | 50 |
2023 | 2022 | |||||||||
Distribution | Brand | Distribution | Brand | |||||||
$m | Goodwill | IMAs | channels | names | Total | Goodwill | IMAs | channels | names | Total |
Cost at beginning of the year | 2,425 | 834 | 56 | 40 | 3,355 | 2,425 | 838 | 56 | 40 | 3,359 |
Acquired through business | ||||||||||
combinations (Note 17) | 30 | 140 | \u2013 | 7 | 177 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (4) | \u2013 | \u2013 | (4) |
Cost at end of the year | 2,455 | 974 | 56 | 47 | 3,532 | 2,425 | 834 | 56 | 40 | 3,355 |
Accumulated amortisation | ||||||||||
| and impairment at beginning | ||||||||||
of the year | (1,836) | (801) | (52) | (39) | (2,728) | (1,836) | (758) | (49) | (38) | (2,681) |
Amortisation | \u2013 | (22) | (2) | (1) | (25) | \u2013 | (47) | (3) | (1) | (51) |
Impairment | \u2013 | (1) | (2) | \u2013 | (3) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4 | \u2013 | \u2013 | 4 |
Accumulated amortisation | ||||||||||
and impairment at end of the year | (1,836) | (824) | (56) | (40) | (2,756) | (1,836) | (801) | (52) | (39) | (2,728) |
Net book value at beginning | ||||||||||
of the year | 589 | 33 | 4 | 1 | 627 | 589 | 80 | 7 | 2 | 678 |
Net book value at end of the year | 619 | 150 | \u2013 | 7 | 776 | 589 | 33 | 4 | 1 | 627 |
Pre-tax | Assumptions | ||
| equivalent | adopted | ||
Compound average annualised growth in AUM (over three years) | 6% | ||
Discount rate | |||
\u2013 | Management fee earnings | 14% | 11% |
\u2013 | Performance fee earnings | 22% | 17% |
Terminal value (mid-point of range of historical multiples) | |||
\u2013 | Management fee earnings | 13.0x | |
\u2013 | Performance fee earnings | 5.5x | |
\u2013 | Implied terminal growth rate | 3% |
2023 | 2022 | |
| $m | $m | |
Value in use | 5,560 | 4,950 |
Less: | ||
Carrying value of CGUs | (880) | (720) |
Headroom | 4,680 | 4,230 |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2023 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,680 | 4,150 | 2,190 | 4,810 | 4,550 | 5,140 | 4,220 |
Increase/(reduction) in value in use ($m) | (530) | (2,490) | 130 | (130) | 460 | (460) |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2022 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,230 | 3,790 | 2,140 | 4,350 | 4,110 | 4,630 | 3,830 |
Increase/(reduction) in value in use ($m) | (440) | (2,090) | 120 | (120) | 400 | (400) |
2023 | 2022 | |||||||||
Distribution | Brand | Distribution | Brand | |||||||
$m | Goodwill | IMAs | channels | names | Total | Goodwill | IMAs | channels | names | Total |
Cost at beginning of the year | 2,425 | 834 | 56 | 40 | 3,355 | 2,425 | 838 | 56 | 40 | 3,359 |
Acquired through business | ||||||||||
combinations (Note 17) | 30 | 140 | \u2013 | 7 | 177 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (4) | \u2013 | \u2013 | (4) |
Cost at end of the year | 2,455 | 974 | 56 | 47 | 3,532 | 2,425 | 834 | 56 | 40 | 3,355 |
Accumulated amortisation | ||||||||||
| and impairment at beginning | ||||||||||
of the year | (1,836) | (801) | (52) | (39) | (2,728) | (1,836) | (758) | (49) | (38) | (2,681) |
Amortisation | \u2013 | (22) | (2) | (1) | (25) | \u2013 | (47) | (3) | (1) | (51) |
Impairment | \u2013 | (1) | (2) | \u2013 | (3) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4 | \u2013 | \u2013 | 4 |
Accumulated amortisation | ||||||||||
and impairment at end of the year | (1,836) | (824) | (56) | (40) | (2,756) | (1,836) | (801) | (52) | (39) | (2,728) |
Net book value at beginning | ||||||||||
of the year | 589 | 33 | 4 | 1 | 627 | 589 | 80 | 7 | 2 | 678 |
Net book value at end of the year | 619 | 150 | \u2013 | 7 | 776 | 589 | 33 | 4 | 1 | 627 |
Pre-tax | Assumptions | ||
| equivalent | adopted | ||
Compound average annualised growth in AUM (over three years) | 6% | ||
Discount rate | |||
\u2013 | Management fee earnings | 14% | 11% |
\u2013 | Performance fee earnings | 22% | 17% |
Terminal value (mid-point of range of historical multiples) | |||
\u2013 | Management fee earnings | 13.0x | |
\u2013 | Performance fee earnings | 5.5x | |
\u2013 | Implied terminal growth rate | 3% |
2023 | 2022 | |
| $m | $m | |
Value in use | 5,560 | 4,950 |
Less: | ||
Carrying value of CGUs | (880) | (720) |
Headroom | 4,680 | 4,230 |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2023 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,680 | 4,150 | 2,190 | 4,810 | 4,550 | 5,140 | 4,220 |
Increase/(reduction) in value in use ($m) | (530) | (2,490) | 130 | (130) | 460 | (460) |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
| Sensitivity analysis at 31 December 2022 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 2 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,230 | 3,790 | 2,140 | 4,350 | 4,110 | 4,630 | 3,830 |
Increase/(reduction) in value in use ($m) | (440) | (2,090) | 120 | (120) | 400 | (400) |
2023 | 2022 | |
| $m | $m | |
Cost at beginning of the year | 148 | 130 |
Acquired through business combinations (Note 17) | 1 | \u2013 |
Additions | 25 | 27 |
Disposals | (2) | (9) |
Cost at end of the year | 172 | 148 |
Accumulated amortisation at beginning of the year | (98) | (85) |
Amortisation | (22) | (18) |
Disposals | 2 | 5 |
Accumulated amortisation at end of the year | (118) | (98) |
Net book value at beginning of the year | 50 | 45 |
Net book value at end of the year | 54 | 50 |
Tax | |||||||
allowances | Accumulated | ||||||
| Deferred | over | operating | |||||
$m | compensation depreciation | Intangibles | losses Partnerships | Other | Total | ||
At 1 January 2022 | 49 | 18 | 6 | 29 | (22) | 11 | 91 |
Credit/(charge) to Group income statement (Note 7) | 8 | (8) | 6 | (5) | 22 | (1) | 22 |
Charge to other comprehensive income and equity | (6) | \u2013 | \u2013 | (1) | \u2013 | \u2013 | (7) |
Foreign currency translation | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1) | (1) |
At 31 December 2022 | 51 | 10 | 12 | 23 | \u2013 | 9 | 105 |
Credit/(charge) to Group income statement (Note 7) | 3 | (8) | 1 | 23 | \u2013 | 1 | 20 |
Credit to other comprehensive income and equity | 3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3 |
At 31 December 2023 | 57 | 2 | 13 | 46 | \u2013 | 10 | 128 |
2023 | 2022 | |
| $m | $m | |
United States | 43 | 258 |
Switzerland | 64 | 12 |
United Kingdom | 12 | 25 |
Hong Kong | 4 | 4 |
China | 1 | 1 |
Total | 124 | 300 |
2023 | 2022 | |
US net deferred tax assets | $m | $m |
Recognised | ||
At beginning of the year | 64 | 74 |
Credit/(charge) to Group income statement: | ||
Recognition/(derecognition) of available tax assets (Note 7) | 19 | (7) |
Other movements | 3 | \u2013 |
Charge to equity | \u2013 | (3) |
At end of the year | 86 | 64 |
Unrecognised | ||
At beginning of the year | 18 | 11 |
(Recognition)/derecognition of available tax assets (Note 7) | (19) | 7 |
Other movements | 4 | \u2013 |
At end of the year | 3 | 18 |
2023 | 2022 | |
| $m | $m | |
At beginning of the year | 14 | 14 |
Charge to Group income statement | \u2013 | 1 |
Additions | 1 | \u2013 |
Foreign currency translation | 1 | (1) |
At end of the year | 16 | 14 |
2023 | 2022 | |
| $m | $m | |
At beginning of the year | 14 | 18 |
Acquisitions/contributions | \u2013 | 1 |
Share of post-tax loss | (3) | (5) |
At end of the year | 11 | 14 |
2023 | 2022 | |
| $m | $m | |
At beginning of the year | 14 | 18 |
Acquisitions/contributions | \u2013 | 1 |
Share of post-tax loss | (3) | (5) |
At end of the year | 11 | 14 |
Less infrastructure | Total AUM | Fee | ||||||
| mandates and | unconsolidated | Net | Fair value of | receivables | Maximum | |||
| Total | consolidated | structured | management | investment | and accrued | exposure | ||
| AUM | fund entities | entities | Number | fee margin | held | income | to loss | |
| 2023 | ($bn) | ($bn) | ($bn) | of funds | (bps) | ($m) | ($m) | ($m) |
Alternative | ||||||||
Absolute return | 47.7 | (0.3) | 47.4 | 123 | 112 | 130 | 158 | 288 |
Total return | 42.5 | (1.3) | 41.2 | 88 | 64 | 137 | 60 | 197 |
Multi-manager solutions | 19.4 | (12.8) | 6.6 | 51 | 17 | 3 | 14 | 17 |
Long-only | ||||||||
Systematic | 36.5 | \u2013 | 36.5 | 84 | 24 | 4 | 36 | 40 |
Discretionary | 21.4 | (0.2) | 21.2 | 56 | 59 | 15 | 22 | 37 |
Total | 167.5 | (14.6) | 152.9 | 402 | 289 | 290 | 579 |
| Less infrastructure | Total AUM | Fee | ||||||
| mandates and | unconsolidated | Net | Fair value of | receivables | Maximum | |||
| Total | consolidated | structured | management | investment | and accrued | exposure | ||
| AUM | fund entities | entities | Number | fee margin | held | income | to loss | |
2022 | ($bn) | ($bn) | ($bn) | of funds | (bps) | ($m) | ($m) | ($m) |
Alternative | ||||||||
Absolute return | 46.0 | (0.3) | 45.7 | 107 | 112 | 108 | 284 | 392 |
Total return | 28.8 | (0.2) | 28.6 | 80 | 63 | 168 | 40 | 208 |
Multi-manager solutions | 20.2 | (12.5) | 7.7 | 54 | 20 | 3 | 14 | 17 |
Long-only | ||||||||
Systematic | 31.6 | (0.2) | 31.4 | 73 | 25 | 5 | 31 | 36 |
Discretionary | 16.7 | (0.2) | 16.5 | 61 | 57 | 19 | 21 | 40 |
Total | 143.3 | (13.4) | 129.9 | 375 | 303 | 390 | 693 |
Country of | ||
Company name | Registered address | incorporation |
Man Group plc | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Jersey |
| Subsidiaries | Direct or | Country of | Effective Group | ||
Company name | Registered address | indirect | incorporation | interest % | |
Man Group Treasury Limited | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Direct | Jersey | 100 | |
AHL Partners LLP 1,2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Asteria Investment Managers SA | Rue de Lausanne 15, 1201 Geneva, Switzerland | Indirect | Switzerland | 51 | |
FA Sub 3 Limited | Ritter House, Wickhams Cay II, Road Town, | Indirect | BVI | 100 | |
Tortola, VG1110 | |||||
GLG Capital Management LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
GLG LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
GLG Partners Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
GLG Partners LP 2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
GPM Summit Point GP LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Asset Management (Cayman) Limited | PO Box 309, Ugland House, South Church Street, | Indirect | Cayman | 100 | |
George Town, Grand Cayman, KY1-1104 | |||||
Man Asset Management (Ireland) Limited | 70 Sir John Rogerson\u2019s Quay, Dublin 2 | Indirect | Ireland | 100 | |
Man Australia GP Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Australia LP 2 | Level 28, Chifley Tower, 2 Chifley Square, Sydney, | Indirect | Australia | 100 | |
NSW 2000 | |||||
Man (Europe) AG | Austrasse 56, 9490, | Vaduz, Liechtenstein | Indirect Liechtenstein | 100 | |
Man Fund Management Netherlands BV | Beurs \u2013 World Trade Center, Beursplein 37, | Indirect | Netherlands | 100 | |
3011 | AA, Rotterdam | ||||
Man Fund Management UK Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man GLG Partners LLP 1,2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Global Private Markets (UK) Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Global Private Markets (USA) Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Global Private Markets SLP LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Group Holdings Limited 4 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Investments Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Japan Limited | PO Box 556, 1st Floor, Les Echelons Court, Les Echelons, | Indirect | Guernsey | 100 | |
South Esplanade, St Peter Port, GY1 6JB, Guernsey | |||||
Man Group Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Operations Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Services Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group UK Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments AG | Huobstrasse 3, 8808 Pf\u00e4ffikon SZ | Indirect | Switzerland | 100 | |
Man Investments Australia Limited | Level 28, Chifley Tower, 2 Chifley Square, Sydney, | Indirect | Australia | 100 | |
NSW 2000 | |||||
Man Investments (CH) AG | Huobstrasse 3, 8808 Pf\u00e4ffikon SZ | Indirect | Switzerland | 100 | |
Man Investments Finance Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments Finance Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments Holdings (Netherlands) | Beurs \u2013 World Trade Center, Beursplein 37, | Indirect | Netherlands | 100 | |
B.V. | 3011 | AA, Rotterdam | |||
Man Investments Holdings Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments (Hong Kong) Limited | Unit 2206-2207, 22/F Man Yee Building, No.68 | Indirect | Hong Kong | 100 | |
Des Voeux Road, Central | |||||
Man Investments Inc. | 15 North Mill Street, Nyack, NY 10960, United States | Indirect | US | 100 | |
Man Investments Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investment Management (Shanghai) | Room 1817 | Bund Centre, No. 222 Yan An East Road, | Indirect | China | 100 |
Co., Ltd | Shanghai, 200002 | ||||
Man Investments (Shanghai) Limited | Room 1818, | Bund Centre, No. 222 Yan An East Road, | Indirect | China | 100 |
Shanghai, 200002 | |||||
Man Investments (USA) Corp. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments USA Holdings Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Property Holdings Limited | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Indirect | Jersey | 100 | |
Man Solutions Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Solutions LLC 3 (formerly FRM | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Investment Management (USA) LLC) |
| Direct or | Country of | Effective Group | |||
Company name | Registered address | indirect | incorporation | interest % | |
Man Solutions (USA) LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Strategic Holdings Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Times Square GP LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Man Times Square Holdings LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Man Worldwide Operations | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Indirect | Jersey | 100 | |
| Management Limited | |||||
Mount Granite Limited | Wickhams Cay, PO Box 662, Road Town, Tortola | Indirect | BVI | 100 | |
MVH Lending, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Net Zero Energy SFR GP Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Numeric Holdings LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Numeric Investors LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Silvermine Capital Management LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Varagon Capital Access SPV I, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Varagon Capital Partners Agent, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Varagon Capital Partners, L.P. 2,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Varagon Professionals Fund GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCAP Onshore GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCAP Offshore GP, S.\u00e0.r.l 5 | 10, Rue des Capucins, L-1313 Luxembourg | Indirect Luxembourg | 73.11 | ||
VCC Advisors, LLC 5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 50.46 |
VCDLF SLP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCN GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCN, L.P. 2,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCP Holding I GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCP Holding II GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VIVA Onshore GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VSN Parallel Fund GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VSN Parallel Fund, L.P. 2,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Country of | Effective Group | ||||
Company name | Registered address | Direct or indirect | incorporation | interest % | |
Man Mash Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Principal Strategies Corp | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
FA Sub 2 Limited | Ritter House, Wickhams Cay II, Road Town, | Indirect | BVI | 100 | |
| Tortola, VG1110 | |||||
GLG Holdings Limited | Wickhams Cay, PO Box 662, Road Town, Tortola | Indirect | BVI | 100 | |
Man Investments Holdings (Jersey) Limited | 15 Esplanade, St Helier, JE1 1RB | Indirect | Jersey | 100 | |
Financial Risk Management Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Valuation Services Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments Holdings Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 |
Country of | ||||
Company name | Registered address | incorporation | Interest % | |
Hub Platform Technology Partners Ltd | 71-75 Shelton Street, Covent Garden, London, WC2H | UK | 22.86 | |
9JQ | ||||
PR-Man Summit Point Holdings LP 2 | 1209 | Orange Street, Wilmington DE 19801 | US | 5 |
2023 | 2022 | |
| $m | $m | |
At beginning of the year | 14 | 18 |
Acquisitions/contributions | \u2013 | 1 |
Share of post-tax loss | (3) | (5) |
At end of the year | 11 | 14 |
2023 | 2022 | |
| $m | $m | |
Present value of funded obligations | (292) | (272) |
Fair value of plan assets | 304 | 294 |
Net pension asset | 12 | 22 |
2023 | 2022 | ||||||
Net pension | Asset ceiling | Net pension | |||||
$m | Assets | Liabilities | asset/(liability) | Assets | Liabilities | adjustment | asset/(liability) |
At beginning of the year | 294 | (272) | 22 | 473 | (444) | (2) | 27 |
Amounts recognised in profit and loss: | |||||||
Current service cost to employer | \u2013 | (1) | (1) | \u2013 | (1) | \u2013 | (1) |
Interest income/(cost) | 13 | (12) | 1 | 8 | (8) | \u2013 | \u2013 |
Past service cost | \u2013 | (1) | (1) | \u2013 | \u2013 | \u2013 | \u2013 |
Running costs | (1) | \u2013 | (1) | \u2013 | \u2013 | \u2013 | \u2013 |
Foreign exchange movements | \u2013 | \u2013 | \u2013 | (49) | 46 | \u2013 | (3) |
Amounts recognised in other comprehensive income: | |||||||
Remeasurements due to: | |||||||
\u2013 changes in financial assumptions | \u2013 | (9) | (9) | \u2013 | 124 | \u2013 | 124 |
\u2013 changes in demographic assumptions | \u2013 | 4 | 4 | \u2013 | 3 | \u2013 | 3 |
\u2013 experience adjustments | \u2013 | (2) | (2) | \u2013 | (3) | \u2013 | (3) |
\u2013 actual return on plan assets less interest | |||||||
on plan assets | (3) | \u2013 | (3) | (128) | \u2013 | \u2013 | (128) |
\u2013 adjustment due to change in asset ceiling | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2 | 2 |
Employer contributions (including plan funding) | 1 | \u2013 | 1 | 1 | \u2013 | \u2013 | 1 |
Employee contributions | 1 | (1) | \u2013 | 1 | (1) | \u2013 | \u2013 |
Foreign currency translation | 17 | (16) | 1 | \u2013 | \u2013 | \u2013 | \u2013 |
Benefit payments | (18) | 18 | \u2013 | (12) | 12 | \u2013 | \u2013 |
At end of the year | 304 | (292) | 12 | 294 | (272) | \u2013 | 22 |
UK Plan | Swiss Plan | |||
| 2023 | 2022 | 2023 | 2022 | |
| % p.a. | % p.a. | % p.a. | % p.a. | |
Discount rate | 4.5 | 4.8 | 1.5 | 2.2 |
Price inflation | 3.1 | 3.3 | 1.2 | 1.2 |
Future salary increases | \u2013 | \u2013 | 1.2 | 1.2 |
Pension payment increases | 3.7 | 3.7 | \u2013 | \u2013 |
Deferred pensions increases | 5.0 | 5.0 | \u2013 | \u2013 |
Interest crediting rate | \u2013 | \u2013 | 1.5 | 2.2 |
Social security increases | \u2013 | \u2013 | 1.0 | 1.0 |
| UK Plan | Swiss Plan | |||
Years | 2023 | 2022 | 2023 | 2022 |
Life expectancy of male aged 60 at year-end | 26.5 | 26.9 | 27.8 | 27.7 |
Life expectancy of male aged 60 in 20 years | 28.0 | 28.4 | 30.2 | 30.1 |
Life expectancy of female aged 60 at year-end | 29.3 | 29.7 | 29.7 | 29.6 |
Life expectancy of female aged 60 in 20 years | 30.7 | 31.1 | 31.7 | 31.6 |
Increase in obligation at | ||
| 31 December 2023 | ||
$m | UK Plan | Swiss Plan |
Discount rate decreased by 0.5% p.a. | 16 | 3 |
Inflation rate increased by 0.5% p.a. | 5 | \u2013 |
One-year increase in assumed life expectancy | 10 | \u2013 |
UK Plan | Swiss Plan | |||
$m | 2023 | 2022 | 2023 | 2022 |
Fund investments | 82 | 90 | 3 | 2 |
Liability-driven investments (LDI) | 83 | 77 | \u2013 | \u2013 |
Bonds | 52 | 66 | 13 | 12 |
Index-linked government bonds | 33 | 21 | \u2013 | \u2013 |
Equities | \u2013 | \u2013 | 11 | 9 |
Property | \u2013 | \u2013 | 2 | 2 |
Cash | 23 | 12 | 1 | 2 |
Other | \u2013 | \u2013 | 1 | 1 |
Total assets | 273 | 266 | 31 | 28 |
2023 | 2022 | |
| $m | $m | |
Present value of funded obligations | (292) | (272) |
Fair value of plan assets | 304 | 294 |
Net pension asset | 12 | 22 |
2023 | 2022 | ||||||
Net pension | Asset ceiling | Net pension | |||||
$m | Assets | Liabilities | asset/(liability) | Assets | Liabilities | adjustment | asset/(liability) |
At beginning of the year | 294 | (272) | 22 | 473 | (444) | (2) | 27 |
Amounts recognised in profit and loss: | |||||||
Current service cost to employer | \u2013 | (1) | (1) | \u2013 | (1) | \u2013 | (1) |
Interest income/(cost) | 13 | (12) | 1 | 8 | (8) | \u2013 | \u2013 |
Past service cost | \u2013 | (1) | (1) | \u2013 | \u2013 | \u2013 | \u2013 |
Running costs | (1) | \u2013 | (1) | \u2013 | \u2013 | \u2013 | \u2013 |
Foreign exchange movements | \u2013 | \u2013 | \u2013 | (49) | 46 | \u2013 | (3) |
Amounts recognised in other comprehensive income: | |||||||
Remeasurements due to: | |||||||
\u2013 changes in financial assumptions | \u2013 | (9) | (9) | \u2013 | 124 | \u2013 | 124 |
\u2013 changes in demographic assumptions | \u2013 | 4 | 4 | \u2013 | 3 | \u2013 | 3 |
\u2013 experience adjustments | \u2013 | (2) | (2) | \u2013 | (3) | \u2013 | (3) |
\u2013 actual return on plan assets less interest | |||||||
on plan assets | (3) | \u2013 | (3) | (128) | \u2013 | \u2013 | (128) |
\u2013 adjustment due to change in asset ceiling | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2 | 2 |
Employer contributions (including plan funding) | 1 | \u2013 | 1 | 1 | \u2013 | \u2013 | 1 |
Employee contributions | 1 | (1) | \u2013 | 1 | (1) | \u2013 | \u2013 |
Foreign currency translation | 17 | (16) | 1 | \u2013 | \u2013 | \u2013 | \u2013 |
Benefit payments | (18) | 18 | \u2013 | (12) | 12 | \u2013 | \u2013 |
At end of the year | 304 | (292) | 12 | 294 | (272) | \u2013 | 22 |
UK Plan | Swiss Plan | |||
| 2023 | 2022 | 2023 | 2022 | |
| % p.a. | % p.a. | % p.a. | % p.a. | |
Discount rate | 4.5 | 4.8 | 1.5 | 2.2 |
Price inflation | 3.1 | 3.3 | 1.2 | 1.2 |
Future salary increases | \u2013 | \u2013 | 1.2 | 1.2 |
Pension payment increases | 3.7 | 3.7 | \u2013 | \u2013 |
Deferred pensions increases | 5.0 | 5.0 | \u2013 | \u2013 |
Interest crediting rate | \u2013 | \u2013 | 1.5 | 2.2 |
Social security increases | \u2013 | \u2013 | 1.0 | 1.0 |
| UK Plan | Swiss Plan | |||
Years | 2023 | 2022 | 2023 | 2022 |
Life expectancy of male aged 60 at year-end | 26.5 | 26.9 | 27.8 | 27.7 |
Life expectancy of male aged 60 in 20 years | 28.0 | 28.4 | 30.2 | 30.1 |
Life expectancy of female aged 60 at year-end | 29.3 | 29.7 | 29.7 | 29.6 |
Life expectancy of female aged 60 in 20 years | 30.7 | 31.1 | 31.7 | 31.6 |
Increase in obligation at | ||
| 31 December 2023 | ||
$m | UK Plan | Swiss Plan |
Discount rate decreased by 0.5% p.a. | 16 | 3 |
Inflation rate increased by 0.5% p.a. | 5 | \u2013 |
One-year increase in assumed life expectancy | 10 | \u2013 |
UK Plan | Swiss Plan | |||
$m | 2023 | 2022 | 2023 | 2022 |
Fund investments | 82 | 90 | 3 | 2 |
Liability-driven investments (LDI) | 83 | 77 | \u2013 | \u2013 |
Bonds | 52 | 66 | 13 | 12 |
Index-linked government bonds | 33 | 21 | \u2013 | \u2013 |
Equities | \u2013 | \u2013 | 11 | 9 |
Property | \u2013 | \u2013 | 2 | 2 |
Cash | 23 | 12 | 1 | 2 |
Other | \u2013 | \u2013 | 1 | 1 |
Total assets | 273 | 266 | 31 | 28 |
Deferred share plan | Executive directors' long-term incentive plan | |||
28/02/2023 \u2013 | 11/03/2022 \u2013 | 10/03/2023 \u2013 | ||
Grant dates | 02/08/2023 | 02/08/2022 | 04/09/2023 | 11/03/2022 |
Share awards granted in the year | 19,200,689 | 21,255,153 | 2,784,001 | 2,028,460 |
Weighted average fair value per share award granted ($) | 3.4 | 2.6 | 3.1 | 2.6 |
2023 | 2022 | |
Share awards outstanding at beginning of the year | 41,252,837 | 42,602,119 |
Granted | 21,984,690 | 23,283,613 |
Forfeited | (2,214,057) | (2,363,058) |
Exercised | (18,705,570) | (22,269,837) |
Share awards outstanding at end of the year | 42,317,900 | 41,252,837 |
Share awards exercisable at end of the year | 137,769 | 25,518 |
| 2023 | 2022 | |
Grant date | 11/09/2023 | 06/09/2022 |
Weighted average share price at grant date ($) 1 | 2.6 | 2.9 |
Weighted average exercise price at grant date ($) 2 | 2.1 | 2.3 |
Share options granted in the period | 2,843,261 | 1,440,991 |
Vesting period (years) | 3\u20135 | 3\u20135 |
Expected share price volatility (%) | 30 | 30 |
Dividend yield (%) | 5 | 5 |
Risk-free rate (%) | 4.7 | 0.2 |
Expected option life (years) | 3.4 | 3.5 |
Number of options assumed to vest | 2,172,378 | 1,095,521 |
Average fair value per option granted ($) | 0.6 | 0.7 |
2023 | 2022 | ||||
| Weighted | Weighted | ||||
| average | average | ||||
| exercise price | exercise price | 1 | |||
| Number | ($ per share) | Number | ($ per share) | ||
Share options outstanding at beginning of the year | 5,976,777 | 1.7 | 6,221,056 | 1.6 | |
Granted | 2,843,261 | 2.2 | 1,440,991 | 2.4 | |
Forfeited | (691,948) | 2.3 | (682,302) | 1.6 | |
Exercised 2 | (2,988,952) | 1.4 | (1,002,968) | 1.5 | |
Share options outstanding at end of the year | 5,139,138 | 2.1 | 5,976,777 | 1.7 | |
Share options exercisable at end of the year | 361,340 | 1.5 | 251,882 | 1.6 |
2023 | 2022 | |||
Weighted | Weighted | |||
| average | average | |||
| expected | expected | |||
| Number of | remaining life | Number of | remaining life | |
Range of exercise prices ($ per share) | share options | (years) | share options | (years) |
0.00\u20133.00 | 5,139,138 | 2.7 | 5,976,777 | 2.0 |
Share buybacks | 2023 | 2022 |
Shares repurchased during the year (including costs) ($m) | 223 | 386 |
Average purchase price (pence) | 241.2 | 227.7 |
Shares repurchased (million) | 76 | 135 |
Accretive impact on diluted earnings per share (%) | 5.2 | 6.0 |
2023 | 2022 | |||
| \u00a2/share | $m | \u00a2/share | $m | |
Final dividend paid for the previous financial year to 31 December | 10.1 | 118 | 8.4 | 110 |
Interim dividend paid for the six months to 30 June | 5.6 | 63 | 5.6 | 69 |
Dividends paid | 181 | 179 | ||
Proposed final dividend for the current financial year to 31 December | 10.7 | 125 | 10.1 | 125 |
2023 | 2022 | |||
Non-current | Non-current | |||
$m | Revenue | assets | Revenue | assets |
Cayman Islands | 555 | \u2013 | 956 | \u2013 |
Ireland | 198 | \u2013 | 197 | \u2013 |
United Kingdom and the Channel Islands | 108 | 606 | 217 | 657 |
United States of America | 193 | 391 | 235 | 228 |
Other countries | 114 | 15 | 127 | 8 |
1,168 | 1,012 | 1,732 | 893 |
| 2023 | 2022 | |
Key management compensation | $m | $m |
Salaries and other short-term employee benefits 1 | 31 | 80 |
Share-based payment charge | 19 | 24 |
Fund product-based payment charge | 22 | 21 |
Pension costs (defined contribution) | 1 | 1 |
Total | 73 | 126 |
| 2023 | 2022 | |
Key management compensation | $m | $m |
Salaries and other short-term employee benefits 1 | 31 | 80 |
Share-based payment charge | 19 | 24 |
Fund product-based payment charge | 22 | 21 |
Pension costs (defined contribution) | 1 | 1 |
Total | 73 | 126 |
Less infrastructure | Total AUM | Fee | ||||||
| mandates and | unconsolidated | Net | Fair value of | receivables | Maximum | |||
| Total | consolidated | structured | management | investment | and accrued | exposure | ||
| AUM | fund entities | entities | Number | fee margin | held | income | to loss | |
| 2023 | ($bn) | ($bn) | ($bn) | of funds | (bps) | ($m) | ($m) | ($m) |
Alternative | ||||||||
Absolute return | 47.7 | (0.3) | 47.4 | 123 | 112 | 130 | 158 | 288 |
Total return | 42.5 | (1.3) | 41.2 | 88 | 64 | 137 | 60 | 197 |
Multi-manager solutions | 19.4 | (12.8) | 6.6 | 51 | 17 | 3 | 14 | 17 |
Long-only | ||||||||
Systematic | 36.5 | \u2013 | 36.5 | 84 | 24 | 4 | 36 | 40 |
Discretionary | 21.4 | (0.2) | 21.2 | 56 | 59 | 15 | 22 | 37 |
Total | 167.5 | (14.6) | 152.9 | 402 | 289 | 290 | 579 |
| Less infrastructure | Total AUM | Fee | ||||||
| mandates and | unconsolidated | Net | Fair value of | receivables | Maximum | |||
| Total | consolidated | structured | management | investment | and accrued | exposure | ||
| AUM | fund entities | entities | Number | fee margin | held | income | to loss | |
2022 | ($bn) | ($bn) | ($bn) | of funds | (bps) | ($m) | ($m) | ($m) |
Alternative | ||||||||
Absolute return | 46.0 | (0.3) | 45.7 | 107 | 112 | 108 | 284 | 392 |
Total return | 28.8 | (0.2) | 28.6 | 80 | 63 | 168 | 40 | 208 |
Multi-manager solutions | 20.2 | (12.5) | 7.7 | 54 | 20 | 3 | 14 | 17 |
Long-only | ||||||||
Systematic | 31.6 | (0.2) | 31.4 | 73 | 25 | 5 | 31 | 36 |
Discretionary | 16.7 | (0.2) | 16.5 | 61 | 57 | 19 | 21 | 40 |
Total | 143.3 | (13.4) | 129.9 | 375 | 303 | 390 | 693 |
Country of | ||
Company name | Registered address | incorporation |
Man Group plc | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Jersey |
| Subsidiaries | Direct or | Country of | Effective Group | ||
Company name | Registered address | indirect | incorporation | interest % | |
Man Group Treasury Limited | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Direct | Jersey | 100 | |
AHL Partners LLP 1,2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Asteria Investment Managers SA | Rue de Lausanne 15, 1201 Geneva, Switzerland | Indirect | Switzerland | 51 | |
FA Sub 3 Limited | Ritter House, Wickhams Cay II, Road Town, | Indirect | BVI | 100 | |
Tortola, VG1110 | |||||
GLG Capital Management LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
GLG LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
GLG Partners Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
GLG Partners LP 2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
GPM Summit Point GP LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Asset Management (Cayman) Limited | PO Box 309, Ugland House, South Church Street, | Indirect | Cayman | 100 | |
George Town, Grand Cayman, KY1-1104 | |||||
Man Asset Management (Ireland) Limited | 70 Sir John Rogerson\u2019s Quay, Dublin 2 | Indirect | Ireland | 100 | |
Man Australia GP Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Australia LP 2 | Level 28, Chifley Tower, 2 Chifley Square, Sydney, | Indirect | Australia | 100 | |
NSW 2000 | |||||
Man (Europe) AG | Austrasse 56, 9490, | Vaduz, Liechtenstein | Indirect Liechtenstein | 100 | |
Man Fund Management Netherlands BV | Beurs \u2013 World Trade Center, Beursplein 37, | Indirect | Netherlands | 100 | |
3011 | AA, Rotterdam | ||||
Man Fund Management UK Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man GLG Partners LLP 1,2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Global Private Markets (UK) Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Global Private Markets (USA) Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Global Private Markets SLP LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Group Holdings Limited 4 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Investments Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Japan Limited | PO Box 556, 1st Floor, Les Echelons Court, Les Echelons, | Indirect | Guernsey | 100 | |
South Esplanade, St Peter Port, GY1 6JB, Guernsey | |||||
Man Group Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Operations Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group Services Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Group UK Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments AG | Huobstrasse 3, 8808 Pf\u00e4ffikon SZ | Indirect | Switzerland | 100 | |
Man Investments Australia Limited | Level 28, Chifley Tower, 2 Chifley Square, Sydney, | Indirect | Australia | 100 | |
NSW 2000 | |||||
Man Investments (CH) AG | Huobstrasse 3, 8808 Pf\u00e4ffikon SZ | Indirect | Switzerland | 100 | |
Man Investments Finance Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments Finance Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments Holdings (Netherlands) | Beurs \u2013 World Trade Center, Beursplein 37, | Indirect | Netherlands | 100 | |
B.V. | 3011 | AA, Rotterdam | |||
Man Investments Holdings Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments (Hong Kong) Limited | Unit 2206-2207, 22/F Man Yee Building, No.68 | Indirect | Hong Kong | 100 | |
Des Voeux Road, Central | |||||
Man Investments Inc. | 15 North Mill Street, Nyack, NY 10960, United States | Indirect | US | 100 | |
Man Investments Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investment Management (Shanghai) | Room 1817 | Bund Centre, No. 222 Yan An East Road, | Indirect | China | 100 |
Co., Ltd | Shanghai, 200002 | ||||
Man Investments (Shanghai) Limited | Room 1818, | Bund Centre, No. 222 Yan An East Road, | Indirect | China | 100 |
Shanghai, 200002 | |||||
Man Investments (USA) Corp. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments USA Holdings Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Property Holdings Limited | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Indirect | Jersey | 100 | |
Man Solutions Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Solutions LLC 3 (formerly FRM | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Investment Management (USA) LLC) |
| Direct or | Country of | Effective Group | |||
Company name | Registered address | indirect | incorporation | interest % | |
Man Solutions (USA) LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Strategic Holdings Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Times Square GP LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Man Times Square Holdings LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Man Worldwide Operations | 22 Grenville Street, St Helier, Jersey, JE4 8PX | Indirect | Jersey | 100 | |
| Management Limited | |||||
Mount Granite Limited | Wickhams Cay, PO Box 662, Road Town, Tortola | Indirect | BVI | 100 | |
MVH Lending, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Net Zero Energy SFR GP Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Numeric Holdings LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Numeric Investors LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Silvermine Capital Management LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Varagon Capital Access SPV I, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Varagon Capital Partners Agent, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Varagon Capital Partners, L.P. 2,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Varagon Professionals Fund GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCAP Onshore GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCAP Offshore GP, S.\u00e0.r.l 5 | 10, Rue des Capucins, L-1313 Luxembourg | Indirect Luxembourg | 73.11 | ||
VCC Advisors, LLC 5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 50.46 |
VCDLF SLP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCN GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCN, L.P. 2,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCP Holding I GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VCP Holding II GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VIVA Onshore GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VSN Parallel Fund GP, LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
VSN Parallel Fund, L.P. 2,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 73.11 |
Country of | Effective Group | ||||
Company name | Registered address | Direct or indirect | incorporation | interest % | |
Man Mash Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Principal Strategies Corp | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
FA Sub 2 Limited | Ritter House, Wickhams Cay II, Road Town, | Indirect | BVI | 100 | |
| Tortola, VG1110 | |||||
GLG Holdings Limited | Wickhams Cay, PO Box 662, Road Town, Tortola | Indirect | BVI | 100 | |
Man Investments Holdings (Jersey) Limited | 15 Esplanade, St Helier, JE1 1RB | Indirect | Jersey | 100 | |
Financial Risk Management Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Valuation Services Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments Holdings Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 |
Country of | ||||
Company name | Registered address | incorporation | Interest % | |
Hub Platform Technology Partners Ltd | 71-75 Shelton Street, Covent Garden, London, WC2H | UK | 22.86 | |
9JQ | ||||
PR-Man Summit Point Holdings LP 2 | 1209 | Orange Street, Wilmington DE 19801 | US | 5 |