Man Group plc Annual Report 2025
Man Group plc
Annual Report 2025
with
1,719
employees
from
70+
countries,
including
595+
quants and technologists.
Man Group plc | Annual Report 2025
Strategic report
Our
455+
investment professionals
trade in over
870
markets around
the world
to help our
769
institutional clients meet
their investment goals.
Man Group plc | Annual Report 2025
01
Strategic report | Governance | Financial statements | Shareholder information
Contents
Strategic report
At a glance 02
Chair’s statement 04
Our business model 10
Our market 12
Our strategy 14
Chief Executive Officer’s review 16
Key performance indicators 20
Chief Financial Officer’s review 22
Risk management 30
People and culture 40
Sustainability and responsibility 48
TCFD 60
Non-financial and sustainability
information statement 64
Governance
Governance overview 66
Chair’s governance overview 67
Governance structure 68
Board of Directors and
Company Secretary 70
Executive Committee 72
Board activities 74
Stakeholder engagement 76
Board effectiveness 78
Board evaluation 80
Audit and Risk Committee report 82
Nomination and Governance
Committee report 90
Directors’ Remuneration report 94
Directors’ report 119
Directors’ responsibility statement 121
Financial statements
Independent auditor’s report 123
Group income statement 132
Group statement of
comprehensiveincome 132
Group balance sheet 133
Group cash flow statement 134
Group statement of changes
in equity 135
Notes to the Group financial
statements 136
Five-year record 172
Alternative performance measures 173
Shareholder information
Shareholder information 181
Glossary 183
The Strategic report was approved
by the Board and signed on its behalf by:
Robyn Grew
Chief Executive Officer
Our reporting
Our reporting is designed to facilitate better communication to a range
of stakeholders. Our Annual Report provides disclosures relating to our
strategic, financial and operational performance. Supplementary
information and disclosures are provided in the following documents,
and referenced throughout this report. A glossary of key terms can be
found on page 183.
^ For our full reporting suite, see www.man.com
Man Group plc | Annual Report 2025
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Strategic report
At a glance
Our proposition is strong
Our purpose
We are focused on pursuing
outperformance for
clients globally via our
Systematic, Discretionary
and Solutions offerings.
Our longstanding heritage in technology and
ethos of constant improvement position us
at the forefront of our evolving industry.
Our principles
Our business principles are designed to distil and define our key
priorities, values and culture.
Performance
We focus on achieving superior
risk-adjusted performance.
Differentiation
We seek to be differentiated
and original in our thinking.
Responsibility
Our people do the right thing
and conduct business with the
highest standards of integrity.
Clients
Our clients are at the heart
of everything we do.
Excellence
Good is not enough, we strive
to be excellent in all we do.
Meritocracy
We succeed through talent,
commitment, diligence
and teamwork.
Our culture
We have an inclusive,
collaborative culture that is
focused on doing the right
thing for our clients, our
people, our shareholders
and other stakeholders.
Systematic Page 8
Discretionary Page 38
Solutions Page 46
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
Assets under management
$227.6bn
2024: $168.6bn
Relative investment performance
+1.3%
2024: +1.0%
Operational highlights
Net flows
$28.7bn
2024: $(3.3)bn
Relative net flows
+19.3%
2024: +0.2%
Statutory profit before tax
$257m
2024: $398m
Core profit before tax¹
$407m
2024: $473m
Core management fee profit before tax
$294m
2024: $323m
Statutory EPS (diluted)
15.0¢
2024: 25.1¢
Core EPS (diluted)
27.6¢
2024: 32.1¢
Core management fee EPS (diluted)
19.6¢
2024: 21.5¢
Proposed dividend per share
17.2¢
2024: 17.2¢
Financial highlights
1 Man Group’s alternative performance measures are outlined on pages 173 to 180.
See Glossary on page 183 for full definitions.
Man Group plc | Annual Report 2025
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Strategic report
Chair’s statement
Under Robyn Grew’s leadership, we have accelerated
our diversification efforts and strengthened
Man Group’s long-term positioning. The Board remains
confident in our strategy and capacity to navigate
changing markets.
Anne Wade
Chair
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
Overview of the year
Markets experienced significant cross-currents during 2025, shaped
by tariff shocks, geopolitical tensions, and sharp sectoral rotations.
In this environment, Man Group delivered resilient performance, and
I am pleased by the progress we made against our strategic priorities.
Two years into Robyn Grew’s tenure as CEO, the leadership team has
made significant strides in diversifying Man Group and strengthening
our positioning for long-term success.
As a global alternative investment management firm with clients at the
centre of everything we do, we remain committed to leveraging our
investment expertise and technology capabilities to maximise client
value. During the year, we delivered +1.3% of relative investment
outperformance and recorded net inflows 19.3% ahead of the industry.
Supported by tailwinds from market beta and currency movements,
our AUM ended the year at $227.6 billion, a 35% increase from the
beginning of 2025.
We delivered core management fee profit before tax
1
of $294 million,
down 9% year-on-year, reflecting lower core net management fees,
partially offset by continued fixed cost discipline. Core performance
fee profit before tax of $113 million declined 25% versus 2024, primarily
due to unfavourable market conditions for trend-following strategies
during the first half of the year. Statutory profit before tax was $257
million, a decrease of $141 million compared with 2024.
Board changes
The Board’s composition remained unchanged in 2025, providing
valuable continuity following the appointments of Sarah Legg, Dixit
Joshi and Paco Ybarra in 2024, who are now fully established in their
roles and making strong contributions across governance, risk
oversight and strategic discussions. Their considerable expertise in
corporate finance and global capital markets continues to add
significant value as we pursue our strategic priorities in today’s
dynamic environment.
Following a thorough process led by the Nomination and Governance
Committee and the Board, Laurie Fitch will succeed Richard Berliand
as Senior Independent Director (SID) in early 2026. Laurie joined the
Board in 2023 and has served as Chair of the Remuneration Committee
since September of that year. Her strong industry background and
extensive corporate governance experience make her an excellent
choice for this role. I look forward to working closely with Laurie in her
new role as SID.
Richard had planned to step down from the Board in late 2025 but
kindly agreed to continue for a short additional period to ensure a
smooth transition in light of specific circumstances relating to the
timing of Laurie’s appointment. His continued service was hugely
valuable given his deep knowledge of the Company, and we are
extremely grateful to Richard for his significant contributions to
Man Group throughout his tenure.
1 Man Group’s alternative performance measures are outlined on pages 173 to 180.
Ceci Kurzman, who has served on the Board for two three-year terms,
has indicated that she will not be standing for re-election at the 2026
AGM and will step down from the Board at the conclusion of that
meeting. I’d like to thank Ceci for her contribution to the Board,
particularly her work on employee engagement.
Finally, I am delighted to welcome Colin Bell to the Man Group Board,
with effect from 1 March 2026. Colin has significant experience in
business leadership, global banking, risk management, and regulatory
compliance, as well as strong foundations in technology and expertise
in driving innovation. We are very much looking forward to working
with him.
The Board’s composition is well balanced, with a strong mix of skills,
experience and perspectives closely aligned with the needs of the
business. The Board continues to be well positioned to provide
effective oversight and support to management in delivering
sustainable long-term growth.
Board focus
As an active manager, investment performance remains a core focus
for the Board; during the year, we received comprehensive updates
on the firm’s investment strategies, with particular attention given to
trend-following performance during challenging market conditions in
the first half. We maintained active and ongoing dialogue with
management as they navigated this period, and we are encouraged by
the actions taken and resilience demonstrated.
Client relationships remain central to our strategy as we seek to partner
with the world’s largest allocators to create tailored solutions that help
them meet their investment goals. The Board maintained close
oversight of client engagement, including reviewing feedback from
a new client survey that provided valuable insights into how we are
serving them.
We continue to devote considerable time to assessing progress against
our strategic priorities. During the year, we held dedicated sessions on
developments and new opportunities in quantitative equity, credit and
wealth. The Board was also actively involved in discussions regarding
the acquisition of Bardin Hill. We rigorously evaluated and challenged
the business case for the transaction to ensure it strengthened our
existing private credit capabilities, aligned with our culture and would
create long-term value for shareholders.
The Board continues to provide oversight on other important strategic
decisions as we seek to remain agile and position the business for
ongoing success. In 2025, key topics included the combination of the
firm’s systematic divisions, actions to protect and retain high-
performing talent, and implementing AI across the organisation.
^ For more detail on areas of Board focus in
2025 please see:
Audit and Risk Committee report 82
Nomination and Governance Committee report 90
Directors’ Remuneration report 94
Man Group plc | Annual Report 2025
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Strategic report
Chair’s statement continued
People and culture
The strength of Man Group lies in its people, and the Board recognises
that exceptional talent is fundamental to our success. We remain
committed to promoting diversity, equity and inclusion because a
range of perspectives leads to better outcomes for all our stakeholders.
In an increasingly competitive market, attracting and retaining the best
talent is more important than ever. We continue to support and oversee
a wide range of people-related initiatives championed by the
leadership team. These aim to strengthen the quality of Man Group’s
talent pool, provide development opportunities for employees and
embed an open and collaborative culture across the firm. Across all
levels of the organisation, management has fostered a culture that
actively seeks people who think differently, encouraging constructive
challenge that leads to better decision-making and results, and
creating an environment where everyone can perform to their full
potential. This approach enhances both creativity and effectiveness,
adding greater value for our clients.
Beyond these internal initiatives, the Board actively engages with
external organisations and industry groups to drive positive impact
and broader change to address the diversity, equity and inclusion
challenges within the financial services industry. As a signatory to
the Women in Finance Charter and Race at Work Charter, we remain
committed to transparency and publicly sharing our progress.
Workforce engagement
The Board actively seeks to understand employee perspectives when
making decisions. We engage directly with colleagues across the globe
through a variety of channels to consider their views and understand
the potential impact of our decisions. In addition to Ceci Kurzman’s
work as the Board’s designated employee engagement representative,
all Board members are encouraged to connect with employees
throughout the year.
In September 2025, we visited New York, spending time with our
US-based colleagues in both structured sessions and informal
settings. The Board regularly reviews and discusses feedback from
these interactions and other employee engagement initiatives across
the firm, using these insights to inform our decision-making.
Whenever I meet with colleagues, I am consistently impressed by
their professionalism and dedication to Man Group. In what has been
a challenging year at times, their resilience has been particularly
noteworthy. On behalf of the Board, I would like to thank everyone at
the firm for their commitment and contribution during 2025.
Man Group plc | Annual Report 2025
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Capital returns
Man Group’s capital allocation policy is disciplined and designed to
deliver attractive shareholder returns while supporting the future
growth of the business. Our aim is to increase the annual dividend per
share progressively over time, reflecting the firm’s underlying earnings
growth and cash generation whilst preserving balance sheet strength.
In line with this policy and acknowledging financial performance in
2025, the Board has recommended a final dividend of 11.5 cents per
share, which, combined with the interim dividend already distributed,
brings the full year dividend to 17.2 cents per share (2024: 17.2 cents
per share). The final dividend is subject to shareholder approval at the
Annual General Meeting in May 2026.
In addition to dividends, we allocate capital to organic and inorganic
initiatives that align with our strategic priorities and drive value creation
for shareholders. We regularly review our accumulated capital reserves
to determine whether they exceed the amount needed for prudent and
flexible management of the firm. Where we hold excess capital beyond
these requirements, we return additional value to shareholders through
share repurchases when market conditions are favourable. In 2025,
we announced and completed a share buyback programme of up to
$100 million. Combined with dividends, total returns to shareholders
amounted to $293 million for the year and $1.8 billion over the past five
years, the latter equating to approximately 52% of our market
capitalisation as at 31 December 2025.
Looking ahead, the Board remains confident in Man Group’s strategy
and its ability to navigate an evolving market environment successfully.
Thank you to all our shareholders for your continuing support.
Anne Wade
Chair
17.2¢
Proposed dividend
per share
2024: 17.2¢
Man Group plc | Annual Report 2025
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Strategic report
Systematic
^ For more information,
please visit:
www.man.com/ahl
www.man.com/numeric
Feature page
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
+6.4%
relative investment performance
from systematic long-only
$140bn
AUM across our systematic
investment platform
Our Systematic division houses one
of the world’s largest quantitative
investment platforms, powered by
people, data and technology.
Our data scientists, technologists and finance practitioners
are united by a shared intellectual curiosity and a passion for
solving the complex problems presented by financial markets.
We are bringing Man AHL and Man Numeric together under one Systematic leadership
team, combining $140bn in AUM across macro and micro investment styles.
This shared platform enables deeper collaboration across data, signal development,
risk, analytics and trading – with clients at the centre of everything we do.
Our platform supports the potential for greater profitability as we grow
Technology underpins everything we do at Man Group. The strength and flexibility of our infrastructure drives
efficiency and operating leverage across the business, which helps us grow profits faster than revenue.
We have a track record of delivering consistent AUM growth
We grow our AUM by delivering investment performance, attracting net inflows and acquiring new capabilities.
We can charge our clients a management fee and/or performance fee, which aligns our objectives with theirs.
Man Group plc | Annual Report 2025
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Strategic report
$42.5bn
Absolute return
Total return
Multi-manager
Systematic long-only
Discretionary long-only
$46.6bn
$14.5bn
$76.2bn
$47.8bn
62% of AUM
customised to
some degree
Our business model
Generating outperformance at scale
Powered by talent and advanced technology, our investment
strategies aim to solve our clients’ most complex challenges.
We are client
focused
We take a partnership approach
to working with clients globally,
establishing a deep
understanding of their goals and
those of the millions of retirees
and savers they represent.
Our offering is
differentiated
We offer a broad range of
systematic and discretionary
investment strategies, with a
longstanding track record of
delivering for clients in various
market regimes.
We take a tailored
approach
We understand the unique
needs of our clients and create
customised solutions at scale to
meet their individual risk, return,
liquidity and structuring
requirements.
AUM by client domicile
49%
EMEA
33%
Americas
18%
Asia Pacific
AUM by product category AUM customised for client needs
Customised $141.0bn
Non-customised $86.6bn
Total $227.6bn
Data as at 31 December 2025.
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
Our business model offers a clear value proposition with significant
potential for shareholders.
Our talent,
culture and
significant
expertise in
technology
reinforce our
competitive
advantage
We have a
track record
of delivering
investment
outperformance
and growth
Our business
model is highly
scalable and
offers significant
operating
leverage
Strong capital
generation
supports our
growth, value
creation and
shareholder
returns
Relative investment performance (2025)
+1.3%
Clients
Employee engagement score (2025)
75%
Employees ^ See page 40 ^ See page 17
Shareholder returns (2021-2025)
$1.8bn
Shareholders ^ See page 28
Employees volunteering (2025)
475+
Communities ^ See page 45
Man Group plc | Annual Report 2025
12
Strategic report
Our market
Market environment and industry trends
We are well positioned for continued growth against the backdrop of the key
trends affecting the asset management industry, technology in particular.
Market
Macro environment
Industry
Growing appetite for alternatives
Prevalence of quant and technology
Evolving client requirements
Description Description Description Description
Macroeconomic and geopolitical uncertainty was pervasive in
2025 as the US imposed sweeping tariffs, geopolitical tensions
flared up, and major economies faced concerns about fiscal
sustainability, alongside questions over Fed independence and
the future direction of monetary policy.
The global economy experienced solid growth in 2025, helped
by investment in AI-related capex and government policy easing,
although inflation remained elevated in some countries.
2025 was another strong yet volatile year for equities. The S&P
500 gained 16.4% with a significant tariff-driven correction
followed by a recovery. However, the US was significantly
outperformed by many international equity markets this year.
Credit markets delivered modest but positive returns as global
high-yield bonds marginally outperformed investment-grade,
whilst the 10-year US Treasury yield declined despite periodic
movements driven by persistent budget deficit concerns.
Demand for alternatives remains strong, with assets under
management projected to grow at a CAGR of 9%
1
over the next
five years as allocators continue to search for uncorrelated
sources of return.
Clients continue to seek partners capable of navigating
changeable markets, delivering scalable outperformance, and
addressing the complexities of managing larger pools of capital
amidst ongoing industry consolidation.
Demand for alternative credit and income-generating strategies
has remained robust even as fiscal policy starts to ease,
continuing to present opportunities for firms with capabilities
across the credit spectrum.
Wealth investors remain the fastest growing channel in
alternatives. New structures that reduce barriers to entry
and enhance liquidity are gaining traction in private wealth.
Systematic investing remains a growth area in the alternative
asset management industry, increasing by 11% in 2025
2
,
driven by multi-strategy offerings.
AI adoption has evolved from tactical to firm-wide, with the
transformational impact of AI leading to organisational change
across the industry.
Quant techniques continue to play an important role in
discretionary investing, augmenting human decision-making
and enhancing investment outcomes.
Alternative data remains a critical driver of innovation, providing
an informational edge and enabling the development of new
signals and strategies. Building platforms to harness this data
effectively remains a top priority for asset managers.
Large institutions, including sovereign wealth funds, pension
funds, insurance companies, and endowments, face increasingly
complex and unique demands, requiring customised solutions
that align with their specific investment objectives.
Allocators are prioritising fewer, high-conviction relationships,
driving a shift towards more consultative and high-touch
engagement.
Investors across institutional and wealth channels are seeking
broader and more diversified investment strategies and solutions
to meet their requirements.
In both the institutional and wealth channels, clients are
increasingly valuing managers who have a local presence.
What this means for Man Group What this means for Man Group What this means for Man Group What this means for Man Group
By trading a wide range of macro instruments, as well as
traditional asset classes, our strategies are able to generate
diversifying outperformance in varied macro regimes.
Trend-following strategies struggled in the first half, but
subsequently recovered to end the year in positive territory.
Amidst the volatility, Man Group’s multi-strat, Man 1783
delivered +14.0% in 2025.
Innovation and research are at the core of what we do, and we
are constantly working to generate new technology-enabled
sources of alpha.
We continue to invest in and maintain the highest risk
management standards across all of our products, and we are
well positioned to manage client capital through turbulent periods.
We are a leader in global alternatives, with $104 billion of our
assets under management across a broad range of alternative
strategies, positioning us as a partner of choice.
Our ability to deliver uncorrelated outperformance and hedging
strategies at scale, customised to meet complex needs, continues
to drive strong client demand.
We manage $53 billion of credit AUM across both public and
private credit. We expanded our capabilities through the
acquisition of Bardin Hill which, in combination with Varagon,
formed our combined US private credit business.
Wealth demand for alternatives has contributed to a 23% growth
in our wealth assets under management this year, supported by
our partnerships with leading players in wealth management.
Our systematic strategies continue to grow with $140 billion
of assets under management across alternative and
long-only strategies.
Our early adoption of AI, generative AI and strength in technology
has accelerated the benefits in enhancing investment research
and delivering significant productivity gains across the entire
organisation.
Our systematic and discretionary investment teams increasingly
benefit from common data frameworks, AI capabilities and
execution infrastructure, enhancing their investment processes.
We invested over $135 million in our AI, data and technology
capabilities during 2025. This year has highlighted the importance
of a technology platform that can reliably scale during periods
of volatility.
We service the world’s most sophisticated institutions with 47
tailored Institutional solutions. Our ability to deliver customised
solutions at scale, enabled by our platform, positions us as a
trusted partner for some of the world’s largest investors.
We see strong demand growth for advisory services with the
Oxford Man Institute Advisory being a differentiator with clients.
During 2025, we continued to invest in our distribution and
structuring capabilities. This enabled us to capitalise on growing
demand in wealth by launching our first active ETFs and delivering
alternative content in tailored formats.
Our organic and inorganic growth has grown our North American
AUM to $67 billion, strengthening our position in the world’s largest
asset management market, while our intention to open an
Abu Dhabi office strengthens our commitment to the Middle East.
1 Source: BCG ‘Global Asset Management Report 2025’.
Man Group plc | Annual Report 2025
13
Strategic report | Governance | Financial statements | Shareholder information
Market
Macro environment
Industry
Growing appetite for alternatives
Prevalence of quant and technology
Evolving client requirements
Description Description Description Description
Macroeconomic and geopolitical uncertainty was pervasive in
2025 as the US imposed sweeping tariffs, geopolitical tensions
flared up, and major economies faced concerns about fiscal
sustainability, alongside questions over Fed independence and
the future direction of monetary policy.
The global economy experienced solid growth in 2025, helped
by investment in AI-related capex and government policy easing,
although inflation remained elevated in some countries.
2025 was another strong yet volatile year for equities. The S&P
500 gained 16.4% with a significant tariff-driven correction
followed by a recovery. However, the US was significantly
outperformed by many international equity markets this year.
Credit markets delivered modest but positive returns as global
high-yield bonds marginally outperformed investment-grade,
whilst the 10-year US Treasury yield declined despite periodic
movements driven by persistent budget deficit concerns.
Demand for alternatives remains strong, with assets under
management projected to grow at a CAGR of 9%
1
over the next
five years as allocators continue to search for uncorrelated
sources of return.
Clients continue to seek partners capable of navigating
changeable markets, delivering scalable outperformance, and
addressing the complexities of managing larger pools of capital
amidst ongoing industry consolidation.
Demand for alternative credit and income-generating strategies
has remained robust even as fiscal policy starts to ease,
continuing to present opportunities for firms with capabilities
across the credit spectrum.
Wealth investors remain the fastest growing channel in
alternatives. New structures that reduce barriers to entry
and enhance liquidity are gaining traction in private wealth.
Systematic investing remains a growth area in the alternative
asset management industry, increasing by 11% in 2025
2
,
driven by multi-strategy offerings.
AI adoption has evolved from tactical to firm-wide, with the
transformational impact of AI leading to organisational change
across the industry.
Quant techniques continue to play an important role in
discretionary investing, augmenting human decision-making
and enhancing investment outcomes.
Alternative data remains a critical driver of innovation, providing
an informational edge and enabling the development of new
signals and strategies. Building platforms to harness this data
effectively remains a top priority for asset managers.
Large institutions, including sovereign wealth funds, pension
funds, insurance companies, and endowments, face increasingly
complex and unique demands, requiring customised solutions
that align with their specific investment objectives.
Allocators are prioritising fewer, high-conviction relationships,
driving a shift towards more consultative and high-touch
engagement.
Investors across institutional and wealth channels are seeking
broader and more diversified investment strategies and solutions
to meet their requirements.
In both the institutional and wealth channels, clients are
increasingly valuing managers who have a local presence.
What this means for Man Group What this means for Man Group What this means for Man Group What this means for Man Group
By trading a wide range of macro instruments, as well as
traditional asset classes, our strategies are able to generate
diversifying outperformance in varied macro regimes.
Trend-following strategies struggled in the first half, but
subsequently recovered to end the year in positive territory.
Amidst the volatility, Man Group’s multi-strat, Man 1783
delivered +14.0% in 2025.
Innovation and research are at the core of what we do, and we
are constantly working to generate new technology-enabled
sources of alpha.
We continue to invest in and maintain the highest risk
management standards across all of our products, and we are
well positioned to manage client capital through turbulent periods.
We are a leader in global alternatives, with $104 billion of our
assets under management across a broad range of alternative
strategies, positioning us as a partner of choice.
Our ability to deliver uncorrelated outperformance and hedging
strategies at scale, customised to meet complex needs, continues
to drive strong client demand.
We manage $53 billion of credit AUM across both public and
private credit. We expanded our capabilities through the
acquisition of Bardin Hill which, in combination with Varagon,
formed our combined US private credit business.
Wealth demand for alternatives has contributed to a 23% growth
in our wealth assets under management this year, supported by
our partnerships with leading players in wealth management.
Our systematic strategies continue to grow with $140 billion
of assets under management across alternative and
long-only strategies.
Our early adoption of AI, generative AI and strength in technology
has accelerated the benefits in enhancing investment research
and delivering significant productivity gains across the entire
organisation.
Our systematic and discretionary investment teams increasingly
benefit from common data frameworks, AI capabilities and
execution infrastructure, enhancing their investment processes.
We invested over $135 million in our AI, data and technology
capabilities during 2025. This year has highlighted the importance
of a technology platform that can reliably scale during periods
of volatility.
We service the world’s most sophisticated institutions with 47
tailored Institutional solutions. Our ability to deliver customised
solutions at scale, enabled by our platform, positions us as a
trusted partner for some of the world’s largest investors.
We see strong demand growth for advisory services with the
Oxford Man Institute Advisory being a differentiator with clients.
During 2025, we continued to invest in our distribution and
structuring capabilities. This enabled us to capitalise on growing
demand in wealth by launching our first active ETFs and delivering
alternative content in tailored formats.
Our organic and inorganic growth has grown our North American
AUM to $67 billion, strengthening our position in the world’s largest
asset management market, while our intention to open an
Abu Dhabi office strengthens our commitment to the Middle East.
2 Source: Goldman Sachs analysis.
Man Group plc | Annual Report 2025
14
Strategic report
Our strategy
Driving continuous growth
We leverage our talent, technology and scale to further diversify our business
and deliver sustainable, long-term growth for clients and shareholders.
Four strategic pillars drive value for our firm.
Innovative
investment strategies
Strong
client relationships
Efficient and
effective operations
Returns
to shareholders
Combining our exceptional talent and
technology with the goal of generating
superior risk-adjusted returns for our
clients, while growing our capabilities
in areas where we have credibility
and differentiation.
Building long-term client partnerships
through a differentiated, tailored offering,
while strengthening our distribution
presence in underweight channels with
significant opportunity.
Harnessing technology at scale and
aligning resources with our priorities to
power investment performance, provide
new options for growth, and drive
operating efficiencies across the firm.
Generating excess capital to invest
strategically in the business, support
growth, create value and deliver
shareholder returns; underpinned by
our disciplined capital allocation policy.
Link to our financial key performance indicators
1 2 3 4
Through constant innovation, we find
new sources of returns, maintain our
relevance with clients, diversify our
revenue streams and drive sustainable
growth.
2 3 4
We aim to identify what is valuable to our
clients and continuously evolve in order to
attract net inflows and gain market share
on a consistent and sustainable basis.
3 4
By investing in technology and
maintaining fixed cost discipline,
the operating leverage inherent in our
business model means that we can
grow profits faster than revenue.
1 2 3 4
Profitable growth allows us to continue
to invest in the business, organically and
inorganically, and return capital in excess
of our requirements to shareholders.
Our progress in 2025
Generated investment performance
of $21.4 billion for our clients, with all
product categories contributing
positively.
Delivered asset-weighted relative
investment outperformance of 1.3%,
driven primarily by our long-only
strategies (+4.9%).
Our multi-strategy, Man 1783, delivered
gains of 14.0% during the year,
demonstrating the quality and breadth
of alpha across our diversified platform.
Added opportunistic credit capabilities
via the acquisition of Bardin Hill; we now
manage $53 billion across liquid and
private credit.
Evaluated 220+ new datasets during the
year to support our research efforts and
expand alpha sources across strategies.
Hired five new investment teams during
the year, strengthening the quality and
depth of our solutions offering.
Delivered record net inflows of
$28.7 billion, 19.3% ahead of the industry
1
,
gaining market share for the sixth
consecutive year.
Conducted over 16,000 meetings to
support our clients through complex and
volatile markets.
Continued to deepen existing
relationships; our top 50 clients invest
in an average of four strategies across
the firm.
Made significant progress with new
relationships, with 36% of subscriptions
from first-time clients.
Expanded our presence in the wealth
channel, launching four new active ETFs
spanning discretionary and systematic
styles across equity and credit.
Increased our North American AUM to
$67 billion through strategic acquisitions
and organic growth, enhancing our
position in the region.
Established a partnership with Meiji
Yasuda, extending our reach in the
insurance channel.
Bringing our systematic businesses
together under one umbrella, with a CIO
appointed to drive our research efforts
and accelerate product development.
Invested over $135 million into our
technology capabilities to remain at the
cutting edge.
Developed and implemented a firm-wide
AI strategy; adoption continues to grow,
including a new strategic partnership with
Anthropic.
Seeded 12 new strategies during the year,
supporting product innovation across the
platform. We ended the year with gross seed
investments of $603 million.
Maintained cost discipline, continuing to
align resources with strategic priorities and
taking action to protect profitability in a
challenging market environment.
Our ability to deliver customised solutions
at scale via our platform continues to be a
differentiator as we seek to partner with
large institutions; 62% of our AUM is tailored
for specific client requirements.
Proposed 2025 dividend of 17.2 cents,
maintained year-on-year and in line with
our policy, reflecting lower underlying
earnings.
Completed the $100 million share
buyback programme announced with
our 2024 results in February 2025.
Assessed 100+ acquisition opportunities
during 2025, maintaining our selective
approach to identify targets that
strengthen our investment capabilities.
Successfully executed the Bardin Hill
acquisition in October, strengthening our
private credit platform.
Maintained a strong and liquid balance
sheet, with $723 million of net tangible
assets
2
.
Recycled ~$400 million of seed
investments to repay ~$110 million of
third-party financing, reducing financing
costs and improving balance sheet
efficiency.
Objectives for 2026
Continue to diversify our investment
capabilities through innovation and
strategic hiring, with a particular focus
on credit.
Enhance our research and technology
expertise across our investment
platform, strengthening our ability
to develop cutting-edge solutions.
Continue building strategic partnerships
as institutional clients consolidate
relationships and seek customised
solutions at scale.
Expand our footprint in North America
and the wealth channel through
continued innovation, product
development and strategic partnerships.
Continue to invest in talent and
technology to maintain our competitive
advantage, whilst maintaining cost
discipline.
Accelerate AI implementation across the
organisation to drive productivity gains
and transform how we deliver for clients.
Preserve balance sheet strength and
financial flexibility to support ongoing
diversification and strategic initiatives.
Continue our disciplined capital allocation
approach, balancing growth investments
with shareholder returns.
Man Group plc | Annual Report 2025
15
Strategic report | Governance | Financial statements | Shareholder information
Innovative
investment strategies
Strong
client relationships
Efficient and
effective operations
Returns
to shareholders
Combining our exceptional talent and
technology with the goal of generating
superior risk-adjusted returns for our
clients, while growing our capabilities
in areas where we have credibility
and differentiation.
Building long-term client partnerships
through a differentiated, tailored offering,
while strengthening our distribution
presence in underweight channels with
significant opportunity.
Harnessing technology at scale and
aligning resources with our priorities to
power investment performance, provide
new options for growth, and drive
operating efficiencies across the firm.
Generating excess capital to invest
strategically in the business, support
growth, create value and deliver
shareholder returns; underpinned by
our disciplined capital allocation policy.
Link to our financial key performance indicators
1 2 3 4
Through constant innovation, we find
new sources of returns, maintain our
relevance with clients, diversify our
revenue streams and drive sustainable
growth.
2 3 4
We aim to identify what is valuable to our
clients and continuously evolve in order to
attract net inflows and gain market share
on a consistent and sustainable basis.
3 4
By investing in technology and
maintaining fixed cost discipline,
the operating leverage inherent in our
business model means that we can
grow profits faster than revenue.
1 2 3 4
Profitable growth allows us to continue
to invest in the business, organically and
inorganically, and return capital in excess
of our requirements to shareholders.
Our progress in 2025
Generated investment performance
of $21.4 billion for our clients, with all
product categories contributing
positively.
Delivered asset-weighted relative
investment outperformance of 1.3%,
driven primarily by our long-only
strategies (+4.9%).
Our multi-strategy, Man 1783, delivered
gains of 14.0% during the year,
demonstrating the quality and breadth
of alpha across our diversified platform.
Added opportunistic credit capabilities
via the acquisition of Bardin Hill; we now
manage $53 billion across liquid and
private credit.
Evaluated 220+ new datasets during the
year to support our research efforts and
expand alpha sources across strategies.
Hired five new investment teams during
the year, strengthening the quality and
depth of our solutions offering.
Delivered record net inflows of
$28.7 billion, 19.3% ahead of the industry
1
,
gaining market share for the sixth
consecutive year.
Conducted over 16,000 meetings to
support our clients through complex and
volatile markets.
Continued to deepen existing
relationships; our top 50 clients invest
in an average of four strategies across
the firm.
Made significant progress with new
relationships, with 36% of subscriptions
from first-time clients.
Expanded our presence in the wealth
channel, launching four new active ETFs
spanning discretionary and systematic
styles across equity and credit.
Increased our North American AUM to
$67 billion through strategic acquisitions
and organic growth, enhancing our
position in the region.
Established a partnership with Meiji
Yasuda, extending our reach in the
insurance channel.
Bringing our systematic businesses
together under one umbrella, with a CIO
appointed to drive our research efforts
and accelerate product development.
Invested over $135 million into our
technology capabilities to remain at the
cutting edge.
Developed and implemented a firm-wide
AI strategy; adoption continues to grow,
including a new strategic partnership with
Anthropic.
Seeded 12 new strategies during the year,
supporting product innovation across the
platform. We ended the year with gross seed
investments of $603 million.
Maintained cost discipline, continuing to
align resources with strategic priorities and
taking action to protect profitability in a
challenging market environment.
Our ability to deliver customised solutions
at scale via our platform continues to be a
differentiator as we seek to partner with
large institutions; 62% of our AUM is tailored
for specific client requirements.
Proposed 2025 dividend of 17.2 cents,
maintained year-on-year and in line with
our policy, reflecting lower underlying
earnings.
Completed the $100 million share
buyback programme announced with
our 2024 results in February 2025.
Assessed 100+ acquisition opportunities
during 2025, maintaining our selective
approach to identify targets that
strengthen our investment capabilities.
Successfully executed the Bardin Hill
acquisition in October, strengthening our
private credit platform.
Maintained a strong and liquid balance
sheet, with $723 million of net tangible
assets
2
.
Recycled ~$400 million of seed
investments to repay ~$110 million of
third-party financing, reducing financing
costs and improving balance sheet
efficiency.
Objectives for 2026
Continue to diversify our investment
capabilities through innovation and
strategic hiring, with a particular focus
on credit.
Enhance our research and technology
expertise across our investment
platform, strengthening our ability
to develop cutting-edge solutions.
Continue building strategic partnerships
as institutional clients consolidate
relationships and seek customised
solutions at scale.
Expand our footprint in North America
and the wealth channel through
continued innovation, product
development and strategic partnerships.
Continue to invest in talent and
technology to maintain our competitive
advantage, whilst maintaining cost
discipline.
Accelerate AI implementation across the
organisation to drive productivity gains
and transform how we deliver for clients.
Preserve balance sheet strength and
financial flexibility to support ongoing
diversification and strategic initiatives.
Continue our disciplined capital allocation
approach, balancing growth investments
with shareholder returns.
1 Relative net flows are defined in the Glossary, with further
details included as part of our financial KPIs on page 20.
2 Man Group’s alternative performance measures are
outlined on pages 173 to 180.
^ For more information on how risks relate to our
strategy, refer to page 30.
Our strategic pillars are linked to our financial
KPIs, as set out below, and on page 20.
1
Relative investment performance
2
Relative net flows
3
Core EPS (diluted)
4
Core management fee EPS
(diluted) growth
Transformation
Rebuilds existing business processes
with AI at the core. Each Executive
Committee member has nominated
an AI Champion accountable for their
department’s AI roadmap, delivery,
prioritisation, adoption and ROI.
Projects are curated based on
business impact, feasibility and
strategic alignment, then delivered
iteratively by teams, supported by
dedicated engineers.
Our platform
Built on open standards, the platform
enables both technical and non-
technical users to customise and
scale AI into their workflows, to deliver
significant operating leverage.
Through a unified platform, we make
AI accessible, safe and Man Group-
specific: personalised integrations
tailored to each employee’s role, team
or department. We are further building
out our tools in workflow automation,
document retrieval and managed
agent capabilities.
Our AI strategy
Our firm-wide AI strategy embeds
‘AI-first’ ways of working across
Man Group to deliver measurable
value now, while building business-
wide capabilities that compound over
time. The CFO and COO chairs the
AI Steering Committee, ensuring
executive-level governance and
accountability. The approach rests on
three interdependent pillars:
Transformation, Education,
and Platform.
Education
Makes AI capability universal at
Man Group, where AI literacy is
becoming the norm for every
employee. Training covers
foundational understanding of AI’s
capabilities and limitations, hands-on
skills to build daily habits around
generative AI, preparation for
human-AI collaboration and agent
management, as well as risk training
on policy, privacy and explainability.
AI readiness
Our AI readiness is a key differentiator, demonstrated by our technology capabilities,
longstanding expertise and firm-wide enthusiasm to adapt. With technical
foundations established through 2025, including flagship projects ManGPT and
AlphaGPT, we are now scaling from January 2026 with robust governance,
comprehensive training, an extensible platform and hands-on support in place.
16
Strategic report
Man Group plc | Annual Report 2025
Chief Executive Officer’s review
The first half of 2025 was demanding,
but we navigated the challenges to
emerge stronger and finish the year
with positive momentum. This reflects
the underlying quality of our business,
driven by exceptional talent and deep
technology capabilities.
Robyn Grew
Chief Executive Officer
Man Group plc | Annual Report 2025
17
Strategic report | Governance | Financial statements | Shareholder information
Relative
Absolute return
Total return
Multi-manager
Systematic long-only
Discretionary long-only
Total
Absolute
-3.2%
20.6%
6.4%
3.3%
1.3%
3.8%
7.7%
6.7%
14.8%
13.1%
-1.3%
-1.7%
Overview of the year
2025 was a year of pronounced peaks and troughs for markets, where
periods of volatility tested investor resolve before conditions eventually
stabilised. We navigated shifting sentiment and, at times,
unprecedented reversals, absorbing shocks from the DeepSeek
mini-crash in January, tariff announcements in April, ongoing
geopolitical tensions, and debate regarding the sustainability of AI
infrastructure investment and fiscal spending. Though the path was
far from smooth, this marked the first year since the pandemic where
all major asset classes delivered positive returns.
In equities, the narrative of US exceptionalism began to fade as market
leadership broadened to banks and industrials across Europe and Asia.
Value indices matched their growth-oriented counterparts for the first
time in years, underpinned by robust corporate earnings. Fixed income
markets also rebounded, delivering their best performance since 2020
as central banks pivoted to policy easing. This shift contributed to a 7%
decline in the US dollar on a trade-weighted basis, while precious
metals reached record highs. Markets demonstrated a remarkable
capacity to withstand stress, delivering a strong result by year-end.
Given these circumstances, I am pleased to report a resilient set of
results that underscore the continued demand for our differentiated
offering, the depth of our global client relationships, the quality of our
outstanding talent and, crucially, the value of the diversified business
we have built.
During the year, we delivered positive investment performance of
$21.4 billion for our clients. Overall performance for our absolute return
strategies was 3.8%, with particularly strong returns once again from
our multi-strat, Man 1783 (+14.0%). With unconstrained access to the
alternative investment capabilities across our firm, this strategy
demonstrates the power of the Man Group platform. By dynamically
allocating capital across a broad range of uncorrelated discretionary
and systematic strategies, we have been able to deliver consistent,
high-quality performance for our clients since launch in 2020.
The first half of the year was undoubtedly testing for trend-following
strategies, continuing the run of underwhelming performance that
began in Q2 2024. The reversal of the ‘Trump trade’ in Q1, combined
with the administration’s stop-start approach to tariffs, created
whipsawing market conditions where sustained trends were hard to
find. However, investor sentiment moved on from the lows of early
April, and August proved to be the inflection point. As risk-on
sentiment took hold, several trends finally began to emerge and
persist. Our strategies adjusted positioning to capture these moves,
delivering strong gains into year-end. In that context, it was great to
see AHL Alpha (+5.5%) and AHL Evolution (+4.9%) finish the year in
positive territory.
Our total return and long-only strategies performed well, aided by
positive equity momentum. Man TargetRisk (+8.2%) demonstrated its
ability to navigate uncertainty through a balanced, diversified
framework grounded in rigorous risk management, while Man
Alternative Risk Premia (+12.9%) delivered solid returns owing to its
systematic exposure to multiple risk factors. Effective security selection
also drove significant gains of 20.6% across our systematic long-only
strategies and 14.8% across our discretionary long-only strategies.
On an asset-weighted basis, relative investment performance was
positive in 2025, driven primarily by our long-only strategies (+4.9%).
The results from the systematic long-only range were particularly
impressive; over the past three years, these strategies have delivered
returns 3-4% above their respective benchmarks. Our credit strategies
also continue to generate consistent outperformance, with Man High
Yield Opportunities and Man Global Investment Grade Opportunities
returning 0.6% and 3.4% above their benchmarks during the year.
Considering the dispersion we have experienced in markets recently,
these outcomes highlight the value of active management and why
our clients continue to partner with us. Within alternatives, the overall
relative underperformance was largely attributable to AHL Evolution,
which differs significantly from the more traditional trend-followers
that form part of the index as it trades harder-to-access markets;
it performed broadly in line with its alternative trend-following peers
over the same period. The breadth of our outperformance not only
highlights the skill of our investment teams but also emphasises the
value of our increasingly diversified range of strategies.
Our clients face increasingly complex challenges that require tailored
solutions. Our distribution network remains a critical competitive
advantage in meeting this demand, and it drove exceptional client-led
growth in 2025. We delivered total net inflows of $28.7 billion, 19.3%
ahead of the industry. This is a record for Man Group and a very strong
outcome, particularly in the context of the challenging fundraising
environment during the year. Our long-only offering contributed
$34.5 billion in net flows, serving as a powerful endorsement of our
differentiated proposition. While alternative strategies faced some
headwinds, engagement on downside protection and crisis alpha
remains robust as we head into 2026, reinforcing the continued
relevance of our uncorrelated content. I was also pleased to see clients
commit over $680 million of capital to our US direct lending business,
a clear demonstration of our ability to commercialise new capabilities.
Absolute and relative investment performance in 20251
1 See Glossary for definition. Past performance is no indication or guarantee of future performance.
Man Group plc | Annual Report 2025
18
Strategic report
Chief Executive Officer’s review continued
This sales momentum, combined with positive investment
performance and tailwinds from FX, drove our AUM to a new high of
$227.6 billion as at 31 December 2025, a 35% increase on the previous
year. Core net management fee revenue
1
was 2% lower than in 2024
reflecting a shift in the underlying mix of business, while core
performance fees were $281 million despite a well-below-average
contribution from our trend-following strategies. This resilience
validates the underlying performance fee earnings potential of the
diversified business we have built over recent years. Through
continued cost discipline, we delivered core earnings per share
(diluted) of 27.6 cents (2024: 32.1 cents) and statutory earnings
per share (diluted) of 15.0 cents (2024: 25.1 cents).
There is no escaping the fact that, at times, 2025 tested our business.
The first half was demanding, but we navigated the challenges to
emerge stronger and finish the year with positive momentum. This
reflects the underlying quality of our business, driven by exceptional
talent and technology. It is also a powerful validation of our strategy;
the diversification we have built over the past two years is delivering
for us. I have absolute conviction that our multi-year strategic priorities
are the right ones and will continue to drive our success in the future.
Progress against our priorities
Strong client relationships
Our approach to client service remains grounded in the belief that
longstanding partnerships are built through consistent dialogue and
transparency. In a year of volatile markets, we prioritised being present
with our clients, holding over 16,000 meetings to better understand
their evolving needs and leverage our global perspective to help them
navigate this complex environment.
It is a well-known trend that large allocators are seeking to do more
with fewer managers, consolidating their relationships to focus on
true strategic partnerships. This shift plays directly to one of our
core strengths: the breadth of our offering and our ability to deliver
customised solutions at scale. Whether I am speaking with a pension
fund in North America or a sovereign wealth fund in the Middle East,
the feedback I receive is clear: investors come to us because we can
solve their most significant challenges. This ability to deepen
relationships is proven by the numbers, with our top 50 clients invested
in more than four strategies on average across the firm.
Through our strategic priorities, we are also targeting the regions and
channels where we are currently underweight relative to the size of
the opportunity. This focus is delivering results. 2025 was a record year
for adding new clients, with 36% of our gross sales coming from
relationships that are entirely new to the firm. Our investments in the
US and wealth are driving this momentum and gaining real traction.
For example, we successfully launched four new active ETFs this year,
spanning discretionary and systematic styles across equity and credit.
This is a tangible demonstration of how we are bringing institutional
investment and product development capabilities to new, fast-growing
markets. The agility we have shown in adapting to client needs has
served us well, and that will not change. We have taken market share
for the sixth consecutive year and we remain focused on maintaining
that edge as we grow.
Innovative investment strategies
We can only continue to be successful for our clients if we maintain the
quality of what we offer. That means we are continuously innovating to
improve our investment processes, knowing that innovation is not just
about launching the next flagship product; it is about making
everything we do better, every single day. For example, in 2025,
our efforts in quant focused on expanding our universe of trading
opportunities and alternative data sources, investing heavily in our
ability to dynamically adapt to changing market conditions, and
enhancing our best-in-class execution platform. To drive innovation
and strengthen collaboration between teams, I was delighted to
announce in July that Greg Bond would take on the new role of Chief
Investment Officer for Man Group.
Staying relevant to our clients also means expanding our offering.
Our mindset of innovation and technology edge are powerful draws
for talent, helping us hire five new hedge fund investment teams in
2025 and enriching our range of solutions. Our seed capital programme
continues to play a key role in supporting innovation and we seeded
12 new strategies across the business during the year. In October,
we also completed the acquisition of Bardin Hill, a New York-based
opportunistic credit and CLO manager. This addition deepens our
range of credit capabilities, reinforcing a platform that continues to
go from strength to strength. We now manage $53.1 billion across the
liquid and private credit spectrum, positioning us as a broad-based
partner in the credit space.
The benefits of having a diversified range of investment content
were highlighted clearly in 2025. The strength we saw in Man 1783,
liquid credit and quant equity enabled us to successfully navigate
a significant period of stress for our trend-following strategies.
We continue to believe that these are the right areas to invest in for
the future. I am very pleased with the progress we have made so far,
and the way our clients continue to engage and commit capital to us
is a powerful reflection of that confidence.
1 Man Group’s alternative performance measures are outlined on pages 173 to 180.
Man Group plc | Annual Report 2025
19
Strategic report | Governance | Financial statements | Shareholder information
Efficient and effective operations
Looking back, 2025 was a year of consolidation. To match the pace of
change in our industry and deliver on our long-term strategy, we took
the opportunity to simplify, streamline and strengthen our platform.
These actions position Man Group to operate with greater focus and
agility, ensuring we remain well positioned for future growth. As part
of this process, we brought the AHL and Numeric businesses closer
together under a Systematic division, enabling greater collaboration,
product development and operational synergies. This aligns two highly
complementary systematic teams to enhance our research and
technology expertise for future growth initiatives and to strengthen
our ability to develop cutting-edge solutions for our clients.
More broadly, we reviewed our operating model to ensure resources
were aligned with our multi-year priorities, and we responded
thoughtfully and decisively when market conditions impacted our
business during the first half of the year. We took action to protect
high-performing talent, maintain investment in core and strategic
areas of long-term growth, and preserve the foundations that
underpin our success. We have always run this firm with discipline
and efficiency, and that commitment will not change.
Our focus on operational discipline and efficiency extends directly to
how we view technology. We have spent considerable time evaluating
how AI will reshape our industry and, specifically, its potential to drive
productivity gains across the board. We are actively dedicating
resources to our AI capabilities to enhance research, deliver scalability
and increase automation – a comprehensive effort spanning our entire
organisation. Central to this is our specialist AI team, which is
translating advanced data and intelligent agents into practical tools
that deliver measurable impact. Our heritage in technology and ethos
of constant improvement mean we approach this opportunity from a
position of strength, having made meaningful advances in 2025 on
both the investment and operational fronts. With over 85% of our
people using these tools regularly, we are not just keeping pace with
change; we are leading it.
People and culture
Delivering for our clients requires the very best people and we work
hard to ensure Man Group remains an exceptional place to build a
career. We have fostered a collaborative and dynamic environment,
with a genuine sense of community, where high performers can thrive.
This distinct culture gives us our edge and continues to be a
differentiator as we seek to attract and elevate talent.
We have always believed that difference is our differentiator. There
is no ‘typical’ person who succeeds here; finding excellent minds
requires casting the net wide and looking beyond traditional
backgrounds. Whether in our established locations or our growing
office in Sofia, we are committed to finding the best person for every
role and ensuring we have the broad perspectives necessary to
challenge conventional thinking and deliver superior results for
our clients.
We have made substantial progress this year in widening our talent
pipeline. Through our ‘Paving the Way’ initiative and UK apprenticeship
programme, we are actively engaging with schools and youth
organisations to promote careers in finance. A particular highlight was
our new partnership with Bard College’s Displaced Student Program,
welcoming refugee students into our Boston office to gain experience
in investment management. Alongside these early-career initiatives,
we continue to attract experienced talent from across the financial
sector and beyond, particularly as we expand our capabilities in credit,
wealth and technology.
Outlook
We enter 2026 with a more diversified business, strong momentum
and much improved performance fee optionality. After a decade
defined by US exceptionalism, we are seeing a complex, shifting
landscape emerge across the globe, exactly the environment in which
active management thrives. Our ability to help clients navigate this
environment with a partnership-led approach and a broad range of
alpha-focused strategies has never been more relevant. This is
supported by a platform powered by technology, where our
commitment to innovation gives us the agility to evolve as markets do.
I am incredibly proud of what we have achieved this year; we have
been tested, and we have emerged stronger. Looking forward, I am
energised by the opportunities ahead and confident that we have the
right strategy, the right team, and the right culture to deliver for our
clients and our shareholders.
Robyn Grew
Chief Executive Officer
Man Group plc | Annual Report 2025
20
Strategic report
R
RR
2025
2024
2023
1.3%
1.0%
1.6%
2025
2024
2023
19.3%
0.2%
4.9%
2025
2024
2023
(9%)
17%
0%
2025
2024
2023
27.6¢
32.1¢
22.4¢
Key performance indicators
Measuring our success
Our financial KPIs illustrate and measure the relationship between
the investment experience of our clients, our financial performance
and the creation of shareholder value over time.
1 Details of the calculation of our alternative performance measures are provided on pages 173 to 180.
See Glossary on page 183 for full definitions.
Relative investment performance Relative net flows
1.3% 19.3%
Why it matters
The asset-weighted performance
of Man Group’s strategies in
comparison with peers gives an
indication of the competitiveness
of our investment performance
compared with similar strategies
offered by other investment
managers.
How we performed
Relative investment
outperformance of 1.3% in 2025
was driven by our long-only
strategies, which delivered 4.9%
above their benchmarks. More
information on our investment
performance can be found on
page 17.
Why it matters
Relative net flows are a measure
of our ability to attract and retain
investor capital in comparison
with our industry peers. Growth
in the assets we manage for
clients drives our financial
performance via our ability
to earn management and
performance fees.
How we performed
Relative net flows in 2025 were
19.3%, a record for Man Group
and a very strong outcome in
the context of the challenging
fundraising environment during
the year.
Core management fee EPS (diluted) growth1 Core EPS (diluted)1
(9%) 27.6¢
Why it matters
Core management fee EPS
(diluted) growth in the year
measures the overall
effectiveness of our business
model and reflects the
value creation for shareholders
from our earnings, excluding
performance fees.
How we performed
Core management fee EPS
(diluted) decreased by 9% to
19.6 cents. This was driven by
lower core net management fees,
reflecting a shift in the underlying
mix of business, partially offset
by continued fixed cost discipline.
Why it matters
Core EPS (diluted) is a measure of
the earnings that drive our cash
flows. This metric includes core
performance fee profits, which
are generated through
outperformance for our clients
and a significant driver of total
value creation for shareholders
over time.
How we performed
Core EPS (diluted) decreased by
14% to 27.6 cents. This is primarily
attributable to challenging market
conditions for trend-following
strategies during the first half,
which led to a below-average
contribution to core
performance fees.
Man Group plc | Annual Report 2025
21
Strategic report | Governance | Financial statements | Shareholder information
R
A
R R
R
A
2025
2024
2023
4,234
6,728
6,554
2025
2024
2023
75%
79%
81%
2025
2024
2023
40%
35%
31%
2025
2024
2023
109.5
62.6
59.3
Our non-financial KPIs reflect our core values; they demonstrate our
commitment to our people, and to running our firm in a sustainable
and responsible way as we grow.
Link to executive director remuneration
In scope for independent limited assurance
Why it matters
As part of our efforts to
encourage greater diversity
across the investment
management industry, we
measure the number of women in
senior management positions at
the firm. This is defined as those
who are, or report directly to,
members of our Executive
Committee.
How we performed
The number of women in senior
management roles increased to
40% as at 31 December 2025.
More information on how we build
a diverse talent pool can be found
on pages 42 to 44.
Why it matters
We understand that investors
have their own views on ESG
matters and, in line with our
clients’ needs, we seek to identify
innovative responsible
investment solutions to support
their objectives. We calculate
ESG-integrated AUM in line with
the GSIA definition.
How we performed
In 2025, ESG-integrated AUM
increased by 75% to $109.5 billion
as at 31 December 2025. More
information on how we calculate
this metric, and our approach to
responsible investing more
broadly, can be found on pages
55 to 57.
Why it matters
In order to monitor our carbon
footprint, we measure total
market-based greenhouse gas
emissions(tCO₂e)usingtheGHG
Protocol guidance for the Scope
1, Scope 2, Scope 3 travel and
Scope 3 (upstream) leased asset
categories.
How we performed
We made positive progress during
the year with total market-based
emissions falling 37% in 2025.
This was primarily driven by lower
business travel emissions
following a reduction in DEFRA
emissions factors. More
information on our carbon
emissions can be found on pages
51 to 54.
Why it matters
Each year, we conduct a staff
survey to help us monitor and
understand employee
engagement and identify
any areas for action. Alongside
our engagement survey, we
continue to provide various other
mechanisms for our people
to provide their feedback.
How we performed
Our 2025 staff survey recorded
an engagement score of 75%,
with a completion rate of 73%.
More information on how we
support our people and
implement employee feedback
can be found on pages 40 to 42.
Women in senior management roles ESG-integrated AUM ($bn)
Carbon footprint (tCO
2
e) Employee engagement
4,234 75%
40% 109.5
Man Group plc | Annual Report 2025
22
Strategic report
Man Group plc | Annual Report 2025
Chief Financial Officer’s review
We ended the year with record AUM of $227.6 billion, driven
by significant net inflows and strong investment performance
in our long-only strategies. After turbulent market conditions
earlier in the year impacted our trend-following strategies,
they recovered strongly in the second half.
Antoine Forterre
Chief Financial Officer
Man Group plc | Annual Report 2025
23
Strategic report | Governance | Financial statements | Shareholder information
Overview
2025 was a year of two halves. The record net inflows and recovery
of our trend-following strategies during the second half of the year
partially mitigated the impact of the exceptional market conditions
on AUM and performance fee revenues in the first half, enabling us to
deliver a resilient set of results for the full year. Man Group generated
statutory profits of $175 million in the year to 31 December 2025
compared with $298 million in 2024. Core management fee profit
before tax too was down 9%, at $294 million.
We completed the acquisition of Bardin Hill during the year. Bardin Hill’s
opportunistic and performing credit platforms complement Man Group’s
existing private credit strategies, further diversifying our offering to
investors. The acquisition also further expands Man Group’s footprint in
the US, with our global distribution capabilities providing Bardin Hill with
access to new investors.
We ended the year with record AUM of $227.6 billion, up from
$168.6 billion at the end of 2024. The increase was driven by net
inflows of $28.7 billion and positive investment performance of
$21.4 billion, with the acquisition of Bardin Hill in the second half of the
year contributing a further $2.7 billion. The weakening of the US dollar
during the year also led to positive FX movements of $6.7 billion, as a
significant portion of our AUM is denominated in other currencies.
The average net management fee margin decreased to 56 basis points
for the year compared with 63 basis points in 2024, primarily driven by
large inflows into lower margin strategies during the year, and the shift
towards lower margin long-only strategies in our business mix. As a
result, management and other fees on a statutory basis were broadly
in line with the prior year, as lower margins offset the impact of the
increase in AUM. Similarly, the run rate net management fee margin
decreased from 63 basis points at the end of 2024 to 52 basis points
at 31 December 2025. Run rate core net management fee revenue of
$1,182 million at the end of the year increased from $1,058 million at
the end of 2024, reflecting the significant growth in AUM.
$m
Year ended
31 December
2025
Year ended
31 December
2024
Core net management fee revenue 1,077 1,097
Core performance fees 281 310
Core gains on investments 38 50
Core rental income 2 2
Core net revenue 1,398 1,459
Asset servicing costs (73) (67)
Core compensation costs (675) (684)
Core other costs (215) (199)
Net finance expense (18) (23)
Core other employment-related
expenses (7) (10)
Third-party share of post-tax profits (3) (3)
Core profit before tax 407 473
Core management fee profit before tax 294 323
Core performance fee profit before tax 113 150
Non-core items (before tax) (150) (75)
Core profit 321 381
Statutory profit 175 298
Statutory EPS (diluted) 15.0¢ 25.1¢
Core EPS (diluted) 27.6¢ 32.1¢
Core management fee EPS (diluted) 19.6¢ 21.5¢
Proposed dividend per share 17.2¢ 17.2¢
Core metrics
We assess our performance using a variety of alternative
performance measures (APMs). We discuss our results on a
statutory as well as a ‘core’ basis. Core metrics, which are each
APMs, exclude acquisition and disposal-related items, significant
non-recurring items and volatile or uncontrollable items, as well as
profits or losses generated outside of our investment management
business. Accordingly, these core metrics reflect the way in which
performance is monitored by the Board and present the profits or
losses that drive our recurring cash flows. They also inform the way
in which our variable compensation is assessed.
Our APMs also reclassify all income and expenses relating to our
consolidated fund entities, which are required by IFRS to be split
across multiple lines in the consolidated income statement, to core
gains/losses on investments in order to reflect their performance
as part of our seed book programme. Tax on non-core items and
movements in US deferred tax assets relating to the amortisation
of goodwill and acquired intangibles and the recognition and
derecognition of deferred tax assets related to accumulated tax
losses in the US are similarly excluded from core profit, with tax on
core profit considered a proxy for cash taxes paid. Previously, all
movements in US deferred tax assets were excluded from tax on
core profit as we were utilising federal accumulated tax losses.
Comparatives have not been restated for this change in definition.
In 2023, accounting for the acquisition of Varagon resulted in the
recognition of all future payments to selling shareholders who
remain in employment post-acquisition as employment-related
expenses. This arises because each of these payments can be
forfeited should those employees become ‘bad leavers’ during
specified periods following the acquisition. Economically, the
payments are transactions with the individuals in their capacity
as owners. Recognising that these owners also hold significant roles
in the organisation, the bad leaver clauses are protective in nature
and not intended to compensate the individuals for employment
services. As these transactions are related to an acquisition, we
consider it appropriate to adjust the expense recognised in the year
to reflect the proportion of the profits that have been generated in
the same period and are attributable to these employees through an
adjustment to core profit. This more closely aligns the charges with
the associated cash flows.
Further details on our APMs, including reconciliations between
statutory measures and their core equivalents, are set out on pages
173 to 180.
Man Group plc | Annual Report 2025
24
Strategic report
Chief Financial Officer’s review continued
Core performance fees of $281 million decreased from $310 million in
2024 ($279 million and $308 million respectively on a statutory basis).
Both alternative and long-only strategies generated performance fees
during the year, with our trend-following strategies recovering well
from the market turbulence seen in the first half of the year.
Our overall asset-weighted relative investment outperformance was
1.3%, compared with 1.0% in 2024. Core gains on investments of
$38 million, compared with $50 million in 2024, were generated by
mark-to-market gains across our seed book. An increase in core costs
to $973 million from $963 million in 2024 was driven by an increase in
asset servicing costs as a result of the significant growth in AUM and
an increase in depreciation and amortisation as we continue to invest
in the business, together with the impact of the strengthening of
sterling against the US dollar in the year.
Restructuring costs of $30 million were incurred in 2025 as we
undertook a reorganisational exercise to reduce fixed costs and better
align resources towards our strategic priorities. These costs have been
classified as non-core as they are non-recurring in nature. Certain
costs incurred as part of this exercise will be recognised in the
consolidated income statement in 2026, as they relate to retention
payments for employees who remain in service beyond the end of
2025. These costs will continue to be classified as non-core, given
their connection to the same restructuring exercise.
Total non-core items (excluding tax) increased from a net expense
of $75 million in 2024 to $150 million in 2025, driven by an increase
of $41 million in the revaluation of acquisition-related payables
associated with the acquisition of Asteria following stronger than
forecast performance of the joint venture. In addition, costs associated
with legal claims increased by $28 million, restructuring costs were
$8 million higher than in the prior year and $6 million of costs
associated with the acquisition of Bardin Hill were incurred. FX gains
of $3 million were lower than the $6 million recognised in 2024. These
movements were partially offset by decreases in the amortisation and
impairment of acquired intangibles and other employment-related
expenses of $7 million and $10 million respectively.
We continue to be strongly cash-generative, with core cash flows
from operations (excluding working capital movements) of $418 million
in the year. Our strong and liquid balance sheet allows us to continue to
invest in the business in line with our strategic priorities to support our
long-term growth prospects while enabling us to navigate periods
of stress.
At 31 December 2025, we had net tangible assets of $723 million,
including $173 million of cash and cash equivalents (excluding amounts
held by consolidated fund entities) and net of $167 million of
acquisition-related payables which crystallise between 2028 and
2034. We continue to invest heavily in technology to ensure we remain
at the forefront of alternative investment management, allocate capital
to seed new strategies and support innovation across the firm, and
return capital surplus to our requirements to shareholders via
dividends and share repurchases. Our total proposed dividend for the
year of 17.2¢ per share is in line with 2024. We also completed the
$100 million share repurchase that we announced in February, taking
the total announced returns to shareholders for 2025 to $293 million,
and $1.8 billion over the last five years.
Impact of foreign exchange rates
The weakening of the US dollar during the year positively impacted the
portion of our AUM which is not denominated in US dollars, increasing
our reported AUM by $6.7 billion. This also had a positive impact on
our core net management fee revenue. However, the strengthening
of sterling against the US dollar resulted in an increase in core costs
of around $10 million compared with 2024.
We continue to be
strongly cash-generative,
with core cash flows from
operations excluding
working capital
movements of $418
million.
Antoine Forterre
Chief Financial Officer
Man Group plc | Annual Report 2025
25
Strategic report | Governance | Financial statements | Shareholder information
101.2
103.6
(5.8)
3.6
4.6
2024
Net outflows
Investment
performance
Other
2025
Alternative AUM ($bn)
67.4
124.0
34.5
17.8
4.3
Long-only AUM ($bn)
2024
Net inflows
Investment
performance
Other
2025
Absolute return
The decrease in absolute return AUM was driven by net outflows of
$3.8 billion, primarily from trend-following strategies, partially offset
by continued inflows into Institutional solutions. Positive investment
performance of $0.9 billion was driven by a number of strategies in
the category, as well as the recovery of our alternative trend-following.
Total return
Total return AUM increased by $5.1 billion, driven by the Bardin Hill
acquisition which added $2.7 billion to the category. Strong absolute
investment performance of $1.7 billion, primarily from alternative risk
premia and TargetRisk, was partially offset by net outflows of
$0.5 billion.
Multi-manager
AUM was broadly in line with 31 December 2024, as net outflows of
$1.5 billion, largely from low net management fee margin Infrastructure
mandates, were offset by positive absolute performance of $1.0 billion
and other movements of $0.6 billion.
Systematic long-only
AUM increased by $37.6 billion, with very strong net inflows of
$22.5 billion, including a single client subscription of $13.2 billion.
Positive absolute performance of $13.0 billion was across all strategies
in the category.
Discretionary long-only
AUM increased by $19.0 billion during the year. Net inflows of
$12.0 billion were primarily into credit and convertibles strategies.
Positive performance of $4.8 billion was driven by multiple strategies,
reflecting strong security selection across our investment teams.
Change
$bn
31 December
2024
Net inflows/
(outflows)
Investment
performance Other
31 December
2025 $bn %
Alternative Absolute return 45.3 (3.8) 0.9 0.1 42.5 (2.8) (6)
Total return 41.5 (0.5) 1.7 3.9 46.6 5.1 12
Multi-manager 14.4 (1.5) 1.0 0.6 14.5 0.1 1
Total 101.2 (5.8) 3.6 4.6 103.6 2.4 2
Long-only Systematic 38.6 22.5 13.0 2.1 76.2 37.6 97
Discretionary 28.8 12.0 4.8 2.2 47.8 19.0 66
Total 67.4 34.5 17.8 4.3 124.0 56.6 84
Total 168.6 28.7 21.4 8.9 227.6 59.0 35
Assets under management
Alternative AUM ($bn) Long-only AUM ($bn)
Man Group plc | Annual Report 2025
26
Strategic report
Chief Financial Officer’s review continued
Management fees
Core net management fee revenue decreased by 2% to $1,077 million
in 2025 (2024: $1,097 million), driven by a change in product mix, with
strong inflows into low-margin systematic long-only strategies, and an
increase in distribution costs as a proportion of revenue. The change in
product mix resulted in the net management fee margin decreasing
from 63 to 56 basis points.
The absolute return net management fee margin decreased to
105 basis points from 110 basis points due to lower average AUM in
higher margin trend-following strategies following the large drawdown
in the first half of the year. The total return net management fee
margin decreased by 3 basis points to 63 basis points, primarily driven
by slower activity in our US Direct Lending business in the first half of
the year. The multi-manager net management fee margin increased to
20 basis points in 2025 from 18 basis points in 2024, driven by outflows
from low margin Infrastructure and direct access mandates. The net
management fee margin of systematic long-only strategies decreased
from 27 basis points to 24 basis points due to large inflows at a lower
margin. Discretionary long-only net management fee margins
remained in line with 2024 at 57 basis points.
Run rate core net management fee revenue increased to $1,182 million
at 31 December 2025 from $1,058 million at the end of 2024, driven by
the significantly higher AUM at the end of the year.
Core management fee profit before tax ($m)
323
(20)
(27)
294
18
2024
Decrease in
net revenues
Decrease
in variable
compensation
Increase in
fixed costs
and other
2025
Core management fee profit before tax ($m)
Performance fees
Core performance fees for the year of $281 million (2024: $310 million)
comprised $180 million from alternative strategies (2024: $264 million)
and $101 million from long-only strategies (2024: $46 million). A broad
range of strategies contributed to our performance fee earnings in the
year. At 31 December 2025, we had $60 billion of performance-fee-
eligible AUM.
Investment gains and rental income
Core gains on investments of $38 million (2024: $50 million) were
generated by mark-to-market gains across our seed book. Core rental
income of $2 million was in line with the prior year.
Revenue
Statutory net revenue decreased to $1,405 million from $1,477 million in 2024, driven by lower performance fee revenues and an increase
in distribution costs. Similarly, core net revenue decreased from $1,459 million to $1,398 million.
Core net
management fees
($m)
Net management
fee margin
(bps)
Run rate core net
management fees
($m)
Run rate net
management fee margin
(bps)
2025 2024 2025 2024
31 December
2025
31 December
2024
31 December
2025
31 December
2024
Absolute return 426 525 105 110 411 498 97 110
Total return 269 285 63 66 288 265 62 64
Multi-manager 28 27 20 18 31 28 21 19
Systematic long-only 136 106 24 27 175 102 23 27
Discretionary long-only 215 151 57 57 277 165 58 57
Other service income 3 3 n/a n/a n/a n/a n/a n/a
Total 1,077 1,097 56 63 1,182 1,058 52 63
Man Group plc | Annual Report 2025
27
Strategic report | Governance | Financial statements | Shareholder information
Costs
Our core PBT margin, defined as the ratio of core profit before tax to
core net revenue, was 29% for the year, compared with 32% in 2024.
The decrease was driven by lower core net management fee revenue,
reflecting a shift in the underlying mix of business, as well as lower
core performance fees due to the challenging conditions for our
trend-following strategies in the first half of the year. The impact of
this reduction in core net revenue was partially offset by our continued
cost discipline.
Asset servicing
Asset servicing costs vary depending on transaction volumes, the
number and mix of funds, and fund NAVs. Asset servicing costs for
the year were $73 million compared with $67 million in 2024, which
equated to around 5 (2024: 5) basis points of average AUM, excluding
systematic long-only strategies. The year-on-year increase of
$6 million was primarily driven by AUM growth.
Compensation costs
Core compensation costs of $675 million for the year were slightly
lower than the $684 million recognised in 2024. The overall
compensation ratio increased to 48% in 2025 from 47% in 2024,
reflecting the decrease in management and performance fee revenue
generated in the year.
We undertook a restructuring programme during the year, incurring
cash costs of $20 million and non-cash costs of $10 million relating
to the accelerated vesting of deferred compensation. These costs
are classified as non-core items as they are non-recurring in nature.
Other costs
Core other costs, which exclude acquisition-related costs and
amounts incurred by consolidated fund entities, increased to
$215 million in 2025 from $199 million in 2024, driven by an increase
in computer software amortisation as we continue to invest in
technology. This was further negatively impacted by the strengthening
of sterling against the US dollar, as the majority of our cost base is
denominated in sterling.
Tax
The majority of our profits are earned in the UK, with significant profits
also arising in the US and in Australia, which have lower/higher rates of
tax respectively compared with the UK. Tax on statutory profit for the
year was $82 million compared with $100 million in 2024. The statutory
effective tax rate of 32% increased from 25% in 2024 as a result of the
derecognition of a portion of the available US deferred tax assets
associated with accumulated state tax losses following a change in
the allocation of income between states, together with the revaluation
of acquisition-related liabilities not being tax deductible. The core tax
rate increased from 19% in 2024 to 21% in 2025 as we are now paying
federal taxes on profits generated in the US, having utilised all of our
accumulated federal tax losses.
In the US, we have accumulated tax losses and tax-deductible goodwill
and intangibles of $78 million (2024: $78 million) that can be offset
against future taxable profits. We have recognised $64 million of the
available $78 million of US deferred tax assets at 31 December 2025
(2024: $76 million and $78 million respectively), with the unrecognised
portion relating to state and city tax losses expected to expire before
utilisation. As noted above, a change in the apportionment of forecast
taxable profits by state resulted in the derecognition of $11 million of
the available US deferred tax assets during the year.
The principal factors influencing our future underlying tax rate are the
mix of profits by tax jurisdiction and changes to applicable statutory
tax rates. The global minimum tax rate, which came into effect in 2024,
has not resulted in significant top-up taxes becoming due.
Profit
Statutory profit decreased from $298 million in 2024 to $175 million in
2025, with core profit decreasing from $381 million to $321 million over
the same period. Statutory EPS (diluted) decreased from 25.1¢ in 2024
to 15.0¢ in 2025 (32.1¢ and 27.6¢ respectively on a core basis), with the
decrease in profitability partially offset by a decrease in share count as
a result of the $100 million of shares repurchased during the year.
Core earnings per share (diluted) (¢)
2021 2022 2023 2024 2025
Core management fee EPS (diluted)
Core performance fee EPS (diluted)
15.7
23.0
18.4
30.3
18.4
4.0
21.5
10.6
19.6
8.0
Core earnings per share (diluted) (¢)
Man Group plc | Annual Report 2025
28
Strategic report
Chief Financial Officer’s review continued
Cash earnings
We believe that core profit is an appropriate measure of our cash flow
generation due to our strong conversion of profits into cash, although
the timing of cash conversion is impacted by the cyclicality of our
working capital position and the size of our net seed book. Core cash
flows from operations excluding working capital movements were
$418 million for the year (2024: $502 million).
As at 31 December 2025, our cash balance, excluding amounts held
by consolidated fund entities, was $173 million.
$m
Year ended
31 December
2025
Year ended
31 December
2024
Opening available cash
and cash equivalents 225 180
Core cash flows from operations
excluding working capital movements 418 502
Working capital movements
(excluding seeding) (152) (65)
Working capital movements – seeding 84 78
Acquisition of subsidiaries,
net of cash acquired (38) –
Dividends paid (198) (192)
Share repurchases (including costs) (100) (50)
Repayment of borrowings - (140)
Other movements (66) (88)
Closing available cash and
cash equivalents 173 225
Balance sheet
$m
31 December
2025
31 December
2024
Available cash and cash equivalents 173 225
Seeding investments portfolio 470 532
Other tangible assets and liabilities 80 110
Net tangible assets 723 867
Goodwill and intangibles 851 809
Shareholders’ equity 1,574 1,676
Our balance sheet remains strong and liquid. Available cash and cash
equivalents decreased to $173 million at 31 December 2025 from
$225 million at the end of 2024, with no amounts drawn under our
revolving credit facility at the end of the year.
We use our balance sheet to invest in new products, aiming to redeem
as client AUM in the funds grows. We had seed investments of
$470 million at 31 December 2025 (2024: $532 million), of which
$4 million were financed via repos (2024: $16 million). In addition, we
held $133 million of total return swap exposure at 31 December 2025
(2024: $232 million), allowing us to maintain our seed portfolio
exposure in a cash-efficient way. During the year, we redeemed
$395 million from the seed book and reinvested $185 million.
The statutory consolidation of some of our CLOs results in a significant
gross-up of assets and liabilities in the consolidated balance sheet.
Our maximum exposure to loss associated with interests in our CLOs
is limited to our investment, as reflected in the seeding investments
portfolio balance which excludes the impact of this gross-up.
Capital management and shareholder returns
Shareholder returns
2022 2023 2024 2025
2021
0
500
1000
1500
2000
Dividends ($m)
1
Buybacks ($m)
189
350
187
190
125
199
50
193
100
250
1,402
1,160
1,178
1,288
1,136
Shareholder returns
Weighted average basic number
of shares (millions)
1 Amounts shown are on a paid basis except for the final 2025 dividend,
which is on an announced basis.
Our robust balance sheet and liquidity position allow us to invest in
the business, support our long-term growth prospects and maximise
shareholder value. They also enable us to withstand periods of stress.
We actively manage our capital to maximise value to shareholders
by either investing that capital to improve shareholder returns in the
future or returning it through higher dividends or share repurchases.
In 2025, we announced and completed a $100 million share
repurchase.
The Board is proposing a final dividend for 2025 of 11.5¢ per share,
which together with the interim dividend of 5.7¢ per share equates to
a total dividend for the year of 17.2¢ per share, in line with the 2024 full
year dividend. The proposed final dividend of around $129 million is
adequately covered by our available liquidity and capital resources. Key
dates relating to the proposed final dividend are provided in the
Shareholder information section on page 181.
Man Group plc | Annual Report 2025
29
Strategic report | Governance | Financial statements | Shareholder information
Our business is highly cash-generative, with these cash flows
supporting our progressive dividend policy, under which dividends
per share are expected to grow over time. We ensure we maintain a
prudent balance sheet at all times by taking into account liquidity
requirements before investing capital, considering potential strategic
opportunities or returning it to shareholders. Over the past five years,
we have returned $0.9 billion to shareholders through dividends and
announced $0.9 billion of share buybacks. As a result, our weighted
average share count has decreased by 19% to 1,136 million over that
same period.
Our revolving credit facility of $800 million provides additional liquidity
as required. Following the exercise of the final extension option, the
facility is scheduled to mature in December 2030. We have maintained
prudent capital and available liquidity throughout the year, deploying
our capital to support investment management operations and new
investment products, utilising the revolving credit facility when
appropriate. We monitor our capital requirements through continuous
review of our regulatory and economic capital, including regular
reporting to the Risk and Finance Committee and the Board.
Antoine Forterre
Chief Financial Officer
Man Group plc | Annual Report 2025
30
Strategic report
Risk management
A robust and integrated approach
The highest standards of risk management are embedded across the
management of funds on behalf of our investors, and the management
of Man Group’s business on behalf of our shareholders.
The Executive Committee is accountable for all risks assumed in the business and
is responsible for the execution of appropriate risk management discipline.
Executive Committee
The committees oversee the operational and regulatory risks, the internal control
environment and all financial risks as it pertains to the Group. Three committees cover
Global, UK/EEA and Rest of World Man Group entities.
Risk and Finance Committees (RAF)
The ARCom is a committee of the Board that has oversight of financial reporting, risk management and the assurance functions
(see pages 82 to 89 for further detail).
Audit and Risk Committee (ARCom)
Board of Directors
Embedded accountability with
each employee at the business and
operations level.
First Line:
External
Audit
Monitoring and training by Financial Risk,
Enterprise Risk, Compliance, and
Financial Crime.
Second Line:
Independent review and
oversight by Internal Audit,
incorporating best practices.
Third Line:
The Board sets Man Group’s appetite for risk and ensures that risk management measures and internal controls are appropriate and effective.
Implementation is delegated to certain committees, which provide assurance back to the Board that risk has been managed according
to its appetite.
The Board has ultimate responsibility for risk governance and
management. The Board sets the overall risk appetite and oversees
our three lines model, with day-to-day accountability distributed
throughout the business, while, when applicable, independent fund
boards protect investor interests.
The risk governance framework
Man Group’s risk management framework and internal control systems
aim to safeguard assets, maintain proper accounting records and
provide assurance that the financial information used in the business
and published externally is robust and reliable. The framework is
designed to manage key risks but cannot eliminate the risk of failure
to achieve business objectives and can only provide reasonable
assurance against material misstatement or loss.
The Board retains ultimate responsibility for risk management and
internal control systems, delegating oversight to the Audit and Risk
Committee (ARCom) and the Executive Committee as
summarised below.
The framework complies with the Financial Reporting Council’s
Guidance on Risk Management, Internal Control and Related Financial
and Business Reporting. Following the Board’s annual effectiveness
review in 2025, no significant control weaknesses were identified.
Risk appetite
The governance framework and control environment within Man Group
have been designed to manage corporate and investment
management risks in accordance with the risk appetite set by the
Board. The risk appetite statements, both qualitative and quantitative,
express the Board’s appetite for each principal risk, promote a
risk-aware culture, and set out objectives and boundaries for
Man Group’s business. The primary goal of risk management is to
support the achievement of Man Group’s strategic objectives by
encouraging an appropriate balance between risk and benefit, in a
controlled and regulatory compliant context.
The ARCom receives regular reporting on Man Group’s risk profile and
adherence with risk appetite, and provides regular updates to the
Board. During the year, the Board reviewed and approved the annual
refresh of Man Group’s risk governance framework, principal risks
register and risk appetite framework. There were no material changes
to the risks and risk tolerances of the business; however, we have
rearticulated some of our principal risks in the year.
Climate change has been removed as a standalone risk in recognition
of the fact that it is an inherent component of many of our other
principal risks. Similarly, key person risk has been absorbed within
Internal Process Failure due to the fact that a failure to retain key
persons would be as a result of a failure of our People Management
processes. Finally, DB pension performance has been removed as a
principal risk as the risk associated with the plan has now reduced as
a result of its funding and hedging positions.
Man Group plc | Annual Report 2025
31
Strategic report | Governance | Financial statements | Shareholder information
The three lines model
The overall risk management framework at Man Group is based on
the three lines model. The framework instils the principles of direct
responsibility for risk management in each business unit with
independent functions monitoring and debating them. A brief description
of each line is provided in the diagram at the bottom of page 30.
Developments in 2025
The Risk teams have focused on aligning with, and supporting,
the delivery of the firm’s strategic goals, including projects that are
designed to mitigate risks, as well as the acquisition and integration
of Bardin Hill. In addition, in mid-2025, the Risk teams announced a
number of changes designed to streamline the organisation and
position it to deliver on the firm’s strategic priorities.
While our focus on continuous innovation and diversification of
offerings remains core to our strategy, investment underperformance
and associated outflows from our existing products are the biggest
risks facing Man Group. Markets were volatile in the beginning of 2025,
though disruption and uncertainty persisted throughout the year due
to tariff threats and geopolitics-led volatility (see spotlight box below),
before giving way to strong equity performance in the second half.
These market conditions were well suited to our long-only and
discretionary credit products but proved challenging for systematic
trend-following strategies in the first half of the year because of the
sharp reversals that occurred. In the second half of the year those
trends began to re-emerge and these strategies saw improved
performance, recovering the losses of the first half.
The impact of these market conditions on our strategies and the
corresponding effects on AUM, performance fees and the balance
sheet are discussed in detail in the Chief Executive Officer and
Chief Financial Officer reviews on pages 16 to 19 and 22 to 29
respectively.
Managing these risks effectively is a key priority for the Group. The risk
organisation is structured into Financial and Non-Financial Risk teams
comprising Enterprise Risk, Compliance and Financial Crime.
The focus of the Financial Risk team has been on adding value to
the investment process and automation of processes. In 2025, this
included new analytic capabilities for mid-frequency systematic equity
trading and evolving the liquidity risk management framework for the
growing fixed income strategies.
A consolidated Enterprise Risk function was established during
the year, integrating Operational Risk, Third-Party Risk Management,
Information Security, and Identity and Access Management under the
leadership of the Chief Information Security Officer (CISO) and Head of
Enterprise Risk. This structural enhancement strengthens the firm’s
ability to ensure controls are fit-for-purpose and operating effectively
across interconnected risk domains.
The Financial Crime Compliance (FCC) function was also consolidated
to integrate the centralised Know Your Customer (CKYC) function
under the broader FCC Advisory and Governance teams in the year.
The integration brings together KYC operations and FCC Business
Intelligence, Investment Advisory and Governance, under a consolidated
FCC framework. This allows the firm to deliver an effective, cohesive and
risk-based approach to financial crime prevention.
Man Group has continued to focus on strengthening and maturing the
Business Continuity and Resilience programme to maintain operational
resilience and readiness for disruption to critical operations, delivering
an approach aligned with the Digital Operational Resilience Act (DORA),
which focuses on digital operational resilience across a broad scope of
technology services relevant to Man Group.
Man Group has designed and delivered a framework to comply
with requirements under Provision 29 of the 2024 UK Corporate
Governance Code. Consistent with industry practice observed across
financial services firms, Man Group has adopted a risk-based
methodology anchored in our existing risk management framework.
The approach focuses on the controls providing the strongest
mitigation of principal risks and will enable the required disclosures
to be made in the 2026 Annual Report.
Assessment of principal risks and uncertainties
Given its wide range of investment strategies and solutions, Man Group
managesabroadspectrumofbusiness,credit,liquidity,market,
operational and reputational risks and uncertainties, to both the firm
and our funds. Climate change risk is an inherent aspect of many of our
other principal risks and therefore is described within those risks rather
than as a standalone risk as it was previously. There is no change in our
assessment of the impact of climate change on the Group.
Spotlight: Emerging and geopolitical risks
The senior members of the Financial Risk team hold a semi-annual
exercise with the Board to articulate and evaluate emerging risks
that may become principal risks and/or a threat to Man Group’s
future performance, strategy or viability. The discussions are
informed by various external publications and prior discussions
with internal subject matter experts and RAF members. For each
identified emerging risk, we consider its likelihood and potential
impact on Man Group as well as how quickly it might manifest.
2025 was a year with heightened volatility impacted by trade
policy disruptions, dominance in AI tech stocks, and ongoing and
expanding geopolitical conflicts globally. The AI theme continues
to drive transformation across financial markets, creating new
opportunities for investors.
Global trade tensions and tariffs resulted in significant volatility
during the first half of the year where volatility levels were close
to those seen around the 2008 Financial Crisis and 2020 pandemic.
However, equity markets rallied through the rest of the year.
These emerging risks could potentially impact employee well-being,
create business disruption (from associated terrorist or cyber-
attacks) and impact investment performance. In particular,
trend-following strategies are exposed to sharp reversals that could
occur where traded markets do not anticipate geopolitical or central
bank changes.
In mitigation, we have robust business continuity and operational
resilience plans in place. Some of Man Group’s product offerings are
designed to assist investors in managing their risk to challenging
markets and to find potential opportunities.
Man Group plc | Annual Report 2025
32
Strategic report
Risk management continued
ManGrouptakesinvestmentriskonbehalfofitsclientsinorderto
deliver the level of performance they expect. Failure to deliver, over the
long term, would result in investor redemptions and lower management
andperformancefees.Decliningprofitability,inturn,reducestheability
toinvestinthepeopleandtechnologythatdeliverinvestment
performance.Therefore,businessrisksarethebiggestrisksand
uncertainties to Man Group and investment underperformance is the
single biggest principal risk. The other principal risks are necessary
exposureswhichenableustodeliverperformanceforourclients,but
we seek to manage and minimise these wherever possible and at
proportionate expense.
While we have rearticulated some of our principal risks in the year,
Man Group’s core risk profile has not changed materially. The initial
phase of Bardin Hill’s post-acquisition integration is being managed via
a firm-wide project with dedicated workstreams. Our risk focus is now
Risk Mitigants Status and trend Change
Business risks
Investment
performance
and net
redemptions
Fund underperformance, on an
absolute basis, relative to a benchmark
or relative to peer groups, may result
in lower subscriptions and higher
redemptions. This risk is heightened
at times of disrupted and volatile
markets, which could be triggered by
geopoliticalorclimatefactors.This
may also result in dissatisfied clients,
negative press and reputational
damage.
Absolute underperformance also
reduces AUM, resulting in lower
management and performance fees.
Man Group’s investment divisions
each have clearly defined investment
processes with integrated risk
management, designed to target and
deliver on the investment mandate of
each product. We focus on hiring and
retaining highly skilled professionals
who are incentivised to deliver alpha
within the parameters of their mandate.
Man Group’s diversified range of
products and strategies mitigates
the risk to the business from
underperformance of any particular
strategy or market. Consistent with our
strategy, we increased diversification
in 2025 through AUM growth in
systematic long-only and credit
strategies, including the Bardin Hill
acquisition.
Man Group has an agile business
model, so is well equipped to adjust
to medium-term transition risks and
also capture any opportunities. With a
strong track record for innovation, the
firm continues to focus on providing
our sustainability-driven investors
with products that incorporate ESG
analytics.
2025 was marked by sharp volatility
driven by tariff announcements,
geopolitical tensions, and uncertainty
around AI investment. Despite
these challenges, all major asset
classes delivered positive returns
simultaneously for the first time in
several years. These conditions initially
challenged trend-following strategies,
though they recovered strongly in the
second half. Our systematic long-only
and discretionary credit products
performed well throughout the year,
generally outperforming rising markets.
Net inflows were strong, particularly for
systematic long-only and discretionary
credit. These were partially offset by
outflows in absolute return strategies
in response to the performance of
trend-following strategies earlier in
the year.
Credit risks
Counterparty
A counterparty with which the
fundsorManGrouphavefinancial
transactions, directly or indirectly,
becomesdistressedordefaults.
Shareholders and investors in
Man Group funds and products are
exposed to credit risk of exchanges,
prime brokers, custodians, sub-
custodians, clearing houses and
depository banks.
Man Group and its funds diversify
exposures across a number of
the strongest available financial
counterparties, each of which is
approved and regularly reviewed and
challenged for creditworthiness by a
firm-wide counterparty committee.
The Risk teams monitor credit metrics
ontheapprovedcounterpartiesdaily.
This includes credit default swap
spreads and credit ratings.
After 2024 presented a calm year
for counterparty concerns, 2025
continued the theme despite
various market stresses. Ultimately
no counterparty risk reduction
intervention was required.
on alignment of cultures, implementing our strategy and growing
or developing products and services for new and existing clients.
The directors confirm that they have carried out a robust assessment
of the principal and emerging risks facing Man Group, including those
that would threaten its business model, future performance, solvency
orliquidityandreputation.
We describe and assess our principal and emerging risks and
uncertainties on pages 32 to 36 and explain how they are being
managed or mitigated. Climate change forms part of the relevant
principal risks, which leads into our climate change risk management
and strategy on pages 36 and 37. The risks are linked to each of
ManGroup’sstrategicpillarsonpages14and15.
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33
Strategic report | Governance | Financial statements | Shareholder information
Risk Mitigants Status and trend Change
Liquidity risks
Corporate
and fund
Man Group is exposed to having
insufficient liquidity resources to meet
its obligations.
Adverse market moves and volatility
may sharply increase the demands
on the liquid resources in Man Group’s
funds. Market stress and increased
redemptions could result in the
deterioration of fund liquidity and in
the severest cases this could lead to
the gating of funds.
An $800 million revolving credit facility,
maturing December 2030, provides
Man Group with a robust liquidity
backstop and flexibility to manage
seasonal liquidity demands. Liquidity
forecasting for Man Group and the UK/
EEA sub-group, including downside
cases, facilitates planning and informs
decision-making.
The Financial Risk team conducts
regular liquidity tests on Man Group’s
funds. We aim to manage resources
insuchawayastomeetallplausible
demandsforfundredemptions
according to contractual terms.
The acquisition of Bardin Hill, the
balance sheet seeding programme
(including use of external financing)
and completion of a $100 million share
buyback in 2025 were planned and
managed without issues.
The asset liquidity distribution across
funds remained broadly unchanged
but growth of our credit strategies
increased the quantity of lower liquidity
assets. Our in-house liquidity analysis
and reporting toolkit continued to
evolve and now includes a fixed income
limit framework. There were no material
trading liquidity challenges.
Market risks
Investment
book
performance
Man Group uses capital to seed
new funds to build our fund offering
and expand product distribution.
Man Group also holds CLO risk
retention positions until product
maturity. The firm is exposed to a
decline in value of the investment
book.
Man Direct Lending loan origination
and syndication is a shorter-term
risk, exposed to sharp credit spread
widening during the holding period.
A disciplined framework ensures
that each request for seed capital is
assessed based on its risk and return
on capital.
Approvals are granted by a Seed
Investment Committee (SIC), which is
comprised of senior management, Risk
and Treasury. Investments are subject
to risk limits and an exit strategy and
are hedged to a benchmark where
appropriate. The positions and hedges
are monitored regularly by Financial
Risk and reviewed by the SIC.
The investment book size reduced
over 2025 as balance sheet risk-taking
declined and some aged investments
were redeemed. There were 12 new
positions in 2025, managed by active
recycling of existing investments.
The investment book returns were
positive with some losses in CLO equity
offset by performance from across the
other positions in the seed book (net of
benchmark hedges).
Operational risks
Internal
process
failure
Risk of losses or harm resulting from
inadequate or failed corporate or
fund operational processes within
Man Group, including employee-
related issues.
Man Group’s risk management
framework and internal control
systems have continued to operate
during the year.
Risks and controls are reassessed
periodically and in the event of material
change, risk events or issues, to
determine the adequacy of the control
environment.
Man Group continues to prioritise
improving systems and controls to
minimise process failures. There
has been no material change in the
incidents in 2025 and where issues
have arisen, tracking mechanisms have
been in place to ensure remediation
and preventative actions are
completed. During 2025, acquisitions
were managed in line with plans and
AUM increased. Man Group announced
organisational changes to streamline
the structure and position it to deliver
on the firm’s strategic priorities
including diversifying and growing the
asset base. Whilst change, including
operational change through AI can add
risk in the short term, the aim to reduce
organisational complexity, and the
implementation of targeted solutions
focused on offsetting any additional
risk, will mitigate this longer-term.
Man Group has continued to be able to
attract and retain talented individuals
across the firm and has refined the
talent review process to deliver a
sharper view of risk and replaceability.
External
(third-party)
process
failures
Man Group continues to outsource
several functions and manage critical
third-party arrangements on behalf
of its funds. Risks arise through the
supplier life cycle from sourcing
and selection, to contracting and
onboarding, to service delivery and
monitoring and finally, to exit and
offboarding. The most material risk
is that critical third-party service
providers do not or are unable
to perform services as required,
including due to bankruptcy, resulting
in knock-on implications for our
business and processes.
Man Group’s first line teams have
implemented robust methodologies
(including ongoing third-party due
diligence and KPI monitoring) to
confirm that critical third-party service
providers are delivering as required.
Business Continuity & Resilience
assessments are performed to ensure
the business can continue operating
during disruptions. These assessments
review critical third-party services
and develop plans for maintaining
operations if those services become
unavailable.
The firm’s key outsourcing providers
remain intentionally concentrated, with
a small group of carefully selected and
proven names with which the Group
has well-established and embedded
working relationships. There has been
no notable increase or decrease in the
number of material issues caused by,
or experienced by, our critical third-
party providers during 2025 and there
have been no material losses or other
impacts.
Man Group plc | Annual Report 2025
34
Strategic report
Risk management continued
Risk Mitigants Status and trend Change
Operational risks continued
Systematic
investment
and model
management
Man Group is a technology-
empowered active investment
management firm which continues
to make use of advanced quantitative
trading strategies that necessitate
a robust approach to data
acquisition and consumption, model
implementation and execution. Key
risks include model/algorithm failures
or issues with data upon which
decisions are made.
Man Group has embedded systems,
controls and operational change
control processes for models and data.
Change management controls are
applied to new models, model changes
and calibrations.
Controls are both preventative and
detective to minimise the potential
consequences from such an
event arising.
Man Group continues to source and
provision new investment data sources
and data analytics, and has reviewed
the algorithmic trading process
in response to events in the wider
industry and performed assessments
of our control environment as required
by the MiFID II (Markets in Financial
Instruments Directive II) Regulatory
Technical Standards 6.
Man Group has not observed an
increase in material internal risk events
in 2025.
Information
and
cybercrime
security
Risk of losses or harm resulting
from the loss of information in
electronic or hard copy form held by
Man Group and arising as a result of
sabotage, hacking, virus attack or
other malicious disruption causing
system failure.
Man Group has an established
information security and cyber security
programme with relevant policies
and procedures, that are aligned
with industry expectations and best
practices. Man Group’s CISO, together
with the Information Security Steering
Committee, ensure that our control
environment is continuously reviewed
and adjusted to keep pace with the
evolving regulatory, legislative and
cyber threat landscapes.
Man Group continues to improve
its defence using state-of-the-art
technologies and best practices,
enabling us to detect, prevent and
respond to malicious activities and
complex cyber-attacks. Although we
have not experienced any material
issues in 2025, the cyber risk landscape
continues to evolve, driven by factors
including the rise of AI-driven cyber-
attacks and increasing vulnerabilities in
the supply chain. However, our controls
and defences have adapted in parallel,
and we believe our overall cyber risk
exposure remains stable.
Information
technology
and business
continuity
Risk of losses or harm incurred by
IT software and hardware failures
resulting in system downtime,
severely degraded performance
or limited system functionality.
Business continuity risks may arise
from incidents such as a denial of
access to a key site or a data centre
outage or the physical and transition
risk associated with climate change,
which could lead to business
disruption.
Technology plays a fundamental role
in delivering our objectives. The single
Technology team of over 420
professionals aligns with each business
unit to ensure work is correctly
prioritised. The firm’s operational
processes include mature risk, incident,
problem management and prioritisation
procedures to minimise the likelihood
and impact of technology failures.
Robust change control processes are
one of our strongest mitigants against
technology risk. Our software release
management framework includes
mandatory testing, approval gates and
rollback procedures to minimise the risk
and impact of software failures arising
from code deployments.
Business continuity and resiliency risk
is mitigated through a comprehensive
training and governance programme
and detailed continuity plans that
undergo severe but plausible scenario
tests. We maintain tested contingency
and recovery capabilities (including
secure remote access) and conduct
ongoing risk and threat assessments.
Man Group has a small number
ofemployees,arelativelylimited
physicalfootprintandcanoperate
remotely – as it has done in the past.
Man Group continues to enhance its
technology, with a focus on platform
enrichment, centralising order
management, and expanding capacity
and developing controls around
emerging technologies.
In 2025, the firm reviewed and
extended its UK disaster recovery data
centre capability, completing the build
of a new facility that became the main
UK disaster recovery location.
We have continued disaster recovery
testing to portions of our estate for
the duration of the movement to the
new facility.
The Business Continuity and Resilience
(BCR) team focused on enhancing and
maturing the programme including the
identification and testing of scenarios
to identify vulnerabilities and validate
recovery solutions.
Our operations and ability to work
effectively were not materially
impacted by the heatwaves in the
US and Continental Europe, with
the majority of employees working
remotely.
Man Group plc | Annual Report 2025
35
Strategic report | Governance | Financial statements | Shareholder information
Risk Mitigants Status and trend Change
Operational risks continued
Criminal
activities
Risk of losses or harm through
wrongful, unauthorised activities
or criminal deception intended to
result in financial or personal gain;
or incurred through failure to comply
with (or have adequate procedures
to ensure compliance with) laws
and regulations relating to anti-
money laundering, counter-terrorist
financing, tax evasion, anti-bribery
and corruption, breach of economic
sanctions, insider trading and market
abuse and failure to prevent fraud.
Man Group operates a framework
consisting of policies, procedures
and regular training to staff to support
compliance with applicable laws
and regulations.
Internal policies, processes and
controls are subject to regular review
and consultation internally and with
external advisers to ensure we remain
well placed to manage evolving
requirements. Man Group has a
dedicated KYC team. Independent
oversight and challenge are also
provided by Man Group’s Compliance
and Financial Crime teams.
Man Group continues to strengthen
and adapt its control environment to
monitor and meet the challenges of an
evolving regulatory environment with
heightened sanctions and enforcement
actions. During 2025, the firm
embedded enhanced fraud prevention
governance and procedures in line with
new legislative requirements.
No material incidents were seen in
2025, and the firm complies with the
evolving sanctions regime.
Legal,
compliance
and
regulatory
The breadth and complexity of
the regulations and legislative
requirements that Man Group and its
funds are, or were historically subject
to, across multiple jurisdictions,
represent significant operational
risks, should the firm fail to comply
with them. Man Group supports
proportionate and thoughtful
regulation and initiatives that develop
the regulatory environment. However,
change can also result in increased
operational complexity and costs to
Man Group or the sectors or markets
in which it operates.
Our operational risks also include any
legal and reputational risk from any
suggestion of greenwashing if the ESG
credentials of a fund or our corporate
behaviour does not meet client or
regulatory expectations.
Failure to comply with laws and
regulations may put Man Group at
risk of fines, lawsuits or reputational
damage.
Man Group operates global legal
and compliance frameworks which
underpin all aspects of its business and
are resourced by experienced teams.
These teams are physically located in
Man Group’s key jurisdictions, helping
them to understand the context and
impact of any requirements.
Emphasis is placed on proactively
analysing new legal and regulatory
developments and communications to
assess likely impacts and mitigate risks.
The governance framework includes
ongoing proactive reporting and
management of potential and actual
legal and litigation risks.
Man Group continues to liaise directly
and indirectly with competent
authorities e.g. FCA, SEC, FINMA, CBI,
FINRA, CFTC, SFC.
Man Group has specific policies
and greenwashing controls which
continue to evolve and are subject
torobustreview.Wetakearelatively
low key and considered approach in
our external communications with a
focus on education and data as well as
highlighting the challenges inherent in
this area.
Man Group continues to experience
new regulatory requirements
and invest heavily in compliance,
technology, and reporting
infrastructure to meet the growing
regulatory expectations. In 2025 key
areas included significant regulatory
changes in the US with a new SEC
Chairman, rule withdrawals and
postponements, cyber security and
privacy reforms and developments in a
regulatory framework for cryptoassets.
Man Group’s engagement with the key
regulators remains very active and
work continues to support a number of
regulatory initiatives.
Man Group continues to robustly
defend legal proceedings relating to
matters arising in the ordinary course
of the Group’s business.
Dedicated RI Compliance experts
monitor our RI-related regulatory
obligations, stewardship activities,
and review RI strategy-related and
marketing documentation. Our
multi-layer controls minimise the risk
of greenwashing. They also serve to
enhance interaction and collaboration
between the RI team and the
investment teams.
Reputational risks
Negative
publicity
The risk that an incident or negative
publicity undermines our reputation
as a leading investment manager and
place to work. Reputational damage
could result in significant redemptions
from our funds, and could lead to
difficulties with external financing,
credit ratings, talent attraction/
retention and relations with regulators,
core counterparties and outsourcing
providers.
Our reputation is dependent on our
operational and fund performance
and the conduct of our employees.
Our governance and control structure
mitigates operational concerns, and
our attention to people and investment
processes are designed to comply
with accepted standards of investment
managementpractice.Weencourage
a culture of openness, inclusion
and diversity.
Man Group maintains a strong
and resilient reputation with key
stakeholders, though reputational
risk may arise from investment
performance, share price volatility,
strategic decisions, and organisational
change. During the year, performance
challenges in certain strategies,
related share price movements and
a number of organisational changes
attracted media attention, which
moderated following improved
performance in the second half. The
Group actively manages reputational
risk through clear communication,
disciplined execution and robust
governance, while continuing to build
its profile in priority markets, including
North America and other areas of
strategic growth.
Man Group plc | Annual Report 2025
36
Strategic report
Risk management continued
Risk Mitigants Status and trend Change
Emerging risks
Potential
future
threats
Emerging risks are complementary
to the current principal risks and
represent potential future threats
to Man Group’s performance,
development or viability.
By definition, these entail greater
uncertainty about if or when the risk
oraneventmaymanifest.
The emerging risk categories include
natural disasters, pandemics,
disruptiontofinancialmarketsand
business infrastructure, geopolitical
riskandchangesinthecompetitive
landscape.
The Board, Executive Committee and
Risk teams monitor emerging risks,
trends and changes in the likelihood
or impact following discussions
with subject matter experts. This
assessment informs the universe of
principal risks managed and mitigated
by the firm.
Emerging risks are assessed internally
and discussed with the Board on a
six-month cycle. The dominant theme
this year was heightened geopolitical
tensions (conflicts in Ukraine and the
Middle East, US tension with China
and the wholesale impact of a year of
tariffs, particularly those imposed by
the US). These are discussed in the
spotlight section.
Whilst the likelihood of many of the
risks has increased, no changes were
made to Man Group’s headline principal
risks as a result of the emerging risks
identified.
Man Group climate change risk management
and strategy
Man Group recognises climate change as both a strategic challenge
and an opportunity. We address climate-related risks and opportunities
through offering innovative climate-focused investment strategies,
applying rigorous ESG integration, focusing on stewardship to drive
portfolio-level impact, contributing to industry initiatives, and
managing our operations sustainably.
Risk identification and assessment
Climate risks are identified through our established enterprise risk
management framework. Operational risks (risks that could crystallise
in the next 1-15 years) are assessed via our Risk and Control Self-
Assessment (RCSA) process at business area level, while a range of
emerging risks identified by management as posing a potential threat
to Man Group’s business performance, are captured through semi-
annual emerging risk assessments at firm level. Both processes
evaluate risks by likelihood and impact, enabling us to calibrate climate
risks using a consistent methodology.
Climate change risk is owned by the Board and implemented by senior
management. It manifests across multiple risk categories including
investment performance (transition risks), business continuity
(physical risks), and reputation (greenwashing and regulatory
compliance). Strategic decisions to avoid, mitigate, transfer or accept
climate risks are made at Board and senior management level.
Scenario analysis and resilience
We assess our strategic resilience using climate scenarios aligned
with TCFD recommendations, leveraging BlackRock’s Aladdin Climate
models to analyse physical and transition risks across three pathways:
orderly transition (<2°C), disorderly transition (~2°C), and hot house
(>3°C). These scenarios span the range of plausible climate pathways
and are widely adopted across the asset management sector. Key
assumptions are consistent with IPCC pathways and sector practice.
Our analysis covers short (1-5 years), medium (5-10 years) and
long-term (10-30 years) horizons, with specific risks and opportunities
detailed on page 37. Scenario analysis is performed on a regular basis.
Currently, none of our plausible downside scenarios within our
three-year business planning horizon are materially driven by climate
change alone. However, physical and transition risk components are
embedded within our scenario analysis for investment performance,
operational resilience and reputation.
Risk profiles vary by scenario: orderly transition scenarios (<2°C)
involve gradual policy implementation and manageable portfolio
adaptation; disorderly transition scenarios (~2°C) present abrupt
repricing events, policy uncertainty, and heightened market volatility;
hot house scenarios (>3°C) involve severe and accelerating physical
impacts with systemic economic consequences and limited
adaptation options.
The Responsible Investment Committee monitors RI risks and
opportunities on a monthly basis (see RI governance structure,
page 49) with annual Board oversight. We reassess risk profiles
as climate pathways evolve.
We define material climate risks as those that could reasonably
influence investment decisions or significantly affect financial
performance, warranting disclosure to investors and stakeholders.
This threshold evolves in line with emerging climate science and
the consensus path to 1.5°C or 2°C.
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Strategic report | Governance | Financial statements | Shareholder information
Key risks and opportunities by time horizon
Physical risks consist of acute risks (business disruption, property
damage or impacts on employee well-being from severe weather
events) and chronic risks (longer-term weather pattern changes such
as increased heatwave frequency and potential Thames flooding from
sea-level rise).
Transition risks span regulatory (expanding disclosure requirements),
technological (investment in RI capabilities), market (client demand
shifts), and reputational (stakeholder expectations) dimensions. Timing
uncertainties exist as the world moves toward a low-carbon economy.
Short term (1-5 years): Key risks include meeting evolving client
expectations for climate-integrated investment strategies, with
potential outflows if suitable products are not provided. Currently,
48% of AUM integrates ESG analytics, and we offer several Article
8 and 9 SFDR products. Regulatory risks include compliance with
expanding disclosure requirements and taxonomies. Reputational risks
include potential greenwashing accusations if fund credentials fail to
meet stakeholder expectations. Market opportunities include growing
demand for sustainable investment products and climate solution
themes. Mitigation includes robust product governance, external
verification, transparent disclosure, and regulatory monitoring.
Medium term (5-10 years): Key investment risks include portfolio
impacts from accelerating the net zero transition, with potential
asset repricing and liquidity shifts in carbon-intensive sectors.
These dynamics present significant opportunities in climate
adaptation, renewable energy, and transition technologies.
Our proprietary RI tools facilitate ongoing exposure analysis and
portfolio positioning.
Long term (10-30 years): Risk profiles diverge significantly by scenario
pathway. In delayed action or hot house scenarios (>3°C), transition
risks include abrupt policy shifts and disorderly market repricing.
Investment opportunities include adaptation infrastructure, climate-
resilient technologies and markets in lower-risk geographies.
Residual climate-related risks remain following implementation of
mitigating actions. These are monitored through regular risk reviews
and reassessed as data and methodologies evolve.
Integration with business strategy
Climate considerations are embedded in financial planning, resource
allocation and operational budgets. Strategic initiatives support our
net zero commitments for both workplace operations (page 51) and
investment portfolios (page 55). Our stewardship approach to
responsible investment is detailed on page 57, and our TCFD disclosure
on pages 60 to 63.
As our understanding of climate-related risks and opportunities
evolves, we continue to refine our strategy, enhance measurement
capabilities, and strengthen our assessment of how climate factors
impact value creation over time.
Viability statement
The directors of Man Group plc believe that there continues to be robust
globaldemandforassetmanagementfirms,suchasManGroup,to
provide fund management services and make active investment decisions
on behalf of their clients. Man Group’s ability to deliver alpha and other
value adding client solutions, backed by technology, operational discipline
and innovation, forms the basis of a sustainable business model and is
embedded in its long-term strategy.
Afailuretodeliversuperiorperformanceisthemainriskto,anddriver
of uncertainty for, Man Group’s ability to maintain adequate capital and
liquidity, given the likely short-term impact on client redemptions and
longer-term impact on talent retention. This risk is mitigated through
our diversified fund offering and strategic growth plans. The directors
confirm that they have a reasonable expectation that Man Group will
continue to operate and meet its liabilities, as they fall due, for the next
three years to 31 December 2028. A three-year period is considered
appropriatebecauseitisconsistentwithManGroup’sinternalbusiness
planning and forecasting horizon, known as the Medium Term
Plan (MTP).
In accordance with the UK Corporate Governance Code, the directors’
assessment has been made with reference to Man Group’s current
position, the firm’s strategy, the Board’s risk appetite and Man Group’s
principal and emerging risks and uncertainties and how these are
managed (described earlier in this section). The principal risks are linked
toeachofManGroup’sstrategicpillars.Thestrategyandassociated
principalrisksformthebasisofManGroup’sMTP.Thiscoversa
three-year period and includes downside scenario testing.
ManGroup’sMTPisbuiltbyaggregatingtheexpectedbusiness
performanceacrossthefirm,andthenstressingkeybusiness
assumptions, including:
investment performance of key strategies and the resulting impact
on management and performance fees;
fund inflows from new business versus client redemptions;
pressure on management fee margins and the impact of business mix;
costs, including compensation, inflationary impacts and investments
in future growth opportunities;
performance of balance sheet seed investment positions; and
FX rates for non-USD denominated AUM and costs.
Severe but plausible stress scenarios are applied using combinations
of the above factors, such as:
extreme underperformance and associated outflows across
Man Group’s product range or for a core investment product group
asaresultofasinglemarketstress;or
the impact of a major operational event that leads to irreparable
reputational damage and outflows.
Although the directors and management have considered the impact
of climate change, currently none of Man Group’s plausible downside
scenarios (within the three-year business planning horizon)
aremateriallydrivenbyspecificadverseimpactsasaresultofclimate
change. However, we consider the drivers of the physical and transition
risks (related to investment performance, operational resilience and our
reputation) as part of our scenario analysis. We will continue to review
these assumptions on a regular basis.
The MTP assessment is augmented throughout the year by regular
briefings at the ARCom on risk and controls, as well as dashboards across
financial risk, non-financial risk, finance and Internal Audit. The principal
risks are considered within the Board’s risk appetite framework.
Man Group plc | Annual Report 2025
38
Strategic report
$53.1bn5
Discretionary investment
teams added in 2025
AUM across liquid and
private credit
Discretionary
Feature page
Man Group plc | Annual Report 2025
39
Strategic report | Governance | Financial statements | Shareholder information
^ For more information,
please visit:
www.man.com/credit-
capabilities
Our Discretionary division
comprises multiple
investment philosophies,
asset classes and styles.
Our portfolio managers share an entrepreneurial
mindset and adopt a technology-driven approach.
They have the freedom to express their own
investment views while leveraging Man Group’s
sophisticated, institutional infrastructure.
In 2025, credit was once again a major growth area. We acquired Bardin
Hill, a US private credit manager, strengthening our US private credit
platform, which now spans sponsor-backed and non-sponsor-backed
direct lending, distressed and special situations, and broadly syndicated
loan CLOs. Our unique culture and focus on innovation are powerful
draws for talent, helping us hire five new investment teams in 2025
and enriching our range of solutions.
Nationalities
70+
Quants
and technologists
595+
Discretionary investment
professionals
155+
Man Group plc | Annual Report 2025
40
Strategic report
We attract, empower and inspire exceptional talent
by fostering a collaborative culture where people thrive,
innovate and deliver extraordinary impact for our clients.
A deep and diverse pool of talent
People and culture
We pride ourselves on working together to find answers to complex
problems and deliver value for all our stakeholders. We remain
committed to an inclusive workplace where our colleagues are
equipped with the tools they need to develop, excel and build the firm’s
competitive advantage.
Culture and engagement
Man Group’s culture is built on a foundation of support, growth and
empowerment – enabling our people to deliver meaningful impact for
our clients. We track engagement and retention closely, using these
metrics to hold ourselves accountable and drive continuous
improvement. Through our engagement survey, coffee with ExCo
sessions and our Board-led employee engagement programme, we
actively listen to our people across the globe, ensuring their voices
shape how we evolve as an organisation.
In 2025, we introduced Culture Amp, a leading people analytics
platform that has enhanced our ability to gather real-time feedback
and act on insights from our teams. This investment in listening
technology demonstrates our commitment to continuous
improvement and responsiveness to our people’s needs.
We also launched ‘Anytime Feedback’, empowering our employees
to give and receive feedback in the moment, fostering a culture of
ongoing development and open communication. In 2025, 75% of our
people recommended Man Group as a great place to work, and our
voluntary attrition rate remained low at 7.8%, reflecting our strong
culture and the engaging work our people do every day.
To further strengthen our culture of recognition, we introduced a new
peer recognition scheme that celebrates the everyday contributions
and exceptional achievements of our colleagues, ensuring that great
work is acknowledged and valued across the firm.
Talent acquisition
Our culture is strong and distinct within our industry, enabling us to
hire the best people and build a diverse, talented workforce that drives
our success and delivers value for our clients. Combined with our
continued commitment to our agile working model and our holistic
benefits programme, this positions us to attract and retain exceptional
people. During 2025, we embarked on an exciting new chapter with the
implementation of Greenhouse, our new applicant tracking system.
These initiatives have transformed how we connect with talent and
streamlined our hiring process, making it easier for candidates to
experience what makes Man Group unique.
Our in-house talent acquisition team understands the value of
diversifying our talent pipeline and we continue to increase direct
hiring, finding candidates who are likely to succeed at the firm.
Our people also play a vital role in building our workforce, with our
referral programme generating 311 referrals in 2025.
Developing early-career talent is fundamental to our long-term
success. Our entry-level programmes – from work experience to
apprenticeships, internships and graduate schemes – create pathways
for the next generation. We’re amplifying this impact by transferring
apprenticeship levy funds to partner organisations: in 2025, £500,920
supported apprenticeship training across 23 organisations serving
Victoria Ilyasova
Research – Associate Director
Man Group plc | Annual Report 2025
41
Strategic report | Governance | Financial statements | Shareholder information
underrepresented communities. Through partnerships with City
Gateway, #10,000Interns, IntoUniversity, GAIN (Girls Are INvestors),
SEO London and the East London Business Alliance (ELBA) in the UK,
we’re continuing to connect with diverse talent at schools and
universities nationwide.
Diversifying how we source talent also means creating opportunities
for experienced professionals at pivotal career moments. Our Career
Returners Programme provides structured support for talented
individuals re-entering the workforce after breaks of two years or
more, combining professional coaching, mentoring and a dedicated
support network. We also welcomed an experienced veteran
transitioning to a civilian career. The impact is clear: six out of seven
participants in our 2025 returner cohort have secured permanent
or extended roles at Man Group, successfully relaunching their
careers with us.
Retention and progression
Continuing to develop and retain exceptional talent is central to
our competitive advantage. Our comprehensive talent development
strategy delivers career progression and performance support across
all levels of the organisation, combining robust processes, enabling
technology, and tailored programmes to unlock the full potential of
our people.
In 2025, we refreshed our approach to critical talent identification and
succession planning to be more focused and strategic. Drawing on
best practices from leading organisations, we’ve sharpened our ability
to identify high-potential talent early and create targeted development
pathways for our future leaders.
Greenhouse streamlines hiring and
enhances candidate experience
throughout the journey. Combined
with Career Returners and
apprenticeship levy partnerships,
we’re building talent pipelines that
reflect Man Group’s diverse and
collaborative culture.
Sarah Salta
Global Head of Talent Acquisition
+ Diversifying our talent pipeline through our Career Returner programme
Q&A
Q: How did your career break
experience influence the skills and
perspective you bring to your role
at Man Group?
A: My career break gave me valuable
perspective on adaptability and
prioritisation. Dedicating time to raising
my children allowed me to reflect on
my strengths and develop resilience,
patience and creative problem-solving
skills – qualities that are essential in a
fast-moving environment like Man Group.
It also deepened my appreciation for
flexibility and teamwork. Returning
after time away, I’ve become a more
empathetic colleague with a stronger
awareness of how to create space for
diverse voices and working styles within
my team.
Q: Why do you think Returner
programmes like Man Group’s are
important – not just for individuals,
but for the industry?
A: Returner programmes tap into a
highly skilled and experienced talent
pool that is often overlooked. Many
professionals step away from the
workforce for caring responsibilities,
personal reasons or career pivots –
and without dedicated pathways back,
the industry risks losing that valuable
experience and diversity of thought.
For the financial services industry,
which thrives on innovation and
analytical rigour, re-engaging
experienced professionals who bring
maturity, perspective and renewed
motivation is invaluable. Programmes
like Man Group’s set an important
example of how inclusion can drive
both business performance and
cultural strength.
Brindha
Srigananathan
Head of Talent Engagement
and Coaching
Man Group plc | Annual Report 2025
42
Strategic report
People and culture continued
Our talent review process sits at the heart of how we develop people,
systematically evaluating the performance and potential of every
employee. These insights feed directly into succession planning
discussions with our Executive Committee, enabling us to design
targeted interventions and create equitable opportunities for talent
progression. We continue to offer in-house coaching and tailored
development support for our top performers, while ensuring all
employees have access to development resources that help them
excel in their roles.
Learning and development at Man Group evolves continuously to meet
the changing needs of our business and people. ‘Performance First’,
our global speaker series, connects investment professionals with
cutting-edge research and expert perspectives. Our Analyst
Performance Programme builds technical capabilities and provides
performance coaching for our analysts. ‘Evolve’, available to all
employees, delivers foundational knowledge of the hedge fund
industry, deepening understanding of how we serve clients.
Mentoring remains embedded in our culture, with a continued focus
on developing internal mentoring relationships.
In 2025, we launched ELEVATE, our new manager development
programme, equipping colleagues transitioning into management roles
with essential leadership skills. The programme blends e-learning with
externally delivered workshops covering coaching, delegation and
leading high-performance teams, supported by ongoing guidance
from our People team. By investing in new managers at the start of
their leadership journey, we’re strengthening management capabilities
firm-wide and ensuring our people leaders can effectively develop and
support their teams.
This connected approach also allows us to champion and facilitate
internal mobility, with robust succession planning resulting in more
than 150 promotions of internal candidates this year.
Remuneration and reward
Our remuneration strategy and extensive benefits platform is an
integral way to retain and reward our people, and we continue to
benchmark against the industry to ensure we remain competitive.
Remuneration includes a combination of salary, annual performance
bonus and deferred awards, alongside a comprehensive range of
non-cash benefits. Our deferral arrangements are a key mechanism
to focus our employees on long-term performance, aligning their
interests with those of our clients and shareholders. During 2025,
we once again offered our UK-based employees the opportunity to
participate in the Man Group Sharesave Scheme at the maximum limit
and discount allowed by HMRC.
^ See pages 94 to 118 for the Directors’ Remuneration report.
Diversity, equity and inclusion (DE&I)
Our ‘Drive’ programme is a ‘grassroots’ initiative, run by our people
and sponsored by members of our senior management and Executive
Committee. The programme raises awareness of the importance of
DE&I, champions and celebrates our culture and provides our people
with further opportunities to feed back thoughts and ideas. Drive helps
to effect change within our firm and across the industry, and includes
the following networks:
BEAM (our network for Black Employees and Allies at Man)
FAM (our network for Families at Man, of all shapes and sizes)
PRIDE@Man (our network for the LGBT+ community and allies)
WAM Network (Women and Allies at Man, our network promoting
gender balance)
SANAM (our network for our South Asian people and allies)
Amigos de Man (our network for our Latin and Hispanic people
and allies at Man)
+ Taking a strategic approach to talent
Q&A
Q: How do we assess talent
development at Man Group?
A: Our talent review process takes a
systematic approach to assessing our
people and their capabilities, evaluating
readiness, development needs and
personal aspirations. We invest
strategically in development, directing
support to accelerate performance
and enabling individuals to realise their
potential. This disciplined approach
ensures leadership continuity and
strengthens our capacity to execute
on strategic objectives.
Q: What impact does succession
planning have for Man Group?
A: Succession planning is fundamental
to our long-term success. By identifying
and developing high-potential talent
early, we ensure continuity in critical
roles and maintain our competitive
edge. This approach has enabled us
to fill key senior positions internally,
preserving institutional knowledge
and cultural continuity. Early talent
identification and targeted development
pathways demonstrate that long,
rewarding careers at Man Group are
achievable, which strengthens
engagement and retention firm-wide.
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
Board
6 4
Senior
managers
40%
Staff
Female
32%
60%
68%
Male
Our networks work alongside workstreams which include: NextGen
(for our younger professionals), AccessAbility (focusing on disability
and neurodiversity), Social Mobility, Veterans (for those who have been
in the armed forces and for families of those who are serving), our
Jewish Community at Man, our Man Muslim network and our
East Asian group.
Championing equity and equality
We are committed to providing equal employment opportunities,
and do not tolerate any discrimination, whether on the grounds of age,
disability, educational background, gender, gender identity, race,
religion, or sexual orientation. Full and fair consideration is given to all
employment applications, including those from disabled candidates.
We consider aptitudes and abilities and encourage requests for
necessary reasonable adjustments to our hiring process, for example
due to disability or neurodiversity. We ensure that disabled people are
fairly treated in respect of training and career development. For those
who become disabled during their employment, reasonable
adjustments are made, and the required ongoing support is provided
to enable the individual to continue working. Man Group is a Disability
Confident registered employer, as per the UK government scheme.
Man Group supports the requirement for employers in the UK to
calculate and publish their gender pay gap, and we have published
our figures on our website. The data demonstrates the lower
representation of women in investment management and senior
management roles; we are committed to addressing these issues and
continue to make significant efforts to do so. While we do not see a
gender pay gap across similar roles, we are taking action to foster
better gender diversity across the firm.
Man Group has been a signatory to the Women in Finance Charter
since 2018, pledging to promote gender diversity, setting targets and
reporting on progress. We continue to focus on our targets for female
representation in senior management, with coaching, training and
mentoring for our high-performing female talent at all levels,
particularly those on the pathway to senior management. The number
of women in senior management roles is one of our non-financial KPIs,
and is one of the metrics linked to executive directors’ remuneration.
Further information on this can be found on page 96.
We continue to look for industry-wide programmes that can support
our people and remain members of 100 Women in Finance, and
sponsors of GAIN. We also champion the Diversity Project’s Pathway
Programme, which has been set up to increase the number of female
investment managers. We were proud to see Man Group’s efforts
recognised when we won the award for leadership and efforts in
promoting inclusion from 100 Women In Finance, and won two awards
and were highly commended in Investment Week’s Women in
Investment Awards, with several of our people being nominated.
As a listed company, we are committed to reporting the number of
those in senior management from an ethnic minority. We continue to
collect comprehensive ethnicity data from our employees (excluding
countries where we are unable to collect this data from our people due
to jurisdictional restrictions). As at the end of 2025, 19% of our senior
managers are from an ethnic minority, and we have various initiatives
in place that work alongside our talent progression programme to
continue to bolster our efforts. For example, we have signed the Race
at Work Charter and continue as active members of the Diversity
Project’s Race and Ethnicity workstream and #TalkAboutBlack. We
continue as a sponsor of EnCircle to champion our Black talent and
increase representation within the industry.
Social mobility
We are a founding partner of Progress Together and are moving into
our fourth year of working with them, underscoring our commitment
to progression of staff from lower socioeconomic groups. We have
once again completed the Social Mobility Index and continue to focus
on increasing the data we have. However, we recognise there is still
more work to do, and we remain committed to creating pathways for
talent from all backgrounds at all career stages, from entry level
through to senior management.
Inclusion and allyship
We are committed to contributing to DE&I within the industry and know
that when we work together, we will achieve greater impact. We work
across the Diversity Project’s workstreams and contribute to the
Advisory Board and the Steering Committee. We remain part of the
DE&I working group run by the Alternative Investment Management
Association (AIMA) and the Investment Association’s HR and
DE&I group.
During 2025, we continued to partner with Wellbeing Partners to
provide us with advice and support for neurodiversity and disability in
the workplace and continue to work with PurpleSpace. We celebrated
‘Positively Purple’, a global movement that celebrates and draws
attention to the contribution of employees with disabilities around
the world and hosted ‘AccessAbility cafés’ to raise awareness of the
technology and support that exists in our workplace.
We reinforced our commitment to allyship, hosting our annual
‘Allyship Week’, continuing to learn from each other and came together
to celebrate Inclusion Week. Our networks and workstreams have led
celebrations for events, engaged in volunteering and shared
perspectives and experiences to educate for (amongst others)
International Women’s Day, Black History Month in the UK and US,
Pride, Lunar New Year and Hispanic Heritage Month.
In September we hosted our annual Wellbeing and Culture Fair at
Riverbank House, bringing together our wellbeing benefits providers,
representatives of our Drive networks, and ManKind champions to
showcase the range of support and community at Man Group. The fair
was well attended and was a valuable opportunity to gain a deeper
understanding of our culture and the community that supports it.
Based on 1,719 FTEs and 72 senior managers as at 31 December 2025.
Jennifer Chaplin
Corporate Sustainability Officer
Number of parental leaves
taken in 2025
65 male
25 female
Number of tenure award
leaves taken in 2025
25 male
9 female
Man Group plc | Annual Report 2025
44
Strategic report
People and culture continued
Inspiring the next generation
Our ‘Paving the Way’ campaign is dedicated to promoting a career
in finance to young people from all backgrounds. During 2025, we
continued our school speaker programme, training people from across
our business to deliver career talks, workshops on the ‘Art of Selling’
and the ‘Trading Game’ to introduce the concept of investing, and
Insights Days for school and university students. In 2025, we visited
22 schools, reaching over 1,700 students. We also welcomed 54
students to spend a week at Man Group for work experience (targeted
at students aged 15-17), learning about careers in the financial services
industry and shadowing some of our employees.
We continue to partner with the King’s Maths School in London
(a specialist state-funded school for gifted mathematicians), providing
career talks and mentoring. We are delighted to have alumni from the
school who work at Man Group and attend alumni career sessions.
More information about Man Group’s commitment to DE&I can be
found on our website.
Flexibility and workspace
We remain committed to our global agile working framework that
continues to elicit positive feedback from our people who appreciate
the framework’s flexibility, citing their improved ability to manage their
time, be involved in family commitments and to consider the optimal
environment for different work activities. We regularly review our office
layout to ensure we optimise the available space. In our London office,
Riverbank House, we continue to offer spaces that inspire creativity
and collaboration. These are used by our employees alongside our
‘maker space’, mindfulness room, music room, mothers’ room,
campfire room (where we host mindfulness classes and choir practice),
our prayer room and wellness suite. We continue our longstanding
commitment to flexible working arrangements, which can include
adjusted hours or part-time working, with no restrictions on the
reasons for requesting these.
Support in the moments that matter
During 2025, we continued to build our ‘Wellbeing Champion Network’
to bring our people together and highlight the various resources we
have on offer, including our global wellbeing app ‘Unmind’, virtual
pilates, and our Employee Assistance Programme. We have marked
Mental Health Awareness Week and World Suicide Prevention Day.
We were pleased to take part in the MindForward Alliance annual
benchmarking exercise and maintain our ‘Excelling’ status.
We are committed to supporting our people throughout the employee
life cycle, recognising that they manage more than just work, and
sometimes life can take unexpected turns or certain life events need
to take priority. We regularly review and benchmark our benefits. Our
enhanced maternity leave (26 weeks in the UK and EEA), paid fertility
leave, and gender-neutral parental leave policies demonstrate our
commitment to the wellbeing and work-life balance of our people.
Those on parental leave, regardless of their gender, remain eligible
for full discretionary bonuses during that time. These add to our long
tenure awards and the bespoke support we provide through fertility
treatment, pregnancy loss and menopause.
+ Championing Wellbeing
Q&A
Q: What role do leaders play
in supporting wellbeing at
Man Group?
A: Leaders set the tone and role model
healthy behaviours, normalise and
destigmatise open dialogue about
wellbeing, and integrate simple
practices – like regular check-ins and
clear signposting – into team routines.
When our senior leaders lead by
example and cascade this approach
through Man Group, it reinforces our
inclusive high-performance culture
where our people can thrive and do
their best work over the long term.
Q: How are we using data and
shared learning to focus wellbeing
efforts, and how can colleagues
access support?
A: We use aggregated, anonymised data
from pulse surveys and engagement with
our wellbeing offerings to identify themes
and target resources where they matter
most, while protecting our people’s
privacy. Colleagues access support online
through our wellbeing hub, which
signposts confidential assistance, local
services and our science-backed wellness
app, free for employees and their families.
This ensures help and clear guidance is
available quickly with global reach.
Internally, our Wellbeing Champions
Network is well positioned to identify
themes and amplify them for our people.
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Strategic report | Governance | Financial statements | Shareholder information
Our people take pride in contributing to their local communities
and charities through our ManKind programme.
ManKind, our global employee volunteering programme, encourages
each employee to take two days’ paid leave per annum to help in our
communities. Our people have the flexibility to volunteer with a
registered charity of their choice, a charity supported by the
Man Group plc Charitable Trust (Man Charitable Trust) or the Man
US Charitable Foundation. They may also use opportunities via local
partners; in London, ELBA (the East London Business Alliance)
connects us with opportunities and in the US, we work with Boston
Cares and NY Cares.
In 2025, our Executive Committee continued to lead by example with
volunteering initiatives, and we held our annual ‘Volunteering Month’,
challenging our global offices to come together to take part. We have
also focused on building relationships with charities to enable more
impact. During the year, we engaged in repeat volunteering with:
Thames Reach, working to help vulnerable people in London escape
homelessness and find stability; Food Cycle, which is on a mission to
end food poverty, loneliness and food waste; ‘Seeds’, a Hong Kong SAR
based charity working across all 18 districts to distribute essential
goods to disadvantaged communities; and in Sofia, ‘For Our Children’
(Detebg), supporting children who are orphaned or in foster care and
their families.
Our programme ensures flexibility: many departments have chosen to
volunteer together, taking a day away from the office to contribute to
their community as a team; volunteering has been used to mark days
such as ‘Earth Day’ or ‘Refugee Week’; and our people can split their
time hourly to contribute through positions they may hold as charity
trustees.
Our Drive networks play an active role in community volunteering.
Our Social Mobility workstream leads our school outreach efforts, while
our Women and Allies at Man network hosted students from BelEve for
networking and panel sessions, and our South Asian network
organised Insight Days with Warwick University Asian Society. Beyond
education, networks lead broader initiatives like Amigos de Man’s Cinco
de Mayo food drive supporting communities in Boston and New York.
Established in 1978, the Man Charitable Trust supports a diverse range
of charities in the UK, with a particular focus on improving education,
and continues to approve grants to charities including: Auditory Verbal
UK, Discover Children’s Story Centre, First Story, Greenhouse Sports,
Money Ready, Read Easy, Refugee Education UK, Starlight Children’s
Foundation, The Brilliant Club, The Switch, and XLP. The Man US
Charitable Foundation, founded in 2019, also provides funding to US
charitable organisations that include: Junior Achievement, Publicolor,
Read to a Child and Rosie’s Place.
The year concluded with our annual festive fundraising events,
including a global festive clothing day with participation across all our
offices. Additionally, in the UK, the Last Hour Appeal, which offers staff
the opportunity to donate the last hour (or more) of their salary for the
year, was a success yet again.
UK employees at Man Group are also able to support charitable
programmes via their Give As You Earn accounts. The Man Charitable
Trust also proudly matches independent fundraising by employees up
to the value of £1,000.
Employees volunteering in 2025
475+
Through ManKind, I’ve run our
‘Art of Selling’ programme, helping
students build confidence and
presentation skills while learning
about asset management careers.
Via Greenhouse Sports, we’ve
connected through basketball and
table tennis – sport breaks down
barriers and creates space to learn.
Jordan Harwood
Director, UK Consultants
Community investment
Man Group plc | Annual Report 2025
46
Strategic report
Solutions
62%
of AUM is customised for
individual client needs
47
Institutional solutions
mandates
Feature page
Man Group plc | Annual Report 2025
47
Strategic report | Governance | Financial statements | Shareholder information
Our Solutions division is core
to how we deepen client
relationships, working hand-in-
hand as partners to solve their
most complex needs.
We start with the problem, not the product. This mindset
transforms the traditional client-manager relationship into
a true partnership – one that spans tailored portfolio
solutions and trusted advisory services.
In 2025, we scaled our advisory capability, enabling more meaningful client
engagement and driving new mandate wins. We also expanded our alpha toolkit
with notable additions in diversified credit, risk premia and portable alpha.
Our multi-strat, Man 1783, delivered strong performance in challenging markets,
demonstrating the quality and breadth of our investment content, and the power
of combining capabilities across the platform.
^ For more information,
please visit:
www.man.com/solutions-
capabilities
Awarded
‘Best Sustainable
Investment Research Team’
at the Sustainable Investment
Awards 2025
1
ESG-integrated AUM
2
$109.5bn
Developed real-world
decarbonisation strategies
across equity and fixed
income, leveraging science-
based framework developed
in partnership with Columbia
University
Total market-based emissions
(tCO₂e)
4,234
Man Group plc | Annual Report 2025
48
Strategic report
Sustainability and responsibility
Committed to a more sustainable future
By integrating responsible investment across our strategies and sustainability
efforts throughout our operations, we aim to deliver long-term value for our
clients and drive meaningful environmental impact.
Overview
At Man Group, our commitment to Responsible Investment (RI) and Corporate Sustainability (CS) is fundamental to our corporate strategy, both as
a listed company and in the services that we offer to our clients globally. Our overarching goal is to maximise long-term, risk-adjusted investment
returns for our clients and the millions of individual savers and pensioners that they represent.
Our clients’ preferences are of the utmost importance to us. Accordingly, we recognise that our clients may have different priorities, and where
clients have sustainable investment goals, we consider RI factors to support their investment objectives.
Investing responsibly
Our vision is to be a recognised leader in providing advanced
RI solutions for clients. We bring our RI capabilities to:
Find alpha in RI: we view RI as a natural complement to
traditional financial analysis and integrate it in systematic
RI alpha models. We continuously research, refine and develop
differentiated RI alpha-generating signals, and we offer products
where RI can drive both impactful outcomes and returns.
Use data and technology to drive RI innovation: we leverage
our data heritage to turn multiple sources of alternative RI data
into insight, through proprietary tools and frameworks. We use
technology to enhance our research, policy and stewardship
activities.
Provide differentiated climate insights: we work with
in-house data scientists to understand and integrate changing
climate risks and opportunities. We turn climate science into
practical applications, focusing on climate solutions, adaptation
and resilience.
Offer customised and advisory solutions: we partner with
clients to develop bespoke RI portfolio solutions. We collaborate
on research partnerships, combining our academic network with
our firm’s capabilities to support our clients with RI portfolio goals.
Transforming our operations
We are committed to achieving net zero in our workplace by 2030
and minimising the environmental impact of our global operations.
We embed sustainability across our organisation through:
Governance and accountability: we maintain Board-level
oversight of environmental performance, with climate-related
commitments integrated into strategic decision-making. KPMG
provides annual independent limited assurance over the firm’s
climate-related performance, with findings reported to the Board.
Forward-looking climate risk management: we assess
operational climate risks across regulatory, technological, market,
reputational and physical dimensions, ensuring our operations
remain resilient in a changing climate.
Sustainable real estate and resource efficiency: we prioritise
buildings with recognised sustainability certifications where
possible to minimise the environmental impact of our physical
footprint. We focus on responsible resource use, energy
efficiency, emissions reduction and waste management across
our global operations.
Employee engagement and culture: we deliver mandatory
annual environmental training for all employees, embedding
sustainability awareness across our culture. We raise awareness
of our climate impact through education and volunteering.
1 Refer to page 56 for more details on the Sustainable Investment Awards 2025.
2 As at 31 December 2025. To provide a consistent framework around Man Group’s
calculation of ESG-integrated AUM, we base our calculation on the Global Sustainable
Investment Alliance categories and definitions.
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Governance
Strong governance underpins our operations at Man Group, and we have developed an overarching RI Governance Framework (the Framework)
to oversee and control all elements of RI. Our Framework incorporates committees to implement and oversee all elements of our RI and CS
priorities. It ensures that we have strong oversight and controls, up to and including the Man Group Board, and that we have dedicated resources
to both deliver on our RI commitments to our clients and to ensure that any associated risks are identified, assessed and properly mitigated.
Sustainability governance structure
Man Group BoardARCom
RAF Chief Administrative Officer
Corporate Sustainability
Committee
RI Systems
& Controls
Committee
RI Leadership
Responsible Investment
Committee
RI Exclusions
Sub-Committee
Responsible Investment
Oversight Committee
Adjudication
Sub-Committee
Stewardship Committee
Committee Responsibilities Meeting schedule
Responsible Investment
Committee (RIC)
Drives all actions the firm takes to integrate RI within Man Group’s investment
engines, managing RI risks and capitalising on RI opportunities. The RIC oversees
the implementation of this policy, and other RI-related policies and processes.
Meets bi-monthly.
Responsible Investment
Oversight Committee (RIOC)
Approves the launch or adaptation of our RI funds, oversees the control
frameworkforeachfundandmonitorseachfund’scompliancewithregulatory
and mandate obligations.
Meets monthly.
Exclusions Sub-Committee
(ESC) of the RIC
Designates sectors and companies that will be excluded from Man Group’s
RI investment strategies.
Meets biannually.
Adjudication Sub-Committee
(ASC) of the RIC
Acts as a point of escalation and arbiter to address RI and stewardship issues. Meets on an ad hoc basis.
Stewardship Committee (SC) Responsible for resolving stewardship-related issues when deemed necessary,
making stewardship-related decisions where a material conflict of interest may
exist, monitoring compliance with the proxy voting and engagement policies,
and setting new and/or modifying existing policy.
Meets quarterly.
RI Systems & Controls
Committee (RI SYSC)
Creates and maintains effective systems and controls for the implementation of
RI across the firm by identifying, reviewing, managing and monitoring RI risks.
Meets quarterly.
Corporate Sustainability
Committee (CSC)
Drives Man Group’s global corporate social responsibility, sustainability
and climate-related initiatives and monitors the firm’s environmental impact
from operations.
Meets quarterly.
Board oversight
The Board oversees the firm’s progress toward climate-related goals, including net zero commitments. During 2025, the Board received
an RI and CS update, discussing potential risk areas and goals as per our RI and CS strategy.
The Audit and Risk Committee (ARCom) has delegated authority to monitor compliance with climate-related regulations. An RI dashboard was
presented regularly at ARCom meetings during 2025, providing regular oversight of RI integration, stewardship activities, and climate-related
metrics.
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Executive accountability
Executive director remuneration is explicitly linked to RI and climate
performance. Sustainability metrics and objectives, including progress
towards net zero targets for operations, are incorporated into executive
performance assessments and bonus determinations. This ensures
accountability for climate-related commitments at the most senior
levels of the organisation. The Board evaluates senior executives’
performance against these goals, with further details provided in the
Directors’ Remuneration report (pages 104 to 106 and 113).
Management structure
The RI Leadership team and Corporate Sustainability Committee,
in conjunction with the CEO and the Board, set the overarching RI
and CS vision and strategy for the firm, integrating RI and CS into
investment and operational activities while promoting a culture that
raises awareness with employees to enable them to act responsibly.
The RI Leadership team is supported by a team of RI professionals and
five dedicated committees, each of which has assigned responsibilities
and established processes to identify, assess and monitor risks
and opportunities.
Our RI team comprises dedicated specialists who provide insight
into specific RI topics and pursue a diverse research agenda in
collaboration with our investment teams. Our central RI team ensures
that we apply a consistent approach, aligned with our clients’ needs,
as well as support the firm’s performance-oriented research interests.
CS is overseen and governed by the CSC, which reports to the RAF
and the Board on CS-related matters at the firm, as well as progress
towards climate-related goals. The CSC includes representatives from
Corporate Sustainability, RI, Legal, Finance, Financial Crime, Corporate
Real Estate and Services (CRES), and Communications. It monitors
sustainability risks and opportunities across Man Group and reviews
the firm’s performance against climate-related KPIs (e.g. Scope 1, 2
and 3 emissions).
Regulatory oversight and monitoring
RI is a complex, evolving landscape and our dedicated committees,
comprising senior professionals from across the firm, work to address
the impact of changes in RI regulation on our business and our
investment strategies. We dedicate significant time and resource to
ensure we stay abreast of regulatory change and contribute to
industry best practice.
To ensure that we are consistent and credible, we have a unified
approach across our firm-wide RI frameworks, with documented
policies and methodologies for strategies that have a defined
RI approach. Our approach to restrictions reflects international
responsible investment norms and conventions and is reviewed by
the Exclusions Sub-Committee to ensure the highest level of integrity.
Additionally, where relevant, we monitor portfolio managers’
compliance with our RI policies and fund framework on a sample basis
each year.
Collectively, these controls minimise the risk of greenwashing.
Sustainability and responsibility continued
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Carbon net zero commitment
In 2019, we committed to achieving net zero carbon emissions
across our operations by 2030
1
. Our targets are aligned to the
Science Based Targets initiative (SBTi), which aims to limit the global
temperature increase to a maximum of 1.5°C
2
above pre-industrial
levels. We regularly review our targets to remain aligned with industry
guidance and the SBTi methodology, with subsequent targets
measured relative to our 2019 baseline.
What we measure
Scope Description Why material to our business
Scope 1 Direct emissions from
fuel (gas, oil, backup
generators)
Represents emissions from
buildings under our operational
control
Scope 2 Indirect emissions
from purchased
electricity, heating
and cooling
Significant given our
technology infrastructure
and global office footprint
Scope 3 Upstream leased
assets (ULA) and
business travel
Material due to: (1) multiple
offices outside our operational
control, (2) expanding global
presence requiring travel, and
(3) growing data centre
footprint
We report both location-based emissions and market-based emissions
(reflecting our renewable energy procurement) to demonstrate the
impact of our decarbonisation efforts. Our market-based total is a
non-financial KPI (page 21) linked to executive director remuneration
(page 96).
We also track additional Scope 3 categories including financed
emissions, downstream leased assets, waste, and water to understand
our full value chain impact.
Climate commitments and accountability
We embed climate-related commitments throughout our organisation.
These targets feed into our non-financial KPIs (see page 21). KPMG
provides annual independent limited assurance over the firm’s
climate-related performance, with findings reported to the Board.
We raise awareness of our climate impact through education, training
and volunteering, and have published our Environmental
Sustainability Policy Statement.
External commitments and frameworks
Man Group is a signatory to the UN-supported Principles for
Responsible Investment (PRI) and the UN Global Compact (UNGC),
demonstrating our commitment to the UN’s ten principles on human
rights, labour, the environment and anti-corruption. The UN
Sustainable Development Goals (SDGs) guide our ESG initiatives,
as detailed in our Corporate Sustainability brochure, which also
includes our detailed net zero pathway to 2030.
^ For more information, see:
www.man.com/managing-our-environmental-impact
We are a registered supporter of the Task Force on Climate-related
Financial Disclosures (TCFD) and have included disclosures aligned to
its recommendations on pages 60 to 63. In addition, our commitment
to climate-related risk and transparency is assessed through annual
PRI and CDP questionnaires.
We are also monitoring the UK Sustainability Reporting Standards
(UK SRS), which incorporate ISSB S1 and S2 and build upon the TCFD
framework. Our current disclosures provide a strong foundation for the
transition to UK SRS when these requirements come into effect.
Climate-related financial planning
We assess climate-related risks and opportunities across short-term
(<5 years), medium-term (5-10 years) and long-term (10-30 years)
horizons using scenario analysis aligned with 1.5-2°C pathways
(see Risk Management, pages 36 and 37). Climate considerations
inform capital allocation decisions, with transition risks to portfolios
and physical risks to offices evaluated based on financial materiality.
Carbon reduction targets for business travel are embedded in our
annual budgeting process, supporting our net zero commitment.
The directors do not expect climate-related impacts on the
consolidated financial statements to be material in the short
to medium term, having considered going concern, impairment
assessments and pension valuation assumptions. We continue
to monitor potential longer-term impacts.
Our operations
Performance against targets
We met all of our 2025 targets and remain on track to meet our climate targets of a 46% reduction from 2019 baseline.
During the year, Man Group acquired Bardin Hill, adding office locations and data centres. We also obtained reliable emissions data for all Man
Direct Lending offices (acquired in 2023). The additional office locations exceed our 5% materiality threshold for Scope 3 upstream leased asset
emissions. In line with GHG Protocol, we have recalculated the 2019 baseline to include these offices, ensuring like-for-like comparability.
tCO
2
e 2019 baseline 2025 target 2025 actual 2026 target
Scope 1 (location-based)
1,136 726
291
Met 703
Scope2&Scope3upstreamleasedassets(location-based)∆
4,372 3,091
2,528
Met 2,943
Scope2&Scope3upstreamleasedassets(market-based)∆
583 436
429
Met 412
∆Includesrecalculatedfiguresfor2019baseline,2025and2026targetsforScope3upstreamleasedassets.
1 This refers to Scope 1 and 2 emissions; elements of Scope 3 are considered where we have the data e.g. business travel and upstream leased assets.
2 We set firm-wide targets considering the Paris Agreement, an international treaty on climate change adopted in December 2015. The goal of the agreement is to limit global warming
to well below 2°C and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.
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Sustainability and responsibility continued
Emissions from operations
Greenhouse gas emissions (tCO₂e)
UK and
offshore Global
2025
total
UK and
offshore Global
2024
total
Scope 1 location-based 290 1 291* 532 1 533*
Scope 1 market-based 65 1 66* 436 1 437*
Scope 2 location-based 848 13 861* 946 6 952*
Scope 2 market-based – – –* – – –*
Scope 3 upstream leased assets, location-based 1,240 427 1,667* 1,366 371 1,737*
Scope 3 upstream leased assets, market-based 2 427 429* 4 357 361*
Scope 3 business travel 1,963 1,776 3,739* 3,079 2,851 5,930*
Total, location-based 4,341 2,217 6,558* 5,923 3,229 9,152*
Total, market-based 2,030 2,204 4,234* 3,519 3,209 6,728*
Energy consumption (kWh, ‘000) 13,035 1,397 14,432 13,022 1,235 14,257
* These items and the intensity metrics below are included in the scope of KPMG’s 2025
1
and 2024
2
limited assurance reports.
Reclassification
During 2024, Man Group relocated its Dublin office and Sydney office. At both new locations, Man Group has operational control over energy
procurement, as it can select the electricity supplier. Per GHG Protocol, electricity consumption for these offices has been reclassified from
Scope 3 upstream leased assets to Scope 2 from each relocation date. Prior period emissions have not been restated as the impact is immaterial
(6 tCO
2
e) and emissions from the former offices remain classified as Scope 3.
Intensity metrics
As our emissions are closely linked to the size of our workforce, changes to headcount impact our real estate footprint and the level of business
travel. This year, our total FTE has reduced and we have also seen a fall in emissions due to the changes detailed on page 53.
Emissions per FTE (tCO₂e) 2025 2024
Total FTE
3
1,655 1,704
Scope 1, location-based* 0.18 0.31
Scope 1, market-based* 0.04 0.26
Scope 2, location-based* 0.52 0.56
Scope 2, market-based* – –
Scope 3 upstream leased assets, location-based* 1.01 1.02
Scope 3 upstream leased assets, market-based* 0.26 0.21
Scope 3 business travel* 2.26 3.48
Total, location-based* 3.97 5.37
Total, market-based* 2.56 3.95
Additional Scope 3 emissions
tCO₂e 2025 2024 Materiality assessment
Emissions from investments 41,136 43,362 Our most material climate impact
Downstream leased assets,
location-based 589 506
London office sub-tenants, influenced by our building improvements
4
Downstream leased assets,
market-based 109 567
London office sub-tenants, influenced by our building improvements
Waste 183 265 Newly tracked from 2024, zero waste to landfill policy where possible
Water 2 2 Immaterial but improvements in monitoring in our London office
1 www.man.com/kpmg-carbon-2025
2 www.man.com/kpmg-carbon-2024
3 For the purposes of our environmental reporting, FTE excludes consultants, outsourced service providers, and resources listed with a home address location and/or listed in countries where
Man Group does not have an office location.
4 Combined downstream leased assets emissions down 35% vs prior year. The move to a green gas contract for our London office in 2024 reclassified emissions from market to location-based.
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Changes in 2025
Our 2025 emissions reflect both strategic business decisions and
operational challenges, demonstrating the complexity of managing
our climate targets while supporting business growth.
Scope 1 location-based (-45%): in the previous year, there were F-gas
emissions from a chiller leak at our London office which have not
reoccurred in 2025. Preventative measures have been implemented
and we have enhanced preventative maintenance protocols to
manage physical risks from equipment failures.
Scope 2 location-based (-10%): reported absolute energy consumption
was 5% higher, primarily due to metering works at our London office
providing more accurate data for occupied floors. However, updated
DEFRA grid emissions factors were 15% lower, resulting in a 10% net
reduction for this category.
100% renewable electricity procurement at our London office and
three other sites resulted in zero market-based Scope 2 emissions.
Scope 3 upstream leased assets (-4% location-based, +19% market-
based): UK office and data centre energy consumption increased 6%
as our data centre footprint expanded, but updated DEFRA grid
emissions factors (15% lower) resulted in reduced emissions for
this category.
The acquisition of Bardin Hill, along with the inclusion of additional Man
Direct Lending office data, resulted in a 19% increase in market-based
emissions in 2025.
As a systematic investment manager, computing capacity is critical to
our business. We are managing the transition risk of increased energy
demand by:
prioritising data centres with renewable energy supply;
securing Renewable Energy Guarantee of Origin (REGO) certificates
for UK facilities; and
evaluating energy efficiency in procurement decisions.
Scope 3 business travel (-37%): business travel emissions decreased,
primarily due to a 41% reduction in DEFRA emissions factors for air
travel. We continue to grow our global footprint and support the need
for staff to build client relationships globally. Departmental carbon
travel budgets remain in place to manage emissions as the business
expands.
Our offices
Due to the nature of our business, a large part of the direct environmental
impact of our operations stems from our real estate footprint.
Buildings with sustainability
certifications
12
Riverbank House (London): BREEAM
‘Excellent’
UK data centres using
renewable energy
100%
ISO 14001 accreditation
In December 2024, we achieved
ISO 14001 environmental
management certification
for our London office, and
maintained compliance
throughout 2025.
Data centres
In 2025, we moved to a new
secondary data centre with a
committed renewable energy
supply. The new space uses
less power due to efficient
deployment and modern
cooling infrastructure.
Climate-related financial risks and opportunities
Risk/opportunity Type Impact on emissions Our response
Increased energy costs Transition Affects operational costs Renewable energy procurement; energy efficiency
investments
Equipment failures
(e.g. chiller leak)
Physical Increases Scope 1 Enhanced maintenance protocols; equipment
upgrades
Client expectations for
low-carbon operations
Transition Reputational risk
if targets missed
SBTi-validated targets; transparent reporting;
executive remuneration linkage
Technology infrastructure
demands
Transition Increases Scope 2 and 3 Strategic data centre selection; renewable energy
procurement; efficiency optimisation
Regulatory reporting
requirements
Transition Increases compliance costs Robust data systems; third-party assurance;
proactive disclosure
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Strategic report
Sustainability and responsibility continued
Methodology
Framework: we follow the GHG Protocol Corporate Accounting and
Reporting Standard (2015) using an operational control approach.
Our reporting boundary includes locations where Man Group controls
utility costs, excluding consultants, outsourced service providers and
joint ventures.
Emission factors: we apply the latest UK Government’s GHG
Conversion Factors, DEFRA and IEA factors (updated annually).
Data quality hierarchy:
1. Actual invoices and metered data (preferred)
2. Estimates based on prior periods, adjusted for seasonality
3. Extrapolated data (when necessary)
Assurance and regulatory compliance
Assurance: KPMG provides independent limited assurance for Scope
1, Scope 2 and Scope 3 (upstream leased assets and business travel)
emissions and the intensity metrics, in line with ISAE (UK) 3000 and
ISAE 3410 standards, as accepted by the CDP. The limited assurance
report is available online
1
for review.
Materiality: we restate prior year emissions if corrections exceed 5%
of total emissions for any scope, or if smaller differences warrant
restatement for transparency.
Regulatory compliance: the GHG emissions and energy reporting
satisfies requirements under the Companies Act 2006 (Strategic
Report and Directors’ Report) Regulations 2013 and the Companies
(Directors’ Report) and Limited Liability Partnerships (Energy and
Carbon Report) Regulations 2018.
For more information on methodology, please refer to our
Environmental Reporting and Methodology Guidelines
2
.
Scope boundary
Scope 1 & 2: all global offices (operational control)
Scope 3 upstream leased assets: all other global offices
(no operational control)
Scope 3 downstream leased assets: London office sub-tenants
(benefit from our building improvements)
Scope 3 business travel: all corporate travel via preferred partners
Looking ahead
We remain on track to meet our 2030 decarbonisation commitment,
with our 2025 targets representing continued progression with interim
milestones ensuring accountability and enabling course correction
if needed.
Our 2026 priorities include:
renewable energy expansion: expanding procurement to additional
office locations where available;
enhanced Scope 3 tracking: refining waste and water consumption
tracking across our global footprint;
supply chain engagement: evaluating supply chain emissions; and
financed emissions: continuing to enhance data coverage and
quality for portfolio emissions reporting.
1 www.man.com/kpmg-carbon-2025
2 www.man.com/environmental-guidelines-2025
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Investing responsibly
Man Group’s breadth of investment capabilities represents a unique
intersection of perspectives – quantitative and discretionary, macro
and multi-strategy, liquid and private – where competing expectations
and applications of RI are actively debated. To this end, we work to
cultivate a range of approaches to identify and address RI-related risks
and opportunities, and work with clients to meet their preferences.
The diversified range of alternative and long-only strategies across
our investment teams seeks to apply the best practices of RI in the
way that is most appropriate for the particular strategy, asset class
and field of research. We believe that RI is best addressed through
a combination of top-down and bottom-up approaches. Although
we have a unified approach to RI across our firm with respect to
organisation, policy frameworks, stewardship, analytics platforms and
participation in industry activities, we do not impose a single house
view regarding RI integration at the strategy level. We actively and
intentionally cultivate a decentralised approach when it comes to
RI integration across our investment teams and strategies.
Research and innovation
Quant, academic and thematic research underpins our approach to RI.
Our RI team has dedicated specialists who pursue a diverse research
agenda in collaboration with our investment teams and through
partnerships with academic and scientific institutions.
Man Group’s RI research team was awarded the ‘Best Sustainable
Investment Research Team’ at the Sustainable Investment Awards in
2025 for its innovative approach to applied research, from developing
a new strategy targeting real-world decarbonisation to contributing to
thought leadership on climate solutions.
Our approach to RI research is data-driven, with the aim to integrate
financially material ESG factors into investment processes. In 2025,
the RI research team productionised human capital, water stress and
scarcity and transition RI alpha signals in the Numeric RI model and
continues to partner with clients and academics to conduct research
on specific RI topics, such as carbon markets and real-world
decarbonisation.
In addition, our research has focused on building out our climate
framework by drilling down on sub-themes related to climate
adaptation and resilience, portfolio solutions and the use of AI in
analysing alternative datasets. Supported by dedicated climate
scientists, research has spanned across topics such as exposures
to extreme climate events, adaptation solutions, financial instruments
for resilience and the use of large language models.
We apply a data-driven approach to help our clients meet their responsible
investment goals.
Our approach
RI data, tools and reporting
As a data-driven firm, we provide our investment teams with high-
quality RI data from over 35 datasets across 15 external vendors,
complemented by our own proprietary research.
We have spent considerable time reviewing and understanding the
processes of leading RI data vendors, and believe our broad capabilities
provide a unique position from which to understand, analyse and
apply RI datasets. By looking at disparate sets of RI data using this
approach, we can turn the off-the-shelf variables into useful and
informative signals.
We have leveraged our quant expertise to build a number of proprietary
RI tools that power our data-driven approach to RI. Our RI tools have
been developed internally under the direction of our RI research and
stewardship specialists, with extensive input from our investment
engines and close collaboration with our technology and investment
analytics teams. Man Group has the capacity to report consistently on
RI activities, allowing our clients a uniform means of assessing RI
performance at a strategy level.
Increasing
levels of RI
integration
Man Group Sustainable Range
Strategies for which ESG factors are fundamental to the product design or investment objective
Man Group RI Informed
Strategies that incorporate some degree of ESG analysis into investment decision-making
Man Group Base Standard
Strategies that apply Man Group’s firm-wide exclusions
ESG Analytics Tool
Global Active Issuer
Assessment (GAIA) Tool
Engagement Tool
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Sustainability and responsibility continued
Embeds our proprietary ESG scores
alongside datasets from leading RI data
providers. It standardises RI reporting
for our investment teams and our clients.
The analytics tool provides an innovative,
standardised approach to managing RI
risks and opportunities. It is a proprietary,
dashboard-style tool enabling the firm’s
investment teams and clients to monitor
non-financial risks and analyse RI factors
on a single stock, portfolio and index level.
In addition to the issuer-level dashboard,
the analytics tool features a carbon
dashboard (showing key carbon metrics)
and a stewardship dashboard
(providing an overview of a portfolio’s
stewardship activity).
A proprietary, firm-wide tool to view
issuer-level RI-related data and identify
sustainable investments. GAIA uses UN
sustainable development goals (SDGs) to
give a consistent model for categorising
RI values and provides a systematic
‘one stop shop’ for a range of RI data
points. It supports RI integration into
the investment process and in meeting
certain RI regulatory requirements, such
as the EU SFDR, UK SDR and the EU
Taxonomy. GAIA provides RI insights
into over 26,000 companies (significantly
more than any individual ESG data
vendor), allowing our investment teams
to access a real-time view of the RI profile
for portfolio holdings.
Allows our investment and stewardship
teams to review, record and track
company engagements. The tool
captures key information on the life
cycle of an engagement activity, including
type of RI meeting, key stakeholders,
RI objectives, milestones, next steps
and outcomes.
These tools highlight our collaborative, technology-driven culture, and help us to achieve our purpose: to assist our clients in meeting their
investment objectives.
Advocacy and memberships
We use our expertise to contribute to cutting-edge industry topics.
Our RI team members continue to be actively involved in industry
RI initiatives, holding leadership positions on various committees and
working groups for organisations such as the UK Sustainable Finance
and Investment Association (UKSIF), the UK Investor Forum, the
Institutional Investors Group on Climate Change (IIGCC), and UN PRI
Advisory Committees. This includes interacting with policymakers
and industry groups to help shape responsible investment policy.
In 2025, RI team members contributed to educational content and
industry guidance with the CFA Institute, UKSIF and the IIGCC
1
. In
addition to our active participation in industry initiatives, we produce
thought leadership around pressing RI issues and high-quality
research through the Man Institute. In 2025, we continued to provide
regular responsible investment market insights on the Man Institute
and host thought-provoking discussions through our podcast series
‘A Sustainable Future’, featuring high-profile academic, industry and
regulator guests.
We offer new frameworks to link climate science to financial materiality
for investors. Examples include our collaboration with the Columbia
Center on Sustainable Investment through which we published:
Compass-FRWD – A Framework for Real World Decarbonisation
(Compass-FRWD
2
). This research was short-listed under ‘ESG Initiative
of the Year’ by the Wealth and Asset Management Awards 2025 and
under ‘Best Sustainable Educational Content for Investors’ at
Investment Week’s Sustainable Investment Awards 2025
3
.
1 Examples include the CFA Institute Net-Zero Guide for Investors, IIGCC Climate Solutions
Guidance, and UKSIF’s Unlocking UK pension capital for sustainable growth report, among
other publications with industry bodies throughout 2025.
2 Report accessible at www.man.com/insights/bridging-the-gap-framework.
3 The award was presented to Man Group in September 2025 by Investment Week.
Awards and/or ratings are for information purposes only and should not be construed as
an endorsement of any Man Group company nor of their products or services. Performance
was not a consideration for this award. Please refer to the websites of the sponsors/issuers
for information regarding the criteria on which the awards/ratings are determined.
More information can be found at www.moneyage.co.uk/assetmanagementawards and
event.investmentweek.co.uk/sustainableinvestmentawards2025. Man Group paid a fee
to attend the award ceremony.
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We are committed to stewardship through engagement and voting.
Engaging with different stakeholders, including companies,
policymakers and industry peers, enables us to address financially
material ESG risks and opportunities. Voting at annual general
meetings allows us to exercise our voice as a shareholder.
Our multi-asset, multi-strategy business necessitates a nuanced
and flexible approach to integrating stewardship into our investment
process, in line with the mandates from our clients.
Recognising that our businesses incorporate a multitude of different
investment approaches, the relevant aspects of stewardship will vary
according to the investment discipline. Man Group’s approach to
stewardship extends across three distinct dimensions:
Firm-level stewardship
Stewardship through the application of Man Group’s voting policy
and rigorous engagement. This dimension spans all of Man Group’s
investment divisions (Discretionary, Systematic and Solutions).
It leverages the Group’s scale and aggregate ownership in securities
topromotebestpracticesandaffectmeaningful,positiveoutcomes.
Fund-level stewardship
Stewardship at the sub-group level, particularly within our
discretionary strategies. This is an integral part of our portfolio
managers’ investment processes, enhancing our research as well as,
crucially, helping to enhance shareholder value and preserve investors’
rights. In this area, the Stewardship team also works with portfolio
managerstodeveloptailoredstewardshipapproachesthatfitthe
individual characteristics of our investment managers, inclusive of
our quantitative business.
Stakeholder-level stewardship
Stewardship through Man Group’s involvement in stakeholder
initiatives and cooperation with companies, policymakers, standard-
setters, reporting bodies, academics, service providers, NGOs and
industrypeers.Tothiseffect,ManGroupworkswithinstitutional
investorsandorganisationstoaddressfinanciallymaterialESGissues
in line with our independent stewardship approach. These partnerships
enable us to collaborate with other organisations to share information
and stay abreast of relevant stewardship issues.
Proxy voting
The execution of voting rights is a key element of our stewardship
approach. We carry out our fiduciary duty by voting at shareholder
meetings and expressing our support for, or concern with,
management and shareholder resolutions.
Our voting policy encourages good corporate governance practices
and ESG standards while taking into consideration both company-
specific circumstances and broader market differences.
More information on our approach to stewardship can be found on
our website: www.man.com/responsible-investment.
Stewardship
Summary
The Stewardship team engaged with a mid cap company
to encourage disclosure of a human rights policy aligned to
the UDHR and International Labour Organization (ILO)
Conventions, in line with Man Group’s proxy voting guidelines.
During the engagement process, ahead of its 2025 AGM, the
Stewardship team met with the company to discuss its current
human rights commitment and learn how to advance their
policies and practices based on our expectations.
We were pleased to note that its latest human rights policy,
published in Q1 2025, was aligned with ILO’s core conventions
and the UN Guiding Principles on Business and Human Rights.
As such, its human rights approach was consistent with our
Man Group voting guidelines as at the date of the AGM and,
unlike in 2024, our voting guideline on human rights was
not triggered.
Company size:
Mid cap
Region:
UK
Sector:
Materials
Topic:
Human rights
Engagement case study
Objective:
To encourage
disclosure of a human
rights policy aligned to
the Universal
Declaration of Human
Rights (UDHR)
Number of engagements
65
Meetings voted
7,446
Proposals voted
71,712
^ For more information, see:
www.man.com/responsible-investment
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Strategic report
Emissions from our investments
We measure and manage the climate impact of our portfolios through
comprehensive emissions monitoring and weighted average carbon
intensity (WACI) analysis across our key investment strategies.
In line with the TCFD’s recommendations, we have disclosed the
GHG emissions associated with our AUM and the WACI for our key
strategies. WACI measures a portfolio’s carbon intensity by comparing
emissionstocompanyrevenue(metrictonnesofCO₂permilliondollars
of revenue). Unlike absolute emissions, WACI is unaffected by changes
in AUM, making it useful for tracking carbon efficiency over time.
Scope
The firm’s total AUM as at 31 December 2025 was $227.6 billion.
The AUM in scope for the purposes of calculating absolute emissions
and WACI is $185.3 billion, 81% of total AUM.
We exclude our investments in private assets (limited data availability)
and AUM where investment decisions are made by a third party
(e.g. multi-manager solutions and emulation mandates).
Methodology
The Man Group Carbon Dataset combines data from S&P Trucost,
Sustainalytics and MSCI with an internally developed quality control
tool. This has increased data coverage across our AUM, enabling more
comprehensive emissions reporting.
External data sources limit our quality control. All three providers
prioritise corporate equity coverage, while corporate credit and small/
mid-cap issuers have lower coverage. Data lags, driven by company
reporting timing or provider collection schedules, create continuity
gaps. We recommend reading our metrics with these limitations
in mind.
We use internal data for AUM and underlying exposures.
Absoluteemissions(milliontCO₂e) Data Coverage
December
2025 Coverage
December
2024 Coverage
December
2023
Total assets under management in scope Scope 1 & 2 69% 10.4 58% 5.7 56% 5.7
Key findings
Our findings show that while absolute emissions from AUM in scope
have increased since 2024, this increase is commensurate with the
$62.3 billion increase in AUM in scope during 2025, and an increase
in data coverage.
This data coverage has increased to 69% of long exposures in 2025
(2024: 58%), measured by the proportion of holdings for which we have
emissions data. While this represents progress, coverage remains
below our target due to the broad range of instruments we trade, the
use of derivatives and index exposures, and variability in underlying
exposures.
Our approach
We calculate emissions using the total exposure of all long positions
related to the $185.3 billion of AUM in scope. Total exposure captures
any leverage used in the investment strategy or under-investment of
capital, particularly relevant for our alternative investment strategies.
Financial instruments (e.g. derivatives) are included based on
underlying exposure. This is a departure from the Partnership
for Carbon Accounting Financials (PCAF) definition of ‘financed
emissions’, which only covers physical shares and bonds. We believe
this is appropriate given the significant use of derivatives in some of
our investment strategies.
We present coverage as a percentage of total exposure of all long
positions weighted by the proportion of total AUM, without netting
off short positions, or decomposing indices into their underlying
constituents. However, data is calculated on an issuer basis, therefore
long securities are netted against short securities within the
same fund.
We calculate absolute emissions in line with the GHG Protocol and
the PCAF guidance using Enterprise Value Including Cash (EVIC).
Sustainability and responsibility continued
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Strategic report | Governance | Financial statements | Shareholder information
Metrics
We use carbon emissions data by issuer for total exposure of all long positions at the strategy level at 31 December 2025, 2024 and 2023
to measure total emissions from AUM and calculate WACI by strategy, showing year-on-year trends.
The table below provides WACI for key strategies from across our business, aligned to the strategies for which we disclose performance data
in our 2025 year-end press release.
WACI(tCO₂e/$mrevenue)
1,2
Data Coverage
December
2025 Coverage
December
2024 Coverage
December
2023
AHL Alpha Scope 1 & 2 13% 23 <10% 6 <10% 5
AHL Dimension Scope 1 & 2 50% 166 69% 129 13% 150
AHL Evolution Scope 1 & 2 46% 123 36% 37 <10% 30
Man Alpha Select Alternative Scope 1 & 2 61% 198 50% 151 56% 209
Man Event Driven Alternative Scope 1 & 2 100% 42 100% 132 94% 145
Man Strategies 1783 Scope 1 &2 79% 400 82% 413 80% 430
Man TargetRisk Scope 1 & 2 <10% 0 <10% 0 <10% 0
Man Alternative Risk Premia Scope 1 & 2 46% 148 58% 192 70% 156
Numeric Global Core Scope 1 & 2 100% 61 100% 36 100% 48
Numeric Emerging Markets Core Scope 1 & 2 99% 164 99% 95 99% 252
Numeric Europe Core Scope 1 & 2 100% 54 100% 49 99% 96
Man High Yield Opportunities Scope 1 & 2 39% 56 49% 115 49% 20
Man Global Investment Grade Opportunities Scope 1 & 2 55% 58 61% 11 61% 17
Man Japan CoreAlpha Equity Scope 1 & 2 100% 102 100% 91 100% 82
Man Undervalued Assets Scope 1 & 2 100% 125 96% 147 94% 103
Man Continental European Growth Scope 1 & 2 100% 161 100% 151 99% 201
1 The analysis has been completed for the lead share class of each strategy.
2 The majority of strategies shown do not have carbon intensity reduction targets as part of their investment objectives and are not in scope of the firm’s net zero commitment.
Coverage by strategy type
Coverage varies significantly by strategy type. Long-only strategies,
particularly those holding single-name equities, have substantially
higher coverage. Alternative strategies, in particular quantitative
strategies, have lower coverage as allocations to corporate
instruments are typically small or via index exposures.
Data limitations
Emissions calculation methodologies continue to evolve. We
continually refine our analysis and climate-related disclosures as data
availability and quality improve and best practice emerges.
Beyond carbon intensity
While our analysis focuses on WACI, we continuously evaluate other
carbon footprinting and exposure metrics for decision-making. We can
monitor and report additional metrics if required by our clients, subject
to data availability, including forward-looking temperature alignment
assessments.
We monitor evolving industry standards for GHG emissions accounting
and reporting, incorporating best practices into our carbon reporting to
support our clients’ and shareholders’ transition to a low-carbon
economy.
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We have included disclosures in line with the recommendations of the TCFD,
providing further transparency on our approach to managing climate-related
risks and opportunities across our business, in line with Listing Rules 6.6.6R,
14.3.24R and 16.3.23R.
We have provided information on the TCFD’s four pillars and 11 recommendations in our Annual Report, incorporating the supplemental guidance
provided for asset managers by the TCFD.
We assess ourselves as compliant with all TCFD recommendations. Where we have identified areas for continued development, we have
explained the reasons why we believe they are not yet applicable or material to our business or outlined the improvements underway. The table
below provides our detailed assessment against each recommendation, and provides references to other sections of the Annual Report which
provide more information.
Disclosure
recommendation
Man Group assessment Compliance
Governance
The Board’s oversight of
climate-related risks
and opportunities.
The Board has overall responsibility for climate-related risks and opportunities, with these
matters also integrated into the work of the Audit and Risk Committee (ARCom) and
Remuneration Committee (RemCo). Reflecting its preference for shared ownership across the
Board and its Committees, there is no separate standalone ESG sub-committee of the Board
though this structure remains under regular review. The firm maintains dedicated management-
level committees to implement RI and CS activities, as detailed in the sustainability governance
structure (page 49).
During the year, the Board considered climate-related risks and opportunities at three meetings,
including a dedicated deep-dive session on ESG matters. Specifically, the Board reviewed
principal, strategic and emerging risks, including consideration of climate risk on two occasions.
The decision was taken in the year to integrate climate risk with our other principal risks rather
than reporting it as a standalone risk. This is to reflect that climate risk is now an integrated part
of our operations and risk management framework.
The Board also received regular updates on climate-related matters and their impact on
Man Group, including changes to the scope of the Corporate Sustainability Reporting
Directive (CSRD).
ARCom, in accordance with its delegated authority to monitor compliance with climate-related
regulations and disclosures, conducted its annual review of TCFD disclosures with the output
reported to the Board. ARCom also received an update from the Risk and Finance Committee
at each meeting with any climate-related issues to escalate highlighted accordingly.
Climate-related issues are also considered by RemCo through its review and monitoring of
progress against climate-related targets contained in the executive director remuneration
arrangements as agreed by the Board.
Management’s role in
assessing and managing
climate-related risks
and opportunities.
Management, led by the RI Leadership team and the Corporate Sustainability Committee, in
collaboration with the CEO and the Board, sets the overarching RI vision and strategy for the
firm. The Corporate Sustainability Committee assesses and reports on climate-related risks and
opportunities for Man Group. These teams have established processes for identifying, assessing
and managing risks, and regularly provide updates to senior management and the Board.
See the sustainability governance structure, including committee scopes, meeting frequency
and reporting lines (page 49).
Task Force on Climate-related Financial Disclosures (TCFD)
Key:
Compliant
In progress
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Disclosure
recommendation
Man Group assessment Compliance
Strategy
Climate-related risks
and opportunities the
organisation has
identified over the short,
medium and long term.
Man Group assesses climate-related risks and opportunities over three time horizons:
Short-term (1-5 years): Key risks include meeting evolving client expectations for climate-
integrated investment strategies, regulatory compliance with expanding disclosure
requirements, and reputational risks including potential greenwashing accusations.
Opportunities include growing demand for sustainable investment products.
Medium-term (5-10 years): Key risks include portfolio impacts from an accelerating net zero
transition, with potential asset repricing and liquidity shifts in carbon-intensive sectors, and
operational disruption from extreme weather events. Opportunities include climate
adaptation, renewable energy and transition technologies.
Long-term (10-30 years): In delayed action or hot house scenarios (>3°C), risks include
abrupt policy shifts, disorderly market repricing and severe physical impacts. Opportunities
include adaptation infrastructure and climate-resilient technologies. Our small physical
footprint and distributed operational model reduce exposure, while long-range monitoring
enables proactive adaptation.
Further information can be found in the Risk management section (pages 36 and 37).
The resilience of the
organisation’s strategy
taking into
consideration different
climate-related
scenarios, including a
2°C or lower scenario.
Using BlackRock’s Aladdin Climate models, we assess strategic resilience across three scenarios,
orderly transition (<2°C), disorderly transition (~2°C), and hot house (>3°C), analysing potential
impacts on investment performance, asset prices and liquidity.
Our analysis spans short, medium and long-term horizons. Currently, none of our plausible
downside scenarios within our three-year business planning horizon are materially driven by
climate change alone. However, physical and transition risk components are embedded within
our scenario analysis for investment performance, operational resilience and reputation.
Refer to the Risk management section (pages 36 and 37).
Our proprietary ESG analytics tool enables analysis of portfolio exposures through a climate-
related lens. We reassess risk profiles as climate pathways evolve.
The impact of climate-
related risks and
opportunities on the
organisation’s business,
strategy and financial
planning.
Climate-related risks and opportunities influence Man Group’s business strategy, shaping the
integration of RI considerations into investment processes and operational practices, as well as
the development of innovative RI solutions for clients.
Climate-related considerations are actively incorporated in financial planning, resource allocation
and operational budgets. Carbon targets feed into non-financial KPIs and are linked to executive
director remuneration. Strategic initiatives support our net zero commitments for both workplace
operations and investment portfolios.
While climate-related risks have not materially impacted the Group’s financial performance or
position to date, we continue to monitor emerging risks and opportunities to ensure they are
reflected in strategic planning. We define material climate risks as those that could reasonably
influence investment decisions or significantly affect financial performance, warranting
disclosure to investors and stakeholders.
A summary of climate-related financial risks and opportunities affecting our operations is
provided on page 53.
Additional
recommendations
included in the
supplemental guidance
for asset managers.
Man Group leverages 35+ years of experience working with data to address RI challenges for
clients. Climate-related risks and opportunities are integrated into investment strategies through
proprietary RI tools, enabling the firm to factor both transition and physical risks into decision-
making.
We utilise our technology to identify and capture climate-related opportunities, including
developing products and strategies that help clients navigate the transition to a low-carbon
economy. More detail on this is available in the Sustainability and responsibility section (page 56)
and Risk management section (pages 36 and 37).
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Strategic report
Disclosure
recommendation
Man Group assessment Compliance
Risk management
The organisation’s
process for identifying
and assessing climate-
related risks.
Climate-related risks are evaluated using the same risk assessment framework applied to all
principal risks, allowing us to calibrate the relative significance of climate-related risks against
other business risks. While not designated as a standalone principal risk, climate risk manifests
across multiple risk categories including investment performance (transition risks), business
continuity (physical risks), and reputation (greenwashing and regulatory compliance).
Short-term risks (1-5 years) are assessed via our annual RCSA process at business area level.
Medium-term (5-10 years) and long-term (10-30 years) risks are captured through semi-annual
emerging risk assessments at firm level. Both processes evaluate risks by likelihood and impact,
ensuring consistent prioritisation across the organisation.
We assess operational climate risks across regulatory, technological, market, reputational and
physical dimensions, ensuring our operations remain resilient in a changing climate.
The organisation’s
process for managing
climate-related risks.
Climate-related risks are embedded within Man Group’s existing risk governance framework
and managed within relevant risk categories, such as investment performance or
business continuity.
This framework is owned by the Board and implemented by senior management, who are
responsible for making strategic decisions to avoid, mitigate, reduce or accept risks, including
those related to climate change. Regular reporting ensures that climate-related risks are
monitored and addressed at the appropriate level.
Further details on our processes for managing climate-related risks can be found in the Risk
management section (pages 36 and 37).
How processes for
identifying, assessing
and managing climate-
related risks are
integrated into the
organisation’s overall
risk management.
Climate-related risks are fully integrated into Man Group’s overarching risk governance
framework. These risks are monitored and managed within the relevant risk categories
as well as through specific processes tailored to climate-related risks.
Integration ensures that climate-related risks are considered alongside other business risks, with
regular reporting and oversight by senior management and the Board. Details on this integration
are available in the Risk management section (pages 36-37).
Additional
recommendations
included in the
supplemental guidance
for asset managers.
We apply our data-driven approach to managing climate-related risks within
investment portfolios.
We identify and assess material climate-related risks in our investment strategies,
as outlined in the Sustainability and responsibility section (page 55).
We actively manage climate-related risks in our portfolios and remain committed to achieving
net zero across our operations (page 51) and reducing emissions in our investment strategies
in line with our portfolio decarbonisation targets.
Our Stewardship team engages with investee companies to address material climate-related
risks and opportunities, with more details on our approach on page 57.
TCFD continued
Key:
Compliant
In progress
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Disclosure
recommendation
Man Group assessment Compliance
Metrics and
targets
The metrics used by the
organisation to assess
climate-related risks
and opportunities in
line with its strategy
and risk management
process.
Man Group reports operational GHG emissions (Scope 1, 2 and 3) as well as emissions from
investments. GHG emissions are monitored over time and reported in the Sustainability and
responsibility section (page 52).
We monitor our carbon emissions from business travel and incorporate Scope 3 emissions
reduction targets into our annual budgeting process. Science-based targets are also captured
in the process to increase awareness of our net zero commitments.
Scope 1, 2 and 3
greenhouse gas (GHG)
emissions and
related risks.
Man Group calculates and discloses its operational carbon emissions in line with the GHG Protocol,
including Scope 1, 2 and 3 emissions. Scope 3 emissions are further broken down into relevant
categories, such as business travel, to provide greater transparency and insight into the drivers
of our emissions profile. This data, along with historical comparability, is presented in the
Sustainability and responsibility section (page 52).
While we calculate carbon emissions in line with the GHG Protocol, we acknowledge that data
quality and availability, particularly for Scope 3 emissions, continue to evolve. Current limitations
include data consistency from external sources and coverage across the value chain. We remain
committed to improving the accuracy and reliability of disclosed metrics as industry standards
and data collection processes mature.
The targets used by the
organisation to manage
climate-related risks
and opportunities and
performance against
targets.
Man Group is committed to reaching net zero corporate carbon emissions across its global
workplaces by 2030, in line with the Paris Agreement. Additional short-term targets aligned with
the Science Based Targets initiative (SBTi) for a 1.5°C scenario have been set as milestones on the
path to net zero.
Key measures to manage performance against these targets include:
including carbon emissions targets in directors’ long-term incentive plans (details in Directors’
Remuneration report on pages 104 to 106 and 113);
incorporating carbon considerations into the annual budget process; and
prioritising carbon net zero strategies when refurbishing or relocating offices.
We actively monitor progress towards our net zero targets through interim milestones. Progress is
reviewed quarterly through internal reporting processes and is tracked against key performance
indicators reported to senior management and the Board. Updates on our progress, including any
adjustments to our approach, are disclosed annually in the Sustainability and responsibility
section (page 51).
Additional
recommendations
included in the
supplemental guidance
for asset managers.
We disclose metrics used to assess climate-related risks and opportunities within investment
strategies, including:
GHG emissions from assets under management; and
weighted average carbon intensity (WACI) for several of our key strategies.
We have set a portfolio decarbonisation target of 50% reduction in emissions intensity by 2050,
compared with a baseline WACI as at 2019 and we continue to make progress against this target.
We also report carbon-only metrics for clients, subject to data availability, if required by our clients
and continue to refine these calculations as better data and methodologies become available.
We continue to monitor industry developments and will incorporate best practices into our carbon
reporting as they emerge.
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Strategic report
Non-financial and sustainability information statement
Man Group has chosen to comply with sections 414C, 414CA and 414CB of the
UK Companies Act 2006, although we are not required to do so as a Jersey
incorporated company.
The table below constitutes our non-financial and sustainability information statement. Information contained herein is incorporated
by cross reference. All our public policies, reports and standards are available at www.man.com.
Our
commitment
Our approach
Where to find more information
and outcomes
Environment Man Group recognises the challenge of climate change and our
responsibility to drive positive change through our investments,
operations, and fund offerings.
We address climate-related risks and opportunities by offering
climate-focused investment strategies, integrating ESG factors
using rigorous data analysis, engaging with companies to drive
positive impact, contributing to industry initiatives, and managing
our operations sustainably.
Our Environmental Sustainability Policy Statement outlines our
commitment to conducting business responsibly and minimising
our environmental impact.
Our Climate-related Financial Disclosures (CFD) provide
transparency on how we manage climate risks and opportunities
across our business.
RI Policy and processes can be found at
www.man.com/capabilities/responsible-
investment
Sustainability and responsibility report on
pages 48 to 59
Corporate Sustainability Brochure and
Environmental Sustainability Policy Statement
can be found at www.man.com/capabilities/
responsible-investment
TCFD disclosures on pages 60 to 63
CFD disclosures on pages 36 and 37, 51 to 54
and 60 to 63
Climate change risk management and strategy
can be found on pages 36 and 37
Social matters We are committed to giving back to our communities through our
ManKind initiative, which encourages employee volunteering and
is championed by senior management. In addition, Man Group
funds the Man Charitable Trust, which supports UK charities
focused on improving literacy, numeracy and education.
We recognise that our stewardship activities can drive positive
social impact. Our Engagement and Voting Policies outline our
approach to shareholder engagement and proxy voting as
stewards of our clients’ capital.
We take our role as custodian of information, and the threat cyber
security poses to the firm, extremely seriously. Man Group has an
established information security and cyber security programme
with relevant policies and procedures that are aligned with
industry expectations and best practice.
Man Group has established a firm-wide zero tolerance threshold
to limit the firm’s exposure to banned weapons, with our approach
set out in our Global Banned Weapons Policy.
Community investment report on page 45
Stewardship Policy, Global Proxy Voting Policy
and associated report can be found at
www.man.com/capabilities/responsible-
investment
Stewardship activities report on page 57
Further information on the Man Charitable Trust
can be found at www.man.com/corporate-
sustainability
Data Protection Policy can be found at
www.man.com/privacy-policy
Information Security Policy and Cyber
Security Policy
Global Banned Weapons Policy
Human rights Man Group is committed to high standards of business conduct,
including the protection of human rights throughout our business
and supply chain.
Our Human Rights Statement and Modern Slavery Transparency
Statement outline our standards and approach to preventing
modern slavery and promoting human rights in our workplace and
operations. These sit alongside our Global Inclusion Statement,
reflecting our comprehensive commitment to human rights.
Human Rights Statement can be found at
www.man.com/human-rights
Modern Slavery and Transparency Statement
can be found at www.man.com/regulatory-
disclosures
Global Inclusion Statement can be found at
www.man.com/diversity
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Our
commitment
Our approach
Where to find more information
and outcomes
Employees We are committed to fostering an inclusive workplace where our
colleagues are supported to develop and thrive. Our Diversity,
Equity and Inclusion initiatives, Wellbeing programme, Global
Inclusion Statement, and diversity-focused recruitment practices
support our commitment to providing for our people and
improving diversity across the firm and the finance industry
more generally.
Our Global Code of Ethics sets out our commitment to high
standards and professional conduct. Employees contribute to
our success by acting ethically and with integrity, putting clients’
interests first, and managing conflicts of interest.
Our Global Whistleblowing Policy enables staff to raise concerns
confidentially through multiple channels, including an
independent external agency and designated internal contacts.
Our Health and Safety Policy outlines our commitment to ensuring
the health, safety and welfare of our employees through safe
working environments.
Global Code of Ethics
Global Whistleblowing Policy
Global Inclusion Statement and Diversity,
Equity and Inclusion initiatives can be found
at www.man.com/diversity
Health and Safety Policy Statement can
be found at www.man.com/human-rights
People and culture report on pages 40 to 45
Stakeholder engagement on pages 76 to 77
Anti-bribery
and corruption
Our approach to anti-bribery and corruption is designed to
comply with all applicable laws and regulations and is overseen
by a dedicated team responsible for prevention, detection,
and reporting of suspicious activity.
We conduct risk-based due diligence to verify the identity of our
business partners, suppliers, and clients, ensuring compliance
with all applicable requirements.
Our Anti-Bribery and Corruption Policy is supported by additional
policies covering political and charitable donations, gifts and
entertainment, fraud, tax evasion, sanctions, anti-money
laundering and counter-terrorism financing.
Anti-Bribery and Corruption Policy
Global Whistleblowing Policy
Supplier Code of Conduct can be found at
www.man.com/corporate-sustainability
Risk Appetite Statements can be found at
www.man.com/corporate-governance
Others Other information to support this statement can be found
on the following pages:
Business model on pages 10 and 11
Our strategy on pages 14 and 15
Non-financial KPIs on page 21
Principal and emerging risks on pages 31 to 36
Statement of viability on page 37
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66
Governance
Governance overview
Overview for 2025
Our purpose and strategic pillars are outlined on pages
2 and 14 to 15. This section outlines the role of the
Board in overseeing the delivery of strategy and the
governance framework in place to support it. It also
explains who our stakeholders are and how the Board
considers their views when making key decisions.
Section 172(1) statement (including principal
decisions and engagement with stakeholders)
The Board of Directors confirms that during the year-ended
31 December 2025, it has acted in a way that it believes promotes the
long-term success of the Company for the benefit of its members as a
whole, whilst having due regard to the matters set out in section 172(1)
(a) to (f) of the UK Companies Act 2006.
Details regarding who our stakeholders are, how we have engaged with
them, and the outcomes of this engagement are set out on pages 76
and 77. Our principal decisions are set out on pages 74 and 75.
Corporate Governance Code Index
1 Board leadership and Company purpose
We have a diverse and effective Board which leads Man Group
to achieve our purpose and safeguard our stakeholder-
focused culture.
Page(s)
Effective Board 78-81
Purpose, values, strategy and culture 2, 68, 78
Governance reporting 66, 74-77
Stakeholder engagement 76-77
Workforce policies and practices 65, 76
2 Division of responsibilities
During 2025, our Board comprised 80% independent non-
executive directors, including the Chair (who was considered
independent on appointment), and 20% executive directors.
We monitor external commitments and conflicts of interest.
Page(s)
Leadership of the Board 68, 78-79
Independence 78, 91
External appointments and conflicts of interest 78
Board resources 78-79
3 Composition, succession and evaluation
The composition of the Board and its succession plans are kept
under regular review by the Nomination and Governance Committee.
We have an ongoing training programme and follow a three-year
cycle of undertaking external Board performance reviews.
Page(s)
Appointment to the Board 90-93
Board skills, experience and knowledge 70-71, 79
Board performance review 80-81
4 Audit, risk and internal control
Man Group’s risk management framework and internal control
systems aim to safeguard assets, maintain proper accounting
records, and provide assurance that the financial information
used internally and published externally is robust and reliable.
Page(s)
External and internal auditor independence
and effectiveness
88-89
Fair, balanced and understandable review 86
Internal financial controls and risk management 86-87
5 Remuneration
We are transparent about our pay practices which aim to
incentivise our executive team to achieve our strategy and
generate sustainable value.
Page(s)
Linking remuneration to purpose and strategy 95-98
Remuneration policy review 95, 99
Performance outcomes 97-98
Statement of compliance
The Company is subject to the 2024 UK Corporate Governance
Code (the Code). The Company has, throughout the year ended
31 December 2025, applied the principles of, and complied with
all relevant and applicable provisions of, the Code except in
relation to the following:
Provision 15 of the Code recommends that additional external
appointments for directors should not be undertaken without
the prior approval of the Board. The Board has established an
effective process for approving such appointments. The process
requires directors to inform the Chair of any proposed external
appointment, (or in the case of the Chair, the SID). The Chair
(or the SID) then assesses the proposed appointment and
either approves it, or refers the matter to the full Board for
consideration, for example in a situation where there may be a
potential conflict with the director’s role on the Man Group Board.
Provision 33 of the Code recommends that the Remuneration
Committee (the RemCo) has delegated responsibility for setting
the remuneration of the Chair. The terms of reference of the
RemCo provide that the RemCo has authority to recommend to
the Board but not to approve the remuneration of the Chair. This
is because the Board believes that in order to provide
transparency and allow the views of all directors, executive and
non-executive, to be taken into account, it is appropriate for all
Board members to provide input into determining the Chair’s
remuneration. The Chair does not participate in this decision.
We would also like to reference the following for completeness:
Provision 10 of the Code requires the Board to identify in the
Annual Report each director it considers to be independent,
and sets out circumstances which are likely to or could appear
to impair independence. One circumstance listed is if a director
has served on a board for more than nine years from the date of
their first appointment. Richard Berliand, having been appointed
on 19 January 2016, has served on the Board for more than
nine years. However, following a robust review, the Board has
concluded that his independence remains unimpaired and has
agreed that his appointment will continue until 28 February
2026 to support the transition of the SID role to Laurie Fitch.
For full details please refer to page 91.
Provision 29 of the Code became applicable to the Company on
1 January 2026. For details on our preparations, see pages 31, 82,
86 and 87. Full reporting will follow in next year’s Annual Report.
The Board is pleased with the
progress we have made against our
strategic objectives, and the further
diversification of our business.
Man Group plc | Annual Report 2025
67
Strategic report | Governance | Financial statements | Shareholder information
Chair’s governance overview
Anne Wade
Chair
Dear Stakeholder
I am pleased to present the Governance report for the year-ended
31 December 2025. This section will enable you to gain an
understanding of Man Group’s governance framework and
responsibilities, as well as the areas of focus and performance of the
Board over the past year. We recognise the importance of corporate
governance across the organisation and currently report under the
2024 UK Corporate Governance Code (the Code). We have included an
index on page 66 to help stakeholders understand how the Company
has complied with and reported against the Code.
Board changes
There have been no changes to our Board during 2025. However,
as announced on 28 January 2026, Colin Bell will join the Board on
1 March 2026. We are delighted to welcome Colin to the Board and look
forward to working with him.
Following a robust process undertaken by the Nomination and
Governance Committee, and as announced on 4 December 2025, the
Board approved the appointment of Laurie Fitch as our new SID to
succeed Richard Berliand. We disclosed last year that Richard intended
to step down from the Board in Q4 2025. However, he will continue as a
non-executive director and as Senior Independent Director (SID) until
28 February 2026 to ensure that Laurie is well positioned to take on the
SID role in light of specific circumstances relating to the timing of her
appointment. I would like to thank Richard for his enormous
contribution to the Board and his support to me over the years.
Ceci Kurzman, who has now served on the Board for two three-year
terms, has indicated that she will not be standing for re-election at the
2026 AGM and will step down from the Board at the conclusion of that
meeting. Again, I’d like to thank Ceci for her contribution to the Board,
particularly her work on employee engagement.
Performance
Given the whipsawing market conditions, which created challenges for
the performance of our trend-following strategies particularly in the
first half of the year, the Board devoted much of its time to discussing
with the management team the actions they intended to take as they
navigated this period. The Board supported the decisions taken to
streamline the firm, in order to protect high-performing talent and
enable continued investment in growth.
Strategy
In addition to strategy-focused agenda items covered at Board
meetings throughout the year, the Board met in November for its
annual strategy day. We used this session to review the evolution of
our business over the past two years, including progress against our
strategic priorities and key industry themes. We also discussed with
management the combination of our systematic divisions, Man’s AI
strategy, our Discretionary business and the future outlook for the firm.
These dedicated strategy sessions are highly valued and the Board is
pleased with the progress we have made against our strategic
objectives, and the further diversification of our business.
Given the continued growth of our US business, the Board travelled to
our New York office again in 2025. In addition to holding our Board and
Committee meetings, we used this as an opportunity to discuss the
progress made on our US-focused strategic objectives, including the
strengthening of Man’s US credit business through the acquisition of
Bardin Hill. The Board also met with several recent senior hires and
groups of employees based in New York, as well as a US-based client
to gain perspective on their relationship with Man Group.
Technology and AI
Man Group has long been at the forefront of applying technology and
machine learning to navigate the growing complexity and volume of
data in financial markets, and we remain committed to maintaining this
competitive edge. With this in mind, the Board devoted considerable
time during the year to the firm’s AI strategy, exploring the potential for
AI to drive innovation and enhance productivity firmwide. We received
presentations from both internal and external experts, and will continue
to monitor the risks and opportunities in this rapidly evolving space.
Working with stakeholders
We seek to engage with stakeholders in an open, constructive and
transparent manner, and make a conscious effort to ensure
stakeholder views are considered as part of the Board’s decision-
making process. Our section 172(1) statement has been integrated
into the stakeholder engagement section, which explains how we
engage with our stakeholders and what the outcomes during the
year have been.
Board activities and effectiveness
2025 was another busy year for Man Group and the Board, and a
summary of our key activities is set out on pages 74 and 75. Having
undertaken an external Board performance review last year, we
conducted an internal review in respect of 2025. We are pleased with
the results, summarised on page 80 and 81, which confirmed that we
continue to be an effective and collaborative Board.
Board priorities for 2026
We intend to focus our time in 2026 continuing to monitor progress
against our strategic priorities to ensure that the firm continues to
deliver outperformance for clients and excellent value to shareholders.
Finally, after what has been a challenging year at times, I want to thank
our people for their exceptional commitment and resilience throughout
2025, and for continuing to demonstrate the exceptional culture that
sets Man Group apart.
Anne Wade
Chair
Man Group plc | Annual Report 2025
68
Governance
Governance structure
Board
Board Committees
*
Executive Committee (ExCo)
Role of the Board
The Board’s core role is to act in the best
interests and promote the long-term
sustainable success of the Company for the
benefit of its members, with due regard to
the interests of other stakeholders.
This requires it to:
determine and review business strategy;
monitor management performance in
delivering against the firm’s strategy;
ensure that risk management measures and
internal controls (including those related to
climate) are appropriate and effective;
oversee and monitor the embedding of
and adherence to the Company’s business
values and foster the Company’s culture;
and
ensure that the Company’s financial
structure, resources, talent and culture
support long-term and sustainable growth.
Matters reserved for the Board
The Board has reserved certain key areas
of decision-making, including business
strategy, risk appetite, material acquisitions
and disposals, capital structure and funding,
financial reporting and capital allocation policy.
A full list of the Board’s reserved matters is
available on our website at www.man.com/
corporate-governance.
Audit and Risk Committee
Reviews the integrity of the
financial reports and statements
Monitors the effectiveness and
assesses the independence
of the external auditor and
recommends their appointment
to the Board
Monitors the effectiveness of
risk management and internal
controls and reviews the
Finance, Compliance and Internal
Audit functions
Remuneration Committee
Establishes and implements
compensation policies for the
executive directors, Chair and
senior management, ensuring
that remuneration is adequately
aligned with strategy and
sustainable growth
Reviews compensation of the
workforce to ensure alignment
with culture
Nomination and Governance
Committee
Oversees Board composition and
senior management succession
Conducts the search and
selection process for new
directors
Monitors and reviews the
Company’s corporate
governance arrangements
Details of the membership of the ExCo can be found on page 72. The ExCo assists the CEO in the day-to-day
management of the firm and is responsible for the implementation of the Company’s global business strategy
and strategic priorities, ensuring that they are disseminated and actioned accordingly within the Company’s two
distinct geographically aligned sub-groups in line with the delegated authorities framework.
* The full terms of reference for each Committee are available on our website at www.man.com/corporate-governance. Details of the
work of each Committee during the year, and further detail on the role of each Committee, are given in the separate Committee reports
in this Annual Report.
CEO’s operating
authorities and
procedures
To help manage and
control the business
on a day-to-day
basis, the CEO has
implemented a
framework of
delegated authorities
and procedures
which applies
throughout the firm.
This framework
sets out authority
levels and controls in
respect of material
business change,
the development of
Man Group’s product
range, non-budgeted
expenditure,
recruitment and
compensation, legal
agreements, financial
guarantees and use
of the Company’s
balance sheet.
Board delegation
to the CEO
All significant
business decisions
and activities which
are not reserved
for the Board and
its Committees are
delegated to the
CEO.
CEO
Board responsibilities
Chair CEO
Leads the Board, ensuring it discharges its role
effectively
Leads the ExCo and has responsibility for the
day-to-day management of the business
Senior Independent Director
Acts as point of contact for non-executive
directors and provides a sounding board for,
and advice to, the Chair on Board matters
Non-executive directors
Exercise independent judgement and deploy
their skills and experience to monitor and
challenge management performance in
delivering business strategy and objectives
CFO and COO
Manages the financial affairs of the Group,
as well as overseeing Central Trading and
Execution, Fund Treasury, Strategy and
Financial Risk
Company Secretary
Advises the Board on corporate governance
matters, ensuring good governance practices
Key:
Flow of information to the Board
Delegated authority from the Board
^ See www.man.com/corporate-governance for full Board roles & responsibilities
^ See page 82 ^ See page 94 ^ See page 90
Man Group plc | Annual Report 2025
69
Strategic report | Governance | Financial statements | Shareholder information
1
2
3
4
5
1
3
2
1
2
3
Gender
2025
60% 40%
2024
60% 40%
2023
62.5% 37.5%
Governance at a glance
Our Board in 2025 – overseeing strategy and delivering value to stakeholders
Board and Committee attendance 2025
Board*,**
Audit & Risk
Committee
Nomination &
Governance
Committee
Remuneration
Committee
Lucinda Bell 6/6 5/5 4/4 6/6
Richard Berliand 6/6 5/5 4/4 6/6
Laurie Fitch 6/6 5/5 4/4 6/6
Antoine Forterre 6/6 N/A N/A N/A
Robyn Grew 6/6 N/A N/A N/A
Dixit Joshi 6/6 5/5 4/4 N/A
Ceci Kurzman 6/6 N/A 4/4 6/6
Board*,**
Audit & Risk
Committee
Nomination &
Governance
Committee
Remuneration
Committee
Sarah Legg 6/6 5/5 4/4 N/A
Anne Wade 6/6 N/A 4/4 6/6
Paco Ybarra 6/6 N/A 4/4 N/A
* One strategy session was held during the year (in November) which was attended by all
Board members.
** There was one ad hoc Board call which took place in January which all members attended.
How the Board spent its time in 2025
1 Innovative investment strategies 24%
2 Strong client relationships 22%
3 Efficient and effective operations 23%
4 Returns to shareholders 18%
5 Governance and other 13%
Board tenure
1 0-3 years 50%
2 3-6 years 40%
3 6+ years 10%
Age
1 40-49 10%
2 50-59 60%
3 60+ 30%
Principal decisions
Share buyback programme:
^ See page 74
Bardin Hill acquisition:
^ See page 74
SID appointment:
^ See page 75
Gender
Women
Men
Man Group plc | Annual Report 2025
70
Governance
N R
R N A
A N R A N R
Board of Directors and Company Secretary
A balanced and effective team
Our directors bring diversity of skill, experience and outlook which we believe
leads to better decision-making, creates greater value and promotes the
long-term success of the Company.
Anne Wade
Chair
Appointed
April 2020. Chair: October 2023.
Background and career
Anne held senior roles in research and equity
investment during her 17-year career at Capital
International, including Senior Vice President and
director. She also served as a non-executive
director and Chair of the Remuneration
Committee of John Laing Group plc and as a
non-executive director of Summit Materials
and Holcim Limited.
Areas of expertise and contribution
Significant experience in investment
management, from traditional fund management
to responsible and impact investment.
Material external positions:
Non-executive director of Anglo American plc*.
Laurie Fitch
Independent non-executive director
Appointed
August 2023. Remuneration Committee Chair:
October 2023.
Background and career
Laurie’s background spans asset management and
investment banking, in both capital markets and
M&A. In 2024, Laurie retired as a partner of PJT
Partners and assumed the non-executive role of
senior advisor. Previously, she was co-head of
Morgan Stanley’s Global Industrials Group and an
Analyst and Portfolio Manager at Artisan Partners
and TIAA-CREF. She was a non-executive director of
EnQuest PLC, where she chaired the Remuneration
Committee and a non-executive director of EDP S.A.
Areas of expertise and contribution
Extensive experience as an equity investor and
banker, and strong strategic and international
perspective.
Material external positions
Non-executive director of EDP Renováveis S.A.*
and CenterPoint Energy Inc*.
Antoine Forterre
Chief Financial Officer (CFO)
and Chief Operating Officer (COO)
Appointed
October 2021.
Background and career
Prior to his appointment to the Board, Antoine
served as Co-CEO of Man AHL from 2017 and COO
of Man AHL from 2015, before which he was Head
of Corporate Development and Group Treasurer
of Man Group. Before joining Man Group in 2011,
Antoine worked at Goldman Sachs in London
and Paris.
Areas of expertise and contribution
Strong background in finance, technology,
strategy and corporate development and
comprehensive understanding of the key drivers
of the business as a result of his previous
leadership positions within Man Group.
Material external positions
None.
Richard Berliand
Senior Independent Director (SID)
Appointed
January 2016. SID: May 2017.
Background and career
Richard held senior positions at J.P. Morgan for
over 23 years, including Global Head of Prime
Services, Global Head of Cash Equities and Chair
of the firm’s Market Structure practice. Richard
was a non-executive director of Rothesay Life plc
and Deputy Chair of Deutsche Börse AG.
Areas of expertise and contribution
Deep understanding of financial markets, the
regulatory environment, risk management and
technology gained through senior executive roles
in the financial services sector and a diverse
range of international non-executive positions.
Material external positions
Chair of TP ICAP Group plc*.
Lucinda Bell
Independent non-executive director
Appointed
February 2020. Audit and Risk Committee Chair:
May 2020.
Background and career
Lucinda is a chartered accountant and served
as CFO of The British Land Company plc from
2011 to 2018, where she also led on sustainability.
She was a non-executive director and Chair of
the Audit Committee at Rotork plc and a
non-executive director of Crest Nicholson
Holdings plc.
Areas of expertise and contribution
Extensive financial and listed company expertise
as well as valuable experience in ESG matters.
Strong experience as an Audit and Risk
Committee member and Chair.
Material external positions
Non-executive director of Derwent London plc*.
Robyn Grew
Chief Executive Officer (CEO)
Appointed
September 2023.
Background and career
Prior to joining the Board, Robyn served as
President of Man Group with responsibility for
managing the Solutions business and overseeing
trading and execution. Robyn’s previous roles at
Man Group have included Group COO, Head of
ESG and General Counsel. Before joining
Man Group, Robyn held senior positions at
Barclays Capital, Lehman Brothers and LIFFE
(since renamed ICE Futures Europe), the largest
futures and options exchange in London.
Areas of expertise and contribution
Significant operational and financial services
experience as well as a strong track record of
demonstrating strategic vision and collaborative
leadership.
Material external positions
Director/Trustee, Standards Board for Alternative
Investment.
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
N A
R
N
N
A
N
Dixit Joshi
Independent non-executive director
Appointed
May 2024.
Background and career
Dixit was Chief Financial Officer at Credit Suisse
from October 2022 until the sale of Credit Suisse
to UBS. Prior to this, Dixit was at Deutsche Bank
from 2010 to 2022 where he held a wide range of
senior roles including Group Treasurer, Head of
the Fixed Income Institutional Client Group,
Global Head of Prime Finance, and Head of
Equities for EMEA and for Asia Pacific.
Areas of expertise and contribution
Significant capital markets experience and
commercial insight gained through senior
leadership and executive positions at major global
financial institutions. Dixit has also been closely
involved in industry initiatives on market structure
evolution and the development of trading,
execution and risk-management technologies.
Material external positions
Non-executive director of Nedbank Group Ltd*.
Elizabeth Woods
Company Secretary
Elizabeth joined Man Group in February
2014 and became Company Secretary in
August 2019.
Before joining Man Group, Elizabeth held
company secretarial roles at PwC Legal
and Capita, where she was responsible for
delivering support and corporate
governance advice to a portfolio of clients
including FTSE and AIM listed companies,
and at Mobeus Equity Partners where she
was Company Secretary of a number of
Venture Capital Trusts.
Sarah Legg
Independent non-executive director
Appointed
May 2024.
Background and career
Sarah spent her executive career at HSBC in a
range of finance leadership roles, including Chief
Financial Officer, Asia Pacific from 2010 to 2015
and Group Financial Controller from 2015 to 2019.
She also spent eight years as a non-executive
director on the board of Hang Seng Bank Limited,
a Hong Kong listed bank.
Areas of expertise and contribution
Extensive corporate finance, audit and risk
experience gained in the financial services sector
and strong listed plc experience gained through
her non-executive board roles.
Material external positions
Non-executive director of Lloyds Banking Group
plc* and Severn Trent plc*.
Paco Ybarra
Independent non-executive director
Appointed
September 2024.
Background and career
Paco spent 36 years at Citigroup where he
became Chief Executive Officer of the
Institutional Clients Group, which included all its
Institutional Businesses: Banking, Markets and
Services. He retired from the bank in June 2024.
Areas of expertise and contribution
Significant experience of markets, banking and
transactional services gained through senior
leadership and executive positions. Extensive
experience in international markets. Through his
career, Paco has been closely involved in the
development of technology and the automation of
trading, as well as many other banking services.
Material external positions
Non-executive director of dLocal Ltd*.
Cecelia (Ceci) Kurzman
Independent non-executive director
Appointed
February 2020. Workforce engagement NED:
March 2022.
Background and career
Ceci was Vice President of Global Marketing for
Epic Records at Sony Music Entertainment and,
prior to this, held various positions at Arista
Records where she led marketing and artist
development functions. She is founder and
CEO of Nexus Management Group, the talent
management firm, and is founder of the
consumer technology platform OurX.
Areas of expertise and contribution
Deep knowledge of marketing, brand
management and technology, specifically digital
media and digital endorsement and significant
experience with company launches and funding
growth stage businesses.
Material external positions
Non-executive director of Warner Music Group*,
and Lanvin Group*.
Key:
Executive director
Non-executive director
* Quoted on a regulated market
N
Nomination and Governance (Chair)
R
Remuneration (Chair)
A
Audit and Risk (Chair)
N
Nomination and Governance
R
Remuneration
A
Audit and Risk
Man Group plc | Annual Report 2025
72
Governance
Executive Committee
Our Executive Committee
Robyn Grew
Chief Executive Officer (CEO)
Key areas of responsibility
Robyn Grew is CEO of Man Group, and an
executive director on the Man Group plc Board.
As CEO, she leads the ExCo and is central to the
delivery of the firm’s strategic ambitions.
Antoine Forterre
Chief Financial Officer (CFO)
and Chief Operating Officer (COO)
Key areas of responsibility
Antoine Forterre is CFO and COO of Man Group,
and an executive director on the Man Group plc
Board. Antoine has responsibility for Finance,
Central Trading and Execution, Fund Treasury,
Strategy and Financial Risk.
Gary Collier
Chief Technology Officer (CTO)
Key areas of responsibility
Gary Collier is CTO of Man Group, with
responsibility for all technology and data science
across the firm.
Greg Bond
Chief Investment Officer (CIO)
Key areas of responsibility
Greg Bond is CIO at Man Group. He is also Head of
the Americas for Man Group, leads the Solutions
business, and is lead portfolio manager for Man
1783, Man Group’s multi-strategy fund.
Kate Squire
Chief Administrative Officer (CAO)
Key areas of responsibility
Kate Squire is CAO at Man Group. Her role
includes oversight of Global Compliance,
Financial Crime, Operational Risk and Resilience,
Information Security, Man Group Operations, Rest
of World Office oversight, Corporate Real Estate
and Central KYC at Man Group.
Russell Korgaonkar
Head of Systematic and Chief
Investment Officer, Man AHL
Key areas of responsibility
Russell Korgaonkar is Head of Systematic at
Man Group and Chief Investment Officer of
Man AHL. Russell leads the combined Systematic
business and also has overall responsibility for
investment and research at Man AHL.
Steven Desmyter
President
Key areas of responsibility
Steven Desmyter is the President of Man Group
and the Chair of the Man Group plc Charitable
Trust. Steven also leads Man Group’s
Discretionary business and manages the global
sales and marketing distribution strategy.
Tania Cruickshank
General Counsel (GC)
Key areas of responsibility
Tania Cruickshank is GC at Man Group. Tania leads
the legal teams working in Man Group’s offices in
London, New York, Hong Kong and Pfäffikon,
Switzerland.
Lucy Bond
Interim Chief People Officer (CPO)
and Chief of Staff, CEO Office
Key areas of responsibility
Lucy Bond is the Interim CPO and Chief of Staff
– CEO Office at Man Group. Lucy has
responsibility for the People function and heads
the CEO Office. She also chairs the Steering
Committee for Drive, the firm’s diversity
programme.
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
Implementing our strategy
Executive Committee
The Executive Committee (ExCo) is responsible for implementing the
Group’s strategy at a firm level and communicating the strategy to the
UK/EEA and Rest of World (RoW) Holding Company (HoldCo) Boards for
onward implementation in their respective sub-groups.
The ExCo meets on a frequent basis to maintain its broad operational
oversight of the business, discuss top-level strategic and risk issues
and develop proposals for Board consideration. These meetings are
supplemented by strategy-focused offsite days, and formal quarterly
governance meetings to enable the ExCo to review progress against
strategy. The ExCo also agrees any matters that should be escalated
to the Man Group plc Board and any matters that need to be
communicated to the UK/EEA and RoW HoldCo Boards.
Key decisions and areas of focus during 2025
Key decisions
Approved a streamlining of resources to ensure protection of
high-performing talent and continued investment in growth.
Discussed the 2025 Budget and 2025-2027 Medium Term Plan
prior to submission to the Man Group plc Board for consideration
and approval.
Discussed the proposed share buyback programme prior
to submission to the Man Group plc Board for consideration
and approval.
Approved the combination of the Systematic business.
Monitored and assessed acquisition opportunities, including
approval of the Bardin Hill transaction.
Areas of focus
Discussed the firm’s global strategy and strategic priorities to
support the Board’s decision-making at dedicated strategy
sessions, including a strategy day in May 2025.
Discussed use cases and implementation of AI across the firm.
Monitored and reviewed actions relating to the integration of
Bardin Hill.
Reviewed progress in key strategic workstreams, including in
Solutions and credit.
Debated items to be presented to the Man Group plc Board, Audit
and Risk Committee, and Board committee and strategy sessions
held during the year.
Assessed and monitored the financial performance of the firm.
Agreed actions arising from business unit spotlight presentations,
including close attention to key front office technology initiatives.
Considered matters relating to the firm’s people and culture,
including changes to employee feedback processes to maximise
talent engagement.
Agreed any actions arising from the Man Group plc Board and
Committee meetings and considered regular reporting from the
UK/EEA and RoW HoldCo boards.
+ with ExCo members Greg Bond and Kate Squire
Q&A
Q: Your responsibilities changed during 2025. Can you
provide an overview of your new role and your priorities
for 2026?
Greg Bond, Chief Investment Officer (CIO)
A: My role has responsibility and oversight of Solutions
and Responsible Investment (RI), in addition to acting as
lead portfolio manager on Man 1783, our multi-strategy.
Solutions delivers differentiated and bespoke portfolios,
products and value-add services to clients with the aim of
developing long-term partnerships. This includes RI and
multi-strategy portfolios, and draws on research and investment
content from across the entire firm.
Man 1783 performed strongly in 2025, and OMI advisory and
MIS (both part of Solutions) also made significant progress,
positioning us well for continued momentum in 2026. Looking
ahead, my focus remains on strengthening collaboration and
innovation across the firm to further enhance our sources of
alpha and help us deepen relationships with our clients,
harnessing the exceptional expertise we have across the firm
in so doing.
Kate Squire, Chief Administrative Officer (CAO)
A: The CAO Office team comprises Global Compliance, Financial
Crime, Operational Risk and Resilience, Information Security,
Operations, Rest of World Office oversight, Corporate Real Estate
and Central KYC.
In 2025, the CAO Office played a key role in several important
initiatives for the firm, including the acquisition of Bardin Hill,
opening of our new Sofia office and launch of new US listed
exchange-traded funds. We have continued to support the firm’s
momentum into 2026, exemplified by our work to facilitate the
firm’s establishment of a strategic hub in Abu Dhabi.
Looking ahead, my focus will be on continuing to evolve a CAO
function that is fully aligned with the firm’s long-term strategic
goals and we are well positioned to deliver, drawing on the deep
expertise and quality of talent within the CAO Office team.
Man Group plc | Annual Report 2025
74
Governance
Board activities
Key activities of the Board during 2025
May
Principal decision – share
buyback programme:
Approved a programme of up to
$100 million having considered the
views of the firm’s stakeholders,
particularly its shareholders, and
concluded that it would be an
appropriate use of capital for
delivering long-term success.
4
C
S
R
2024 year-end results
and final dividend:
Approved the 2024 Annual Report
and recommended the final
dividend to shareholders.
4
C
S
E
February
July
Employee engagement:
Discussed key themes arising from recent employee
engagement interactions.
3
E
Strategy deep-dives:
Discussed results from a new client
survey and reviewed the strategic
priorities of the Solutions business.
1 2 3 4
C
S
E
B
R
Risk management:
Considered systems of risk management
and internal controls and concluded these
continued to be effective.
1 2 3 4
C
S
E
C
s
E
B
R
Strategy deep-dive:
Discussed progress on strategic initiatives
in respect to the firm’s Technology provision.
1 2 3 4
E
B
Strategy deep-dive:
Considered and discussed in depth trend-following
strategy and performance.
1 2 3 4
C
S
E
B
R
2025 AGM:
Held the 2025 Man Group AGM.
4
S
B
R
Interim results and dividend:
Reviewed and approved the 2025 interim
results and interim dividend.
4
C
S
E
CEO update:
Reviewed plans to streamline the firm and
the combination of the systematic engines.
1 2 3 4
C
S
E
R
Principal decision –
acquisition of Bardin Hill:
The Board agreed to acquire
Bardin Hill, a US private credit
manager. The acquisition was
intended to support
Man Group’s growth in the US
private credit space, further
expanding and diversifying the
firm’s offering to clients in line
with its strategic priorities. As
part of its deliberations, the
Board considered the potential
impact of the transaction on
Man Group’s key stakeholders,
particularly its clients.
1 2 3 4
C
S
E
C
s
E
B
R
Sharesave offer:
Approved the offer of the 2025 Sharesave
scheme to all eligible employees.
3 4
E
The following pages set out the key areas of focus for the Board during 2025, the stakeholder groups integral to
those areas and the strategic priorities to which those areas align.
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Key to strategy
1 Innovative investment strategies
2 Strong client relationships
3 Efficient and effective
operations
4 Returns to shareholders
Key to stakeholders:
C
Clients
S
Shareholders
E
Employees
C
s
Communities
E
Environment
B
Business partners
and suppliers
R
Regulators
RCF extension:
Reviewed and approved a term
extension of the $800 million
RCF for one year.
3 4
C
S
R
Strategy deep-dives:
Considered and discussed key
strategic priorities and opportunities
across private credit, quantitative
equity and wealth.
1 2 3 4
C
S
E
B
R
September
November
Strategy deep-dive:
Discussed investor relations matters,
including Man Group in the context of
the UK equity market and key priorities.
4
S
B
R
Board strategy day:
Considered and discussed progress
against the strategic priorities of the firm.
Key topics included:
Strategy and progress two years in
Systematic strategy, performance, risks
and momentum
Technology and AI
Discretionary strategy
1 2 3 4
C
S
E
C
s
E
B
R
Principal decision –
appointment of SID:
The Board approved the appointment
of Laurie Fitch as Senior Independent
Director from Q1 2026. To ensure a
thorough and transparent process, the
Board considered candidates against
pre-agreed criteria (see 91 for more
information). The Board was cognisant
of the importance of the SID role both
from a Board dynamics and stakeholder
relationship perspective and took
this into account as part of its
decision-making process.
1 2 3 4
C
S
E
C
s
E
B
R
December
Review of culture:
Reviewed Man Group’s culture
alongside engagement survey results.
3 4
C
E
Strategy deep-dive:
Considered Responsible
Investment and Corporate
Sustainability matters.
1 2 3 4
C
S
E
C
s
E
B
R
Risk management:
Examined the firm’s principal
risks and the potential impact
of emerging risks. Approved revised risk
appetite and governance framework.
1 2 3 4
C
S
E
C
s
E
B
R
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Governance
Stakeholder engagement
Our key stakeholders
The Board believes that engaging with stakeholders is crucial to Man Group’s
business, enabling better decision-making for the long-term benefit of the
Company and its stakeholders.
Our section 172(1) statement is integrated across pages 76 and 77 and
120, setting out who our stakeholders are, how the Board has engaged
with each stakeholder group and any key outcomes. Principal decisions
of the Board can be found on pages 74 and 75. The Board takes
collective responsibility for the governance and oversight of
sustainability matters, monitoring progress against our commitments
to ensure that Man Group establishes ambitious goals and upholds a
culture grounded in high standards of business conduct (see page 120
for further information) and responsible decision-making.
These principles guide our mission to create lasting value for our
clients, shareholders and society. The Board has demonstrated its
awareness of the likely consequences of its decisions over the long
term as part of its consideration of Man Group’s strategy and business
model as set out on pages 10 and 11, and 14 and 15. The Board held a
designated strategy day in November 2025 which considered the
long-term strategic direction of the firm. As part of these discussions,
the Board assessed progress against strategic objectives as well as
considering the long-term outlook.
Clients
Shareholders
How?
The Board considered the outcomes of a client survey exercise,
providing valuable insights into client priorities and sentiment.
Client relationships were central to the Board’s strategy day
in November, reflecting their strategic importance. Whilst in
New York, the Board also met with a US-based client to gain
firsthand insights into the relationship with Man Group.
Deep-dive sessions at Board meetings examined the strategic
priorities of the firm’s investment divisions, focusing on client
opportunities, challenges and product offering.
The Board delegates client engagement to executive directors,
receiving updates through CEO/CFO reports.
Outcomes
The Board maintains a clear understanding of the matters most
important to clients, including liquidity, diversification and value
creation. This enabled the Board to review and challenge
business strategy, and evaluate key decisions such as the
acquisition of Bardin Hill.
As part of its approval of the Bardin Hill acquisition, the Board
considered the benefits of the acquisition from a client
perspective. Particular focus was given to the new capabilities
that the acquisition brought to Man Group’s growing credit
platform, further expanding and diversifying the offering to
clients in line with Man Group’s strategy.
How?
The Board actively engages with major shareholders.
The executive directors, Board Chair and RemCo Chair meet
with shareholders throughout the year.
The Board receives regular reports from the CFO and COO and
Shareholder Relations function on the shareholder base and key
themes in shareholder sentiment.
In addition to its engagement at the AGM, the Board also
engages with shareholders through engagement meetings,
electronic communications and the website.
Outcomes
Increased proactive engagement with shareholders, led by the
firm’s Shareholder Relations function alongside the CEO and
CFO and COO. The Chair also met with a number of shareholders.
Approved a share buyback programme, having considered
shareholder views and evaluated alternative uses of capital,
concluding that it was the most appropriate option for delivering
long-term success and reflected the Board’s confidence in the
performance of the firm.
Carefully considered shareholder views ahead of, and following,
the AGM (see page 119 for a summary of this engagement).
Employees
How?
Ceci Kurzman continued as the non-executive director
responsible for workforce engagement, conducting sessions
with employees and sharing feedback with the Board.
The Board received regular workforce engagement updates.
All non-executive directors engaged with groups of employees
whilst attending the New York offices in September.
The Board undertook a comprehensive culture review,
considering survey results and actions to address employee
feedback.
Outcomes
Discussed the outcomes of staff survey results, noting the areas
of focus, and agreed actions to address them.
The Board endorsed the decisions taken to streamline the firm,
protecting high-performing talent and continued investment in
growth.
In response to feedback provided via the workforce engagement
programme, additional town halls focusing on the firm’s strategy
were held.
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Environment
Business partners and suppliers
How?
Governing our approach to risk management and engagement
with our suppliers is a comprehensive policy (including a
Supplier Code of Conduct) and governance framework.
The Board, via reporting from the Audit and Risk Committee,
is kept updated on the development of any key supplier risks.
The Board reviews Man Group’s engagement with its broader
supply chain as part of its annual approval of the Modern Slavery
Transparency Statement.
Outcomes
The Board received updates throughout the year regarding
third-party engagements and ongoing relationships.
Man Group remains a signatory to the Chartered Institute of
Credit Management’s Prompt Payment Code.
Where unresolvable issues arise with existing suppliers, the
Board is made aware via the Audit and Risk Committee and the
matter handled appropriately.
The Board approved the Modern Slavery Transparency
Statement.
Regulators
How?
Man Group maintains regular contact with all applicable
regulators and keeps them apprised of any upcoming matters.
The Compliance function has delegated responsibility for
day-to-day regulatory reporting matters. The Board and Audit
and Risk Committee receive regular updates on compliance
matters, including upcoming regulatory changes.
Man Group’s induction programme for new non-executive
directors includes a comprehensive overview of Man Group’s
legal and regulatory responsibilities, as well as matters of
regulatory focus and development.
Outcomes
The regulatory themes presented informed the Board’s
deliberations when reviewing and approving key business
matters, including the assessment of Man Group’s principal risks.
The Audit and Risk Committee endorsed the firm’s approach to
the FCA’s Consumer Duty, taking into consideration all relevant
FCA guidance and best practice.
How?
The Board oversees Man Group’s environmental impact and
monitors progress against targets, receiving regular ESG and
climate-related updates from senior management. This covers
both the firm’s own environmental footprint and the RI solutions
offered to clients.
The firm actively participates in industry groups including IIGCC
and UKSIF. Man Group is also a signatory to the UN Principles
for Responsible Investment and UN Global Compact which seek
to promote and advance sustainability and responsible
business practices.
Outcomes
ESG matters were discussed at Board and Audit and Risk
Committee meetings. In December 2025, the Board received
a detailed presentation on RI and Corporate Sustainability
matters, considering both the corporate and investment
management perspectives.
The Board continues to monitor compliance with ESG targets
and provide challenge where appropriate.
The Remuneration Committee monitors ESG performance in the
context of ESG-related objectives and metrics as part of
executive director remuneration arrangements.
Communities
How?
The Board actively supports and monitors progress on initiatives
that it believes will have a positive impact on the communities in
which Man Group operates, receiving regular reports on
charitable partnerships, donations and employee volunteering
operated by the firm’s ManKind programme.
Our employee networks host a number of events and initiatives
over the course of the year which celebrate communities
globally. These include events in celebration of Black History
Month, Pride and International Women’s Day.
Outcomes
475+ Man Group employees volunteered as part of the firm’s
ManKind offering to employees. More detail on ManKind can be
found on page 45.
Man Group works with the #10,000Interns and Girls Are
INvestors Network (GAIN) programmes. Man Group is a signatory
to the Race at Work Charter and is a Disability Confident
Committed employer.
Ongoing work with a number of schools and charities, including
a partnership with Bard College’s Displaced Student Program.
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Governance
Board effectiveness
A skilled, effective and forward-thinking Board
Board oversight, challenge and decision-making
During the year the Board held six formal meetings, an in-depth
strategy day and Board committee meetings as required. Where
possible, members were all physically present; however, on occasion,
members joined by videoconference when they were unable to attend
the meeting in person. Attendance at these meetings is set out on
page 69.
The Board regularly meets with, and seeks input from, senior
management, subject matter experts and representatives from key
teams. These interactions enable Board members to build their
understanding of Man Group as well as the trends, risks and
opportunities impacting the sector in which Man Group operates.
Consideration of the Company’s identified stakeholders forms part of
the Board’s decision-making process. Further details on these groups,
together with how the Board engages with stakeholders and key
outcomes during 2025, are set out in the stakeholder engagement
section on pages 76 and 77.
Board meetings are conducted on the basis that all written materials
submitted are thoroughly reviewed by Board members in advance to
maximise the opportunity for discussion at meetings. The non-
executive directors challenge proposals and approaches presented by
management and draw on their experience to give guidance or
suggest alternative approaches or ideas, where appropriate. Board
meetings are effectively chaired and structured in a manner that
encourages all views to be expressed and heard.
Diversity, equity and inclusion
The Board is a highly skilled, committed and diverse group of
individuals, focused on understanding its own strengths, challenges
and operational style. The Board biographies on pages 70 and 71 and
the analysis of the Board’s composition and skills on page 79 give an
overview of the breadth and depth of talent and experience on
Man Group’s Board. The non-executive directors bring diversity
through wide-ranging backgrounds, contributions and perspectives to
Board review and decision-making from their current executive or
portfolio careers. A mix of different tenures delivers fresh outlooks and
challenge, complemented by a longer-term understanding of the
business and its people. The Board Diversity, Equity and Inclusion
Policy which articulates our approach to Board diversity, equity and
inclusion now and in the future is set out on pages 92 and 93.
Independence and time commitment
All of the non-executive directors are considered to be independent
and the Board Chair was considered independent on her appointment
to the role. Information on the continuing independence of Richard
Berliand is on page 91. There are a number of ways in which the
independence of our non-executive directors is safeguarded:
meetings between the Chair and the non-executive directors
without the executive directors being present;
meetings between each of the directors and the Senior
Independent Director to discuss feedback on the performance
of the Chair;
separate and clearly defined roles for the Chair and CEO
(see page 68 for further details); and
formal annual review of independence and time commitments.
Further details can be found opposite and on page 91.
To avoid ‘over-boarding’ and to minimise potential conflicts, all Board
members are required to inform the Chair (or in the case of the Chair,
the SID) of any proposed changes to their external roles, including an
indication of the expected time commitment of any new external role
so that an assessment can be undertaken as to whether the director
will continue to have sufficient time to discharge their duties as a
director of Man Group. Any proposed appointments that are considered
to be significant, or represent potential conflicts, will be assessed by
the Board and a decision taken on the extent to which any such
conflicts can be managed. In addition, the Board carries out a formal
biannual review of all such roles to ensure that they do not represent
an unmanageable business conflict or a time commitment which might
prejudice directors’ contributions. Before appointing a new director,
consideration will be given to the prospective director’s other
appointments and interests. The letters of appointment of the
non-executive directors contain provisions specifying the expected
time commitment to firm-related activities.
During the year, the following external appointments were announced:
Laurie Fitch’s appointment to CenterPoint Energy Inc, which is listed
on the New York Stock Exchange; Paco Ybarra’s appointment to the
Board of dLocal, which is listed on NASDAQ; and Dixit Joshi’s
appointment to the Board of Nedbank, which is listed on the
Johannesburg Stock Exchange (with secondary listings on the
Namibian Stock Exchange and A2X Markets). These appointments
were considered to be significant for the purposes of Provision 15 of
the Corporate Governance Code (the Code) and in line with the process
outlined above, the Chair assessed the demands of the role, taking into
account the directors’ other commitments. The matters were referred
to the Board for consideration and it was concluded that they would
not affect the directors’ ability to discharge their roles with Man Group
and the appointments were approved by the Board.
The Company reports the following diversity target
information as at 31 December 2025:
UK Listing Rule target Outcome Group’s position
At least 40% of Board
directors are women.
Target
achieved.
60% of Board directors
are women.
At least one senior Board
position (Chair, CEO, SID or
CFO) is held by a woman.
Target
achieved.
Chair and CEO are women.
At least one Board director
is from a minority ethnic
background.
Target
achieved.
Four of the Board directors
are from a minority ethnic
background (see page 81).
The Board and culture
The Board recognises that culture drives Man Group’s ability to
deliver on its strategic priorities and provides a collaborative and
inclusive environment for all employees. As Man Group continues
to grow, the Board is committed to ensuring that the culture of the
firm is aligned with its core values and is successfully embedded
across the organisation. The Board receives regular people and
culture updates at Board meetings from the CEO and undertakes
a formal review of culture annually. In addition, feedback is
actively sought from employees through engagement surveys
and through the workforce engagement programme. Further
information on engagement with employees through our
workforce engagement non-executive director, Ceci Kurzman,
can be found on pages 6 and 76.
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Board induction process
All new directors receive a comprehensive and tailored induction to the
business. Induction programmes are structured around one-to-one
briefings with senior management and the Company Secretary, with
relevant briefing materials and follow-up meetings arranged where
appropriate. Directors are encouraged to seek updates on any topics
which arise on which they would like further information. Details of the
induction programme for non-executive directors are on our website.
The induction process is broken down into three phases. One phase
focuses on core Board responsibilities and dynamics, governance
arrangements and the Man Group culture and history. A second phase
focuses on investment management and trading, with a third phase
focusing on the central functions of the business. The induction
programme includes meetings with Board members, the Company
Secretary, members of the ExCo and management team and key
advisers. Directors are invited to provide feedback on the induction
programme to ensure it is useful and well targeted.
Continuous development of the Board
Throughout the year, the Board is kept updated on key areas of the
business and regulatory changes through the following methods:
briefings included within Board papers;
presentations from senior management and other employees on
specific issues; and
educational sessions from internal subject matter experts and
external advisers.
The main training topics covered during the year were:
macro and market outlook;
updates on statutory, regulatory and corporate governance
developments;
AI in investment management; and
ESG and responsible investing.
In addition, opportunities continued to be made available to non-
executive directors to attend seminars and workshops on topical
business and regulatory issues offered by professional services firms
and law firms.
Finance/audit Risk
Strategy/M&A
ESG
Cyber security
Operations
Financial services/asset
management
Legal
Compliance/regulatory
People/reward
Technology
Communications/marketing
International markets
Workforce engagement
Aggregated skills and experience of Board members as at 31 December 2025
Key to skills and experience:
Direct experience
Indirect experience
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Governance
Board evaluation
Determining Board effectiveness
A Board performance review is undertaken on an annual basis to
determine the effectiveness of the Board, its Committees, the Chair
and individual directors. The process is either facilitated internally by
the Chair or, every third year by an external organisation. The Board
seeks to continually improve its performance and ensure it is effective
in discharging its duties under the UK Corporate Governance Code. The
review offers an opportunity for individual members to reflect on the
past performance of the Board and identify areas of focus for the
future to enhance the Board’s effectiveness.
Evaluation for the year ended 31 December 2024
In 2024, the Board evaluation process was externally facilitated by
Clare Chalmers (full information is in last year’s Annual Report).
The findings highlighted several areas of focus and development
for consideration during 2025 and progress against these actions
is shown below.
2025 progress on actions from 2024 performance review
Area of assessment Agreed actions Progress made during 2025
Composition Continue to focus on
Board and Committee
composition, including the
appointment of a new SID
and access to relevant
technology expertise.
Laurie Fitch appointed as the new SID to succeed Richard
Berliand on 1 March 2026. Further details can be found on
page 91.
Colin Bell, who in addition to deep financial services and risk
management experience, brings significant technology
expertise, to join the Board in March 2026. Further details can
be found on page 91.
Management
leadership
Continue to support the
executive team.
The Board maintains strong, active engagement with the CEO
and CFO through regular meetings and formal touchpoints,
provides appropriate challenge while supporting strategic
initiatives, and has good visibility of the Executive Committee
through regular interactions.
Workforce
engagement
NEDs to continue to be
invited to workforce
engagement events where
appropriate.
Ceci has continued to lead the employee engagement
programme as the designated workforce engagement NED with
detailed reporting to the Board on a biannual basis.
All NEDs joined workforce engagement sessions during their visit
to the New York office which allowed them to gain further insight
into Man Group’s culture. See page 76 for further details.
2025 Board performance review
Towards the end of 2025, the Board undertook an internal review of its performance. The process that was followed is set out below.
1 Design and initiate process 2 1:1 meetings 3 Discussion, outcomes and actions
Board members were advised of the key
themes to be discussed with the Chair at
individual meetings to enable Board
members to prepare for their meetings.
The Chair met with each Board member to
discuss feedback and any other additional
items they wished to raise. The SID also met
with each Board member to discuss the
Chair’s leadership of the Board.
The Board discussed the findings of the
review. Strengths and actions relating to
development areas were agreed upon.
Key findings and development areas are
set out below.
Key findings:
Feedback from the review indicated that Board and Committee performance is strong with good dynamics and that:
members are engaged and supported by a well-established executive team who produce consistently high-quality papers, presentations and
supporting materials;
there is rigorous debate and challenge, supporting an open, transparent and collaborative culture; and
notwithstanding the changes to the Board over the last two years, the Board feels cohesive and does not have an ‘old Board’ and ‘new Board’
feel to it.
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Summary of internal effectiveness development areas for 2026
Strategy
Maintain focus on the strategy for the US given this is a key growth area for the firm.
Review combined Systematic business one year on.
Board meetings
Keep annual Board calendar under review to ensure the cadence of meetings remains appropriate.
Continue to leverage external speakers at Board meetings to provide outside perspectives on issues
relevant to Man Group.
Employee
engagement
Consider additional opportunities for NEDs to engage with employees.
Review employee engagement model and assess whether this could be further enhanced.
Diversity of the Board and executive management by gender and ethnicity as at 31 December 2025
Under UK Listing Rule 6.6.6(10), the Company is required to disclose numerical data on the ethnic background and the gender identity of the
Company’s Board and its executive management. For the purposes of this reporting, executive management has been defined as all members
of the Executive Committee and the Company Secretary.
The data in the tables below has been compiled via voluntary disclosure and is recorded in our HR platform (Workday). Respondents were asked
to select from the categories listed below.
Reporting table on sex/gender representation
Number of Board
members
Percentage of
the Board
1
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
1
Percentage of
executive
management
Men 4 40% 2 5 50%
Women 6 60% 2 5 50%
Other categories 0 0% 0 0 0%
Not specified/prefer not to say 0 0% 0 0 0%
Reporting table on ethnicity representation
White British or other White (including minority-White groups) 6 60% 4 8 80%
Mixed/Multiple Ethnic Groups 2 20% 0 1 10%
Asian/Asian British 1 10% 0 0 0%
Black/African/Caribbean/Black British 0 0% 0 0 0%
Other ethnic group 1 10% 0 0 0%
Not specified/prefer not to say 0 0% 0 1 10%
1 Robyn Grew and Antoine Forterre are considered both Board and executive management for the purposes of this reporting.
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Governance
1
2
4
3
Audit and Risk Committee report
Lucinda Bell
Chair, Audit and
Risk Committee
Summary of the ARCom’s main 2025 activities
Reviewed progress throughout the year on the project to
identify and assess the firm’s material controls ahead of the
introduction of Provision 29 of the UK Corporate Governance
Code (the Code).
Monitored the information within the interim and annual
financial statements and challenged the key accounting
policies, judgements and estimates, with a particular focus
on acquisition accounting judgements. Concluded that the
statements were fair, balanced and understandable, and
recommended their approval to the Board.
Monitored and reviewed the effectiveness of the firm’s risk
management systems and internal controls and conducted
a robust assessment of principal and emerging risks.
Approved the 2026 Internal Audit Plan, received regular
updates on the progress of Internal Audit reviews, and
monitored the transition of the lead Internal Audit partner.
Recommended the reappointment, and approved the
remuneration, of Deloitte as external auditor and approved
the 2025 external Audit Plan.
Membership:
Lucinda Bell (Chair)
Richard Berliand
Laurie Fitch
Sarah Legg
Dixit Joshi
1 Risk management 53%
2 Financial reporting 21%
3 External audit 14%
4 Internal audit 12%
How the Committee spent its time in 2025
Dear Stakeholder
I am pleased to present the report of the Audit and Risk Committee
(the ARCom). The ARCom plays a key role in assessing the integrity
of Man Group’s financial reporting, monitoring the effectiveness of
the firm’s systems and processes of risk management and internal
controls, and reviewing and monitoring the activities of the Internal
Audit function and the external auditor.
Firstly, I would like to thank Richard Berliand, who will step down from
the ARCom on his retirement from the Board, for his valued
contributions to the ARCom during his tenure.
Colin Bell will join the ARCom on 1 March 2026 and we look forward to
benefitting from his extensive risk and regulatory experience.
Key achievements for 2025
Throughout the year, the ARCom closely monitored risks arising from
macroeconomic and geopolitical events, and the volatility of financial
markets in this context. The ARCom scrutinised the controls in place to
navigate the challenges presented by these events and considered the
impact on the firm’s risk management controls in light of the changing
dynamics, with a significant focus on emerging risk.
The ARCom devoted significant time to preparing for the introduction
of Provision 29 of the Code, receiving briefings throughout the year,
providing review and challenge to the methodology adopted to scope
and assess material controls.
The acquisition of Bardin Hill during the year necessitated close
ARCom oversight of acquisition accounting judgements, further details
of which can be found on page 84. The ARCom also reviewed
management integration plans to ensure appropriate implementation
of the firm’s robust risk controls and strong risk culture across new
business units.
Focus areas for 2026
For 2026, as well as considering the standing items of business,
the ARCom will focus on the following areas:
implementation of UK corporate governance reforms, specifically in
relation to identification and assessment of material controls for
Provision 29 of the Code;
assessing geopolitical and economic risk factors which will impact
the firm and its stakeholders;
monitoring the transition of the new external audit lead
engagement partner; and
continuing to assess technology infrastructure, and the firm’s
AI controls framework, to ensure that risks are understood and
managed as AI is increasingly deployed across the firm.
I hope you find this report a useful insight into the work of the ARCom
and I look forward to continuing our work in 2026.
Lucinda Bell
Chair, Audit and Risk Committee
Throughout the year, the ARCom closely
monitored risks arising from macroeconomic
and geopolitical events, and the volatility of
financial markets in this context.
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How the ARCom operates
Forward
agenda
Covers key events in the financial reporting cycle, specific risk matters and standing items set out in the ARCom terms of reference.
Reviewed as part of an open discussion with ARCom members and updated in response to changing business risks and priorities.
Agenda setting
meeting
Held in advance of each ARCom meeting to identify key issues impacting the business that may require consideration by the ARCom.
Attended by the ARCom Chair, CFO and COO, CAO, Head of Internal Audit, representatives from Deloitte (as external auditors) and the
ARCom Secretary.
Briefing
sessions
Prior to each ARCom meeting, the ARCom Chair meets with the ARCom Secretary to discuss the meeting papers, consider any particular
matters of concern and identify those matters which require meaningful discussion at ARCom meetings. The ARCom Chair also has
one-to-one briefings with the presenters where necessary.
Committee
meetings
At each meeting, the ARCom considers:
– reports and presentations on key financial reporting, risk, compliance and audit matters from management;
– standing governance items;
– regular dashboards and/or metrics which highlight and monitor changes in the key risks impacting the business, compliance,
the financial controls framework and internal controls; and
– ‘deep-dive’ assessments of topical risk items identified by the ARCom and management.
Board reporting
The Board is updated by the ARCom Chair on the key areas of discussion with recommendations made, as appropriate.
Training
ARCom members periodically attend training sessions delivered by internal and external industry experts on audit and regulatory
matters, as well as other items of interest.
Roles and responsibilities
Financial
reporting
Review the integrity of the Company’s interim and year-end financial reports and statements, and recommend their approval
to the Board.
Risk
management,
internal
controls and
compliance
Review and report to the Board on the effectiveness of the firm’s systems of risk management and internal controls.
Review the effectiveness of the firm’s Risk and Compliance functions, regulatory reporting activities and channels available
for its workforce to raise concerns.
Internal Audit
Approve the annual Internal Audit Plan and review the effectiveness of the Internal Audit function and management’s response
to their findings.
Approve the appointment and removal of the outsourced Internal Audit provider.
External audit
Recommend to the Board the appointment, and approve the remuneration, of the external auditor, including reviewing the external
auditor’s effectiveness and independence.
Membership
The members of the ARCom are Lucinda Bell (Chair), Richard Berliand,
Laurie Fitch, Dixit Joshi and Sarah Legg. Richard Berliand will step
down from the ARCom on his retirement from the Board on
28 February 2026. Colin Bell will become a member of the ARCom
on 1 March 2026.
The ARCom as a whole has a combined skill set relevant to the sector
in which the Group operates and Lucinda, Dixit and Sarah have recent
and relevant financial experience for the purposes of the Code. The
ARCom also has the required competence in accounting in compliance
with DTR 7.1.1AR. Further details of the ARCom members’ experience
and areas of expertise are provided on pages 70 to 71.
The Board Chair, CEO, CFO and COO, and CAO are invited to attend
ARCom meetings along with the Head of Internal Audit and
representatives from Deloitte, in their capacity as Man Group’s external
auditor. Other members of the management team attend for those
items that are relevant to them. The ARCom meets periodically during
the year with the Head of Internal Audit and representatives from
Deloitte without management present.
Roles and responsibilities
The ARCom is fundamental to Man Group’s governance framework
through its monitoring of financial reporting, the relationship with the
external auditor, the effectiveness of risk management and internal
controls, and the monitoring of the Internal Audit and Compliance
functions.
A high-level summary of the ARCom’s roles and responsibilities is
outlined above. Full terms of reference for the ARCom, which are
reviewed on an annual basis and were approved by the Board in
December 2025, are available on the Company’s website.
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How the ARCom has discharged its roles and responsibilities
Financial reporting
Key accounting and disclosure matters
The ARCom reviewed the key accounting policies, judgements and estimates adopted by management as part of the monitoring of the integrity
of the financial information contained in the interim and annual financial statements. The appropriateness of the disclosures in the financial
statements were also reviewed. A fundamental judgement applied in preparing the financial statements is the appropriateness of adopting the
going concern assumption. The ARCom’s actions in relation to this judgement are outlined below together with the other key areas of judgement,
estimation and disclosure.
Key accounting and disclosure matters
Matters considered Action Outcome
Going concern and viability
Judgement is exercised when considering
the ability of Man Group to continue in
operation and to meet its financial obligations
as they fall due over the 12-month period
following the approval of the financial
statements, and therefore in determining
whether it is appropriate to apply the going
concern assumption in their preparation.
Further judgement must be applied when
assessing the viability of the business
over the course of the next three years,
and therefore the appropriateness of the
viability statement on page 37, particularly
as the ability to accurately forecast financial
performance diminishes further into the
future.
Please refer to Note 2 in the consolidated financial
statements for further details
The ARCom considered forecast financial performance,
net tangible assets and liquidity resources alongside the
forecast requirements across a range of scenarios to
assess the impact on the short- and medium-term ability
of the business to continue in operation and to meet its
financial obligations as they fall due.
The principal and emerging risks, which are outlined on
pages 32 to 36, all of which are monitored by the Board on
a regular basis, were considered, selecting the appropriate
range of scenarios to assess in the context of going
concern and viability.
The ARCom also reviewed the going concern disclosure
in the financial statements and the viability statement
in the Annual Report (as set out on pages 137 and 37
respectively).
After due consideration, the ARCom confirmed
to the Board that it was appropriate for the
consolidated financial statements to be
prepared on a going concern basis. The ARCom
confirmed the going concern disclosure in the
financial statements appropriately reflected the
judgement applied.
After discussion and having considered the
firm’s prospects, emerging and principal risks,
forecast capital position and liquidity resources
and requirements, the ARCom concluded that
the three-year assessment period, in line with
the firm’s business planning horizon, remained
appropriate and recommended the draft viability
statement to the Board for approval.
Acquisition accounting
Man Group acquired 100% of the equity in
Bardin Hill during the year. The transaction
is treated as a business combination
in Man Group’s consolidated financial
statements.
The accounting for the acquisition of Bardin
Hill is considered to be a source of estimation
uncertainty, in particular the measurement
of the consideration payable, and the
measurement of identifiable assets acquired,
liabilities assumed and goodwill arising on
the acquisition, due to the proximity of the
acquisition to the end of the financial year.
Please refer to Note 10 in the consolidated financial
statements for further details
The ARCom reviewed management’s accounting
assessment of the business combination, including the
treatment of amounts due in exchange for the interests
acquired as consideration under IFRS 3 ‘Business
Combinations’.
The ARCom reviewed the disclosures in Notes 3 and 10
of the consolidated financial statements, which provide
details of the critical accounting estimates and of the
business combination respectively.
The ARCom confirmed that it agreed with
management’s assessment of the accounting
treatment of the acquisition and with the
assumptions used in the measurement of the
consideration for the acquisition, the identifiable
assets acquired, liabilities assumed and goodwill.
The ARCom further confirmed that it agreed with
the appropriateness of the disclosures in Notes 3
and 10 of the consolidated financial statements.
Valuation of acquisition-related
liabilities
The valuations of contingent consideration
payable and put options over non-controlling
interests use estimates of future growth
rates, client commitments and cash flows.
The ARCom reviewed and challenged the assumptions
in the valuation models of the liabilities relating to the
acquisitions of Asteria in 2023 and Bardin Hill in 2025,
including the discount rates used.
The ARCom confirmed that it was comfortable
with management’s projections of the Asteria
and Bardin Hill businesses, in particular the strong
performance of the Asteria joint venture since
acquisition which resulted in a $45 million increase
in the fair value of the associated acquisition-
related liabilities in 2025.
Consolidation of investments
in funds
Man Group holds investments in a number of
funds which it manages for seeding,
co-invest, or risk retention requirements.
Judgement is exercised when assessing
whether certain investments are controlled
by Man Group and therefore need to be
consolidated into the financial statements.
This is considered to be a critical accounting
judgement, as disclosed in Note 3 of the
consolidated financial statements.
Please refer to Note 5.2 in the consolidated financial
statements for further details
The ARCom reviewed management’s assessment of
investments Man Group controls in accordance with IFRS
10 ‘Consolidated Financial Statements’ and the disclosure
of this assessment as a critical judgement in the financial
statements. The collateralised loan obligations (CLOs)
which were consolidated into the financial statements
continued to be an area of focus given the quantum of the
balances brought onto the consolidated balance sheet.
The ARCom also considered the appropriateness of
the use of alternative performance measures (APMs)
to exclude the impact of the consolidation gross-up,
thereby reflecting Man Group’s maximum exposure to loss
associated with consolidated fund entities.
The ARCom concluded that it was satisfied with
management’s assessment of the vehicles which
are considered to be controlled by Man Group, the
associated accounting treatment and the critical
judgement disclosure in the financial statements.
29 investments have been consolidated on a line-
by-line basis in 2025 with a grossing up impact on
the consolidated balance sheet of $1,980 million.
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Matters considered Action Outcome
Employment-related expenses
The accounting for amounts payable to
sellers of businesses acquired who hold
put options over their residual ownership
interests and who are also Man Group
employees is considered to be both a
critical accounting judgement and a source
of significant estimation uncertainty, as
disclosed in Note 3 of the consolidated
financial statements.
Please refer to Note 6.2 in the consolidated financial
statements for further details
The ARCom reviewed the judgements applied by
management in accounting for the payments to the sellers
of businesses acquired who continue in employment as
employment-related expenses rather than as transactions
with owners, specifically as cash-settled share-based
payments. The ARCom also considered the assumptions
used in valuing these employment-related expenses,
which are a source of significant estimation uncertainty
given their link to the expected future value and
performance of Man Direct Lending.
The ARCom considered the complexity the accounting
treatment adds to the interpretation of Man Group’s
results, and management’s proposal to continue to use
APMs to assist readers with their interpretation.
The ARCom concluded that it was satisfied with
management’s application of the requirements
of IFRS and concurred with management’s use
of APMs, further considered below, to assist in
understanding the economic substance of the
cash flows in each accounting period.
The ARCom further confirmed that it agreed with
the methodology and assumptions applied in the
valuation of the employment-related expenses
and the appropriateness of the disclosures in
Note 6.2 of the consolidated financial statements.
Impairment assessment of goodwill
Testing for impairment is undertaken at least
annually through the application of a ‘value in
use’ model. This requires estimates of future
cash flows, growth rates and associated
discount rates.
Please refer to Note 9 in the consolidated financial
statements for further details
The ARCom considered reports from management
outlining the methodology for the impairment assessment
and the rationale for testing a single group of cash-
generating units (CGUs). The ARCom also challenged the
assumptions underpinning the goodwill valuation model
including cash flow projections, discount rates, the cost
allocation methodology, and levels of available headroom.
The ARCom agreed that it was appropriate that
no impairment was recognised for the year ended
31 December 2025.
Deferred tax assets (DTA)
Man Group has deferred tax assets that will
be available to offset future taxable profits
in the US. All historical US federal tax losses
have been utilised, with the available DTAs
relating to state and city losses.
The value of the US DTA recognised requires
judgement regarding the assessment of
probable future taxable profits and their state
allocation.
Please refer to Note 12 in the consolidated financial
statements for further details
The ARCom reviewed the assumptions underpinning
the profit forecast supporting the valuation of the
recognised US DTA. In particular, the ARCom considered
management’s assessment of the expected timing of
forecast profits by state.
The ARCom confirmed that it was satisfied that
the methodology adopted was appropriate. A
charge to the income statement of $11 million was
recognised in the year due to the derecognition of
a portion of available DTAs following changes in
the apportionment of forecast taxable profits by
state at 31 December 2025.
Alternative performance measures
Man Group assesses its performance using
a variety of APMs. The Board focuses on
core profit as this reflects the revenue and
costs that drive Man Group’s cash flows
and inform the basis upon which its variable
compensation is assessed.
Please refer to pages 173 to 180 for further details
The ARCom reviewed and discussed the APMs
contained in the Interim and Annual Reports, including
the appropriateness of their definition, application and
disclosure.
The balance between the use of APMs and the use of
statutory measures when discussing Man Group’s financial
results in the year was also considered.
In making this assessment, the ARCom considered a paper
prepared by management which compared core profit to
operating cash flows for the last five years.
The ARCom noted that core profit over the last five
years was broadly consistent with operating cash
flows and therefore concluded that the APMs,
including core profit, were appropriate, provided a
fair assessment of the operating performance of
the business and were appropriately defined and
reconciled to statutory measures as disclosed on
pages 173 to 180.
The ARCom concluded that an appropriate
balance and level of prominence was presented
across statutory and core measures.
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Audit and Risk Committee report continued
Fair, balanced and understandable assessment
At the request of the Board, the ARCom reviewed the interim and
annual financial statements in conjunction with the narrative sections
of the Interim and Annual Reports to ensure that there was
consistency in the information reported, that sufficient weight had
been given to both positive and negative aspects of business
performance, that there was an appropriate balance between
statutory and alternative performance measures, and that key
messages had been presented coherently.
The ARCom concluded that, taken as a whole, the Interim and
Annual Reports were fair, balanced and understandable and provided
the information necessary for shareholders, and other stakeholders,
to assess Man Group’s position and performance, business model
and strategy.
Climate-related disclosures
Pursuant to the ARCom’s delegated authority from the Board to
monitor compliance with regulations and disclosures related to climate,
sustainability and ESG, the Committee reviewed the GHG emissions
and TCFD disclosures contained in the Annual Report. KPMG were
engaged to assist in the assurance of the GHG emissions disclosures,
which were presented to the ARCom for approval at its February 2026
meeting. Further details on these disclosures can be found in the
Sustainability and responsibility section on pages 48 to 65.
Electronic reporting format
The ARCom was briefed on the process supporting the preparation
of the consolidated financial statements in digital form in accordance
with DTR 4 of the FCA’s Disclosure Guidance and Transparency Rules.
Robust procedures and controls are in place to support the preparation
and review processes to ensure high-quality and timely filing in line with
the requirements of the regulation and the FRC’s recommendations of
best practice, including full review of the tagged file and challenge of
the judgements made by the outsourced tagging provider.
Risk management and internal controls
Monitor and review of risk and control environment
– key business areas
In discharging its risk management role, the ARCom provided oversight
of the firm’s response to live risk events as well as considering more
strategic risk management themes, and focusing on integration risks
following the acquisition of Bardin Hill. Key areas of risk-based
discussion are set out below.
Emerging risks analysis
In addition to the review of emerging risks undertaken as part of
the review of the Annual Report, the ARCom undertook a further
deep-dive analysis of the firm’s emerging risks, scrutinising the
categorisation of the emerging risks identified and discussing
appropriate controls.
Examples of the controls in place include robust business continuity
planning measures to mitigate increasing geopolitical risk and
extensive counterparty and liquidity monitoring processes to manage
elevated financial market risks.
In addition, at the May meeting, the ARCom was briefed on the
counterparty and liquidity risk management framework. The timing of
the update, in the wake of the tariff announcements in April, enabled
the ARCom to assess the governance and processes in a live scenario
and confirm the robust nature of the controls in place.
Integration risk
Following its acquisition during the year, the ARCom closely monitored
the integration of Bardin Hill to ensure that robust and consistent risk
management controls were implemented and aligned with the wider
firm’s risk management framework.
Monitor and review of risk and control environment –
key functional areas
The ARCom also considered presentations from each of the firm’s key
functional areas.
Risk
The ARCom received its annual update from the Financial Risk and
Non-Financial Risk functions and discussed their role in supporting
Man Group’s governance processes.
The ARCom considered key person risk across business units,
reviewing new key risk indicators developed to enhance tracking of
People risks as the firm continues to evolve its framework for talent
attraction, development and cultural engagement. The ARCom also
received litigation briefings during the year as necessary, in addition
to an annual update on the firm’s reputational risk profile and
mitigation framework.
At the May meeting, the ARCom reviewed the firm’s overseas office
footprint, including the process for establishing and monitoring
activities undertaken in the firm’s global locations. The ARCom
endorsed the robust governance framework and process for
establishment of new office locations, also considering the tax
presence analysis of current and potential office locations and
discussing operational resilience planning in the context of the firm’s
global office footprint.
In July, the ARCom reviewed plans to streamline the firm, with a
particular focus on the thorough analysis which had been undertaken
in tandem to ensure there was no resulting adverse impact on the
firm’s risk controls.
At the December meeting, the ARCom received a presentation from
the CRO for investment risk on the work of the Investment Risk team,
with an emphasis on risk governance processes. The ARCom
discussed key projects, resourcing and team structure, praising the
team’s close collaboration with the investment management teams
during the market volatility prompted by the tariff announcements
in April.
The ARCom also reviewed proposed amendments to the Risk
Appetite and Governance Framework (the Framework), including
amendments to review processes to align and prepare for the
introduction of Provision 29 of the UKCGC. The ARCom endorsed
the revised Framework and recommended it to the Board for approval
(a summary of Man Group’s risk appetite statements is available on the
Company’s website).
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Finance and Tax
The ARCom received updates at each meeting from the CFO and COO
with the Group Financial Controller on the Finance function’s
operations and controls.
The ARCom also kept abreast of changing reporting standards and
application guidance throughout the year, including regular review of
IASB and IFRS Interpretations Committee publications to assess the
impact on the firm’s financial statements.
At the September meeting, the Group Financial Controller presented on
the firm’s tax position, the key projects undertaken by the Tax team
during 2025 and areas of focus for 2026. During the year, the Group
Financial Controller also presented the annual Finance function review,
outlining several automation initiatives which had enhanced controls
and the efficiency of processes.
Compliance
In addition to regular Compliance reporting to the ARCom throughout
the year, in July the Head of Central and Regional Office Compliance
presented the 2025 Compliance Review. Particular focus was given
to resourcing levels, the current priorities of key regulators and
Compliance function-led initiatives, as well as routine entity level
regulatory examinations, and the firm’s engagement with regulators
during the year.
Consideration was also given to the significant work undertaken to
support the Bardin Hill acquisition and launch of new US listed ETFs
in line with strategic priorities. The ARCom continued to monitor
steps taken by the management team to raise awareness of the
channels available to Man Group’s workforce to raise concerns,
including through review of amendments to the firm’s Global
Whistleblowing Policy.
Ahead of the introduction of new UK legislation on fraud prevention
during the year, the ARCom received a briefing from the Financial
Crime Compliance team on the implementation project undertaken
to ensure the firm’s existing mature fraud prevention controls were
compliant with the new legal framework. The ARCom provided
feedback regarding planned communication and training on the new
requirements to ensure this emphasised the firm’s commitment to
ethical conduct in its culture.
In addition, the Money Laundering and Reporting Officer presented
their Annual Report at the February meeting and confirmed that
Man Group had established and maintained effective anti-money
laundering and counter-terrorist financing systems and controls.
Cyber and information security
Cyber and information security remained an area of focus for the
ARCom throughout the year as it continued to receive regular reports
on key themes and trends. In addition, at the February meeting the
Chief Information Security Officer presented their annual report,
detailing key initiatives within the Information Security function to
ensure the firm’s controls continued to be robust and keep pace with
the fast-changing threat landscape.
The ARCom also receives a Technology risk agenda item presented
by the Chief Technology Officer to facilitate further discussion on areas
of risk within the Technology function given its strategic importance
to the wider firm. These updates continued to highlight the close
collaboration between the Information Security and Technology teams
across the firm’s technology platform as a whole.
At the July meeting, the ARCom received an update on risk areas
identified in the use of AI at the firm. In addition to well-publicised risks
such as bias and hallucination, themes such as data leakage and use of
third-party models were discussed. The ARCom will continue to focus
on this area in 2026 as the firm’s AI operating model develops further.
Ongoing monitoring of the Group’s systems of risk
management and internal control
The ARCom is satisfied that – through regular review of reports and
dashboards, in-depth assessment of key business areas and
functions, consideration of changes to the Risk Governance and
Appetite Framework and ongoing review of progress against the
Internal Audit Plan (more detail below) – it is appropriately monitoring
the ongoing effectiveness of Man Group’s systems of risk management
and internal control. Further details can be found in the Risk
management section on pages 30 to 37.
During the year, a number of operational matters were reported to the
ARCom. These were discussed as necessary throughout the year and
papers summarising these matters were considered by the ARCom at
its December 2025 and February 2026 meetings. Whilst Man Group
sought to improve its processes in response to the matters identified,
they were not considered sufficiently material either in number or
nature to require separate disclosure in the financial statements or
to indicate that the control environment had not been operating
effectively. The ARCom also concluded that there were no specific
matters to bring to the Remuneration Committee’s attention which
may impact its decision on discretionary remuneration payments,
given management action had already been taken where necessary.
The ARCom also monitored the Provision 29 implementation project,
providing feedback throughout the year on the material control
definition and reporting framework. The ARCom endorsed the
risk-based methodology anchored in the existing risk management
framework, which focuses on controls providing the strongest
mitigation of principal risks.
Throughout 2026, the ARCom will continue to progress the approach
to the disclosures and the accompanying assurance to be sought on
the identified controls, ensuring that the approach aligns with both the
requirements of the Code and developing best practices.
Internal Audit
Internal Audit Plan
The Group’s Internal Audit function continues to be performed by
KPMG. The ARCom reviewed and approved the 2026 Internal Audit
Plan which included details of the planned audit reviews for 2026
and the proposed team responsible for delivering the 2026 plan,
led by Katie Clinton, KPMG partner, and the Head of Internal Audit.
The ARCom discussed Internal Audit reports presented by the Head
of Internal Audit at each meeting, reviewed progress against Internal
Audit Plans and monitored the closure of management actions arising
from Internal Audit’s recommendations to address control
enhancements. Whilst no significant weaknesses were identified in
any of the Internal Audit reports, a number of improvements to certain
processes and controls were implemented in response to the
recommendations.
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Effectiveness of Internal Audit function
During the year, the Committee reviewed the effectiveness of the
Internal Audit function and the outsourced Internal Audit model,
seeking feedback from management and Committee members.
The internally conducted review considered areas such as resourcing,
delivery, reporting and adding value, and the independence of the
function. The process concluded that, overall, the Internal Audit
function continued to perform to a satisfactory level and provided
an independent perspective on Man Group’s control environment.
Feedback also indicated a successful transition of the lead Internal
Audit partner and supporting team, with strong communication and
collaboration having supported this process. The ARCom closely
monitored this transition throughout the year.
External audit
Audit Committees and the External Audit:
Minimum Standard (the Standard)
The Company confirms compliance with the requirements of the
Standard, which Companies applying the Code are expected to follow.
Reporting on the activities undertaken by the Committee to meet the
requirements of the Standard is contained throughout the ARCom
report. The Company’s accounting policies are included within the
financial statements on pages 132 to 180.
2025 External Audit Plan
At the September meeting, the 2025 External Audit Plan was
presented by Bevan Whitehead, who has been lead engagement
partner since 2021. Allee Bonnard will take over as lead engagement
partner in respect of the 2026 financial year. The plan, which was
discussed and approved by the ARCom, set out the proposed
materiality threshold, the scope of the audit and the significant audit
risks that had been identified.
Auditor independence and the provision
of non-audit services
In order to safeguard the independence and objectivity of the external
auditor, the ARCom is responsible for the development,
implementation and monitoring of Man Group’s policies on the
provision of non-audit services and oversight of the hiring of personnel
from the external auditor should this occur. The ARCom reviewed and
approved the Company’s non-audit services policy at the September
2025 meeting.
Summary of non-audit services policy
In accordance with the non-audit services policy, any potential
services to be provided by the external auditor, which are not
excluded under the non-audit services policy and are prescribed
by the FRC’s Revised Ethical Standard 2024, but which have an
expected value of $75,000 or more, must be approved by the
ARCom in advance. The non-audit services fees in aggregate must
not exceed 70% of the statutory audit fee for the previous three
years, which is equivalent to $2.5 million for 2025. The policy is
available on the Company’s website.
The total remuneration paid to Deloitte in 2025 was $5.3million
(2024: $5.1 million), including $1.0 million in non-audit services fees
(2024: $0.9 million), the increase in the year driven by inflation and
the acquisition of Bardin Hill. Non-audit services primarily relate to
controls assurance work, Deloitte having been engaged due to its
familiarity with the Group. A full breakdown of the remuneration
paid to Deloitte can be found on page 143.
The independence of the external auditor is safeguarded by control
measures including:
policies limiting the nature of non-audit services (see above) and
hiring of personnel from the external auditor, both of which are
subject to annual review by the ARCom;
an independent reporting line from the external auditor to the
ARCom and provision of private sessions without management
presence;
rotation of the lead engagement partner every five years;
provision of a confidential helpline which employees can use to
report concerns; and
provision of an annual letter from the external auditor confirming
its independence.
Following a formal assessment of the external auditor’s
independence and objectivity, in February 2026 the ARCom
concluded that Deloitte continued to be independent and objective.
The ARCom drew on the above controls and procedures to assist in
this assessment, also noting the pending change in lead
engagement partner following the conclusion of the 2025 audit.
Audit and Risk Committee report continued
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Effectiveness of external audit process
At the May 2025 meeting, the ARCom considered feedback from
ARCom members and various members of the management team in
order to facilitate the ARCom’s formal assessment of the effectiveness
of the external audit process. Respondents were asked for their views
on several components of the external audit process including the
quality of the audit partner and team, planning and execution of the
audit, quality of audit reporting and the external auditor’s
independence and objectivity.
The process was further supported by Deloitte’s report on Audit Quality
Indicators (AQIs), which provided insights into factors that may
significantly impact audit quality, and thus facilitated an informed
assessment of the effectiveness of the external audit and areas for
improvement.
The responses indicated that, overall, Deloitte was performing in line
with expectations, with the audit team demonstrating appropriate
challenge and understanding of Man Group’s business, notably in
relation to the firm’s internal controls.
Escalation of issues had been effective, and the increased onsite
presence of the audit team had aided the efficiency of the audit,
with key delivery deadlines broadly met.
A number of areas, including the continued focus on streamlining of
audit papers, together with earlier engagement for review of technical
and valuation related items, were identified as requiring further
consideration. Deloitte’s plans to address these issues were set out
alongside the 2025 Audit Plan. After discussion, the ARCom concluded
that the external audit process in respect of the 2024 financial
statements had been effective.
External auditor challenge
Deloitte provided constructive challenge to management’s
assumptions and judgement in relation to accounting for the payments
to the sellers of businesses acquired who continue in employment as
employment-related expenses, and the valuation of those payments,
as well as in relation to the judgements needed for the Bardin Hill
acquisition accounting for the 2025 consolidated financial statements.
In all areas, Deloitte concluded that the assumptions and judgements
applied by management were appropriate.
Reappointment of Deloitte as external auditor
Deloitte was first appointed as the Group’s external auditor in 2014,
following a tender process led by the ARCom in 2013 and was
recommended for reappointment following a further competitive
tender process held in 2022 (described in the 2022 Annual Report)
in respect of the audit of the 2024 financial year.
Following the ARCom’s review of the effectiveness of the external audit
process earlier in the year and its assessment of the external auditor’s
independence and objectivity, it has recommended the reappointment
of Deloitte as Man Group’s external auditor to the Board. The Board has
subsequently recommended the reappointment of Deloitte for approval
by shareholders at the 2026 Annual General Meeting.
The ARCom will continue to assess the external audit process annually
to ensure that it remains effective and the audit fee represents good
value to shareholders, while mandatory rotation of the external auditor
is required by the 2034 financial year. The ARCom confirms that the
Company has complied with the provisions of the Statutory Audit
Services Order 2014 for the financial year under review.
How the ARCom has assessed its performance
Outlined in the table below are the key areas that were identified
in the ARCom’s 2024 performance review as requiring further
consideration and development during 2025, together with the
progress that has been achieved in 2025.
2025 progress on 2024 actions
2024 evaluation 2025 progress
Monitor balance
between audit
versus risk coverage
at meetings and
consider separation
of ARCom into
separate Audit and
Risk Committees
Feedback indicated a consensus that a single
Committee remained appropriate, due in large
part to the positioning of the agenda
appropriately at each meeting throughout the
year which facilitated the required balance
across the responsibilities of the Committee.
Feedback throughout the year also indicated
sufficient time is dedicated to all items, and
topical items had been successfully integrated
where necessary throughout the year.
Continue to refine
and evolve reporting
to ARCom
Refinements to ARCom reporting were applied
throughout the year, including the integration
of additional historic risk metrics to aid tracking
and comparative analysis to identify
emerging trends.
Progress against the agreed 2024 actions was assessed in July 2025,
with feedback sought from ARCom members at that stage. In
December 2025, the ARCom considered the findings and
recommendations of the ARCom performance review. The ARCom
Chair conducted informal feedback interviews with ARCom members
and certain regular attendees in December 2025.
The results of the review confirmed that the ARCom was operating
effectively, and responses indicated that the ARCom continued to
function as a thoughtful and collaborative forum. Feedback indicated
that Committee members provided informed and constructive
challenge to management, with the strengthening of financial and
accounting expertise having further enhanced the ARCom’s role.
Areas identified for focus in 2026 included continued discipline on
the length of board packs as well as additional allocation of ARCom
time to certain thematic risk topics.
Lucinda Bell
Chair, Audit and Risk Committee
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1
2
4
3
Nomination and Governance Committee report
Anne Wade
Chair, Nomination
and Governance
Committee
Summary of the Nomination and Governance
Committee’s activities during 2025 and
early 2026
Reviewed the size, composition, diversity and skill set of the
Board and its Committees.
Considered senior leadership development and long-term
succession plans.
Recommended to the Board for approval the appointment
of Laurie Fitch as the new SID and Colin Bell as a non-
executive director and member of the Audit and Risk and
Nomination and Governance Committees.
Reviewed the independence and time commitments of all
Board members.
Reviewed the firm’s corporate governance arrangements
and recommended the Corporate Governance report to
the Board for approval.
Membership:
Anne Wade (Chair) Dixit Joshi
Lucinda Bell Ceci Kurzman
Richard Berliand Sarah Legg
Laurie Fitch Paco Ybarra
Where appropriate, Robyn Grew is invited to attend
Committee meetings.
1 Board appointments 14%
2 Board and senior
management succession
planning 67%
3 Diversity, equity
and inclusion 5%
4 Corporate Governance 14%
How the Committee spent its time in 2025
Dear Stakeholder
2025 has been another busy year for the Committee. In anticipation
of Richard Berliand’s planned departure from the Board, we spent
significant time during the year focusing on the appointment of a
new Senior Independent Director (SID). Following a robust and rigorous
process, the Committee was delighted to recommend to the Board
for approval the appointment of Laurie Fitch as our new SID. The
Committee agreed that Laurie was an excellent candidate for the role
given her background in the industry and her strong corporate
governance experience. We have already benefited significantly from
her perspectives since she joined the Board in 2023, and I look forward
to continuing to work closely with Laurie in her new role. We are also
extremely grateful to Richard for agreeing to remain on the Board
and as SID until the end of February 2026 to ensure there is smooth
transition to Laurie in light of the specific circumstances relating to
the timing of her appointment as SID.
In the latter part of the year, the Committee considered the proposed
appointment of Colin Bell as a non-executive director and member
of the Audit and Risk and Nomination and Governance Committees.
The Committee agreed that Colin’s deep financial and regulatory
experience, together with his strong technology expertise, would bring
significant value to Man Group, and recommended his appointment to
the Board for approval. Following final Board approval, Colin’s
appointment was announced on 28 January 2026 and he will join the
Board on 1 March 2026.
The Committee also spent considerable time during 2025 focusing on
the development and succession plans for our Executive Committee
(ExCo), including various changes to ExCo roles and responsibilities
that took place during the year. Given that the strength and continuity
of our senior leadership team is critical to the firm’s long-term success
and sustainability, succession planning will continue to be an area of
focus for the Committee into 2026.
Anne Wade
Chair
Role of the Committee
The Committee’s terms of reference were reviewed by the Committee
and submitted to the Board for approval during 2025. These are
available on the Company’s website. Key areas of responsibility are set
out below:
keep the Board’s composition under regular review in terms of its
size, structure, skills, experience and diversity in response to
changing business needs and opportunities;
identify the particular skills, knowledge and experience required for
specific Board appointments;
conduct the search and selection process for new directors;
recommend the appointment of new candidates to the Board and
the renewal, where applicable, of existing non-executive director
appointments;
review plans for executive director and senior management
development and succession; and
keep the Company’s corporate governance arrangements under
review and make appropriate recommendations to the Board to
ensure that the Company’s arrangements are consistent with UK
corporate governance standards and best practice.
The Committee was delighted to recommend
to the Board for approval the appointment of
Laurie Fitch as our new Senior Independent
Director.
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Dec 2024
July 2025
Sep 2025
Dec 2025
Agreed that Richard Berliand’s
appointment as a NED and SID would
be extended to the end of 2025.
Reviewed and approved a
specification for the SID role.
Agreed that a desktop exercise would
be undertaken with the categories
against which potential candidates
would be assessed confirmed. These
categories included: Board, executive
and other stakeholder relationships;
industry and company knowledge;
UK corporate governance and listed
plc experience; and capacity.
Output of the exercise was reviewed
by the Committee and the
appointment of Laurie Fitch as the
next SID was recommended to the
Board for approval. Following the
Board’s approval, Laurie’s appointment
was announced to the market on
4 December 2025 with Laurie taking
over from Richard as SID in Q1 2026.
Board and Committee changes
Whilst there have been no changes to the Board and Committees
during 2025, several changes are expected to take place in 2026. Colin
Bell will join the Board, the Audit and Risk Committee, and Nomination
and Governance Committee with effect from 1 March 2026. In addition
to his extensive financial services experience, Colin has strong
foundations in technology and expertise in driving innovation. After ten
years as a non-executive director, Richard Berliand will step down from
the Board and as SID with effect from 28 February 2026. Ceci
Kurzman, who has served on the Board for two three-year terms, will
not be seeking re-election at the 2026 AGM and will therefore step
down from the Board on 7 May 2026.
SID succession process
We disclosed in last year’s Committee report that Richard Berliand
would be stepping down from the Board and as SID by the end of 2025.
As a result, much of the Committee’s focus this year was spent on
identifying a successor for Richard’s role as SID. Given the experience
and profile of existing Board members, the Committee agreed that the
successor would be an internal candidate and therefore an external
search process was not explored. Set out below is a timeline, together
with further details on the process that was followed.
Renewal of existing NED appointments
The Committee reviewed the profile of Board tenure of our non-
executive directors in light of its future needs. As part of this, it
considered the renewal of my appointment as Chair, given my second
three-year term as a Board member was due to expire in April 2026,
and the renewal of Laurie Fitch’s and Lucinda Bell’s appointments,
whose first and second three-year terms were due to expire in 2026.
It agreed, taking account of the current cycle of Board development
and succession and the feedback on contribution in the 2025 Board
evaluation, to recommend to the Board for approval the renewal of
each appointment for a further term of up to three years, subject to
annual reappointment by shareholders at the AGM. As previously
mentioned, Ceci, whose second three-year term expires in H1 2026, is
not submitting herself for re-election at the 2026 AGM and will step
down from the Board at the conclusion of that meeting.
Board independence
The Committee and Board reviewed and were satisfied with the
independence, effectiveness and commitment of all the non-
executive directors during the year.
As previously mentioned, Richard Berliand had planned to step down
from the Board in Q4 2025. However, the Board asked Richard to
continue as a non-executive director and SID until Q1 2026 to ensure
that Laurie was well positioned to take on the SID role. This was
announced in early December. As Richard had been a non-executive
director of the Company for over nine years, the Committee rigorously
reviewed his independence and role, taking account of the provisions
of the UK Corporate Governance Code, and was fully satisfied, based
on Richard’s contributions, that he remained independent in character
and judgement and that he should continue to be considered an
independent Director for the purposes of the Code. Richard is retiring
from the Board on 28 February 2026.
Governance oversight
As part of the Committee’s oversight of the firm’s governance
arrangements, the Committee undertook a review of the Company’s
compliance with the updated UK Corporate Governance Code
(the Code) which came into force on 1 January 2025, noting exceptions
to compliance (as set out on page 66) as well as considering new
disclosure requirements arising from the Code. Following this review
and taking account of the output of the Financial Reporting Council’s
review of corporate governance reporting which focused on Code
application and compliance, the Committee concluded that the
Company continues to maintain robust corporate governance
arrangements that are consistent with the Code.
In addition to the above, the Committee revisited its previous decision
that the full Board should retain responsibility for sustainability, rather
than establishing a standalone ESG Committee. The Committee
concluded that it continued to be appropriate for responsibility for
ESG matters to remain at Board level with decision-making informed
by regular reporting to the Board and presentations and training.
As a result, no changes were proposed to the current structure.
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Governance
Nomination and Governance Committee report continued
Committee evaluation
Progress on the priority areas identified by the Committee in last year’s performance review is set out below, together with the areas for focus
highlighted in the 2025 evaluation.
2025 progress on 2024 performance review actions
Priority area Agreed action Progress during 2025
SID succession
Consider the process for replacing the SID and make
appropriate recommendations.
Following a rigorous process, the Committee agreed to
recommend to the Board for approval the appointment of
Laurie Fitch as the next SID to take over from Richard Berliand
on 1 March 2026.
Committee
membership
Review Committee membership requirements. The Committee undertook a formal review of the membership
of all Board Committees and agreed that these remained
appropriate.
Relevant technology
experience
Consider how best the Board can access relevant technology
experience.
Colin Bell who, in addition to his significant financial services
experience, has strong foundations in technology, will join the
Board on 1 March 2026.
Gender balance
on the Board
Continue to consider gender balance on the Board. As at 31 December 2025, the Board comprises 60% women
and 40% men.
The Committee also discussed the following areas which were identified in the 2025 Board and Committee performance review (of which further
information is on page 80) as requiring further consideration during 2026:
Succession planning: continue to review non-executive succession plans alongside ExCo development and succession.
Governance oversight: keep Board committee structures and governance arrangements under review.
Anne Wade
Chair
Board Diversity, Equity and Inclusion Policy
The Board Diversity, Equity and Inclusion Policy sets out the Board’s
understanding of the value and impact of diversity in its broadest
sense and the measures, processes and inputs through which it seeks
to increase diversity on the Board and its Committees, and influence
and monitor its impact within the Company as a whole.
The policy, which was approved by the Board on the recommendation
of the Nomination and Governance Committee in December 2025, is
summarised below. It is fully aligned with Man Group’s Global Inclusion
Statement and Diversity, Equity and Inclusion report, which is available
on our website. Further details of our diversity, equity and inclusion
activities throughout the firm are given in the People and culture
section on pages 40 to 45. The progress regarding the number of
women in Man Group’s senior management roles (defined as those
who are, or report directly to, members of our Executive Committee)
is set out in the Non-financial KPIs section on page 21.
Policy overview
The Board is committed to promoting diversity, equity and inclusion in
their broadest sense, both in terms of the Board’s own composition
and within Man Group’s senior management and employee base as a
whole. The Board sees diversity as the combination and interaction of
people with different knowledge, skills, experience, backgrounds and
outlooks. It believes that this creates greater value and leads to better
decision-making and performance at all levels of the organisation.
The Board is responsive to diversity, equity and inclusion challenges
within the financial services industry, acknowledging the
underrepresentation of some groups within the industry, and endorses
the steps initiated and implemented by the executive management
team to help navigate these challenges. In addition to the internal
diversity, equity and inclusion initiatives within Man Group, the Chair
and CEO are members of the 30% Club, Man Group is represented on
external diversity and inclusion-focused committees and working
groups with other firms across the industry to maximise impact, and
is committed to transparency and sharing progress publicly as a
signatory to the Women in Finance Charter and Race at Work Charter.
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The Board supports the adoption and disclosure of targets for building
gender and ethnic diversity into FTSE company boards and senior
management, including the recommendations set out in the FTSE
Women Leaders Review on gender diversity and the Parker Review on
ethnic diversity and the Board diversity targets set out in the Listing
Rules. The Board is committed to complying with these by ensuring
that there is at least 40% female representation and at least one
director from an ethnic minority background on the Board, as well as
ensuring that at least one of the senior Board positions is held by a
woman. The Board acknowledges that during periods of transition,
this composition may not, temporarily, be maintained.
The Board also recognises that these targets should be viewed as a
base level to work from and that diversity of thought comes in many
forms. As a consequence, the Board challenges itself to continue its
progress and maintain a target of at least 50% of its members
representing minorities and diversity in all its forms.
Set out below are three main areas on which we are focusing in
pursuing our policy objectives.
Board appointments
When seeking to make a new appointment, the Board will focus first on
identifying an individual with the capability, expertise and experience
required to discharge the specific role, and will select the best
candidate on that basis. Within this remit, it recognises the added value
to be derived from all forms of diversity. To support this objective, we
adopt a formal approach to Board searches, which includes insisting
on strong representation of underrepresented groups on search firms’
long lists and short lists and remaining conscious of any potential for
bias in the interview and selection process. We will also consider and
explore alternative routes to the supply of appropriate candidates.
We have also requested the external search firms supporting on these
searches to take account of this when identifying potential candidates
for the relevant roles.
Implementation in 2025
The Committee considered diversity when reviewing the current
composition of the Board and in determining its future needs. As part
of this review, the Committee concluded that the skills base could be
further strengthened through the appointment of a non-executive
director with strong technology experience. In January 2026, the
Company announced the appointment of Colin Bell who, in addition to
deep financial and regulatory experience, brings strong technology
expertise. Spencer Stuart, who also assisted the Company with its
executive development programme but otherwise has no connection
with the Company or any individual Director, was engaged to support
on this appointment.
As set out on page 80, we are pleased that we have exceeded the
targets contained in the Women Leaders Review and Parker Review
and that, as at 31 December 2025, two of the four senior Board roles
(CEO, CFO, Chair and SID) are held by women, exceeding the targets
set out in the UK Listing Rules.
Oversight of recruitment, development and inclusion
The Board continues to encourage and oversee the output from a wide
range of recruitment and people development policies and initiatives
led by the Executive Committee, which aim to grow the diversity of
Man Group’s talent pool, provide development opportunities for all and
embed an equitable and inclusive culture. While we cannot lead such
initiatives directly, our role as a Board is to monitor and challenge the
impact they are having on the firm. As part of this oversight, we review
and discuss the success of the diversity, equity and inclusion network
activities across Man Group. We also keep updated on Man Group’s
relationships with partners who can help source talent from more
diverse backgrounds and underrepresented groups and Man Group’s
sponsorship of events that encourage more diverse talent into
financial careers.
In addition, a key role of the Nomination and Governance Committee is
to monitor and discuss with the CEO the career development and
succession plans for senior management across the firm, including the
progress of any underrepresented groups. This enables us to promote
the development of a strong and diverse pipeline of talent for future
executive leadership and Board positions. The responsibilities of the
Nomination and Governance Committee in relation to the
implementation of its diversity, equity and inclusion objectives are
outlined in its terms of reference.
Implementation in 2025
In addition to the regular updates on specific people hires and
promotions, the Board again undertook a specific review of
Man Group’s culture. This included consideration of the diversity, equity
and inclusion network activities to promote and support a diverse
culture within the organisation and management’s continued efforts
to improve diversity within the organisation. The Board also discussed
progress that had been made against the gender and ethnicity targets
for senior management that it had previously approved.
The Board was also able to increase its exposure to executives below
Board level and to assess the strength, breadth and diversity of
management resource available to the business through:
discussing development and succession plans for senior
management;
receiving updates at meetings from the senior management team
on the areas of the business for which they are responsible;
attending presentations delivered by various individuals within
the business, including several new senior hires; and
participation by certain non-executive directors in an Executive
Committee mentoring programme.
Review and reporting
The Board is committed to the development of diversity, equity and
inclusion on the Board and among Man Group’s employees. It will seek
feedback on Board balance, including diversity in all its forms alongside
the balance of skills and experience, in its annual Board performance
review and will keep the review and challenge of Man Group’s people
development, inclusion and diversity programmes on the Board
agenda. An account of the Board’s activities and progress against its
objectives in these areas will be given in the Annual Report each year.
Implementation in 2025
Feedback from the Board and Committee performance reviews
highlighted the strong diversity of perspective and background on the
Board. The Nomination and Governance Committee will continue to
focus on ensuring the composition of the Board remains appropriate,
along with the promotion of diversity through recruitment, talent
management and succession.
The Company is pleased to make the disclosures required under the
UK Listing Rules around gender and ethnic diversity at Board and
executive management level. The metrics regarding diversity targets
(gender and ethnicity) of Board and Executive Committee members
and the Company Secretary, in the form prescribed by the FCA, are
included on page 81.
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Governance
1
2
4
5
6
3
Directors’ Remuneration report
1. Chair’s annual statement
Laurie Fitch
Chair of the
Remuneration
Committee
Summary of the Remuneration Committee’s
activities in 2025 and early 2026
Undertook an in-depth review of the current Directors’
Remuneration Policy and recommended to the Board
thatnochangesshouldbemadeatthistime.Formore
information see page 95.
Determined the total annual compensation for the executive
directors, Executive Committee members, the Company
Secretary and Remuneration Code staff.
Considered compensation of the wider workforce, including
by reference to both gender and ethnicity metrics, and
reviewed the market positioning of wider workforce salary
and total remuneration, and the ratio of the CEO’s pay to
other employees.
Reviewed the remuneration of the Chair and recommended
to the Board that no changes should be made at this time.
Reviewed and approved the Directors’ Remuneration report.
Current Membership:
Laurie Fitch (Chair)
Lucinda Bell
Richard Berliand
Ceci Kurzman
Anne Wade
Where appropriate, Robyn Grew, Antoine Forterre and other
managementteammembersareinvitedtoattendCommittee
meetings, but are not present for discussions relating to their
own remuneration.
1 Executive directors’
remuneration 36%
2 Employee remuneration 18%
3 Shareholder engagement,
DRR and Remuneration
Policy 9%
4 Senior management
remuneration 4%
5 Financial regulation 23%
6 Governance and other 10%
How the Committee spent its time in 2025
Contents
Chair’s annual statement 95-98
Remuneration at a glance 99-103
Directors’ Remuneration Policy summary table 99
Remuneration outcomes for 2025 100-101
Executive director pay in the context
of Man Group’s shareholders 102
Executive director pay in the context
of Man Group’s employees 103
Remuneration outcomes in 2025 104-112
Single total figure of remuneration for executive directors 104
Annual bonus in respect of 2025 performance 104-106
Vesting outcome for the 2023 LTIP award 107
Relative importance of spend on pay 107
Review of past performance 108
Percentage change in directors’ remuneration 109
CEO pay ratio 109-110
Retirement benefits 110
Single total figure of remuneration for non-executive directors 110
Payments to former executive director 110
Directors’ interests and shareholding requirement 110-111
Directors’ interests in shares and options
under Man Group long-term incentive plans 111-112
Shareholder voting and engagement 112
Implementation of Directors’ Remuneration
Policy for 2026 113-114
Base salary 113
Annual bonus for 2026 113
Long-Term Incentive Plan for 2026 113
Non-executive directors’ Remuneration Policy for 2026 113
Illustrative pay for performance scenarios 114
Remuneration Committee 115-118
Operation of the Remuneration Committee 115
Malus and clawback 116
Independent advisers 116
Committee activities during 2025 and the early part of 2026 116-117
2025 Committee performance review 117
Benchmarking and peer groups 118
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Dear Stakeholder
On behalf of the Board, I am pleased to present the Directors’
Remuneration report (the DRR) for the year to 31 December 2025.
For ease of reference, this report contains the following sections:
a detailed index to help you find the sections you need (page 94);
this annual statement (pages 95 to 98);
the ‘remuneration at a glance’ section, including a summary of the
current Directors’ Remuneration Policy (the Policy) approved by
shareholders at the 2025 Annual General Meeting (AGM), how it
has been implemented in 2025 and the proposed implementation
for 2026 (pages 99 to 103); and
the annual report on remuneration (pages 104 to 118).
1.1 Introduction
As outlined in last year’s Directors’ Remuneration report, the
Committee conducted an initial review of the Policy in summer 2024
ahead of the scheduled triennial approval of the Policy at the 2025
AGM. At that time, the Committee concluded it was appropriate to
largely roll forward the previous Policy. The Committee was pleased
that both the Policy and DRR received overwhelming support from
shareholders at the 2025 AGM (with 91.33% and 94.86% of votes in
favour respectively).
During 2025, the Committee’s particular areas of focus included
remuneration outcomes in the context of Man Group’s performance
and remuneration below Board level, as well as a further review of the
Policy as outlined in more detail below (although no changes are
being proposed).
Against another volatile year for markets, Man Group remained
resilient, benefiting from the strategy to continue to diversify our
business. We believe the executive pay outcomes, as detailed below
and in the sections that follow, appropriately reflect that level of
performance and that the current Policy has operated as intended
in this context.
1.2 Directors’ Remuneration Policy
As noted in last year’s Remuneration report, the initial review
conducted in 2024 highlighted concerns over the competitiveness
of the CEO’s total remuneration and we therefore committed to
conducting a more in-depth review of the Policy in 2025 to consider
this further.
The Committee has now completed this review, which included
detailed consideration of market data for relevant peers in both private
and public companies, in the context of the global market for talent in
which Man Group operates. The Committee is acutely aware that
Man Group is one of the few listed companies in the world that
operates in the liquid alternative investment industry. Most companies
in this industry are privately owned. Typically, we lose talent to (and
recruit from) these companies, and therefore a comparison to listed
companies does not fully reflect our talent pool. However, the
Committee recognises that many institutional shareholders consider
and compare executive remuneration versus other listed companies.
Nevertheless, the Committee notes that the constituents of the
broader FTSE 250 index are not appropriate comparators.
The Committee therefore considered two main sources of data; from
listed investment management companies, and data from primarily
private hedge fund companies sourced independently from McLagan.
The chart below summarises the position of the CEO’s remuneration
against these two peer groups. The benchmarking data for the CEO
showed that whilst the CEO’s current base salary is competitively
positioned versus both comparator groups (particularly compared to
listed peers), total target remuneration is around the lower quartile of
the listed peer group and below this level when compared to the hedge
fund peers.
Whilst not wholly comfortable with the current pay positioning from a
market and talent perspective, the Committee determined it would not
propose any changes this year given the challenging performance in
parts of our business and the associated shareholder experience.
However, the Committee views this as a critical area to address and
will revisit this during 2026.
* Total target remuneration is defined as base salary plus employer pension contribution
(or cash in lieu) plus the target value of annual bonus (or actual bonus where no target is
provided) plus the target value of the long-term incentive award.
** Aberdeen, Affiliated Managers Group, AllianceBernstein, Anima Holding, Artisan Partners,
Bridgepoint, DWS, Federated Hermes, Fiera Capital, ICG, Janus Henderson, Jupiter, M&G,
Ninety-One, SEI Investments, Schroders, Victory Capital Management, Virtus Investment
Partners, Vontobel.
***Due to the nature of the data and our contractual obligations, we are not able to disclose
the constituents of this peer group. The peer group was determined based on comparable
sized companies by AUM and talent competitors, excluding Founder CEOs with bespoke
remuneration arrangements.
$15,000k
$12,500k
$10,000k
$7,500k
$5,000k
$2,500k
$0k
$’000
Listed peer
group**
Base salary Total target remuneration*
Listed peer
group**
Other relevant
peers***
Other relevant
peers***
Lower quartile -> Median Median -> Upper quartileMan Group plc
Man Group plc | Annual Report 2025
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Governance
The link between strategic priorities and incentive metrics
Financial
KPIs
Strategic priorities
Non-
financial
KPIs
Innovative investment
strategies
Strong client
relationships
Efficient and effective
operations
Returns to
shareholders
Relative
investment
performance
Relative net
flows
Core
management
fee EPS
growth
Core EPS
Bonus metrics
Carbon
footprint
Women
insenior
management
roles
ESG-
integrated
AUM
Employee
engagement
Relative net flows
Core management fee EPS
Core EPS
Strategic, personal and ESG-related objectives
LTIP metrics
Relative investment performance
Relative TSR
Cumulative relative net flows
3-year core management fee EPS
3-year core EPS
ESG scorecard
1. Chair’s annual statement continued
Directors’ Remuneration report continued
1.3 Shareholder engagement in 2025
At the time the 2024 DRR was published in March 2025, we contacted
shareholders representing over 50% of our shareholder base, together
with the main shareholder representative bodies and proxy agencies,
offering a meeting or call to discuss any aspects of our proposed Policy
or the 2024 DRR. We subsequently met those shareholders who
requested a meeting and no material concerns were raised.
1.4 Alignment between pay, performance
and strategy
The performance metrics selected for use in the short- and long-term
incentive arrangements in the Policy reflect Man Group’s strategic
priorities. The financial metrics are aligned with Man Group’s financial
key performance indicators (KPIs) which illustrate and measure the
relationship between the investment experience of Man Group’s
clients, our financial performance and the creation of shareholder
value over time. The non-financial objectives in the bonus, including
those related to ESG, are aligned with our strategic focus and
non-financial KPIs to ensure that executives remain focused on the
delivery of annual performance whilst ensuring the building blocks
for future growth are in place. This alignment ensures that the link
between strategy, the KPIs by which we measure performance and
reward is clear, as shown in the table below.
1.5 The link between the pay of executive directors
and the workforce
Overall salaries for the wider workforce in 2025 increased by an
average of 4.6%, with higher increases generally awarded to those with
lower salaries. For context, the CEO and CFO received salary increases
of 2.7% and 3.7% respectively for 2025.
For 2026, once again, higher salary increases will continue to be
targeted at those employees on lower salaries. Overall, salaries are
budgeted to increase by an average of 4.3%.
In addition, as part of its consideration of the overall appropriateness
of the executive directors’ remuneration in 2025, the Committee
undertook the following actions:
approved the total bonus pool to be allocated to staff;
carried out a detailed review of bonus proposals and evaluations
for the Executive Committee, Company Secretary and individuals
covered by the Remuneration Codes;
reviewed the ratio of CEO pay to the UK employee population
and discussed the reasons for the movement over previous years,
as set out in the commentary following table R8 on page 110;
reviewed the market positioning of wider workforce salary and
total remuneration; and
reviewed annual performance ratings and compensation
outcomes by gender and ethnicity to ensure decision-making
was objective and without bias. This analysis, which has now
become an integral part of Committee business, showed that
compensation in the wider workforce was fair and reasonable,
when taking account of the employee’s role and location.
The Committee again engaged with employees by providing a simple
document explaining how the remuneration of the executive directors
is determined and how that links with the approach to the
remuneration of the wider workforce, and employees are periodically
invited to submit any questions via a dedicated email address.
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1.6 Review of performance in 2025
2025 was a challenging year for markets with distinct peaks and
troughs, where periods of volatility tested investor resolve. In this
environment Man Group delivered resilient performance and the
Committee is pleased by the progress made against the strategic
priorities during the year.
We delivered 1.3% of relative investment outperformance during the
year and recorded net inflows 19.3% ahead of the industry; this is a
record for Man Group and a very strong outcome in the context of the
challenging fundraising environment during the year. Together with
tailwinds from market beta, and currency movements, our AUM ended
the year at $227.6 billion, a 35% increase from the beginning of 2025.
Challenging market conditions for trend-following strategies during the
first half of 2025 led to a below-average contribution to core
performance fees.
Our ability to generate value for our shareholders continues to be a
core focus. Man Group delivered Total Shareholder Return (TSR) of 16%
in 2025 outperforming the FTSE 250 return of 13% and more direct
peers in the FTSE 350 Financial Services index of 8%.
Furthermore, over the last five years, Man Group has delivered TSR
of 119%, outperforming the FTSE 250 return of 27% and the FTSE 350
Financial Services Index of 31%.
1.7 Remuneration outcomes for 2025
Targets for each performance measure are set by the Committee
with consideration of a number of reference points, including internal
budgets and forecasts, consensus estimates available at the time and
the historical performance of Man Group and our peers.
In the ‘Remuneration at a glance’ section of this report on page 100 we
have again detailed how we set stretching targets for the 2025 bonus.
The range of targets set for relative net flows requires at least industry
outperformance and at the maximum level would deliver strong market
share gains. In 2025, we experienced net inflows significantly ahead of
our industry peers on an asset-weighted basis and consequently
delivered relative net flows of 19.3% resulting in maximum payout for
this element of the bonus.
Headwinds to profitability in 2025 included lower opening run-rate
management fees, strategic investments driving higher fixed costs,
and an increased core tax rate as the US business entered tax-paying
status; therefore the Committee felt it was important to establish core
management fee EPS targets that still represented strong
performance in order to incentivise management appropriately.
Core management fee EPS of 19.6 cents per share was delivered,
resulting in an outcome of above target for this metric.
The one-year volatility of performance fee income means that it is
appropriate to set a wide range for core EPS bonus targets. Against the
broader market backdrop, the threshold, target and maximum were
unchanged from 2024 at 27.0 cents, 34.0 cents and 41.0 cents
respectively, which the Committee believes were stretching targets.
As a result of lower than expected performance fee generation from
trend-following strategies during the first half of the year, core EPS of
27.6 cents was delivered, resulting in an outcome just above threshold
for this metric.
This resulted in an overall outcome on the financial component of the
bonus of 49.3% out of a maximum of 70%.
Following the merging of the strategic, personal and ESG-related
objectives in the annual bonus for 2025, these objectives now account
for a maximum of 30%. These objectives are aligned to the objectives
set out under our sustainable growth strategy and are intended to
incentivise performance on the range of other strategic actions and
activities in the business, the results of which we expect to see
delivered over time.
Both executive directors delivered extremely well on these objectives,
details of which are set out on pages 105 and 106. Excellent progress
was made on the implementation of key strategic priorities. Highlights
include the acquisition of Bardin Hill, deepening our credit capabilities,
and the combination of the Systematic businesses. Market share was
gained for the sixth consecutive year and 2025 was a record year for
new client acquisition, with 36% of gross sales from new client
relationships. Strict cost discipline was maintained, with decisive action
taken in response to market headwinds to protect high-performing
talent and support growth investments. Substantial progress has been
made in widening our talent pipeline, through early career initiatives and
the continued attraction of experienced talent from across the financial
sector, and beyond. In 2025, 75% of our people recommended
Man Group as a great place to work and encouraging progress
continues on our inclusion agenda.
The Committee determined that awards for the strategic, personal and
ESG-related objectives of 27% for both Robyn Grew and Antoine
Forterre appropriately reflected their performance during the year.
The overall annual bonus outcome for 2025 was therefore 76.3% of the
maximum. Full details regarding the bonus outcome are included on
page 104 of the annual remuneration report.
The 2023 LTIP award was made in March 2023 for the three-year
period from 1 January 2023 to 31 December 2025 and vests in March
2026, with a subsequent two-year post-vesting holding period. The
level of vesting at threshold is 0%, meaning that the directors must
exceed the threshold performance for any of the award to vest. Robyn
Grew’s first LTIP award was granted in September 2023, following her
appointment as CEO, and will vest in September 2026, but is subject to
the same performance measures and targets as Antoine Forterre’s
LTIP granted in March 2023. The value of her first vested LTIP award is
reflected in the single total figure data table R1 on page 104 and
accounts for a significant proportion of the increase in her single figure
from the previous year.
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Over the three-year LTIP performance period, our funds performed
strongly overall, returning $42.0 billion in cumulative investment gains
and delivering 3.9% of cumulative relative outperformance to our
clients. We saw cumulative net flows of $28.4 billion which has had a
direct positive impact on our AUM.
Cumulative relative net flows, a measure of our ability to attract and
retain investor capital in comparison with peers, was 24.4% over the
last three years, reflecting the strength of the client franchise and
ability to gain market share on a consistent basis. The growth in AUM
has translated to an increase in management fee revenue over the
three-year period. Combined with fixed cost discipline and operating
leverage as a result of early and significant investment in technology,
this resulted in strong core management fee EPS growth over the
three-year period.
However, despite strong financial performance, Man Group’s three-
year TSR (15.4%)* is below the median of the FTSE 250 comparator
group which is below the threshold level and therefore there is no
vesting in respect of this element.
I am pleased to say that the overall vesting outcome for the 2023 LTIP
is therefore 51.6%. A summary of the outcome against each of the
performance metrics together with further details of how the
Committee established the stretching target ranges is shown in the
‘Remuneration at a glance’ section on pages 100 to 101 with full details
included on page 107.
In determining whether the overall remuneration of the executive
directors for 2025 was appropriate, the Committee considered a
number of factors including:
the performance delivered for 2025;
the experience of Man Group’s shareholders; and
the experience of Man Group’s employees.
The Committee concluded that the bonus outcome was fair and
appropriate and the LTIP vesting outcome fairly reflected the
cumulative performance delivered over the three-year period and
therefore no discretion was applied. As part of its consideration, the
Committee satisfied itself that there were no windfall gains under the
LTIP and no adjustments were required.
1.8 Remuneration for 2026
The Committee determined that the CEO would receive a 3% salary
increase from $1,130,000 to $1,164,000 and the CFO & COO would
receive a 4% salary increase from $705,000 to $733,000. Both
increases are below the budgeted average employee increase of 4.3%
for 2026 and will take effect from 1 January 2026.
The annual review of the Chair fees was also undertaken during the
year. It was recommended to the Board that there be no changes to
the Chair’s fees in 2026. There will be no changes to the non-executive
directors’ fees in 2026 either.
The Committee considered the structure of the annual bonus and LTIP
and agreed that the overall structure of the annual bonus, including
the bonus opportunity (300%), the bonus metrics and weightings, and
deferral will remain unchanged for 2026. Likewise, there will be no
changes to the LTIP structure, award level (300%), performance
measures or their respective weightings. See page 113 for further
details.
1.9 Conclusion
I hope that you find the information in this letter, and the sections of
the DRR that follow, to be clear and useful and I would welcome any
feedback you may have.
We look forward to welcoming you at our 2026 AGM and receiving your
support for this DRR at that meeting.
Laurie Fitch
Chair of the Remuneration Committee
1. Chair’s annual statement continued
Directors’ Remuneration report continued
* Based on the 3-month average share price at the beginning and end of the 3-year period.
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2. Remuneration at a glance
2.1 Directors’ Remuneration Policy summary table
Key elements ‘25 ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 Remuneration Policy Implementation in 2025/26
Fixed pay
Salary
No Policy maximum.
Salaries effective from 01/01/25:
Robyn Grew $1.13m
Antoine Forterre $705k
Salaries effective from 01/01/26:
Robyn Grew $1.164m
Antoine Forterre $733k
Pension
allowance
Maximum pension contribution aligned to the maximum available to all employees of 14%
of salary and subject to the same service criteria to receive the highest contribution rate
Benefits
Includes (but is not limited to) family private medical insurance, life assurance and permanent
health insurance
Cash
bonus
Maximum
opportunity
300% of salary
Metrics (%)
Relative net flows
Core management fee EPS (cents)
Core EPS (cents)
Strategic, personal and
ESG-related objectives
30
20
20
30
Operation
Awarded as a combination of cash (45%) and
deferral (55%) into shares (and funds once
the shareholding requirement has been met)
vesting in three equal tranches in each of
the following three years
Deferred
bonus
Long-term
incentive
Maximum
opportunity
300% of salary
Metrics (%)
Relative investment performance
Relative TSR vs FTSE 250
3-year cumulative core
management fee EPS
3-year cumulative core EPS
Cumulative relative net flows
ESG scorecard
20
20
10
30
10
10
Operation
Forward-looking three-year performance
conditions with share grant at year 0,
vesting year three with subsequent
two-year holding period
Share
ownership
Shareholding
requirements
CEO 300% of salary
Other executive directors 200% of salary
Actual shareholdings as at 31/12/25:
CEO 776% of salary
CFO 633% of salary
Post-
employment
requirements
100% of the requirement, or the actual holding on departure if lower, to be retained for two
years after leaving
Malus and
clawback
Circumstances
The Committee may apply malus and/or clawback to variable pay in certain specified
circumstances, including:
where the director fails to meet the required standards of fitness and propriety;
fraud or misconduct;
material misstatement of financial results affecting the assessment of a performance
condition; or
where there has been an error or inaccuracy relating to the determination of variable pay.
In addition, it can apply malus if a director participates in, or was responsible or accountable for:
a material error;
a material downturn in financial performance;
a material failure of risk management;
censure by any regulatory authority; or
a significant detrimental impact on the Company’s reputation.
Malus applies until the end of the vesting period with clawback applying until the end of any
applicable retention period.
The full details of the Directors’ Remuneration Policy approved at the AGM on 9 May 2025 can be viewed in the 2024 Annual Report & Accounts under the Results Centre at www.man.com.
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2.2 Remuneration outcomes for 2025
2025 bonus outcome
The targets for relative growth in net flows were set at the same
percentage growth rates as in previous years. In 2024, we experienced
net outflows so the targets for 2025 remained stretching. Relative
growth of 19.3% represents excellent performance.
Net flows, relative growth (%)
1.0% threshold
3.5% target
6.0% maximum
Net Inflows, Relative growth (%)
2021 2022 2023 2024 2025
5.3%
0.2%
4.9%
9.8%
19.3%
The target core management fee EPS was set at 18.4 cents,
representing a 12% decrease on the 2024 target and a 14% decrease
on the 2024 actual, primarily as a result of lower opening run-rate
management fees and strategic investments driving increased costs.
The maximum of 21.5 cents was set in line with the 2024 actual, the
achievement of which remained stretching, in this run-rate context.
As a result of higher net management fees, we delivered core
management fee EPS of 19.6 cents. This represented another year
of solid performance which delivered an above target payout under
this metric.
Core management fee EPS (¢)
16.0 threshold
18.4 target
21.5 maximum
15.7
18.4
18.4
2021 2022 2023 2024
2025
21.5
19.6
Core EPS includes both management fee and performance fee related
core earnings. Given the volatility and unpredictability of performance
fees, the core EPS targets are set based on a wider range.
The core EPS threshold, target and maximum targets set were
unchanged from 2024 i.e. 27.0 cents, 34.0 cents and 41.0 cents at
threshold, target and maximum respectively, meaning that the target
was set above the core EPS achieved in 2024 (32.1 cents). As a
reminder, over the period 2022-2025, the core total EPS targets
increased by 30%, 36% and 29% at threshold, target and maximum
respectively. The realised core performance fee EPS of 8.0 cents for
2025 represents a 25% decrease on the performance delivered in
2024, driven by exceptionally low performance fee generation from
AHL strategies. Added to core management fee EPS, the core EPS
delivered was 27.6 cents i.e. just above threshold.
Core EPS (¢)
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
27.0 threshold
34.0 target
41.0 maximum
38.7
2021 2022 2023 2024
2025
Core management fee EPS Core performance fee EPS
22.4
32.1
48.7
27.6
Details of each executive directors’ performance against the individual
strategic, personal and ESG-related objectives are set out in the table
on pages 105 to 106. The overall bonus outcome for 2025 was 76.3% of
the maximum. Full details are set out in table R2 on page 104.
2023 Long-Term Incentive Plan outcome (for the
period from 1 January 2023 to 31 December 2025)
In the 2022 DRR, the Committee set out the targets for the LTIP grant
to be made in March 2023 and explained why it considered them to be
appropriately stretching and, if achieved, to represent excellent returns
to shareholders. As a reminder, the level of vesting at threshold is 0%
meaning that the directors will only start to receive any value under the
LTIP when threshold performance has been exceeded. This represents
a much tougher hurdle than in many listed businesses (where there is a
level of payout for meeting the threshold level). The table on page 101
sets out the target ranges and the performance delivered against
them with further detail on each metric.
2. Remuneration at a glance continued
Directors’ Remuneration report continued
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2023 LTIP (1 January 2023 to 31 December 2025)
Metric Weighting Threshold Target Maximum Achievement Outcome
Relative investment performance 20% 0.0% 3.0% 6.0% 3.9% 13.0%
Relative TSR vs FTSE 250 20% Median
Mid-point
between the
median and
upper quartile
Upper
quartile
Below
median 0%
3-year cumulative core management fee EPS, cents 10% 50.0 55.0 60.0 59.5 9.5%
3-year cumulative core total EPS, cents 30% 70.0 90.0 110.0 82.1 9.1%
Relative cumulative net flows 10% 0.0% 9.0% 18.0% 24.4% 10.0%
ESG scorecard 10%
Women in senior positions 28.0% 29.0% 30.0% 40.3% 3.3%
Carbon emissions per employee (mtCO2e)1 7.9 7.2 6.5 0.0 3.3%
3-year cumulative growth in ESG AUM 24.0% 36.0% 48.0% 60.6% 3.3%
Total 100% 51.6%
1 The achievement was 10.4 mtCO2e before carbon offsets and zero mtCO2e after carbon offsets, the use of which were explicitly disclosed in the 2021 DRR, resulting in maximum payout.
ESG scorecard
Three equally weighted ESG-related metrics were included in the LTIP
scorecard. The maximum target for the women in senior positions
metric was aligned with our external goal of 30% by the end of 2024.
The achievement of 40.3% is above the maximum of 30% resulting in
maximum payout under this metric. The carbon emissions per
employee target was based on our internal net zero objectives, pre
offset and allowed for growth in the number of full-time equivalent
employees based on approved headcount plans. The achievement was
10.4 mtCO2e, before carbon offsets and zero mtCO2e after carbon
offsets, the use of which were explicitly disclosed in the 2021 DRR,
resulting in maximum payout. The threshold, target and maximum for
the three-year ESG-integrated AUM metric were set at 24%, 36% and
48% growth respectively. Maximum payout was achieved.
Overall outcome
Over the three-year LTIP performance period, Man Group has delivered
solid results and this performance is reflected in the 2023 LTIP vesting
level being 51.6%, as set out above and in more detail on page 107.
The Committee specifically reviewed the impact of the share buybacks
implemented over the period on the realised EPS metrics, and
therefore the overall LTIP outcome and concluded that no adjustments
to the outcome were required. The Committee also satisfied itself that
there were no windfall gains and again concluded that no adjustments
to the outcome were required.
Relative investment performance measures outperformance
against our peers and the threshold of 0% means the directors are only
rewarded under this measure if Man Group outperforms its peers. Over
the three-year performance period relative investment performance of
3.9% was above target, resulting in a payout of 13.0% for this metric.
Relative TSR vs FTSE 250 measures how Man Group’s Total
Shareholder Return compares to that of the constituents of the FTSE
250 excluding investment trusts, funds and REITs. Out of a population
of 135 stocks still listed at the end of December 2025 (from 158 at the
beginning of the measurement period), Man Group has delivered
relative TSR below median, ranking at number 73 out of the peer group,
resulting in no payout for this metric.
The targets for 3-year cumulative core management fee EPS were
established in absolute terms at 50 cents at threshold, 55 cents at
target and 60 cents at maximum. The targets required core
management fee EPS to be 3% higher at the maximum than achieved
in 2022 over the three years, which the Committee considered to be
appropriately stretching.
Cumulative core management fee EPS of 59.5 cents has been driven
by consistent performance over the period.
As described earlier, core EPS is the sum of core management fee EPS
and core performance fee EPS, with the latter being the more volatile
and unpredictable element of core EPS. The threshold, target and
maximum were established at 70 cents, 90 cents and 110 cents, all of
which were higher than the 2022 LTIP targets. A cumulative core EPS
outcome of 82.1 cents was delivered, resulting in a between threshold
and target payout under this metric.
The targets for relative cumulative net flows required
outperformance of 0%, 9% and 18% at target, threshold and
maximum respectively. The achievement of 24.4% of relative growth
on this measure represents a very strong outcome for all of
Man Group’s investors.
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2.3 Executive director pay in the context of Man Group’s shareholders
The chart below shows the TSR generated over a five-year period from December 2020 to December 2025, including the period between
1 September 2023 and 31 December 2025 when Robyn Grew took over from Luke Ellis as CEO. This is compared to both the FTSE 250 and the
FTSE 350 Financial Services Index.
Total Shareholder Return (TSR) (Dec 2020 – Dec 2025)
Man Group TSR
Source: Bloomberg
FTSE 250 TSR FTSE 350 Financial Services TSR
Jun
2022
Dec
2022
Dec
2020
Jun
2023
Dec
2023
Jun
2024
Dec
2024
Jun
2025
Dec
2025
100
200
300
0
June
2021
Dec
2021
The chart below shows the executive directors’ shareholdings compared with their shareholding requirements. Under the Policy, shares owned
outright and those deferred shares that no longer have performance conditions attached count towards the shareholding requirement. LTIP
shares retained during the two-year post-vesting holding period also count towards the requirements. Shares which are not owned outright are
shown net of tax (i.e. excluding that proportion of those shares expected to be sold on vesting to settle the associated tax liability). Both executive
directors comfortably exceed their shareholding requirement.
Executive directors’ shareholdings (number of shares)
Shares owned outright
Shares no longer subject to performance conditions (net)
Antoine Forterre (requirement = 200% of salary)
0 100 200 300 400 700600500 800
1,446,769 (633%) shares
Robyn Grew (requirement = 300% of salary)
2,844,090 (776%) shares
% of salary
Shareholding requirement
2. Remuneration at a glance continued
Directors’ Remuneration report continued
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2.4 Executive director pay in the context of Man Group’s employees
In determining the appropriate remuneration for the executive directors, the Committee carefully considered conditions for employees across the
firm. A high calibre, motivated workforce, appropriately rewarded for their contributions, is a critical component of our success and the table
below illustrates remuneration paid to the executive directors in the context of the wider workforce.
Year ended
31 December
2025
Year ended
31 December
20244
CEO – single total remuneration figure (SFT) ($’000) 6,021 2,956
Ratio of CEO SFT to median UK employee1 33:1 17:1
Compensation – all employees ($m)2 675 684
Compensation ratio3 48% 47%
Number of bonus-eligible employees 1,576 1,647
Mean annual bonus award per bonus-eligible employee ($’000) 250 253
Median annual bonus award per bonus-eligible employee ($’000) 54 50
CEO SFT as % of total compensation of all employees 0.9% 0.4%
Aggregate total SFT of all executive directors as % of total compensation of all employees 1.4% 1.0%
1 See table R8 on page 109 for the full disclosure of the CEO ratio.
2 Core compensation for all employees represents total fixed pay (salary, pension and benefits) and variable pay in respect of 2025.
3 Core compensation ratio represents total core compensation costs for all employees (fixed base salaries, benefits, variable bonus compensation and associated social security costs)
as a proportion of core net revenue (gross management and other fees, performance fees, income or gains on investments and other financial instruments, less distribution costs).
4 2024 numbers have been restated to reflect the actual value of the LTIP that vested in March 2025, based on the share price and exchange rate on that date; in the 2024 DRR, the number
was estimated based on a three-month average share price and the exchange rate at the end of 2025.
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Governance
3.1 Single total figure of remuneration for executive directors
The table below sets out a single figure for the total remuneration received by each executive director for the year ended 31 December 2025
and the prior year.
Single total figure of remuneration for executive directors (audited) – Table R1
All figures in USD
Executive directors
Robyn Grew Antoine Forterre
2025 2024 2025 2024
Salary 1,130,000 1,100,000 705,000 680,000
Taxable benefits1 87,516 111,582 5,738 5,179
Pension benefits2 140,057 135,857 86,991 83,637
Other3 8,978 5,149 21,553 18,813
Total fixed remuneration 1,366,551 1,352,588 819,282 787,629
Short-term variable4 2,586,554 1,603,800 1,613,735 991,440
Long-term variable5
,
6 2,067,962 – 998,049 1,868,398
Total variable remuneration 4,654,516 1,603,800 2,611,784 2,859,838
Total 6,021,067 2,956,388 3,431,066 3,647,467
1 Taxable benefits include private medical insurance and, for Robyn Grew only, US dental insurance. The remuneration disclosed for Robyn Grew in 2025 includes $47,328 of costs relating to
the preparation of UK and US tax returns, including the tax paid in relation to these costs. The remuneration disclosed for Robyn Grew for 2024 has been restated to show the actual amount
due in respect of tax equalisation payments during the year of $30,000.
2 Pension benefits are paid into the Man Group Self-Invested Personal Pension with any contributions exceeding the annual or lifetime allowance paid as cash on a cost neutral basis
to the Company.
3 ‘Other’ includes non-taxable benefits (life insurance, Group income protection and fund fee rebates).
4 See table R2 for details of the short-term variable compensation award. The Committee has not applied any discretion to the formulaic outcome.
5 The 2023 award under the Man Group plc LTIP was made in September 2023 for Robyn Grew and March 2023 for Antoine Forterre for the three-year performance period commencing on
1 January 2023 and ending on 31 December 2025. Vested shares will be delivered following a further two-year holding period. See tables R3 and R4 for details of the long-term variable
compensation award. The value of the LTIP shown above is estimated based on a three-month average share price of £2.065 and year-end exchange rate of £1 = $1.3475. For Robyn Grew
the LTIP award was originally based on the market value of a Man Group plc share on 1 September 2023 being £2.112. For Antoine Forterre, the LTIP award was originally based on the market
value of a Man Group plc share on 9 March 2023 being £2.858. No discretion has been applied to the formulaic outcome.
6 The long-term variable outcome reported for 2024 was estimated based on the three-month average share price and year-end exchange rate. It has been restated above to reflect the
actual share price of £2.10 and exchange rate of £1=$1.2874.
3.2 Annual bonus in respect of 2025 performance
The annual bonus is based on the Committee’s assessment of executive directors’ performance against objectives agreed by the Board at the
beginning of the year, split 70% based on financial metrics and 30% based on strategic and personal and ESG-related objectives. The threshold,
target and maximum ranges are considered by the Remuneration Committee to represent appropriately stretching levels of performance and are
set by reference to internal budgets and strategic plans, industry backdrop and external expectations, as covered in more detail in the Chair’s letter
and ‘Remuneration at a glance’ section. Table R2 below shows the results of the Committee’s assessment of the performance delivered in 2025.
Annual bonus in respect of 2025 (audited) – Table R2
Financial metric Weighting
2024
actual
Threshold
(25% of
max)
Target
(50% of
max)
Maximum
(100% of
max)
2025
outcome
%
achieved
Bonus outcome
after weighting
(% of max)
Relative net flows 30% 0.2% 1.0% 3.5% 6.0% 19.3% 100% 30%
Core management fee EPS (cents) 20% 21.5 16.0 18.4 21.5 19.6 69% 13.9%
Core EPS (cents) 20% 32.1 27.0 34.0 41.0 27.6 27% 5.4%
Total financial metrics 70% 49.3%
Robyn Grew Antoine Forterre
Strategic and personal and
ESG-related objectives1 30% 27.0% 27.0%
Percentage of maximum annual
bonus awarded 100% 76.3% 76.3%
Quantum of award – total
2
$2,586,554 $1,613,735
Quantum of award – paid in cash $1,163,949 $726,181
Quantum of award – deferred
2
$1,422,605 $887,554
1 The strategic and personal and ESG-related objectives relating to the 2025 annual bonus can be found on pages 105 to 106.
2 45% of the bonus is paid in cash with the remaining 55% deferred into Man Group plc shares; when a director achieves their shareholding requirement, up to half of the deferral may be
into Man Group funds and the balance into shares. No further performance conditions apply to the deferral, which vests in three equal tranches on the first, second and third anniversary
of grant subject, in normal circumstances, to continued employment.
3. Remuneration outcomes in 2025
Directors’ Remuneration report continued
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CEO and CF0 & COO: Strategic, Personal and ESG-related Objectives (30%)
Objective CEO Outcome CFO & COO Outcome
Strategy and execution
Demonstrate significant progress toward
execution of the key strategic priorities.
Strong progress on the execution of the key strategic priorities.
Successful closing of Bardin Hill acquisition completed in October, deepening our range
of credit capabilities.
Review of our operating model and active cost management with an overall reduction in the
cost base of firm. Resources were reallocated to strengthen our commitment to key growth
initiatives and protect key talent.
Announcement of, and progress in combining
the AHL and Numeric businesses under a
‘Systematic’ division, enabling greater
collaboration, product development and
operational synergies.
The M&A pipeline remains strong with 100+
opportunities assessed maintaining our
selective approach to identify targets that
strengthen our investment capabilities.
During 2025, four wealth ETFs were launched
in the US thereby expanding our US wealth
offering.
Action was taken to reduce seed book
exposure to protect the firm’s P&L and
reduce the financing cost.
Delivered material increase (56%) in 1783
(our multi-strat) AUM.
Funded new investment including 12
strategies through seed redemptions/
distributions.
People and culture
Continue to develop a high performing
culture with a focus on talent,
development, workforce diversity,
and employee engagement.
Refreshed the approach to performance management, critical talent identification and
succession planning to be more focused and strategic, increasing our ability to identify
high-potential talent early and create targeted development pathways for our future leaders.
Good progress across the organisation on gender split in senior management.
As at the end of 2025, 40% (2024: 35%) of the senior management team were women,
ahead of the 2026 target.
Against a 15% (UK) target for 2027, as at end of 2025, 17.3% of our senior managers in the UK
(19% globally) were from an ethnic minority. Various initiatives are in place that work alongside
our talent progression programme to continue to bolster our efforts.
As at the end of 2025, our social mobility disclosure rates had increased by 6.4% to 44.6%
globally.
Further work completed on ExCo
development, including enhanced
succession planning.
Antoine is a senior sponsor of SANAM (South
Asian Network at Man) and he also leads the
direct support of initiatives to retain and
advance talent from ethnic minorities.
High retention (circa 92%) of Critical
Talent population.
Voluntary attrition rate remained low at 7.8%.
Finance voluntary turnover rate very low
at 3.5% (7.8% firm wide).
Climate and sustainability
Improvement in Man Group’s
environmental impact aligned
to the SBTi.
Met all short-term targets for 2025 that are set regarding scopes 1, 2 and 3 for 2025.
On track to meet our 2030 net zero goals.
Year-on-year increase in accreditations for buildings.
Corporate / Shareholder reputation
Effectively manage relationships and
continue to increase shareholder
confidence in the refreshed strategy.
Met with a significant number of shareholders and prospects (94 meetings) to communicate
the strategic initiatives. Positive engagement and feedback on the Group’s strategic progress
and actions taken to protect the profitability of the business earlier in 2025.
Good standing with the FCA including regular
meetings and regular contribution sought
from the CEO. Robyn is an Active member of
the FCA’s Market Practitioner Panel (MPP).
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Governance
Objective CEO Outcome CFO & COO Outcome
Risk and controls
Lead the consistent application of the
Group’s risk management framework
and controls, ensuring alignment with
strategic objectives and regulatory
requirements, while fostering a culture
of accountability and proactive risk
management.
There were no material risks or operational events or issues raised on risk management
framework and controls. No significant control weaknesses were identified.
During 2025, the Risk function implemented
a number of changes designed to streamline
the organisation and position it to deliver
on the firm’s strategic priorities.
Continued to position the firm to comply
with new regulation developments
e.g. Provision 29.
Led the transition of the Head of
Internal Audit.
Clients and Innovation (CEO only)
Ensure a continued focus on client
outcomes.
During 2025, progress was made on following
up on the main areas identified by clients in
the 2024 client survey including; building the
credit offering of the firm; showcasing the
full capabilities of the Solutions offering;
and increasing the strategies that help clients
manage their equity risk.
Strong personal engagement with clients
globally. Met with a significant number of
Man Group’s key and prospective clients (132
meetings). Made significant progress with
new relationships, with 36% of subscriptions
from first time clients.
Extend client reach, with a particular
emphasis on North America, wealth
and insurance channels.
Record flows in North America and wealth.
Increase in North America pension plan
clients (24%).
Strong growth in wealth channel delivered via
strategic partners (e.g. Asteria, JV).
Dedicated insurance team in place, focused
on deepening client relationships. Established
a partnership with Meiji Yasuda, extending
our reach in the insurance channel.
Further development of investment
capabilities.
As noted above, the growth of Quant equity
and MFE continues to be an area of focus
under the banner of ‘Systematic’, combining
our expertise across AHL and Numeric.
Expand Technology capability. Continued investment in technology.
Significant increase (70%) in Technology
roles in Sofia to house new talent pool.
The Committee reviewed the above objectives and performance against them and determined that an overall outcome of 27% out of 30%
appropriately reflected the excellent performances of both Robyn Grew and Antoine Forterre.
3. Remuneration outcomes in 2025 continued
Directors’ Remuneration report continued
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Strategic report | Governance | Financial statements | Shareholder information
3.3 Vesting outcome in respect of the 2023 Long-Term Incentive Plan
Long-term incentive awards are made under the LTIP. Awards vest at 0% for threshold performance, 50% for target performance and 100% of the
award will vest if the performance conditions are achieved in full, with straight-line vesting between threshold and target and between target and
maximum. The 2023 LTIP was awarded in March 2023 for Antoine Forterre and in September 2023 for Robyn Grew for the three-year
performance period from 1 January 2023 to 31 December 2025. The vesting of the 2023 LTIP was subject to the achievement of five performance
measures in addition to an ESG scorecard, consisting of three equally weighted measures. The targets and vesting outcomes for the 2023 LTIP
are shown in the table below:
Vesting outcome for 2023 LTIP award (audited) – Table R3
Performance targets Actual performance
Measure
Threshold
(0%)
Target
(50%)
Maximum
(100%) Outcome
Percentage
met Weighting
LTIP outcome,
after
weighting
Relative investment performance 0.0% 3.0% 6.0% 3.9% 65% 20% 13.0%
Cumulative relative net flows 0.0% 9.0% 18.0% 24.4% 100% 10% 10.0%
3-year cumulative core management fee EPS (cents) 50.0 55.0 60.0 59.5 95% 10% 9.5%
3-year cumulative core total EPS (cents) 70.0 90.0 110.0 82.1 30% 30% 9.1%
Relative TSR vs FTSE 250 Median
Mid-point
between
the
median
and upper
quartile
Upper
quartile
Below
median 0% 20% 0.0%
ESG scorecard 10%
Women in senior positions 28.0% 29.0% 30.0% 40.3% 100% 3.3%
Carbon emissions per employee (mtCO
2
e)1 7.9 7.2 6.5 0.0 100% 3.3%
3-year cumulative growth in ESG AUM 24.0% 36.0% 48.0% 60.6% 100% 3.3%
Vesting of LTIP (% maximum) 51.6%
1 The achievement was 10.4 mtCO
2
e before carbon offsets and zero mtCO
2
e after carbon offsets, the use of which were explicitly disclosed in the 2021 DRR, resulting in a maximum payout.
Vesting outcome for 2023 LTIP award (audited) – Table R4
Date of grant
Shares
awarded
Vesting
percentage
Number of
shares vesting
Value of
shares
vesting3
,
4 Vesting date
End of holding
period
Executive director
Robyn Grew 4 Sep 23 1,440,9711 51.6% 74 3,179 $2,067,962 Sep-26 Sep-28
Antoine Forterre 10 Mar 23 695,4482 51.6% 358,677 $998,049 Mar-26 Mar-28
1 The monetary value of this award was converted into a number of shares using the GBP/USD exchange rates of £1 = $1.2618 and a share price of £2.112, being the market value
on the immediately preceding dealing day to grant. This award attracts dividend accruals from grant date to the end of the two-year holding period for vested shares. The dividend accruals
are included in the shares awarded figure.
2 The monetary value of this award was converted into a number of shares using the GBP/USD exchange rates of £1 = $1.1912 and a share price of £2.858 being the market value
on the immediately preceding dealing day to grant. This award attracts dividend accruals from grant date to the end of the two-year holding period for vested shares. The dividend accruals
are included in the shares awarded figure.
3 The value of the LTIP shown above is estimated based on a three-month average share price of £2.065 and year-end exchange rate of £1 = $1.3475.
4 There is no share price appreciation attributable to the value of the LTIP outcome.
3.4 Relative importance of spend on pay
The table below shows the year-on-year change in total employee expenditure compared with the change in shareholder distributions.
Relative importance of spend on pay – Table R5
2025
$m
2024
$m
%
change
Total employee expenditure1 707 706 0
Shareholder distributions2 298 242 23
1 Remuneration paid to or receivable by all employees (i.e. accounting cost excluding other employment-related expenses in relation to Varagon acquisition accounting). Refer to Note 6
to the Man Group’s consolidated financial statements for further details.
2 Distributions to shareholders (dividends paid of $192 million and repurchase of shares of $50 million in 2024, dividends paid of $198 million and repurchase of shares of $100 million in 2025).
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Governance
3.5 Review of past performance
The performance graph below compares the Company’s Total Shareholder Return (TSR) performance against the FTSE 250 Index and the FTSE
350 Financial Services Index. The FTSE 250 has been chosen as the primary comparator to align with the peer group used in the LTIP. Prior to
2019, Man Group had chosen the FTSE 350 Financial Services Index as the comparator group so it has also been shown below, for reference.
Total Shareholder Return graph (Dec 2015 – Dec 2025)
Man Group TSR
Source: Bloomberg
FTSE 250 TSR FTSE 350 Financial Services TSR
Dec
2021
Dec
2020
Dec
2015
Dec
2019
Dec
2018
Dec
2023
Dec
2022
Dec
2025
Dec
2024
100
200
300
0
Dec
2017
Dec
2016
Historical CEO remuneration – Table R6
Accounting period ended
31 Dec
2016
31 Dec
2017
31 Dec
2018
31 Dec
2019
31 Dec
2020
31 Dec
2021
31 Dec
2022
31 Dec
2023
31 Dec
2024
31 Dec
2025
CEO single figure ($’000) R Grew1 n/a n/a n/a n/a n/a n/a n/a 1,334 2,956 6,021
L Ellis2 1,347 6,215 2,856 2,804 3,150 7,797 13,3324 8,812 n/a n/a
E Roman
3
910 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Short-term variable award
(asapercentageof
maximum opportunity)
R Grew1 n/a n/a n/a n/a n/a n/a n/a 64.7% 48.6% 76.3%
L Ellis2 40.2% 78.8% 58.3% 56.3% 69.4% 98.5% 94.8% 63.7% n/a n/a
E Roman n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Long-term variable award
(asapercentageof
maximum opportunity)
R Grew1 n/a n/a n/a n/a n/a n/a n/a n/a n/a 51.6%
L Ellis2 28.6% 46.2% n/a
5
n/a
5
n/a
5
60.0% 84.6%4 95.4% n/a n/a
E Roman n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Robyn Grew was appointed as CEO with effect from 1 September 2023. Remuneration disclosed for 2023 therefore reflects four months’ service only.
2 Luke Ellis was appointed CEO on 1 September 2016. Remuneration for 2016, therefore, reflects four months’ service only. Luke Ellis stepped down from the Board on 31 August 2023
and remuneration for 2023 therefore reflects eight months’ service only.
3 Emmanuel Roman stepped down as CEO on 31 August 2016. Remuneration for 2016, therefore, reflects eight months’ service only.
4 The Committee exercised its discretion and reduced the number of shares initially awarded under the 2020 LTIP by 10.6%.
5 The first award under the LTIP was made in March 2019 and vested in March 2022. Consequently, no long-term variable awards are shown for Luke Ellis in 2018, 2019 and 2020.
3. Remuneration outcomes in 2025 continued
Directors’ Remuneration report continued
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3.6 Percentage change in directors’ remuneration
The table below sets out the percentage change in remuneration for the directors compared with all staff. There are no employees of Man Group
plc, other than the executive directors, so the comparison has been made, on a voluntary basis, to all staff.
Percentage change in directors’ remuneration – Table R7
2025 2024 2023 2022 2021
Salary/
fees Benefits
1
Bonus
Salary/
fees Benefits Bonus
Salary/
fees Benefits Bonus
Salary/
fees Benefits Bonus
Salary/
fees Benefits Bonus
Executive directors
Robyn Grew 3% -17% 61% 0% -1% -25% – – – – – – – – –
Antoine Forterre 4% 14% 63% 4% 20% -22% 5% 7% -27% 0% -7% 24% – – –
Non-executive directors
Anne Wade 0% 10% - 120% 78% – 67% 5% – 11% -4% – 15% – –
Lucinda Bell 0% -22% - 10% 41% – 0% -21% – -11% 340% – 6% 618% –
Richard Berliand 0% -84% - 13% 319% – 0% -10% – -6% 196% – -10% -40% –
Laurie Fitch 9% -19% - 4% 170% – – – – – – – – – –
Dixit Joshi
2,3
0% 1,870% - – – – – – – – – – - – –
Ceci Kurzman
4
0% 774% - 15% 2% – 5% 41% – 8% 313% – 0% – –
Sarah Legg2 0% 267% - – – – – – – – – – – – –
Paco Ybarra
2,3
0% 864% - – – – – – – – – – – – –
All staff
5
5%
6
12%
6
3%
7
5%
6
16%
6
22%
7
6%
6
4%
6
-47%
7
6%
6
4%
6
18%
7
3%
6
15%
6
84%
7
1 Benefits include private medical insurance, life insurance, Group income protection, fund fee rebates and excludes pension for executive directors and includes travel and associated
expenses for non-executive directors. The percentage change in benefits for the non-executive directors should be read in conjunction with the data showing actual taxable benefits in
table R9 (page 110) and for the purposes of showing the percentage change benefits are not annualised. For Robyn Grew, the percentage change in benefits for 2024 has been re-stated to
reflect the actual amount due in respect of tax equalisation payments.
2 Dixit Joshi and Sarah Legg were both appointed to the Board on 10 May 2024 and Paco Ybarra was appointed to the Board on 6 September 2024. Their fees have been annualised for the
purposes of the percentage change in 2025.
3 The increase in taxable benefits for Dixit Joshi and Paco Ybarra relates to an increase in the cost of their travel, following their respective relocations in 2025. The value of their benefits
is disclosed in table R9.
4 The increase in taxable benefits for Ceci Kurzman is primarily due to the expiry of a statutory tax exemption previously available on Ceci’s travel expenses.
5 Figures are calculated on an annualised full-time-equivalent (FTE) basis (excluding directors).
6 Represents the average increase in salary and taxable benefits in underlying currency in which each member of staff is paid.
7 For staff, bonus includes both variable cash compensation and deferred awards relating to the current year.
3.7 CEO pay ratio
The table below compares the 2025 single total figure of remuneration for Robyn Grew as shown in table R1 with that of Man Group’s UK
employees who are paid at the 25th percentile (lower quartile), 50th percentile (median) and 75th percentile (upper quartile).
Table R8
Year Method
25th percentile
pay ratio
50th percentile
pay ratio
75th percentile
pay ratio
2025 A 50:1 33:1 19:1
2024 A 27:1 17:1 10:1
2023 A 100:1 67:1 38:1
2022 A 126:1 76:1 39:1
2021 A 68:1 42:1 23:1
2020 A 29:1 19:1 11:1
2019 A 26:1 17:1 10:1
The ratio has been calculated using Option A methodology, which uses actual employee data. The Committee considered this to be the most
accurate approach. Total full-time equivalent remuneration for people employed for the full 12-month period ending on 31 December 2025 has
been calculated in line with the methodology for the ‘single figure of remuneration‘ for the CEO (Table R1, page 104). Remuneration was
approximately up-rated for part-time employees to reflect full-time equivalent amounts. This data was then ranked to identify the individuals at
the 25th, 50th and 75th percentiles and the salary and total pay and benefits for the three identified quartile point employees are shown in the
table on page 110.
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Governance
All figures in USD 25th percentile 50th percentile 75th percentile
Salary 100,339 132,025 178,234
Total pay and benefits 119,630 184,410 317,031
The Committee reviewed the CEO ratios when compared with previous years. The pay ratios for 2025 are higher than the ratios for 2024. They
considered that this movement was largely explained by the CEO’s total remuneration including her first vested LTIP award. Robyn Grew received
her first LTIP award in 2023 which will vest in September 2026 (but it is recorded as compensation relating to 2025). In addition, the CEO bonus
was higher than the previous year. The pay ratios have fluctuated over time based on performance and therefore there is no discernible trend in
the ratios over this period.
The Committee notes that the pay ratios for 2025 reflect the nature of the CEO’s package being more heavily weighted towards variable pay
compared to the wider workforce. As a result, the pay ratios are likely to be driven largely by the CEO’s incentive outcomes and may therefore
fluctuate significantly on a year-to-year basis. Furthermore, the Committee is satisfied that the pay ratios are consistent with Man Group’s
remuneration framework and that they drive the behaviours consistent with the Group’s remuneration policies.
3.8 Retirement benefits
Robyn Grew and Antoine Forterre are not eligible for any defined benefits under the Man Group plc Pension Plan.
3.9 Single total figure of remuneration for non-executive directors
The table below sets out a single figure for the total remuneration received by each non-executive director for the year ended 31 December 2025
and the prior year.
Single total figure of remuneration for non-executive directors (audited) – Table R9
All figures in GBP
Fees Taxable benefits¹ Total
2025 2024 2025 2024 2025 2024
Anne Wade 385,000 385,000 57,432 52,144 442,432 437,144
Lucinda Bell 125,000 121,526 2,094 2,677 127,094 124,203
Richard Berliand 130,000 130,000 1,258 7,978 131,258 137,978
Laurie Fitch 125,000 125,000 16,564 20,402 141,564 145,402
Dixit Joshi2 95,000 61,263 37,491 1,904 132,491 63,167
Ceci Kurzman 97,500 97,500 87,834 10,051 185,334 107,551
Sarah Legg2 95,000 61,263 10,237 2,788 105,237 64,051
Paco Ybarra3 80,000 25,231 10,766 1,117 90,766 26,348
1 Taxable benefits comprise travel and associated expenses and excludes national insurance contributions.
2 Dixit Joshi and Sarah Legg were appointed to the Board on 10 May 2024. Their remuneration for 2024 has been pro-rated accordingly.
3 Paco Ybarra was appointed to the Board on 6 September 2024. His remuneration for 2024 has been pro-rated accordingly.
3.10 Payments for Luke Ellis (former executive director) (audited)
Luke Ellis stepped down from the Board on 31 August 2023. As a retiree, he retained his right to his 2023 LTIP award on a time pro-rated basis.
Based on a vesting outcome of 51.6%, 284,882 shares are expected to vest in March 2026. The estimated value of this award is $792,708 based
on a three-month average share price to 31 December 2025 of £2.065 and year-end exchange rate of £1 = $1.3475. The award is subject to the
same performance conditions and vesting outcomes as disclosed in tables R3 and R4.
Other than in respect of the above, no other payments to past directors or for loss of office were made during the year.
3.11 Directors’ interests
Directors’ interests in shares of Man Group plc (audited) – Table R10
Number of
ordinary shares
31 December
2025
1,2
Number of
ordinary shares
31 December
2024
1
Executive directors
Robyn Grew 1,889,880 1,663,642
Antoine Forterre 888,328 718,999
Non-executive directors
Anne Wade 68,000 56,000
Lucinda Bell – –
Richard Berliand 75,000 75,000
Laurie Fitch 86,434 7,390
Dixit Joshi 91,321 38,923
Ceci Kurzman – –
Sarah Legg 12,108 12,108
Paco Ybarra – –
1 All of the above interests are beneficial.
2 There has been no change in the directors’ interests in the ordinary shares of Man Group plc from 31 December 2025 up to 25 February 2026, being the latest practicable date prior
to the publication of this report.
3. Remuneration outcomes in 2025 continued
Directors’ Remuneration report continued
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Strategic report | Governance | Financial statements | Shareholder information
Executive directors’ shareholdings measured against their respective shareholding requirement as at
31 December 2025 (audited) – Table R11
Shares owned
outright
Shares no longer
subject to
performance
conditions1
Total
shareholding2
Value of
shareholding3
(USD)
Annual salary
(USD)
Shareholding
requirement
as a % of
salary
Current
shareholding
as a % of
salary
Requirement
met?
Executive directors
Robyn Grew 1,889,880 954,210 2,844,090 8,768,557 1,130,000 300% 776% Yes
Antoine Forterre 888,328 558,441 1,446,769 4,460,506 705,000 200% 633% Yes
1 Vested LTIP shares and unvested deferred shares are shown on a net of tax basis. Details of unvested awards can be found in tables R13 and R14 (pages 111 and 112 respectively).
2 Shares that count towards achievement of the shareholding requirement are limited to: (i) shares owned outright; (ii) unvested deferred shares granted under the Deferred Share Plan
(DSP); and (iii) vested LTIP shares which are no longer subject to performance conditions which will be delivered at the end of the two-year holding period.
3 Shareholdings for Robyn Grew and Antoine Forterre are valued as at 31 December 2025 at a share price of £2.288 and a GBP/USD exchange rate of £1 = $1.3475.
4 The directors have no interests in share options which have vested but remain unexercised.
3.12 Directors’ interests in shares and options under Man Group long-term incentive plans
Scheme interests to be awarded under the Man Group plc Long-Term Incentive Plan (LTIP)¹ – Table R12
Award
(% of salary)
Award value2
(USD)
Vesting
date
End of holding
period date
Executive directors
Robyn Grew 300% 3,492,000 Mar-29 Mar-31
Antoine Forterre 300% 2,199,000 Mar-29 Mar-31
1 Awards under the LTIP will be made in March 2026 for the three-year performance period commencing on 1 January 2026 and ending on 31 December 2028; the proportion of the award
which vests will be determined based on the measures, weightings and target ranges set out in table R19 (page 113). 0% of the award will vest at threshold with straight-line vesting
between threshold and target and target and maximum performance. 100% of the award will vest for maximum performance.
2 The face value of the awards represents 300% of salary. The monetary value of these awards will be converted into a number of shares using the USD/GBP exchange rate and the market
value on the immediately preceding dealing day to grant. The awards will be granted as conditional awards of shares and will vest, to the extent the performance conditions have been
achieved, three years later and will then be subject to a further two-year holding period, under the LTIP rules, following which shares will be delivered. These awards attract dividend
accruals from grant date to the end of the two-year holding period for vested shares.
Conditional share awards under the Long-Term Incentive Plan (LTIP) – subject to performance conditions
and holding period (audited) – Table R13
Date of grant
1 January
2025
Granted
during the
year1
Lapsed during
the year
Dividends
accruing2
31 December
2025
Vesting
date3
End of
holding
period4
Executive directors
Robyn Grew Sep-23 1,329,968 – – 111,003 1,440,971 Sep-26 Sep-28
Mar-24 1,088,883 – – 90,881 1,179,764 Mar-27 Mar-29
Mar-25 – 1,213,457 – 101,278 1,314,735 Mar-28 Mar-30
Antoine Forterre Mar-22 857,435 – 166,342
5
57,680 748,773 Mar-25 Mar-27
Mar-23 641,876 – – 53,572 695,448 Mar-26 Mar-28
Mar-24 673,127 – – 56,181 729,308 Mar-27 Mar-29
Mar-25 – 777,715 – 64,910 842,625 Mar-28 Mar-30
1 Awards under the 2025 LTIP were granted in March for the three-year performance period commencing on 1 January 2025 and ending on 31 December 2027. The monetary value of these
awards was $3,300,000 for Robyn Grew and $2,115,000 for Antoine Forterre, each representing 300% of base salary converted into a number of shares using the GBP/USD exchange rates
of £1 = $1.2950 and a share price of £2.10, being the market value on the immediately preceding dealing day to grant. The awards have been granted as conditional awards of shares and will
vest, to the extent the performance conditions have been achieved, three years later and will then be subject to a further two-year holding period, under the LTIP rules. These awards
attract dividend accruals from grant date to the end of the two-year holding period for vested shares. The performance metrics and targets for the 2025 LTIP are disclosed in the 2024
Directors’ Remuneration report.
2 On 11 April 2025, dividend accruals of 200,759 and 153,861 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a sterling dividend of 8.69 pence.
On 8 August 2025, dividend accruals of 102,403 and 78,482 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a sterling dividend of 4.23 pence.
3 Awards vest at 0% at threshold, 50% at target and 100% at maximum, with straight-line vesting between these points.
4 Vested shares are delivered to participants at the end of a two-year holding period.
5 This figure comprises shares that lapsed during the year due to performance metric outcomes not being achieved. For further information on the performance metric outcomes of the
2022 LTIP, please refer to the 2024 Directors’ Remuneration Report.
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Governance
Nil-cost options granted under the Man Group Deferred Share Plans – subject only to service conditions
(audited) – Table R14
Date of grant
1 January
2025
Granted
during the
year
Exercised/
vested during
the year
Lapsed during
the year
Dividends
accruing11
31 December
2025
Exercised/
vested date
Executive directors
Robyn Grew1 Deferred Share Plan (DSP)
Mar-22 266,755 – 266,755 – – – Mar-25
Mar-232 981,463 – – – 81,916 1,063,379 –
Mar-233 163,572 – 81,786 - 6,825 88,611 Mar-25
Mar-244 532,790 – 177,595 – 29,642 384,837 Mar-25
Mar-255 – 243,268 – – 20,301 263,569 –
Antoine Forterre Deferred Share Plan (DSP)
Mar-226 168,653 – 168,653 – – – Mar-25
Mar-237 208,720 – 113,070
8
– 17,420 113,070 Mar-25
Mar-249 115,185 – 38,395 – 6,408 83,198 Mar-25
Mar-2510 – 100,255 – – 8,367 108,622 –
1 Robyn Grew was appointed to the Board on 1 September 2023. The DSP awards granted in March 2023, along with a portion of her March 2024 award, relate to her employment before
she was a director. Options granted under the DSP to Robyn Grew are delivered automatically upon vesting due to US tax rules.
2 Award vests in a single instalment in March 2028 with shares delivered automatically upon vesting.
3 Remaining award vests in March 2026 with shares delivered automatically upon vesting.
4 Remaining award vests in two equal instalments in March 2026 and March 2027 with shares automatically delivered upon vesting.
5 Awards vest in equal instalments in March 2026, March 2027 and March 2028 with shares automatically delivered upon vesting.
6 A portion of the award is attributable to the period prior to Antoine Forterre’s appointment as an executive director.
7 Remaining award vests in March 2026. Options may not be exercised for at least six months following vesting.
8 Award vested in March 2025 and was exercised in September 2025.
9 Remaining award vests in two equal instalments in March 2026 and March 2027. Options are exercisable from the vesting date.
10 Award vests in three equal instalments in March 2026, March 2027 and March 2028. Options are exercisable from the vesting date.
11 On 11 April 2025, dividend accruals of 91,839 and 21,321 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a sterling dividend of 8.69 pence.
On 8 August 2025, dividend accruals of 46,845 and 10,874 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a sterling dividend of 4.23 pence.
Options granted under the Man Group Sharesave Scheme (audited) – Table R15
Number of options
Date of grant
1 January
2025
Granted
during the
year
Exercised
during the
period
Lapsed
during the
year
31 December
2025 Option price
Earliest
exercise date
Latest
exercise date
Executive directors
Antoine Forterre Sep-22 14,925 – – 14,925 – 201.0p – –
Sep-25 – 23,270 – – 23,270 133.0p Oct-30 Mar-31
3.13 Shareholder voting and engagement
At the AGM held on 9 May 2025, votes cast by proxy and at the meeting in respect of directors’ remuneration were as follows:
Table R16
Resolution Votes for % for Votes against % against Total votes cast
Votes withheld
(abstentions)
Approve the Directors’ Remuneration Policy 839,097,640 91.33 79,641,456 8.67 918,739,096 313,854
Approve the annual report on remuneration 839,039,019 94.86 45,492,679 5.14 884,531,698 34,521,252
3. Remuneration outcomes in 2025 continued
Directors’ Remuneration report continued
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
4.1 Base salary
Salaries are reviewed annually taking into account market benchmarks for executives of comparable status, responsibility and skill.
Base salary of executive directors – Table R17
Base salary at Robyn Grew Antoine Forterre
1 January 2025 $1,130,000 $705,000
1 January 2026 $1,164,000 $733,000
4.2 Annual bonus for 2026
The maximum bonus opportunity for 2026 for the executive directors will remain unchanged at 300% of salary. The following table shows the
performance metrics and weightings for the annual bonus in 2026. The Committee considers that the disclosure of detailed performance targets
in advance for 2026 would be commercially sensitive and they are not, therefore, disclosed here but will be disclosed retrospectively in the 2026
Directors’ Remuneration report.
Table R18
Metrics Weighting %
Relative net flows, growth % 30%
Core management fee EPS 20%
Core total EPS 20%
Strategic and personal and ESG objectives 30%
Total 100%
4.3 Long-Term Incentive Plan for 2026
The 2026 LTIP awards will be granted to executive directors at 300% of salary. The threshold to maximum ranges for the Man Group plc LTIP are
set out in the table below. Awards vest at 0% at threshold, 50% at target and 100% at maximum, with straight-line vesting between these points.
Vested awards are subject to a two-year holding period.
Table R19
Metrics
Threshold
(0%)
Target
(50%)
Maximum
(100%) Weighting %
Relative investment performance 0% 3% 6% 20%
Relative TSR vs FTSE 250 (excluding investment trusts, funds and REITs) Median
Mid-point
between median
and upper quartile
Upper
quartile 20%
3-year cumulative core management fee EPS, cents 61.0¢ 69.3¢ 77.0¢ 10%
3-year cumulative core EPS, cents 81.0¢ 104.3¢ 127.0¢ 30%
Relative cumulative relative net flows 0% 9% 18% 10%
ESG scorecard1 10%
Total 100%
1 The ESG scorecard metric includes two equally weighted objectives: to increase the number of women in senior positions (threshold 34%, target 35% and maximum 36%) and to reduce
Scope 1 to 3 emissions per FTE (cumulative emissions from 1 January 2026 to 31 December 2028: threshold 8.9 MTCO2e, target 8.1 MTCO2e and maximum 7.3 MTCO2e.
4.4 Non-executive directors’ Remuneration Policy for 2026
There are no planned increases to the Chair or non-executive director fees in 2026.
Non-executive directors’ fees for 2026 – Table R20
Position (all figures in GBP) 2026 2025 % change
Chair of the Board1 385,000 385,000 –
Board fee2 80,000 80,000 –
Senior Independent Director 25,000 25,000 –
Audit and Risk Committee Chair 35,000 35,000 –
Other Audit and Risk Committee members 15,000 15,000 –
Workforce engagement NED 7,500 7,500 –
Remuneration Committee Chair 30,000 30,000 –
Other Remuneration Committee members 10,000 10,000 –
1 The Chair does not receive Board or Committee membership fees.
2 Includes Nomination and Governance Committee membership.
4. Implementation of Directors’ Remuneration Policy for 2026
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Governance
Directors’ Remuneration report continued
4. Implementation of Directors’ Remuneration Policy for 2026 continued
4.5 Illustrative pay for performance scenarios
The chart below provides an illustration of some of the potential reward opportunities for executive directors in respect of the operation
ofthePolicyin2026showingthepotentialsplitbetweenthedifferentelementsofremunerationunderdifferentperformancescenarios:
‘minimum’, ‘mid-point’, ‘maximum’ and ‘maximum with 50% share price appreciation’.
Illustrative pay performance scenarios ($’000)
Minimum
Mid-point
Maximum
Maximum with 50%
share price appreciation
$10,153
$1,423
$4,915
$8,407
100%
28%
16%
13%
36% 36%
42%
35%
42%
17%35%
Minimum
Mid-point
Maximum
Maximum with 50%
share price appreciation
Robyn Grew
CEO
$6,360
$863
$3,062
$5,261
100%
28%
16%
13%
36% 36%
42%
35%
42%
17%35%
Antoine Forterre
CFO
Salary, pension and benefits
Annual bonus
LTIP
Assumptions used:
the ‘minimum’ scenario reflects 2026 base salary, pension (14% of salary) and benefits as disclosed in the single figure of total remuneration
(i.e. fixed remuneration) which are the only elements of the executive directors’ remuneration packages not linked to performance during the
year under review;
the ‘mid-point’ scenario reflects fixed remuneration as above, plus a target payout of 50% of the maximum annual bonus and 50% vesting
for the LTIP;
the ‘maximum’ scenario reflects fixed remuneration as above, plus full payout of both the annual bonus and LTIP;
the ‘minimum’, ‘mid-point’ and ‘maximum’ illustrations are based on initial award value and do not, therefore, reflect potential share price
appreciation or any dividend equivalent received over the vesting/deferral periods;
the ‘maximum with 50% share price appreciation’ shows the impact of a 50% increase in the value of shares across the vesting period for
theLTIPawards;itdoesnotreflectanypotentialdividendsreceivedoverthevestingperiod;and
annual bonus includes both the cash bonus and the amount of the bonus deferred.
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Strategic report | Governance | Financial statements | Shareholder information
5. Remuneration Committee
Decision-making process
The Committee’s decision-making process
takes account of legislation, regulation,
corporate governance standards, guidance
issued by regulators, shareholders and
shareholder representative bodies. As
covered in section 5.3, the Committee has
independent external advisers and reviews
their objectivity and independence annually.
To avoid conflicts of interest, no Committee
member or attendee is present when
matters relating to his or her own
remuneration are discussed. Full terms of
reference for the Committee, which are
reviewed on an annual basis and submitted
to the Board for approval, are available on the
Company’s website: www.man.com/
corporate-governance.
Membership and attendance
5.1 Operation of the Remuneration Committee
Roles and responsibilities
The Committee’s principal responsibilities
are to:
determine the Company’s remuneration
philosophy and the principles and
structure of its Policy, ensuring that these
support and promote the long-term
sustainable success of the Company and
are in line with the Company’s purpose
and values, business strategy, objectives,
risk appetite and long-term interests and
comply with all regulatory requirements
and promote long-term shareholder and
other stakeholder interests;
recommend to the Board the Policy for
the executive directors, for approval by
shareholders, and make remuneration
decisions within that approved Policy;
approve the total annual compensation
for individual executive directors based
on their achievement against objectives
set by the Committee and Board at the
start of the year for the short-term annual
bonus and at the start of the relevant
performance period for the LTIP;
recommend to the Board the
remuneration of the Board Chair
for approval;
approve the total annual compensation
for Executive Committee members, the
Company Secretary and Remuneration
Code staff;
review and consider shareholder and
proxy voting agencies feedback on
remuneration matters and agree the
approach to ongoing engagement;
review workforce remuneration below the
Board and Executive Committee level and
related policies and ensure the alignment
of incentives and rewards with the firm’s
culture; and
review and approve terms of deferred
bonus plans, executive incentive plans
and the application of malus and
clawback provisions.
The Committee met six times during 2025
with attendance by members as indicated on
page 69. In addition to the meetings, certain
urgent proposals relating to the retention of
awards by good leavers and remuneration
arrangements for certain individuals were
circulated and agreed by email between
meetings.
Committee meetings are regularly attended
by the CEO and, where appropriate, by the
CFO and COO at the invitation of the Chair.
The Committee is supported by the Senior
Reward Executive, who routinely attends
meetings. Members of the Legal,
Compliance, People, Finance and Executive
Incentive Plans teams attend meetings when
required to provide information and advice
on remuneration, regulatory and executive
incentive plan matters. The Company
Secretary acts as Secretary to the
Committee. No attendee plays any part in
determiningtheirownremuneration.
At the end of each meeting there is an
opportunity for private discussion between
Committee members without the presence
ofexecutivedirectorsandmanagement
ifrequired.
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Governance
5.2 Malus and clawback
5.3 Independent advisers
Following a formal tender process in
July 2017, the Committee appointed
PricewaterhouseCoopers (PwC) to provide
itwithadviceonarangeofremuneration
matters including the benchmarking of
directors’ compensation in the asset
management sector, trends in market
practice and regulatory disclosures. PwC
also provide professional services in the
ordinary course of business including tax
and related advisory work to parts of
Man Group. There are processes in place
to ensure the advice received by the
Committee is independent of any support
provided to management. The Committee
is satisfied on this basis that PwC are able
to serve as an objective and independent
remuneration adviser. The total fees paid
to PwC in relation to 2025 were £125,000
(excluding VAT). The fees paid comprise a
fixed fee element and in addition, out of
scope work which is charged on a time
spent basis.
The Committee also received legal advice
from Herbert Smith Freehills Kramer LLP on
compliance with legislation and regulations
relating to remuneration matters.
The Committee maintains robust malus and
clawback provisions applicable to all variable
remuneration awarded to executive directors
under both the Annual Bonus Plan and the
Long-Term Incentive Plan. These provisions
are embedded in executive directors’ service
contracts, the rules of the relevant incentive
plans, and the terms of individual awards.
Circumstances for application
The Committee may apply malus and/or
clawback to variable pay in certain specified
circumstances including: (i) where the
director fails to meet the required standards
of fitness and propriety, (ii) fraud or
misconduct, (iii) material misstatement of
financial results affecting the assessment of
a performance condition, or (iv) where there
has been an error or inaccuracy relating to
the determination of variable pay. In addition,
it can apply malus if the director participates
in, or was responsible or accountable for,
(i) a material error, (ii) a material downturn in
financial performance, (iii) a material failure
of risk management, (iv) censure by any
regulatory authority or, (v) a significant
detrimental impact on the Company’s
reputation.
Period of application
Malus applies until the end of the vesting
period with clawback applying until the
end of any applicable retention period.
The Committee considers this to be an
appropriate timeframe having regard to
investor expectations and the nature of
the Company’s business.
Application during the year
The Committee did not apply malus or
clawback provisions in respect of any
executive director remuneration during the
financial year ended 31 December 2025.
5.4 Committee activities during 2025 and the early part of 2026
The summary below sets out the main issues considered and decisions made by the Committee in the period following the publication of the
2024 Directors’ Remuneration report up to the current date.
Chair’s fee
Reviewed the fee levels of the Chair in the context of benchmarking of similar roles in broadly equivalent-sized
companies in the financial services sector, the FTSE 350, the demands of the role and the broader compensation
environment and recommended to the Board that this should remain unchanged for 2026.
Executive
director
compensation
Established the threshold, target and maximum ranges to be achieved for the financial metrics and recommended
to the Board for approval the objectives to be delivered under the non-financial component of the annual bonus.
Assessed the 2025 performance, against the financial and non-financial metrics of the annual bonus, of the CEO and
CFO and COO, and concluded that no discretionary intervention was required to adjust the formulaic outcome; approved
the total cash sum payable and the amount to be deferred.
Reviewed and approved salary increases for the executive directors.
Reviewed the level of achievement of each executive director in respect of their shareholding requirement and
consequently determined that the option to defer up to 50% of the bonus deferral amount into funds could be offered.
Reviewed the benchmarking data for the CEO and CFO and COO, and considered potential options for the Policy in the
context of the competitive positioning and their performance. See pages 95 and 118 for further details.
Reviewed the available benchmarking for the CEO role in the context of the new Global Listed Peer Group and other
available data relating to private firms and considered potential options for the Directors’ Remuneration Policy. The
Committee subsequently decided not to proceed with any changes to the Directors’ Remuneration Policy. See page 95
for more details regarding the Directors’ Remuneration Policy decision.
Shareholder
engagement
and reporting
Reviewed shareholder voting and feedback on the 2025 AGM resolutions for the 2024 DRR and Directors’ Remuneration
Policy, noting the substantial level of support.
Reviewed the 2025 DRR taking account of best practice recommendations and institutional shareholder guidelines.
5. Remuneration Committee continued
Directors’ Remuneration report continued
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5.4 Committee activities during 2025 and the early part of 2026
Compensation
below Board
level
Reviewed, challenged and approved the 2025 bonus pool proposed by management in relation to the Company’s
performance for the year.
Approved bonus deferral policies for different groups of staff.
Approved total compensation proposals for Executive Committee members, taking account of the CEO’s appraisal
of their individual performance for 2025 and their adherence to the Company’s business values.
Approved the total compensation for individuals identified as Remuneration Code staff.
Approved the total compensation for the Company Secretary.
Retained oversight of the total compensation for staff earning over $1 million, taking account of the CEO’s appraisal of
their performance for 2025 and reports from the Risk and Compliance functions on any related risk issues arising during
the year.
Reviewed the approach to wider workforce compensation, including by reference to gender and ethnicity metrics and
output of the benchmarking exercise.
Reviewed the ratio of CEO pay to the lower quartile, median and upper quartile remuneration paid to UK employees
(see pages 109 to 110).
Approved compensation arrangements as part of the acquisition of Bardin Hill.
Financial
regulation and
governance
Reviewed ongoing regulatory developments on remuneration and their implications for the Company’s business.
Reviewed the Company’s Financial Conduct Authority Remuneration Policy Statement and the Company’s
Remuneration Policy as required by FCA regulations.
Approved the list of Remuneration Code staff for 2025 as required by MIFIDPRU, AIFMD and UCITS Remuneration Codes.
5.5 2025 Committee performance review
Committee members provided their
feedback on the operation and effectiveness
of the Committee during 2025. The topics
covered included progress on the priorities
for 2025 and the conduct and outcomes of
specific areas of Committee activity and
focus during the year, including the support
and advice available to the Committee.
Feedback from the performance review
indicated that the Committee continued to
be effective and well chaired. In the
feedback, the Committee also acknowledged
the quality of the advice provided by its
advisers and the papers delivered by
management, which allowed the Committee
to engage in thorough debate and supported
informed decision-making.
The following key areas of focus were agreed for 2026:
Deliver the 2025 DRR.
Review competitiveness of executive
directors’ remuneration packages
and consider appropriate changes to
the Directors’ Remuneration Policy
(where required).
Review of the forward planner and
consider the timing of certain agenda
items throughout the year.
Continue to build the Committee’s
understanding and consideration
ofcompensationbelowtheBoard
andbuildontheanalysisofworkforce
remuneration by reference to gender
andotherdiversitymetrics.
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118
Governance
5.6 Benchmarking and peer groups
Benchmarking is one of several factors
considered by the Committee in its
deliberations on remuneration as it is
important that the Committee understands
the level of remuneration paid by Man Group’s
competitors for similar positions and which
they may be offering in the marketplace.
During the year, the Committee undertook
a comprehensive review of Man Group’s peer
group to ensure it remained appropriate for
benchmarking purposes and reflective of the
markets in which the Company competes for
talent and capital. The Committee engaged
PwC to identify potential peers based on
several criteria including, market
capitalisation, business mix, geographic
footprint, and AUM. The Committee
evaluated each potential peer against these
defined criteria and the degree to which
Man Group competes with them for senior
investment and operational talent. Following
detailed discussion across two Committee
meetings, the Committee approved a revised
global peer group comprising 19 companies,
balanced between UK, US/Canadian and
European domiciled businesses, which the
Committee believes provides a more robust
and relevant framework for assessing the
competitiveness of Man Group’s
remuneration practices whilst recognising
the unique characteristics of the liquid
alternative investment industry in which the
Company operates.
There are also a large number of businesses
in the industry which are privately owned
and systematic remuneration information
is not publicly available. Man Group does
compete for talent against these businesses
and staff do move between Man Group and
these private companies and so, as part of
the understanding of the broader business
context the Committee will continue to
review available information on privately
owned peers as well as the direct information
about remuneration in those privately held
companies that Man Group has acquired.
UK Europe US/Canada
Aberdeen Anima Holding Affiliated Managers Group Janus Henderson
Bridgepoint DWS AllianceBernstein SEI Investments
ICG Vontobel Artisan Partners Victory Capital Management
Jupiter Federated Hermes Virtus Investment Partners
M&G Fiera Capital
Ninety-One
Schroders
Unless otherwise stated, all information in the DRR is unaudited. As the Company is Jersey-incorporated, it is not subject to the provisions
of the UK Companies Act 2006 and therefore information on the directors’ remuneration in the DRR is included on a voluntary basis.
The disclosures are prepared in line with the provisions of the UK Companies Act 2006 and the Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008.
The information in the DRR should be read in conjunction with Man Group’s APMs, outlined on pages 173 to 180.
For and on behalf of the Board
Laurie Fitch
Chair of the Remuneration Committee
25 February 2026
5. Remuneration Committee continued
Directors’ Remuneration report continued
Directors’ report
The Directors present their report,
together with the audited consolidated
financial statements, for the year
ended 31 December 2025.
Man Group plc is incorporated as a public company limited by shares
and is registered in Jersey
The Company’s registered office is 22 Grenville Street, St Helier, Jersey
JE4 8PX. The Company is subject to Companies (Jersey) Law 1991
(Jersey law), however the following report also includes certain
disclosures required for a UK incorporated company under the
UK Companies Act 2006 in the interests of good governance.
The Directors’ report comprises pages 119 and 120 and the other
sections and pages of the Annual Report and financial statements
cross-referenced below which are incorporated by reference. The
Corporate Governance statement comprises pages 66 to 121. In line
with common practice, certain disclosures normally included in the
Directors’ report have instead been integrated into the Strategic report
(pages 2 to 65) and the financial statements:
Disclosure Location Page(s)
Business relationships, stakeholders
and their effect on decisions
Strategic report
Governance report
10-11
76-77
Directors’ responsibility statement
and statement of disclosure to auditor
Directors’ responsibility
statement
121
Directors’ share interests Directors’ Remuneration
report
110
Employment policies including
disability and equal opportunities,
and employee engagement
Strategic report
Governance report
40-45,
64-65
76
Financial risk management Note 25 164-165
Financial instruments Note 24 162-163
Future developments in the business Strategic report 14-15
Going concern disclosure Note 2 137
Greenhouse gas emissions, energy
consumption and energy efficiency
Strategic report 51-54
Internal control and risk management Strategic report 30-37
Research and development activities Strategic report 14-19
Purchase of own shares Note 21 160
Subsidiary undertakings listing Note 31 169-171
Listing Rule 6.6.1R disclosure
The Employee Trust waived its rights to receive dividends on shares
held by them. Information regarding long-term incentive schemes is
contained within the Directors’ Remuneration report on pages 94 to
118. There are no further disclosures relevant to Listing Rule 6.6.1R.
Directors
Details of the directors, with their biographies, can be found on pages
70 to 71. There were no changes to the directors of the Company
during 2025. Richard Berliand, who has served as a non-executive
director of the Company since January 2016, will step down from the
Board on 28 February 2026. Ceci Kurzman, who has served as a
non-executive director of the Company since February 2020, will be
retiring from the Board at the conclusion of the 2026 AGM on 7 May
2026. Colin Bell will join the Board with effect from 1 March 2026.
The Board is responsible for the management of the business of the
Company and may exercise all the powers of the Company subject to the
provisions of relevant statutes and the Company’s Articles of Association
(the Articles). A copy of the Articles is available on the Company’s website
and by request from the registered office of the Company. The Articles
may be amended by a special resolution of the shareholders.
Appointment, retirement and replacement
of directors
The appointment, retirement and replacement of directors are
governed by the Articles, the 2024 UK Corporate Governance Code
and Jersey law. Under the Articles, the Board has the power to appoint
further directors during the year, but any director so appointed must
stand for reappointment at the next Annual General Meeting (AGM).
In accordance with the Articles, one-third of the Board must retire by
rotation at each AGM and may stand for reappointment. In practice, and
in accordance with the 2024 UK Corporate Governance Code, all Board
members retire and offer themselves for reappointment at each AGM.
The Articles give each director the power to appoint any person to be
their alternate, such appointment being subject to Board approval where
the proposed alternate is not an existing director of the Company.
Directors’ indemnities and insurance cover
The Company has maintained third-party indemnity provisions for the
benefit of the directors of Man Group plc and its subsidiaries, and these
remain in force at the date of this report. New indemnities are granted by
the relevant company to new directors on their appointment and cover,
to the extent permitted by the UK Companies Act 2006 and any local
jurisdictional requirements, any third-party liabilities which they may
incur as a result of their service on a Board within the Group. The
Company arranges directors’ and officers’ liability insurance to cover
certain liabilities and defence costs which an indemnity does not meet.
The Company arranges separate pension trustee liability insurance
to cover certain liabilities and defence costs of the pension trustees.
Neither the indemnity nor the insurance policies provide any protection
in the event of a director or trustee being found to have acted
fraudulently or dishonestly in respect of the Company or its subsidiaries.
Annual General Meeting (AGM)
At the 2025 AGM the Board notes that 76.02% of shareholders voted
for and 23.98% voted against Resolution 20 which related to the
disapplication of pre-emption rights in connection with the issue
of shares for the purpose of an acquisition or specified capital
investment. The Resolution is in line with the Investment Association’s
Share Capital Management Guidelines and the Pre-Emption Group’s
Statement of Principles.
Although the Company has sought, and received approval of,
the same authority in previous years, we understand that some of
the shareholders that did not support this Resolution may prefer to
have the opportunity to vote on specific proposals for a transaction
requiring this level of non-pre-emptive issue. We have continued our
dialogue with these shareholders and take their views into account
when considering our future plans.
The 2026 AGM of Man Group plc will be held at Riverbank House,
2 Swan Lane, London EC4R 3AD on Thursday 7 May 2026 at 4.00pm.
Shares
The issued share capital as at 25 February 2026 consisted of
1,229,361,229 ordinary shares of 3
3/7
US cents per share. Details of
movements in issued share capital in the year to 31 December 2025,
together with the rights and obligations attaching to the Company’s
shares, are set out in Note 21 to the financial statements and in the
Company’s Articles.
Authority to purchase own shares
At the 2025 AGM, the Company was authorised by its shareholders to
purchase up to a maximum of 118,997,191 of its ordinary shares. Details
of shares purchased under this authority by the Company during the
year are detailed in Note 21 to the financial statements.
Man Group plc | Annual Report 2025
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Strategic report | Governance | Financial statements | Shareholder information
Substantial interests
The Company has been notified of the following voting rights in the
ordinary share capital of the Company in accordance with DTR 5 of the
FCA’s Disclosure Guidance and Transparency Rules (DTRs), showing
the position as at 31 December 2025 and reflecting any subsequent
notifications received up to and including 25 February 2026. As a
non-UK incorporated issuer, a substantial interest is deemed to be
5% or greater. Percentages are shown as notified, calculated with
reference to the Company’s latest total voting rights announcement
prior to the date of the movement triggering the notification.
It should be noted that these holdings are likely to have changed since
the Company was notified; however, notification of any change is not
required until the next notifiable threshold is crossed.
Shareholder
Number of voting
rights notified to
the Company
Percentage of
issued share
capital
Date of
notification
BlackRock, Inc.
58,201,734 5.04% 2 Jan 2026
1
58,625,168 5.08% 10 Feb 2026
58,718,134 5.09% 11 Feb 2026
1 The effective date of the interest was 31 December 2025.
Information provided to the Company under the DTRs is publicly
available via the regulatory information service and on the Company’s
website at www.man.com.
Dividend information
The directors recommend a final dividend of 11.5 cents per share in
respect of the year ended 31 December 2025. Payment of this dividend
is subject to approval at the Company’s 2026 AGM.
The Company offers a Dividend Reinvestment Plan (DRIP),
where dividends can be reinvested in further Man Group plc shares.
Further details on the proposed dividend payment, together with the
Company’s capital allocation policy, dividend payment methods and
the DRIP, can be found in the Shareholder information section on
pages 181 to 182.
Restriction on voting rights
Employee Trust and share awards
Man Group operates share incentive arrangements for qualifying staff.
Where vesting conditions are met, awards granted under these
arrangements are settled in Company shares. In order to assist in
hedging Man Group’s exposure to such awards, the Company has
established the Employee Trust, which assumes the Company’s
obligation to deliver shares to employees on vesting. To enable the
Employee Trust to meet these obligations, Man Group provides funds
by way of direct contributions or loans. The Employee Trust has
independent trustees and its assets are held separately from those
of Man Group. However, given its nature as a structured entity under
IFRS, it is consolidated into Man Group’s consolidated financial
statements. For accounting purposes, the shares held by the
Employee Trust are treated as though they were treasury shares.
These shares remain, however, in issue as trust assets. Under the
Employee Trust deed, the trustees have discretion to vote, or abstain
from voting, on resolutions put to shareholders.
Treasury shares
Ordinary shares held by the Company in treasury do not carry voting
rights. If the treasury shares are subsequently sold or transferred for
the purposes of satisfying an employee share scheme as permitted by
the Jersey law, then the shares, at this point, will again carry their full
voting rights. Further details on treasury shares can be found in
Note 21 to the financial statements.
Share transfer restrictions
In accordance with the current Directors’ Remuneration Policy, the
CEO is required to hold shares in Man Group plc representing at least
300% of salary and other executive directors are required to hold
shares in Man Group plc representing at least 200% of salary. Directors
are required to retain their shareholdings in full for two years after
departure from Man Group plc or, where appropriate, in circumstances
where directors have stepped down from the Board but remain with
the Company; this will be at the lower of either their required or actual
shareholding on leaving. Further information can be found in the
Directors’ Remuneration report on pages 94 to 118.
The Board may decline to register a transfer of any share which
is not a fully paid share. In addition, registration of a transfer of an
uncertificated share may be refused in the circumstances set out in
The Companies (Uncertificated Securities) (Jersey) Order 1999 and
where the number of joint holders exceeds four.
Change of control
The Company is not party to any significant agreements that take
effect, alter or terminate upon a change of control following a takeover
bid except for the Company’s $800 million revolving credit facility dated
19 December 2023 which could, under specific circumstances, become
repayable following a relevant change of control. The Company’s
employee share and fund product incentive schemes contain
provisions whereby, upon a change of control of the Company,
outstanding options and awards will vest and become exercisable,
subject to any pro-rating that may be applicable. If a change of control
of the Company relates to an internal reorganisation, the Board may
determine, with the consent of the new controlling company, that in the
case of share awards the outstanding options and awards will not vest
and will be automatically surrendered in consideration for the grant of
new equivalent awards or options in the new controlling company and
that fund product awards will not vest but will continue to subsist.
Independent auditor
The Company’s auditor, Deloitte, has indicated its willingness to
continue in office and a resolution to reappoint Deloitte as auditor
of the Company will be proposed at the 2026 AGM.
Political donations
The Company’s policy is not to make any donations or contributions
to political parties or organisations and no such payments were made
during the year.
Business relationships and conduct
The Board works to foster strong business relationships with its
business partners and suppliers, taking into consideration Man Group’s
impact on its supply chain as part of its annual approval of the Modern
Slavery Transparency Statement. As an asset management company,
it is vital that our workforce acts with a high degree of integrity in
accordance with our published business principles. The Board is
responsible for determining the Company’s values and leading by
example to instil a positive culture throughout the organisation which
reflects a reputation of adhering to high standards of conduct. The
policies and practices set out on pages 64 to 65 support Man Group in
upholding these standards.
Approved by the Directors and signed on behalf of the Board.
Elizabeth Woods
Company Secretary
25 February 2026
Directors’ Report continued
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Governance
Directors’ responsibility statement
The directors are responsible for
preparing the Annual Report and the
financial statements in accordance
with applicable law and regulations.
The Companies (Jersey) Law 1991 requires the directors to prepare
financial statements for each financial year. Under that law the
directors have elected to prepare the financial statements in
accordance with applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the United Kingdom. The financial
statements are required by law to give a true and fair view of the state
of affairs of the Company and of the profit or loss of the Company for
that period.
In preparing the Group financial statements, International Accounting
Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner
that provides relevant, reliable, comparable and understandable
information;
provide additional disclosures when compliance with the specific
requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events
and conditions on the entity’s financial position and financial
performance; and
make an assessment of the Company’s ability to continue as a
going concern.
The directors are responsible for keeping proper accounting records
that disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the financial
statements comply with the Companies (Jersey) Law 1991. They are
also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of
the corporate and financial information included on the Company’s
website. Legislation in Jersey, Channel Islands governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Each of the directors in office as at the date of this report, whose
names and functions are on pages 70 to 71, confirm that, to the best
of each person’s knowledge and belief:
the financial statements, prepared in accordance with the relevant
financial reporting framework, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the
Company and the undertakings included in the consolidation
taken as a whole;
the Strategic report includes a fair review of the development and
performance of the business and the position of the Company and
the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties
that they face;
the Annual Report and the financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Company’s and Group’s
position, performance, business model and strategy; and
there is no relevant audit information of which the Group’s auditor
is unaware, and that they have taken all steps that they ought to
have taken as a director in order to make themselves aware of any
relevant audit information and to establish that Man Group’s
auditor is aware of that information.
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Financial statements contents
Audited information Note
Independent auditor’s report 123
Consolidated income statement 132
Consolidated statement of comprehensive income 132
Consolidated balance sheet 133
Consolidated cash flow statement 134
Consolidated statement of changes in equity 135
Notes to the Group financial statements 136
Basis of preparation 1 136
Going concern 2 137
Judgemental areas and accounting
estimates
3 137
Revenue 4 138
Investments in fund products and
other investments
5 139
Costs 6 142
Finance income and finance expense 7 144
Leases and rental income 8 144
Goodwill and acquired intangibles 9 147
Acquisitions 10 149
Investments in associates 11 150
Tax 12 150
Earnings per share (EPS) 13 152
Pension 14 153
Cash, liquidity and borrowings 15 156
Fee and other receivables 16 157
Leasehold improvements and equipment 17 157
Software intangible assets 18 158
Trade and other payables 19 158
Provisions 20 159
Equity 21 160
Reconciliation of statutory profit to cash
generated from operations
22 161
Dividends 23 161
Financial assets and liabilities 24 162
Financial risk management 25 164
Share-based payment schemes 26 166
Geographical information 27 167
Related party transactions 28 167
Other matters 29 168
Unconsolidated structured entities 30 168
Group investments 31 169
Unaudited information
Five-year record 172
Alternative performance measures 173
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Financial statements
Independent auditor’s report to the members of Man Group plc
Report on the audit of the
financial statements
1. Opinion
In our opinion the financial statements of Man Group plc
(the ‘Company’) and its subsidiaries (together ‘Man Group’):
Give a true and fair view of the state of Man Group’s affairs as at
31 December 2025 and of Man Group’s profit for the year then
ended;
Have been properly prepared in accordance with United Kingdom
adopted international accounting standards; and
Have been properly prepared in accordance with Companies
(Jersey) Law 1991.
We have audited the financial statements which comprise:
The consolidated income statement;
The consolidated statement of comprehensive income;
The consolidated balance sheet;
The consolidated cash flow statement;
The consolidated statement of changes in equity; and
The related notes 1 to 31.
The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom adopted international
accounting standards.
2. Basis for opinion
We conducted our audit in accordance with International Standards on
Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under
those standards are further described in the auditor’s responsibilities
for the audit of the financial statements section of our report.
We are independent of Man Group in accordance with the ethical
requirements that are relevant to our audit of the financial statements
in the UK, including the Financial Reporting Council’s (the ‘FRC’s’)
Ethical Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these
requirements. We confirm that we have not provided any non-audit
services prohibited by the FRC’s Ethical Standard to Man Group.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
3. Summary of our audit approach
Key audit
matter
The key audit matters that we identified in the current
year were:
– Accuracy of performance fees; and
– Valuation of the employment-related payables to
sellers of businesses acquired.
Materiality The materiality that we used for the consolidated
financial statements was $22.5m (2024: $22.5m) which
was determined on the basis of 2% of management and
other fees, which is consistent with the basis of
determination used in the prior year.
Scoping We performed a risk-based assessment across
Man Group to identify relevant components and account
balances, over which audit procedures would be
performed.
These components accounted for 97% (2024: 99%) of
Man Group’s revenue, 98% (2024: 99%) of Man Group’s
profit before tax and 99% (2024: 99%) of Man Group’s
total assets. All other components were subject to
analytical review procedures.
Significant
changes
in our
approach
There were no significant changes in our approach.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of Man Group’s ability to
continue to adopt the going concern basis of accounting included:
Considering the available cash and cash equivalents balance at
year-end of $173m as disclosed in Note 15 and assessing how this
is forecast to fluctuate over the coming 12 months in line with
management’s forecasted performance. This analysis includes
assessing the amount of headroom in the forecasts considering
cash restrictions;
Considering the available revolving credit facility of $800m as
disclosed in Note 15 and assessing the nature and terms of the
financing facilities available to Man Group;
Assessing the impact of downside scenarios considered by
management including whether the potential impacts of climate
change were captured;
Testing of the clerical accuracy and assessing the sophistication
of the model used to prepare the forecasts;
Assessing the reasonableness of the assumptions used in the
forecasts and the historical accuracy of forecasts prepared by
management alongside the historical conversion of accounting
profits to cash in the business, including consideration of current
macroeconomic conditions; and
Assessing the appropriateness of the going concern disclosures by
comparing them to management’s assessment for consistency
and for compliance with the relevant reporting requirements.
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Independent auditor’s report to the members of Man Group plc continued
4. Conclusions relating to going concern continued
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on Man Group’s ability to continue as a going concern for a period of at least 12 months from when the
financial statements are authorised for issue.
In relation to the reporting on how Man Group has applied the UK Corporate Governance Code, we have nothing material to add or draw attention
to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements
of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified.
These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing
the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
5.1 Accuracy of performance fees
Key audit matter
description
At $279m (2024: $308m) performance fee revenue remains a significant balance in the financial statements.
The measurement of performance fee revenue requires the accurate interpretation and implementation of methodologies
as set out in investment management agreements which are often bespoke for each client or fund.
Performance fees are calculated less frequently than management fees, usually once or twice a year based on
crystallisation dates specified in agreements. Performance fee calculations contain a range of inputs (including fee
methodology, fee rates, fee base, crystallisation dates, fund return and relevant benchmarks) and are also manual and are
more complicated than those for management fees, increasing the relative risk of misstatement.
There is a fraud risk associated with the accuracy of performance fee revenue due to this balance’s importance to
stakeholders and link to long term incentives. Given the complexity of the calculations and related risk of misstatement,
accuracy of performance fees is deemed to be a key audit matter.
The accounting policy for performance fees is detailed in Note 4 to the financial statements.
How the scope
of our audit
responded to
the key audit
matter
In response to the risk over the accuracy of performance fees we performed the following audit procedures:
To assess relevant controls:
We obtained an understanding of and tested the relevant controls over the accuracy of performance fees.
We further obtained an understanding of the relevant controls at service organisations.
We placed reliance on controls as part of our audit approach.
We performed the following tests of detail:
We independently agreed a sample of calculation methodologies to investment management agreements and source
documentation, evaluated the calculation methodology and the accuracy of the inputs used, assessed the arithmetic
accuracy of the underlying computation and challenged any judgements when interpreting governing documents.
We assessed the reliability of source information obtained from third-party administrators by reference to the third-
party administrators’ controls reports;
We performed retrospective comparisons of the fee base against audited financial statements for a sample of the funds,
where available; and
For amounts subsequently finalised and invoiced after the year-end, we assessed the amounts invoiced against the
accrued amounts at the year-end.
Key observations Based on our work performed, we concluded that performance fees are reasonable.
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Financial statements
5.2. Valuation of the employment-related payables to sellers of businesses acquired
Key audit matter
description
In 2023, Man Group acquired a controlling interest in Varagon Capital Partners (“Man Direct Lending”). Certain conditional
payments to the sellers remaining in employment following the acquisition are tied to employee service and are therefore
required to be accounted for as cash settled share-based payments under IFRS 2 (see Note 26).
For 2025, this employment expense was $25m (2024: $38m) and the corresponding liability for employment-related
payables to sellers of businesses acquired at 31 December 2025 was $72m (2024: $56m).
The valuation of these amounts involves the selection of an appropriate valuation approach and inputs by management,
including cash flow forecasts, discount rates and exit multiples. These are highly subjective due to the relatively long period
to settlement, the unobservable inputs and the corresponding risks and uncertainties. Accordingly, this has been disclosed
as a key source of estimation uncertainty (see Note 3) and represents a Key Audit Matter.
How the scope
of our audit
responded to the
key audit matter
In response to the risk over the valuation of the employment-related payables to sellers of businesses acquired,
we performed the following audit procedures:
We obtained an understanding of the relevant controls over management’s process for estimating the employment-
related payables to sellers of businesses acquired;
We tested the computational accuracy of management’s calculations;
We engaged our valuation specialists to evaluate the valuation technique applied, and the reasonableness of
management’s discount rates and exit multiple assumptions;
We assessed the FY25 forecast in comparison to FY24 and considered published industry forecasts;
We performed an overall stand-back assessment of management’s valuation assumptions as a whole, including
considering the possibility of management bias; and
We assessed the appropriateness of Man Group’s disclosures and tested the related sensitivity calculations.
Key observations Based on our work performed, we concluded that the IFRS 2 liability and related income statement expense are reasonable,
and that the disclosures are appropriate.
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Group materiality $22.5m
Component performance materiality range $9.5m to $0.1m
Audit & Risk Committee Reporting Threshold $1.1m
Management and other fees Group materiality
Management and
other fees $1,126m
Independent auditor’s report to the members of Man Group plc continued
6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a
reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group
Materiality
$22.5m (2024: $22.5m)
Basis for
determining
materiality
2% of management and other fees (2024: 2% of management and other fees)
Rationale for
the benchmark
applied
We have determined management and other fees to be an appropriate basis for determining materiality as it reflects current
year performance whilst being relatively stable compared with other benchmarks. We excluded performance fees from our
materiality benchmark to avoid the undue fluctuations in materiality that would arise from year-on-year variations in
performance fees, if total revenues or a profit measure were used instead.
Materiality ($m)
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Financial statements
6.2. Performance materiality
We set performance materiality at a level lower than materiality to
reduce the probability that, in aggregate, uncorrected and undetected
misstatements exceed the materiality for the financial statements as a
whole. Group performance materiality was set at 70% of group
materiality for the 2025 audit (2024: 70%).
When considering performance materiality we have considered our
past experience of the audit, and our accumulated understanding of
Man Group and its environment. In particular, we took into account the
reliability of Man Group’s internal controls over financial reporting and
whether we were able to rely on controls for a number of business
processes. We further took into account the low number of corrected
and uncorrected misstatements identified in prior periods and allowed
for a degree of unpredictability of the full year result as at the time of
planning our audit.
6.3. Error reporting threshold
We agreed with the Audit and Risk Committee that we would report to
the Committee all audit differences in excess of $1.1m (2024: $1.1m), as
well as differences below that threshold that, in our view, warranted
reporting on qualitative grounds. We also report to the Audit and Risk
Committee on disclosure matters that we identified when assessing
the overall presentation of the financial statements.
7. An overview of the scope of our audit
7.1. Identification and scoping of components
Man Group operates across ten geographical locations with operations
in Europe, North America, Asia and Australia. We developed our group
audit plan by assessing the qualitative and quantitative risk
characteristics of each significant account balance. We considered the
relative contribution of each component to each account balance and
also took into consideration the requirements for statutory audits of
certain components.
Based on this assessment, we focused our work on 38 (2024: 37)
components across the UK, the US, Switzerland, Channel Islands,
Ireland, Hong Kong and the Cayman Islands, where we performed audit
procedures on one or more account balances. These components
accounted for 97% (2024: 99%) of Man Group’s revenue, 98%
(2024: 99%) of Man Group’s profit before tax and 99% (2024: 99%)
of Man Group’s total assets. All other components were subject to
analytical review procedures.
Books and records for most geographies are maintained by
Man Group’s finance team in London, and accordingly these
components and account balances were all audited by the group audit
team. Local finance teams maintain books and records for the US (New
York and Texas) and Switzerland, but with significant reliance on the
finance function in the UK. Accordingly, the group audit team led the
audit of these components and account balances with assistance from
local audit staff as required. We engaged our local audit team based in
the US (Texas) to assist with the audit of specified account balances
for Man Direct Lending, however, the audit work related to the key audit
matter as described in Section 5.2 above was performed by the group
audit team.
Profit before tax
Audit procedures
performed
98%
Review at group level 2%
Revenue
Audit procedures
performed
97%
Review at group level 3%
Total assets
Audit procedures
performed
99%
Review at group level 1%
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Independent auditor’s report to the members of Man Group plc continued
7.2. Our consideration of the control environment
Where relevant, we followed a combined approach of performing
substantive and controls testing. We took a controls reliance approach
over management and performance fees across the majority of the
business. We also tested relevant controls over distribution costs, fixed
compensation, asset servicing and investment in fund product plans.
Where we placed reliance on service organisation reports specifically
at administrators and transfer agents, we have obtained an
understanding of the controls in the service organisation reports and
tested any complementary controls performed by Man Group.
We tested general IT controls with involvement of IT specialists, over
Man Group’s financial reporting processes and the relevant IT systems
for management fees, performance fees, distribution costs and
compensation. In addition, we tested the manual relevant controls
which complement these where needed.
7.3. Our consideration of climate-related risks
In planning our audit, we considered the potential financial impacts on
Man Group and its financial statements of climate change and the
transition to a low carbon economy. We considered management’s own
assessment of the related risks and opportunities as described on
page 36, together with our cumulative knowledge and experience of
Man Group and the environment in which it operates. We assessed
management’s going concern and viability disclosures, and identified
no significant impact of climate change on those disclosures given the
timeframes of those assessments. We have considered whether
information included in the climate-related disclosures in the Annual
Report is consistent with our understanding and knowledge of the
business and the financial statements. Our knowledge obtained in the
audit is from attending meetings with key management personnel
responsible for climate change at Man Group, reviewing the group’s risk
register, reviewing board packs and meeting minutes and evaluating
any public announcements or initiatives to which Man Group
has committed.
7.4. Working with other auditors
All work was performed by the group audit team with assistance from
local staff in Switzerland and the US, as described in Section 7.1 above,
and Ireland in connection with certain revenue testing procedures.
Local staff was directed and supervised by the group audit team, with
regular calls to provide direction and supervision, discuss progress and
provide updates relevant to the group audit. For the Man Direct
Lending component team and Ireland, the local work scope was
established by the group team in outbound audit referral instructions,
with inbound reporting on the outcome of the work supplemented with
regular calls throughout the audit and review of local workpapers as
considered appropriate.
8. Other information
The other information comprises the information included in the
Annual Report, other than the financial statements and our auditor’s
report thereon. The directors are responsible for the other information
contained within the Annual Report.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the course of
the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required
to report that fact.
We have nothing to report in this regard.
9. Responsibilities of directors
As explained more fully in the directors’ responsibilities statement,
the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine is necessary
to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible
for assessing Man Group’s ability to continue as a going concern,
disclosing as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either
intend to liquidate the group or to cease operations, or have no realistic
alternative but to do so.
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Financial statements
10. Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the
financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms
part of our auditor’s report.
11. Extent to which the audit was considered capable
of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements
in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud,
is detailed below.
11.1. Identifying and assessing potential risks related
to irregularities
In identifying and assessing risks of material misstatement in respect
of irregularities, including fraud and non-compliance with laws and
regulations, we considered the following:
The nature of the industry and sector, control environment and
business performance including the design of Man Group’s
remuneration policies, key drivers for executive directors’
remuneration, bonus levels and performance targets;
Results of our enquiries of management, internal audit, the
directors and the Audit and Risk Committee about their own
identification and assessment of the risks of irregularities including
those that are specific to Man Group’s sector;
Any matters we identified having obtained and reviewed the
Man Group’s documentation of its policies and procedures
relating to:
– Identifying, evaluating and complying with laws and regulations
and whether they were aware of any instances of non-
compliance;
– Detecting and responding to the risks of fraud and whether
they have knowledge of any actual, suspected or alleged fraud;
– The internal controls established to mitigate risks of fraud or
non-compliance with laws and regulations;
The matters discussed among the audit engagement team
including significant component audit teams and relevant internal
specialists, including tax, pensions, valuations, IT and industry
specialists regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and
incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud in the accuracy of
performance fees. In common with all audits under ISAs (UK), we are
also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory
framework that Man Group operates in, focusing on provisions of
those laws and regulations that had a direct effect on the
determination of material amounts and disclosures in the financial
statements. The key laws and regulations we considered in this
context included Companies (Jersey) Law 1991, Listing Rules and the
Disclosure Guidance and Transparency rules, pensions legislation and
tax legislation.
In addition, we considered provisions of other laws and regulations that
do not have a direct effect on the financial statements but compliance
with which may be fundamental to the group’s ability to operate or to
avoid a material penalty. These included Man Group’s solvency
requirements and matters regulated by the Financial Conduct
Authority (FCA), Man Group’s lead regulator.
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Independent auditor’s report to the members of Man Group plc continued
11.2. Audit response to risks identified
As a result of performing the above, we identified accuracy of
performance fees as a key audit matter related to the potential risk of
fraud. The key audit matters section of our report explains the matter
in more detail and also describes the specific procedures we
performed in response to that key audit matter. In addition to the
above, our procedures to respond to the risks identified included
the following:
Reviewing the financial statement disclosures and testing to
supporting documentation to assess compliance with provisions
of relevant laws and regulations described as having a direct effect
on the financial statements;
Enquiring of management, the Audit and Risk Committee and
in-house and external legal counsel concerning actual and
potential litigation and claims;
Performing analytical procedures to identify any unusual or
unexpected relationships that may indicate risks of material
misstatement due to fraud;
Reading minutes of meetings of the Audit and Risk Committee,
reviewing internal audit reports and reviewing correspondence
with HMRC, the FCA and other regulators globally; and
In addressing the risk of fraud through management override of
controls, testing the appropriateness of journal entries and other
adjustments; assessing whether the judgements made in making
accounting estimates are indicative of a potential bias; and
evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and
potential fraud risks to all engagement team members including
internal specialists and component audit teams, and remained alert to
any indications of fraud or non-compliance with laws and regulations
throughout the audit.
Report on other legal and regulatory
requirements
12. Opinion on other matter prescribed by our
engagement letter
In our opinion the part of the Directors’ Remuneration Report to be
audited has been properly prepared in accordance with the basis
described on page 118.
13. Corporate Governance Statement
Based on the work undertaken as part of our audit, we have concluded
that each of the following elements of the Corporate Governance
Statement is materially consistent with the financial statements and
our knowledge obtained during the audit:
The directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any material
uncertainties identified set out on page 137;
The directors’ explanation as to its assessment of Man Group’s
prospects, the period this assessment covers and why the period
is appropriate set out on page 37;
The directors’ statement on fair, balanced and understandable set
out on page 121;
The board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on page 32;
The section of the Annual Report that describes the review of
effectiveness of risk management and internal control systems set
out on page 30; and
The section describing the work of the Audit and Risk committee
set out on pages 82 to 89.
14. Matters on which we are required to report
by exception
14.1 Adequacy of explanations received and
accounting records
Under the Companies (Jersey) Law 1991 we are required to report to
you if, in our opinion:
We have not received all the information and explanations we
require for our audit; or
Proper accounting records have not been kept by the Company or
proper returns adequate for our audit have not been received from
branches not visited by us; or
The financial statements are not in agreement with the accounting
records and returns.
We have nothing to report in respect of these matters.
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Financial statements
15. Other matters which we are required to address
15.1. Auditor tenure
Following the recommendation of the Audit and Risk Committee,
we were appointed by the shareholders at the Annual General Meeting
on 9 May 2014 to audit the financial statements for the year ending
31 December 2014 and subsequent financial periods. The period of
total uninterrupted engagement including previous renewals and
reappointments of the firm is 12 years, covering the years ending
31 December 2014 to 31 December 2025.
15.2 Consistency of the audit report with the
additional report to the Audit and Risk Committee
Our audit opinion is consistent with the additional report to the Audit
and Risk Committee we are required to provide in accordance with
ISAs (UK).
16. Use of our report
This report is made solely to the Company’s members, as a body, in
accordance with Article 113A of the Companies (Jersey) Law, 1991.
Our audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to them
in an auditor’s report and those matters we have expressly agreed to
report to them on in our engagement letter and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s
members as a body, for our audit work, for this report, or for the
opinions we have formed.
As required by the FCA Disclosure Guidance and Transparency Rule
(DTR) 4.1.15R – DTR 4.1.18R, these financial statements will form part of
the Electronic Format Annual Financial Report filed on the National
Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR
4.1.18R. This auditor’s report provides no assurance over whether the
Electronic Format Annual Financial Report has been prepared in
compliance with DTR 4.1.15R – DTR 4.1.18R.
Bevan Whitehead, FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Recognised Auditor
London, United Kingdom
25 February 2026
Man Group plc | Annual Report 2025
131
Strategic report | Governance | Financial statements | Shareholder information
132
Consolidated income statement
For the year to 31 December
2025 | 2024 | ||
Note | $m | $m | |
Management and other fees | 4 | ||
Performance fees | 4 | ||
Revenue | |||
Net income or gains on investments and other financial instruments | 5.1 | ||
Third-party share of gains relating to interests in consolidated funds | 5.2 | ( | ( |
Rental income | 5.2,8.1 | ||
Distribution costs | 6 | ( | ( |
Net revenue | |||
Asset servicing costs | 6 | ( | ( |
Compensation costs | 6.1 | ( | ( |
Other employment-related expenses | 6.2 | ( | ( |
Other costs | 6.3 | ( | ( |
Finance income | 7 | ||
Finance expense | 7 | ( | ( |
Gain on disposal of investment property – right-of-use lease assets | |||
Amortisation and impairment of acquired intangibles | 9 | ( | ( |
Share of post-tax loss of associates | 11 | ( | ( |
Revaluation of acquisition-related liabilities | ( | ( | |
Third-party share of post-tax profits | ( | ( | |
Statutory profit before tax | |||
Tax expense | 12.1 | ( | ( |
Statutory profit attributable to owners of the Company | |||
Statutory earnings per share | 13 | ||
Basic | |||
Diluted |
Consolidated statement of comprehensive income
For the year to 31 December
2025 | 2024 | ||
Note | $m | $m | |
Statutory profit attributable to owners of the Company | |||
Other comprehensive income: | |||
Remeasurements of defined benefit pension plans | 14 | ||
Items that will not be reclassified to profit or loss | |||
Cash flow hedges: | |||
Valuation gains taken to equity | |||
Realised gains transferred to consolidated income statement | ( | ( | |
Deferred tax on cash flow hedges | 12.3 | ||
Net investment hedges | ( | ||
Foreign currency translation | ( | ||
Items that may be reclassified to profit or loss | ( | ||
Other comprehensive income | |||
Total comprehensive income attributable to owners of the Company |
133
Consolidated balance sheet
At 31 December
2025 | 2024 | ||
Note | $m | $m | |
Assets | |||
Cash and cash equivalents | 15 | ||
Fee and other receivables | 16 | ||
Investments in fund products and other investments | 5 | ||
Investments in associates | 11 | ||
Current tax assets | 12.2 | ||
Finance lease receivable | 8.1 | ||
Leasehold improvements and equipment | 17 | ||
Leasehold property – right-of-use lease assets | 8.2 | ||
Investment property – right-of-use lease assets | 8.2 | ||
Investment property – consolidated fund entities | 5.2 | ||
Software intangible assets | 18 | ||
Deferred tax assets | 12.3 | ||
Pension asset | 14 | ||
Goodwill and acquired intangibles | 9 | ||
Total assets | |||
Liabilities | |||
Trade and other payables | 19 | ||
Current tax liabilities | 12.2 | ||
Employment-related payables to sellers of businesses acquired | 6.2 | ||
Provisions | 20 | ||
Borrowings | 15 | ||
CLO liabilities – consolidated funds | 5.2 | ||
Third-party interest in consolidated funds | 5.2 | ||
Third-party interest in other subsidiaries | |||
Lease liability | 8.2 | ||
Total liabilities | |||
Net assets | |||
Equity | |||
Capital and reserves attributable to owners of the Company | 21 |
134
Consolidated cash flow statement
For the year to 31 December
2025 | 2024 | ||
Note | $m | $m | |
Operating activities | |||
Cash generated from operations | 22 | ||
Interest paid | ( | ( | |
Payment of lease interest | 8.2 | ( | ( |
Tax paid | 12.2 | ( | ( |
Cash flows from operating activities | |||
Investing activities | |||
Interest received | |||
Receipt of sub-lease interest | 8.1 | ||
Receipts of finance lease receivables principal | 8.1 | ||
Purchase of leasehold improvements and equipment | 17 | ( | ( |
Purchase of software intangible assets | ( | ( | |
Acquisition of subsidiaries, net of cash acquired | 10 | ( | |
Cash flows used in investing activities | ( | ( | |
Financing activities | |||
Repayments of lease liability principal | 8.2 | ( | ( |
Proceeds from lease modification | 8.2 | ||
Purchase of Man Group plc shares by the Employee Trust | ( | ( | |
Proceeds from sale of Treasury shares in respect of Sharesave | |||
Share repurchase programmes (including costs) | 21 | ( | ( |
Ordinary dividends paid to owners of the Company | 23 | ( | ( |
Transactions with non-controlling shareholders | |||
Payment of third-party share of post-tax profits | ( | ( | |
Net repayment of borrowings | 15 | ( | |
Cash flows used in financing activities | ( | ( | |
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of the year | |||
Effect of foreign exchange movements | ( | ||
Cash and cash equivalents at end of the year | 15 | ||
Less: restricted cash held by consolidated fund entities | 15 | ( | ( |
Available cash and cash equivalents at end of the year | 15 |
135
Consolidated statement of changes in equity
Shares held | |||||||||
Profit | by | Cumulative | |||||||
Reorganisation | and loss | Employee | Treasury | translation | Other | ||||
$m | Note | Share capital | reserve | account | Trust | shares | adjustment | reserves | Total |
At 1 January 2024 | ( | ( | ( | ||||||
Statutory profit | |||||||||
Other comprehensive income/(loss) | ( | ||||||||
Total comprehensive income | ( | ||||||||
Share-based payments | |||||||||
Current tax on share-based | |||||||||
payments | 12.2 | ||||||||
Deferred tax on share-based | |||||||||
payments | 12.3 | ( | ( | ||||||
Purchase of shares by the Employee Trust | ( | ( | |||||||
Disposal of shares by the Employee Trust | ( | ||||||||
Share repurchases | 21 | ( | ( | ||||||
Transfer to Treasury shares | ( | ||||||||
Transfer from Treasury shares | ( | ||||||||
Disposal of Treasury shares | |||||||||
for Sharesave | |||||||||
Cancellation of Treasury shares | ( | ( | |||||||
Dividends paid | 23 | ( | ( | ||||||
Put option over non- controlling interests | |||||||||
At 31 December 2024 | ( | ( | ( | ||||||
Statutory profit | |||||||||
Other comprehensive income | |||||||||
Total comprehensive income | |||||||||
Share-based payments | |||||||||
Current tax on share-based | |||||||||
payments | 12.2 | ||||||||
Deferred tax on share-based | |||||||||
payments | 12.3 | ( | ( | ||||||
Purchase of shares by the Employee Trust | ( | ( | |||||||
Disposal of shares by the Employee Trust | ( | ||||||||
Share repurchases | 21 | ( | ( | ||||||
Transfer to Treasury shares | ( | ||||||||
Transfer from Treasury shares | ( | ||||||||
Cancellation of Treasury shares | ( | ( | |||||||
Dividends paid | 23 | ( | ( | ||||||
Put option over non- controlling interests | |||||||||
At 31 December 2025 | ( | ( | ( |
Under the Companies (Jersey) Law 1991, a company may make a distribution from any source other than the nominal capital account and
capital redemption reserve, included within other reserves. The Company had distributable reserves of $2.9 billion as at 31 December 2025
(2024: $2.9 billion).
136
Notes to the consolidated financial statements
137
1. Basis of preparation continued
2. Going concern
The preparation of the consolidated financial statements on a going concern basis is supported by the forecast financial performance and
capital and liquidity analysis of Man Group, as approved by the Board. This analysis considers our net tangible assets and liquidity resources
and requirements and utilises the Man Group budget, medium-term plan and the capital and liquidity plan. These plans include rigorous
downside testing, including analyses of stressed capital and liquidity scenarios, and incorporate Man Group’s principal and emerging risks,
which are outlined on pages 32 to 36 and monitored by the Board on an ongoing basis.
3. Judgemental areas and accounting estimates
The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and assumptions. We continually
evaluate our estimates and judgements based on historical experience and expectations of future events that are considered reasonable in
the circumstances. These judgements and estimates are an area of focus for the Board and, in particular, the Audit and Risk Committee.
Critical judgements
Consolidation of fund entities
Man Group acts as the investment manager or adviser to fund entities. A significant area of judgement is whether we control certain of those
fund entities to which we are exposed via either direct investment holdings, total return swaps, or sale and repurchase arrangements. We
assess such relationships on an ongoing basis to determine whether we control each fund entity and therefore consolidate them into our
results. Further details of the control assessment are set out in Note 5.
Employment-related expenses
Amounts payable to sellers of businesses acquired who hold put options over their non-controlling interests and who are also employees are
accounted for as employment-related expenses rather than consideration for an acquisition because those payments are contingent on the
completion of a minimum service period. As the value of the payments is linked to equity interests in the business, the arrangements are
accounted for as cash-settled share-based payments. Significant judgement is applied in determining the appropriate accounting policies to
apply to these arrangements since the terms differ significantly from those of a traditional share-based payment. In particular, judgement is
applied in treating each employee’s share of the post-acquisition profits of the business and the underlying put option as a single
instrument, and in selecting the appropriate vesting period.
138
Notes to the consolidated financial statements continued
3. Judgemental areas and accounting estimates continued
Critical accounting estimates continued
4. Revenue
139
5. Investments in fund products and other investments
140
Notes to the consolidated financial statements continued
5. Investments in fund products and other investments continued
The seeding investments portfolio reflects our exposure to holdings in investments in fund products, as follows:
2025 | 2024 | |
$m | $m | |
Investments in fund products | 247 | 231 |
Investments in loans | 2 | 27 |
Investments in consolidated funds: CLO assets | 1,457 | 1,453 |
Investments in consolidated funds: other transferable securities | 832 | 702 |
Other investments | 1 | 1 |
Investments in fund products and other investments | 2,539 | 2,414 |
Less: | ||
Fund investments held for deferred compensation arrangements | (211) | (189) |
Investments in consolidated funds: exclude consolidation gross-up of net investment | (1,857) | (1,692) |
Other investments | (1) | (1) |
Seeding investments portfolio | 470 | 532 |
Included in fund investments held for deferred compensation arrangements at 31 December 2025 are balances of $100 million (2024:
$87 million) which are expected to be settled after more than 12 months.
5.1. Net income or gains on investments and other financial instruments
2025 | 2024 | |
$m | $m | |
Net gains on seeding investments portfolio | 37 | 47 |
Consolidated fund entities: gross-up of net gains on investments | 43 | 32 |
Foreign exchange movements | 3 | 6 |
Net gains on fund investments held for deferred compensation arrangements and other investments | 1 | 3 |
Net income or gains on investments and other financial instruments | 84 | 88 |
141
5. Investments in fund products and other investments continued
2025 | 2024 | |
$m | $m | |
Balance sheet | ||
Cash and cash equivalents | 118 | 229 |
CLO assets 1 | 1,457 | 1,453 |
Other transferable securities 1 | 832 | 702 |
Fee and other receivables | 5 | 6 |
Investment property | – | 12 |
Trade and other payables | (34) | (20) |
CLO liabilities | (1,402) | (1,366) |
Net assets of consolidated fund entities | 976 | 1,016 |
Third-party interest in consolidated funds | (544) | (553) |
Net investment held by Man Group | 432 | 463 |
Income statement | ||
Net gains on investments 2 | 75 | 62 |
Rental income 3 | – | 1 |
Management fee expenses 4 | (10) | (9) |
Performance fee expenses 4 | (2) | (2) |
Other costs 5 | (4) | (12) |
Net gains of consolidated fund entities | 59 | 40 |
Third-party share of gains relating to interests in consolidated funds | (27) | (10) |
Net gains attributable to net investment held by Man Group | 32 | 30 |
2025 | 2024 | |
$m | $m | |
Cost at beginning of the year | 12 | 34 |
Additions | – | 8 |
Disposals | (12) | (30) |
Cost at end of the year | – | 12 |
Accumulated depreciation and impairment at beginning of the year | – | (4) |
Disposals | – | 2 |
Reversal of impairment | – | 2 |
Accumulated depreciation and impairment at end of the year | – | – |
Net book value at beginning of the year | 12 | 30 |
Net book value at end of the year | – | 12 |
142
Notes to the consolidated financial statements continued
6. Costs
2025 | 2024 | |
$m | $m | |
Salaries | 225 | 219 |
Variable cash compensation | 264 | 294 |
Deferred compensation: share-based payment charge | 45 | 39 |
Deferred compensation: fund product-based payment charge | 93 | 81 |
Social security costs | 60 | 54 |
Pension costs (Note 14) | 20 | 19 |
Compensation costs | 707 | 706 |
Comprising: | ||
Fixed compensation: salaries and associated social security costs, and pension costs | 274 | 264 |
Variable compensation: variable cash compensation, deferred compensation and associated social security costs | 433 | 442 |
2025 | 2024 | |
Investment management | 467 | 456 |
Sales and marketing | 295 | 288 |
Infrastructure and support | 555 | 575 |
Technology | 453 | 483 |
Average headcount | 1,770 | 1,802 |
Headcount at 31 December | 1,719 | 1,777 |
143
6. Costs continued
6.2. Other employment-related expenses
Other employment-related expenses of $25 million (2024: $38 million) comprise amounts which would be payable to the sellers of
businesses acquired on exercise of the put options to acquire their non-controlling interests, and the distributions of those sellers’
proportionate share of post-acquisition profits. Of the total expense recognised, $7 million (2024: $10 million) relates to the proportionate
share of profits earned in the year.
The associated employment-related payables at 31 December 2025 of $72 million (2024: $56 million) are accounted for as cash-settled
share-based payments (Note 26).
The valuation uses forecast cash flows based on management’s best estimate of future profits. These cash flows are underpinned by our
medium-term plan for the three years post the balance sheet date, and appropriate growth assumptions for the remainder of the period until
the final settlement date in 2034. A terminal value multiple in line with the market is applied to the profits in the final year to determine the
value of the amounts payable to the sellers on exercise of the put options over their non-controlling interests. The discount rates used have
been benchmarked against external comparables and reflect the risks inherent in the future cash flows. The forecast distributions for the
period up to the exercise date of the put option in 2034 are accumulated and expensed over the minimum service periods ending between
2026 and 2029. The present value of the forecast settlement amount of the put option is expensed over the same vesting periods.
Valuation assumptions
2025 | 2024 | |
Discount rate | ||
– Management fee earnings | 11% | 11% |
– Performance fee earnings | 17% | 17% |
Sensitivity analysis
The valuation of other employment-related expenses is an area of significant estimation uncertainty as the fair value has been determined
with reference to the expected future value and performance of a portion of the business. The estimates will be updated in each reporting
period until the associated liabilities are settled. The table below illustrates the impact of changing the most significant assumptions used in
the expected future value calculation on the expense recognised in the consolidated income statement.
Increase/(decrease) in | ||
employment-related expense | ||
$m | 2025 | |
Discount rate decreased/(increased) by 5% | 27 | (18) |
Forecast growth in future cash flows increased/(decreased) by 50% | 12 | (9) |
2025 | 2024 | |
$m | $m | |
Costs associated with legal claims (Note 29) | 32 | 4 |
Technology and communications | 30 | 27 |
Staff benefits | 27 | 23 |
Audit, tax, legal and other professional fees | 25 | 27 |
Occupancy | 19 | 18 |
Other cash costs | 19 | 14 |
Temporary staff, recruitment, consultancy and managed services | 13 | 15 |
Travel and entertainment | 12 | 12 |
Marketing and sponsorship | 7 | 7 |
Insurance | 5 | 5 |
Acquisition-related costs (Note 10) | 6 | – |
Lease-related costs | 1 | – |
Other costs – consolidated fund entities (Note 5.2) | 4 | 12 |
Other costs before depreciation and amortisation | 200 | 164 |
Depreciation of right-of-use lease assets (Note 8.2) | 15 | 15 |
Depreciation of leasehold improvements and equipment (Note 17) | 15 | 11 |
Amortisation of software intangible assets (Note 18) | 28 | 25 |
Total other costs | 258 | 215 |
2025 | 2024 | |
$m | $m | |
Fees payable to the external auditor for the audit of the consolidated financial statements | 1.1 | 1.0 |
Other services: | ||
The audit of the Company’s subsidiaries pursuant to legislation | 3.2 | 3.2 |
Audit-related assurance services | 0.5 | 0.5 |
All other services | 0.5 | 0.4 |
Total auditor’s remuneration | 5.3 | 5.1 |
144
Notes to the consolidated financial statements continued
2025 | 2024 | |
$m | $m | |
Finance income | ||
Interest on cash deposits | 8 | 12 |
Other finance income | 4 | – |
Unwind of net investment in finance lease discount (Note 8.1) | 4 | 3 |
Total finance income | 16 | 15 |
Finance expense | ||
Unwind of lease liability discount (Note 8.2) | (10) | (11) |
Interest expense on total return swaps and sale and repurchase agreements | (11) | (15) |
Other finance expense | (13) | (12) |
Total finance expense | (34) | (38) |
Net finance expense | (18) | (23) |
8. Leases and rental income
8.1. Man Group as lessor
The contractual undiscounted lease payments receivable under operating and finance leases were as follows:
2025 | 2024 | |||
Operating | Finance | Operating | Finance | |
$m | leases | leases | leases | leases |
Within one year | – | 6 | 1 | 3 |
Between one and two years | 1 | 11 | – | 5 |
Between two and three years | 2 | 12 | 1 | 10 |
Between three and four years | 2 | 12 | 1 | 11 |
Between four and five years | 2 | 12 | – | 11 |
Between five and ten years | 7 | 54 | – | 54 |
Between ten and 15 years | – | – | – | 9 |
14 | 107 | 3 | 103 |
At 31 December 2025, the contractual undiscounted minimum finance lease payments receivable can be reconciled to the net investment
in finance lease as follows:
2025 | 2024 | |
$m | $m | |
Undiscounted lease payments | 107 | 103 |
Less: unearned finance income | (23) | (26) |
Net investment in finance lease | 84 | 77 |
145
8. Leases and rental income continued
8.1. Man Group as lessor continued
Movements in the net investment in finance lease are as follows:
2025 | 2024 | |
$m | $m | |
At beginning of the year | 77 | 67 |
Additions | – | 9 |
Cash receipts | (3) | – |
Unwind of finance lease discount | 4 | 3 |
Foreign exchange movements | 6 | (2) |
At end of the year | 84 | 77 |
2025 | 2024 | |
$m | $m | |
Value in use | 20 | 16 |
Less: | ||
Carrying value | (13) | (13) |
Headroom | 7 | 3 |
8.2. Man Group as lessee
146
Notes to the consolidated financial statements continued
8. Leases and rental income continued
8.2. Man Group as lessee continued
2025 | 2024 | |||||
Leasehold | Investment | Leasehold | Investment | |||
$m | property | property | Total | property | property | Total |
Cost at beginning of the year | 188 | 51 | 239 | 199 | 101 | 300 |
Acquired through business combinations (Note 10) | 13 | – | 13 | – | – | – |
Additions | 17 | 1 | 18 | 5 | – | 5 |
Disposals | (10) | – | (10) | (2) | (50) | (52) |
Remeasurement on modification | 2 | – | 2 | (14) | – | (14) |
Cost at end of the year | 210 | 52 | 262 | 188 | 51 | 239 |
Accumulated depreciation and impairment at beginning | ||||||
of the year | (98) | (38) | (136) | (87) | (84) | (171) |
Disposals | 10 | – | 10 | 2 | 48 | 50 |
Depreciation | (14) | (1) | (15) | (13) | (2) | (15) |
Accumulated depreciation and impairment at end | ||||||
of the year | (102) | (39) | (141) | (98) | (38) | (136) |
Net book value at beginning of the year | 90 | 13 | 103 | 112 | 17 | 129 |
Net book value at end of the year | 108 | 13 | 121 | 90 | 13 | 103 |
Lease liability
The maturity of our contractual undiscounted cash flows for the lease liability is as follows:
2025 | 2024 | |
$m | $m | |
Within one year | 38 | 19 |
Between one and five years | 139 | 120 |
Between five and ten years | 140 | 138 |
Between ten and 15 years | 9 | 28 |
Undiscounted lease liability at end of the year | 326 | 305 |
Discounted lease liability at end of the year | 271 | 248 |
Of the total discounted lease liability at 31 December 2025 of $271 million (2024: $248 million), $27 million (2024: $10 million) is expected
to be settled within 12 months.
Movements in the lease liability are as follows:
2025 | 2024 | |
$m | $m | |
At beginning of the year | 248 | 283 |
Acquired through business combinations (Note 10) | 13 | – |
Additions | 5 | 5 |
Cash payments | (37) | (33) |
Proceeds from lease modification | 15 | – |
Unwind of lease liability discount | 10 | 11 |
Remeasurement on modification | 2 | (14) |
Foreign exchange movements | 15 | (4) |
At end of the year | 271 | 248 |
147
9. Goodwill and acquired intangibles
2025 | 2024 | |||||||
Brand | Brand | |||||||
names and | names and | |||||||
distribution | distribution | |||||||
$m | Goodwill | IMAs | channels | Total | Goodwill | IMAs | channels | Total |
Cost at beginning of the year | 2,455 | 974 | 103 | 3,532 | 2,455 | 974 | 103 | 3,532 |
Acquired through business combinations (Note 10) | 25 | 34 | – | 59 | – | – | – | – |
Cost at end of the year | 2,480 | 1,008 | 103 | 3,591 | 2,455 | 974 | 103 | 3,532 |
Accumulated amortisation and impairment | ||||||||
at beginning of the year | (1,836) | (847) | (97) | (2,780) | (1,836) | (824) | (96) | (2,756) |
Amortisation | – | (11) | (1) | (12) | – | (23) | (1) | (24) |
Impairment | – | – | (5) | (5) | – | – | – | – |
Accumulated amortisation and impairment | ||||||||
at end of the year | (1,836) | (858) | (103) | (2,797) | (1,836) | (847) | (97) | (2,780) |
Net book value at beginning of the year | 619 | 127 | 6 | 752 | 619 | 150 | 7 | 776 |
Net book value at end of the year | 644 | 150 | – | 794 | 619 | 127 | 6 | 752 |
148
Notes to the consolidated financial statements continued
9. Goodwill and acquired intangibles continued
Pre-tax | Assumptions | |
Key assumptions at 31 December 2025 and 31 December 2024 | equivalent | adopted 1 |
Compound average annualised growth in AUM (over three years) | 6% | |
Discount rate | ||
– Management fee earnings | 14% | 11% |
– Performance fee earnings | 22% | 17% |
Terminal value (mid-point of range of historical multiples) | ||
– Management fee earnings | 13.0x | |
– Performance fee earnings | 5.5x | |
– Implied terminal growth rate | 3% |
2025 | 2024 | |
$m | $m | |
Value in use | 5,120 | 5,090 |
Less: | ||
Carrying value of CGUs | (910) | (870) |
Headroom | 4,210 | 4,220 |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
Sensitivity analysis at 31 December 2025 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 1 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,210 | 3,690 | 1,800 | 4,330 | 4,090 | 4,620 | 3,800 |
Increase/(reduction) in value in use ($m) | (520) | (2,410) | 120 | (120) | 410 | (410) | |
Discount rates (post-tax) | Multiples (post-tax) | ||||||
Compound average | Management fee/ | Management fee/ | |||||
Sensitivity analysis at 31 December 2024 | annualised growth in AUM | performance fee | performance fee | ||||
Key assumption stressed to: | 6% | 4% | (4)% 1 | 10%/16% | 12%/18% | 14.0x/6.5x | 12.0x/4.5x |
Modelled headroom ($m) | 4,220 | 3,680 | 1,690 | 4,340 | 4,100 | 4,650 | 3,790 |
Increase/(reduction) in value in use ($m) | (540) | (2,530) | 120 | (120) | 430 | (430) | |
149
10. Acquisitions
On 1 October 2025, Man Group acquired 100% of the equity in Bardin Hill for consideration of $81 million comprising cash and estimated
contingent consideration of $47 million and $34 million respectively. Bardin Hill is an opportunistic and performing credit manager with
significant expertise in managing credit strategies and a sophisticated global client base including pension funds, endowments, foundations,
insurance companies and consultants. The interests acquired include 100% of the economic interests in Bardin Hill, except for entitlements
to the carried interest in certain funds, which remain with the sellers and are therefore recognised as carried interest payable within trade
and other payables in the consolidated balance sheet.
The provisional values recognised at the date of acquisition were as follows:
Fair value | ||||
$m | Note | Book value | adjustments | Fair value |
Cash and cash equivalents | 3 | – | 3 | |
Fee and other receivables | 6 | 71 | 77 | |
Investments in fund products and other investments | 15 | – | 15 | |
Leasehold improvements and equipment | 17 | 3 | – | 3 |
Leasehold property – right-of-use lease assets | 8.2 | 13 | – | 13 |
Acquired intangibles | 9 | – | 34 | 34 |
Trade and other payables | 19 | (8) | (53) | (61) |
Borrowings | 15 | (15) | – | (15) |
Lease liability | 8.2 | (13) | – | (13) |
Net assets acquired | 4 | 52 | 56 | |
Goodwill on acquisition | 9 | 25 | ||
Total consideration | 81 | |||
Comprising: | ||||
Cash | 47 | |||
Contingent consideration | 34 |
The acquisition-date values presented have been determined on a provisional basis due to the proximity of the acquisition date to the
reporting date.
$41 million of the $47 million cash consideration was paid at completion, with $6 million outstanding at 31 December 2025. Contingent
consideration includes $18 million relating to the portion of the performance fees crystallising at 31 December 2025 which were earned
in the pre-acquisition period, and which are payable to the sellers in 2026. The remainder of the contingent consideration payable for the
acquisition relates to earnout payments which will be paid in future years, the value for which is based on future growth of the business.
The earnout payments are capped at $70 million.
Fair value adjustments include the recognition of intangible assets comprising investment management agreements and related customer
relationships. These intangible assets are recognised at the present value of the future cash flows expected to be generated and are
amortised on a straight-line basis over their expected useful lives of 11 years. No deferred tax liability has been recognised on acquisition
as the amortisation of intangible assets is tax-deductible in the US.
Also included within fair value adjustments are carried interest receivable and payable of $53 million which are required to be recognised at
fair value on the acquisition balance sheet. The receivable represents the fair value of Man Group’s contractual right to receive performance-
based fees (carried interest) from the underlying investment funds. A corresponding liability of $53 million has been recognised, representing
the fair value of our obligation to pay a portion of the carried interest to the sellers under the terms of the acquisition agreement and the
remainder to employees. This liability represents amounts that will become payable as and when the underlying carried interest is realised
from the funds. Pre-acquisition performance fees of $18 million that are due to the sellers on crystallisation are also included within fair value
adjustments.
The goodwill arising from the acquisition represents the value of the combined workforce, the enhancement of our credit platform by
adding opportunistic and performing credit strategies and the expansion of our footprint in the US. The goodwill is expected to be fully
tax-deductible.
Acquisition costs of $6 million, primarily relating to professional fees, are included within other costs and do not form part of goodwill.
Revenues and pre-tax profit for the Bardin Hill business from acquisition to 31 December 2025 were $11 million and $2 million respectively.
If Bardin Hill had been acquired at the beginning of the year, the total revenue and pre-tax profit for the year attributable to Bardin Hill would
have been $52 million and $23 million respectively.
150
Notes to the consolidated financial statements continued
11. Investments in associates
2025 | 2024 | |
$m | $m | |
At beginning of the year | 8 | 11 |
Return of capital | – | (1) |
Share of post-tax loss | (2) | (2) |
At end of the year | 6 | 8 |
12. Tax
2025 | 2024 | |
$m | $m | |
Profit before tax | 257 | 398 |
Theoretical tax expense at UK rate: 25% (2024: 25%) | 64 | 100 |
Effect of: | ||
Overseas tax rates different to UK | (6) | (2) |
Adjustments to tax charge in respect of previous years | 3 | 1 |
Derecognition/(recognition) of US deferred tax assets | 11 | (1) |
Recognition of other deferred tax assets | (3) | (6) |
Revaluation of acquisition-related liabilities | 11 | 1 |
Other | 2 | 7 |
Tax expense | 82 | 100 |
151
12. Tax continued
12.1 Tax expense continued
2025 | 2024 | |
$m | $m | |
Current tax | ||
UK corporation tax on profits | 38 | 76 |
Foreign tax | 35 | 16 |
Adjustments to tax charge in respect of previous years | (2) | (2) |
Current tax expense | 71 | 90 |
Deferred tax | ||
Origination and reversal of temporary differences | 6 | 7 |
Adjustments to tax charge in respect of previous years | 5 | 3 |
Deferred tax expense | 11 | 10 |
Total tax expense | 82 | 100 |
2025 | 2024 | |
$m | $m | |
Net current tax asset at beginning of the year | 14 | 12 |
Charge to the consolidated income statement | (71) | (90) |
Credit to equity | 3 | 3 |
Tax paid | 65 | 83 |
Other balance sheet movements | 10 | 7 |
Foreign currency translation | 3 | (1) |
Net current tax asset at end of the year | 24 | 14 |
Comprising: | ||
Current tax assets | 28 | 17 |
Current tax liabilities | (4) | (3) |
Tax | |||||||
allowances | Accumulated | ||||||
Deferred | over/(below) | operating | |||||
$m | compensation | depreciation | Intangibles | losses | Partnerships | Other | Total |
At 1 January 2024 | 57 | 2 | 13 | 46 | – | 10 | 128 |
Credit/(charge) to consolidated income statement | 12 | (4) | (1) | (21) | 2 | 2 | (10) |
Credit to other comprehensive income | 1 | – | – | – | – | – | 1 |
Charge to equity | (2) | – | – | – | – | – | (2) |
At 31 December 2024 | 68 | (2) | 12 | 25 | 2 | 12 | 117 |
Credit/(charge) to consolidated income statement | 2 | (2) | (9) | (10) | 1 | 7 | (11) |
Charge to equity | (2) | – | – | – | – | – | (2) |
Foreign currency translation | 2 | – | – | – | – | – | 2 |
At 31 December 2025 | 70 | (4) | 3 | 15 | 3 | 19 | 106 |
152
Notes to the consolidated financial statements continued
12. Tax continued
12.3 Deferred tax assets and liabilities continued
2025 | 2024 | |
$m | $m | |
United States | 204 | 24 |
Switzerland | 6 | 19 |
Hong Kong | 1 | 4 |
China | – | 1 |
Total | 211 | 48 |
2025 | 2024 | |
US net deferred tax assets | $m | $m |
Recognised | ||
At beginning of the year | 76 | 86 |
(Charge)/credit to consolidated income statement: | ||
(Derecognition)/recognition of available tax assets | (11) | 1 |
Utilisation | (1) | (11) |
At end of the year | 64 | 76 |
Unrecognised | ||
At beginning of the year | 2 | 3 |
Derecognition/(recognition) of available tax assets | 11 | (1) |
Other movements | 1 | – |
At end of the year | 14 | 2 |
13. Earnings per share (EPS)
Movements in the number of ordinary shares in issue and the shares used to calculate basic and diluted EPS are provided below.
2025 | 2024 | |||
Total | Weighted | Total | Weighted | |
number | average | number | average | |
Number of shares at beginning of year | 1,273,949,460 | 1,273,949,460 | 1,313,349,959 | 1,313,349,959 |
Cancellation of own shares held in Treasury | (44,588,231) | (17,713,133) | (39,400,499) | (31,003,671) |
Number of shares at end of the year | 1,229,361,229 | 1,256,236,327 | 1,273,949,460 | 1,282,346,288 |
Shares held in Treasury share reserve | (78,091,573) | (86,191,256) | (84,044,723) | (86,618,732) |
Man Group plc shares held by Employee Trust | (33,622,391) | (34,303,729) | (35,203,028) | (35,670,938) |
Basic number of shares | 1,117,647,265 | 1,135,741,342 | 1,154,701,709 | 1,160,056,618 |
Dilutive impact of: | ||||
Employee share awards | 28,774,398 | 28,072,378 | ||
Employee share options | 361,628 | 946,849 | ||
Dilutive number of shares | 1,164,877,368 | 1,189,075,845 | ||
2025 | 2024 | |||
Statutory profit ($m) | 175 | 298 | ||
Basic EPS | 15.4¢ | 25.7¢ | ||
Diluted EPS | 15.0¢ | 25.1¢ |
153
14. Pension
13 |
154
Notes to the consolidated financial statements continued
14. Pension continued
2025 | 2024 | |||||
Net pension | Net pension | |||||
asset/ | asset/ | |||||
$m | Assets | Liabilities | (liability) | Assets | Liabilities | (liability) |
At beginning of the year | 272 | (259) | 13 | 304 | (292) | 12 |
Amounts recognised in profit and loss: | ||||||
Current service cost to employer | – | (2) | (2) | – | (1) | (1) |
Interest income/(cost) | 14 | (13) | 1 | 12 | (12) | – |
Running costs | (1) | – | (1) | (1) | – | (1) |
Amounts recognised in other comprehensive income: | ||||||
Remeasurements due to: | ||||||
– changes in financial assumptions | – | 3 | 3 | – | 23 | 23 |
– changes in demographic assumptions | – | (1) | (1) | – | 2 | 2 |
– experience adjustments | – | (3) | (3) | – | – | – |
– actual return on plan assets less interest | ||||||
on plan assets | 1 | – | 1 | (23) | – | (23) |
Employer contributions (including plan funding) | 2 | – | 2 | 1 | – | 1 |
Employee contributions | 1 | (1) | – | 1 | (1) | – |
Foreign currency translation | 23 | (22) | 1 | (7) | 7 | – |
Benefit payments | (14) | 14 | – | (15) | 15 | – |
At end of the year | 298 | (284) | 14 | 272 | (259) | 13 |
UK Plan | Swiss Plan | |||
2025 | 2024 | 2025 | 2024 | |
% p.a. | % p.a. | % p.a. | % p.a. | |
Discount rate | 5.5 | 5.5 | 1.3 | 1.1 |
Price inflation | 2.8 | 3.2 | 1.1 | 1.0 |
Future salary increases | – | – | 1.1 | 1.0 |
Pension payment increases | 3.6 | 3.7 | – | – |
Deferred pensions increases | 5.0 | 5.0 | – | – |
Interest crediting rate | – | – | 1.8 | 1.3 |
Social security increases | – | – | 1.0 | 1.0 |
UK Plan | Swiss Plan | |||
Years | 2025 | 2024 | 2025 | 2024 |
Life expectancy of male aged 60 at year-end | 26.8 | 26.5 | 28.1 | 27.9 |
Life expectancy of male aged 60 in 20 years | 28.3 | 28.0 | 30.4 | 30.3 |
Life expectancy of female aged 60 at year-end | 29.5 | 29.4 | 29.9 | 29.8 |
Life expectancy of female aged 60 in 20 years | 30.9 | 30.8 | 31.9 | 31.8 |
155
14. Pension continued
Increase in obligation at | Increase in obligation at | |||
31 December 2025 | 31 December 2024 | |||
$m | UK Plan | Swiss Plan | UK Plan | Swiss Plan |
Discount rate decreased by 0.5% p.a. | 13 | 3 | 13 | 3 |
Inflation rate increased by 0.5% p.a. | 4 | – | 4 | – |
One-year increase in assumed life expectancy | 9 | – | 8 | – |
UK Plan | Swiss Plan | |||
$m | 2025 | 2024 | 2025 | 2024 |
Bonds | 105 | 92 | 16 | 15 |
Liability-driven investments (LDI) | 52 | 43 | – | – |
Fund investments | 44 | 43 | 5 | 3 |
Index-linked government bonds | 31 | 29 | – | – |
Equities | – | – | 15 | 10 |
Property | – | – | 5 | 2 |
Cash | 24 | 33 | 1 | 2 |
Other | – | – | – | – |
Total assets | 256 | 240 | 42 | 32 |
156
Notes to the consolidated financial statements continued
15. Cash, liquidity and borrowings
15.1 Liquidity
2025 | 2024 | |
$m | $m | |
Cash held with banks | 96 | 162 |
Short-term deposits | 22 | 24 |
Money market funds | 55 | 39 |
Cash held by consolidated fund entities (Note 5.2) | 118 | 229 |
Cash and cash equivalents | 291 | 454 |
Less: cash held by consolidated fund entities (Note 5.2) | (118) | (229) |
Available cash and cash equivalents | 173 | 225 |
Undrawn committed revolving credit facility | 800 | 800 |
Total liquidity | 973 | 1,025 |
15.2 Borrowings
2025 | 2024 | |
$m | $m | |
Amounts drawn under committed revolving credit facility | – | – |
Other borrowings | 13 | – |
Total borrowings | 13 | – |
Our $800 million committed revolving credit facility (RCF) was put in place in December 2023 as a five-year facility. As both one-year
extension options have been exercised, the facility is scheduled to mature in December 2030.
Other borrowings relate to amounts outstanding under term loans which have partially funded risk retention assets in CLOs managed by
Bardin Hill and amounts payable to third parties who hold indirect interests in these CLOs. These borrowings have maturity dates between
November 2026 and June 2029. The borrowings in respect of this arrangement at the date of acquisition of Bardin Hill were $15 million, as
set out in Note 10.
157
2025 | 2024 | |
$m | $m | |
Financial assets at amortised cost | ||
Fee receivables | 37 | 26 |
Accrued income | 366 | 258 |
Collateral posted with derivative counterparties | 38 | 47 |
Receivables from Open-Ended Investment Company (OEIC) funds | 72 | 46 |
Other fund receivables | 31 | 28 |
Other receivables | 20 | 48 |
Receivables relating to consolidated fund entities (Note 5.2) | 5 | 6 |
569 | 459 | |
Financial assets at fair value through profit or loss | ||
Derivatives | 2 | 5 |
Carried interest receivable (Note 10) | 53 | – |
55 | 5 | |
Non-financial assets | ||
Prepayments | 33 | 28 |
33 | 28 | |
Total fee and other receivables | 657 | 492 |
17. Leasehold improvements and equipment
2025 | 2024 | |||||
Leasehold | Leasehold | |||||
$m | improvements | Equipment | Total | improvements | Equipment | Total |
Cost at beginning of the year | 71 | 76 | 147 | 73 | 67 | 140 |
Acquired through business combinations (Note 10) | 3 | – | 3 | – | – | – |
Additions | 8 | 10 | 18 | 3 | 15 | 18 |
Disposals | (1) | (9) | (10) | (5) | (6) | (11) |
Cost at end of the year | 81 | 77 | 158 | 71 | 76 | 147 |
Accumulated depreciation and impairment at beginning | ||||||
of the year | (39) | (50) | (89) | (39) | (48) | (87) |
Disposals | – | 9 | 9 | 3 | 6 | 9 |
Depreciation | (5) | (10) | (15) | (3) | (8) | (11) |
Accumulated depreciation and impairment at end | ||||||
of the year | (44) | (51) | (95) | (39) | (50) | (89) |
Net book value at beginning of the year | 32 | 26 | 58 | 34 | 19 | 53 |
Net book value at end of the year | 37 | 26 | 63 | 32 | 26 | 58 |
158
Notes to the consolidated financial statements continued
18. Software intangible assets
2025 | 2024 | |
$m | $m | |
Cost at beginning of the year | 192 | 172 |
Additions | 28 | 28 |
Disposals | (5) | (8) |
Cost at end of the year | 215 | 192 |
Accumulated amortisation at beginning of the year | (135) | (118) |
Amortisation | (28) | (25) |
Disposals | 5 | 8 |
Accumulated amortisation at end of the year | (158) | (135) |
Net book value at beginning of the year | 57 | 54 |
Net book value at end of the year | 57 | 57 |
2025 | 2024 | |
$m | $m | |
Financial liabilities at amortised cost | ||
Trade payables | 5 | 5 |
Compensation accruals | 432 | 426 |
Other accruals | 113 | 101 |
Payables to OEIC funds | 72 | 45 |
Payables under repo arrangements | 4 | 16 |
Tax and social security | 21 | 16 |
Other payables | 10 | 6 |
Payables relating to consolidated fund entities (Note 5.2) | 34 | 20 |
691 | 635 | |
Financial liabilities at fair value through profit or loss | ||
Derivatives | 4 | 6 |
Carried interest payable (Note 10) | 53 | – |
Contingent consideration | 61 | 4 |
Put options over non-controlling interests in subsidiaries | 34 | 10 |
152 | 20 | |
Total trade and other payables | 843 | 655 |
159
20. Provisions
Leasehold | Ongoing | ||
$m | restoration | claims | Total |
At 1 January 2024 | 3 | 13 | 16 |
Additions | – | 1 | 1 |
Unused amounts reversed | (1) | – | (1) |
At 31 December 2024 | 2 | 14 | 16 |
Additions | 18 | 1 | 19 |
Foreign currency translation | – | 1 | 1 |
At 31 December 2025 | 20 | 16 | 36 |
160
Notes to the consolidated financial statements continued
21. Equity
Accounting policy
2025 | 2024 | |||
Nominal | Nominal | |||
Total | value | Total | value | |
number | $m | number | $m | |
Number of shares at beginning of year | 1,273,949,460 | 44 | 1,313,349,959 | 45 |
Cancellation of own shares held in Treasury | (44,588,231) | (2) | (39,400,499) | (1) |
Number of shares at end of the year | 1,229,361,229 | 42 | 1,273,949,460 | 44 |
Share buybacks | 2025 | 2024 |
Shares repurchased during the year (including costs) ($m) | 100 | 50 |
Average purchase price (pence) | 182.7 | 248.8 |
Shares repurchased (million) | 41 | 16 |
Accretive impact on diluted earnings per share (%) | 1.9 | 0.7 |
161
22. Reconciliation of statutory profit to cash generated from operations
2025 | 2024 | ||
Note | $m | $m | |
Cash flows from operating activities | |||
Statutory profit | 175 | 298 | |
Adjustments for: | |||
Share-based payment charge | 6.1 | 45 | 39 |
Fund product-based payment charge | 6.1 | 93 | 81 |
Other employment-related expenses | 6.2 | 18 | 28 |
Net finance expense | 7 | 18 | 23 |
Tax expense | 12.1 | 82 | 100 |
Depreciation of leasehold improvements and equipment | 17 | 15 | 11 |
Depreciation of right-of-use lease assets | 8.2 | 15 | 15 |
Gain on disposal of investment property – right-of-use lease assets | – | (3) | |
Amortisation and impairment of acquired intangibles | 9 | 17 | 24 |
Amortisation of software intangible assets | 18 | 28 | 25 |
Share of post-tax loss of associates | 11 | 2 | 2 |
Revaluation of acquisition-related liabilities | 45 | 4 | |
Realised gains on cash flow hedges | (17) | (22) | |
Foreign exchange movements | (11) | 8 | |
Other non-cash movements | (8) | (10) | |
517 | 623 | ||
Changes in working capital 1 : | |||
Increase in fee and other receivables | (75) | (29) | |
(Increase)/decrease in other financial assets including consolidated fund entities 2 | (23) | 211 | |
Decrease in trade and other payables | (81) | (36) | |
Cash generated from operations | 338 | 769 |
Notes:
1 Changes in working capital differ from the movements in these balance sheet items due to non-cash movements which either relate to the gross-up of the third-party share of
consolidated fund entities (Note 5.2) or are adjusted elsewhere in the consolidated cash flow statement, such as movements relating to the fund product-based payment charge and
other employment-related expenses (within operating activities) and the share repurchase liability (within financing activities).
2 Includes $111 million of restricted net cash outflows (2024: $133 million net cash inflows) relating to consolidated fund entities (Note 5.2).
23. Dividends
2025 | 2024 | |||
¢/share | $m | ¢/share | $m | |
Final dividend paid for the previous financial year to 31 December | 11.6 | 134 | 10.7 | 127 |
Interim dividend paid for the six months to 30 June | 5.7 | 64 | 5.6 | 65 |
Dividends paid | 198 | 192 | ||
Proposed final dividend for the financial year to 31 December |
162
Notes to the consolidated financial statements continued
24. Financial assets and liabilities
The fair values of our financial assets and liabilities can be analysed as follows:
2025 | ||||||
Not at fair | ||||||
$m | Note | Level 1 | Level 2 | Level 3 | value | Total |
Financial assets at amortised cost | ||||||
Finance lease receivable | 8.1 | – | – | – | 84 | 84 |
Cash and cash equivalents | 15 | – | – | – | 291 | 291 |
Fee and other receivables | 16 | – | – | – | 569 | 569 |
– | – | – | 944 | 944 | ||
Financial assets at fair value | ||||||
Fee and other receivables | 16 | – | 2 | 53 | – | 55 |
Investments in fund products and other investments | 5 | – | 217 | 31 | – | 248 |
Investments in loans | 5 | – | – | 2 | – | 2 |
Investments in consolidated funds: CLO assets | 5.2 | – | 1,301 | 156 | – | 1,457 |
Investments in consolidated funds: other transferable securities | 5.2 | 434 | 368 | 30 | – | 832 |
434 | 1,888 | 272 | – | 2,594 | ||
Total financial assets | 434 | 1,888 | 272 | 944 | 3,538 | |
Financial liabilities at amortised cost | ||||||
Trade and other payables | 19 | – | – | – | (691) | (691) |
Lease liability | 8.2 | – | – | – | (271) | (271) |
– | – | – | (962) | (962) | ||
Financial liabilities at fair value | ||||||
Borrowings | 15 | – | – | (13) | – | (13) |
Trade and other payables | 19 | – | (4) | (148) | – | (152) |
CLO liabilities – consolidated funds | 5.2 | – | (1,402) | – | – | (1,402) |
Third-party interest in consolidated funds | 5.2 | – | (544) | – | – | (544) |
– | (1,950) | (161) | – | (2,111) | ||
Total financial liabilities | – | (1,950) | (161) | (962) | (3,073) |
163
24. Financial assets and liabilities continued
2024 | ||||||
Not at fair | ||||||
$m | Note | Level 1 | Level 2 | Level 3 | value | Total |
Financial assets at amortised cost | ||||||
Finance lease receivable | 8.1 | – | – | – | 77 | 77 |
Cash and cash equivalents | 15 | – | – | – | 454 | 454 |
Fee and other receivables | 16 | – | – | – | 459 | 459 |
– | – | – | 990 | 990 | ||
Financial assets at fair value | ||||||
Fee and other receivables | 16 | – | 5 | – | – | 5 |
Investments in fund products and other investments | 5 | – | 216 | 16 | – | 232 |
Investments in loans | 5 | – | – | 27 | – | 27 |
Investments in consolidated funds: CLO assets | 5.2 | – | 1,242 | 211 | – | 1,453 |
Investments in consolidated funds: other transferable securities | 5.2 | 286 | 379 | 37 | – | 702 |
286 | 1,842 | 291 | – | 2,419 | ||
Total financial assets | 286 | 1,842 | 291 | 990 | 3,409 | |
Financial liabilities at amortised cost | ||||||
Trade and other payables | 19 | – | – | – | (635) | (635) |
Lease liability | 8.2 | – | – | – | (248) | (248) |
– | – | – | (883) | (883) | ||
Financial liabilities at fair value | ||||||
Trade and other payables | 19 | – | (6) | (14) | – | (20) |
CLO liabilities – consolidated funds | 5.2 | – | (1,366) | – | – | (1,366) |
Third-party interest in consolidated funds | 5.2 | – | (553) | – | – | (553) |
– | (1,925) | (14) | – | (1,939) | ||
Total financial liabilities | – | (1,925) | (14) | (883) | (2,822) |
2025 | 2024 | |||
$m | Assets | Liabilities | Assets | Liabilities |
At beginning of the year | 291 | (14) | 158 | (12) |
Transfers into Level 3 | – | – | 3 | – |
Additions | 437 | (102) | 166 | – |
Charge to consolidated income statement 1 | (2) | (45) | (1) | (2) |
Sales or settlements | (392) | – | (137) | – |
Change in consolidated fund entities held | (62) | – | 102 | – |
At end of the year | 272 | (161) | 291 | (14) |
Increase/(decrease) in liability | ||
$m | 2025 | |
Asteria forecast annualised growth in future revenues increased by 150%/(decreased by 50%) | 22 | (7) |
Bardin Hill forecast annualised growth in future revenues increased by 87%/(decreased by 87%) | 8 | (15) |
164
Notes to the consolidated financial statements continued
2025 | 2024 | |
$m | $m | |
Notional value of derivatives at 31 December | ||
Assets | 16 | 104 |
Liabilities | (58) | (12) |
Net (liabilities)/assets | (42) | 92 |
For the year ended 31 December | ||
Loss recognised in the consolidated income statement | (13) | (2) |
2025 | 2024 | |
$m | $m | |
Notional value of derivatives at 31 December | ||
Assets | 126 | 264 |
Liabilities | (82) | (152) |
Net assets | 44 | 112 |
For the year ended 31 December | ||
Gain/(loss) before the impact of hedging | 6 | (5) |
(Loss)/gain on hedging instruments | (3) | 11 |
Gain recognised in the consolidated income statement after the impact of hedging | 3 | 6 |
2025 | 2024 | |
$m | $m | |
Sterling | (118) | (112) |
Swiss Franc | (70) | (19) |
Euro | 29 | 4 |
Australian Dollar | 36 | 7 |
Other | 14 | 20 |
Total | (109) | (100) |
165
25. Financial risk management continued
2025 | 2024 | |
Credit ratings of banks | $m | $m |
AAA | 38 | 39 |
AA | 74 | 130 |
A | 55 | 50 |
BB | 6 | 6 |
Total | 173 | 225 |
2025 | 2024 | |
$m | $m | |
Within one year | 666 | 600 |
Between one and three years | 178 | 41 |
After three years | 19 | 20 |
863 | 661 |
166
Notes to the consolidated financial statements continued
26. Share-based payment schemes
Share awards
The fair values of equity-settled share awards granted in the year and the assumptions used in the calculations are as follows:
Deferred share plan | Executive directors' long-term incentive plan | |||
12/03/2025 – | 08/03/2024 – | |||
Grant dates | 13/05/2025 | 10/12/2024 | 12/03/2025 | 08/03/2024 |
Share awards granted in the year | 15,502,845 | 12,128,097 | 1,991,172 | 1,674,203 |
Weighted average fair value per share award granted ($) | 2.7 | 3.2 | 2.7 | 3.2 |
Movements in the number of equity-settled share awards outstanding are as follows:
2025 | 2024 | |
Share awards outstanding at beginning of the year | 41,729,994 | 42,317,900 |
Granted | 17,494,017 | 13,802,300 |
Forfeited | (1,693,830) | (2,899,848) |
Exercised | (12,646,775) | (11,490,358) |
Share awards outstanding at end of the year | 44,883,406 | 41,729,994 |
Share awards exercisable at end of the year | 722,923 | 158,944 |
Share options
The fair values of share options granted in the year under the Sharesave employee share option scheme, and the assumptions used in the
calculations, are as follows:
2025 | 2024 | |
Grant date | 02/09/2025 | 03/09/2024 |
Weighted average share price at grant date ($) 1 | 2.2 | 2.9 |
Weighted average exercise price at grant date ($) 2 | 1.8 | 2.3 |
Share options granted in the period | 2,558,282 | 1,447,200 |
Vesting period (years) | 3-5 | 3–5 |
Expected share price volatility (%) | 30 | 30 |
Dividend yield (%) | 7 | 5 |
Risk-free rate (%) | 4.0 | 3.9 |
Expected option life (years) | 3.6 | 3.7 |
Number of options assumed to vest | 1,951,476 | 1,080,188 |
Average fair value per option granted ($) | 0.5 | 0.7 |
Notes:
1 Sterling share price at grant date each year of £1.6 and £2.2 respectively.
2 Sterling exercise price each year of £1.3 and £1.8 respectively.
The expected share price volatility is based on historical volatility over the past five years. The expected option life is the average expected
period to exercise. The risk-free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the assumed
option life.
167
26. Share-based payment schemes continued
Movements in the number of share options outstanding are as follows:
2025 | 2024 | |||
Weighted | Weighted | |||
average | average | |||
exercise price 1 | exercise price 1 | |||
Number | ($ per share) | Number | ($ per share) | |
Share options outstanding at beginning of the year | 5,310,640 | 2.1 | 5,139,138 | 2.1 |
Granted | 2,588,282 | 1.8 | 1,447,200 | 2.2 |
Forfeited | (1,957,386) | 2.3 | (476,292) | 2.2 |
Exercised 2 | (455,711) | 1.8 | (799,406) | 1.8 |
Share options outstanding at end of the year | 5,485,825 | 2.1 | 5,310,640 | 2.1 |
Share options exercisable at end of the year | 764,887 | 2.5 | 239,978 | 2.1 |
Notes:
1 Calculated at 31 December exchange rates each year.
2 The sterling weighted average share price of options exercised was £1.9 (2024: £2.4) (USD-equivalent $2.5 and $3.1 respectively).
The share options outstanding at year-end had expected remaining lives as follows:
2025 | 2024 | |||
Weighted | Weighted | |||
average | average | |||
expected | expected | |||
Number of | remaining life | Number of | remaining life | |
Range of exercise prices ($ per share) | share options | (years) | share options | (years) |
0.00–3.00 | 5,485,825 | 2.5 | 5,310,640 | 2.5 |
Cash-settled share-based payments
The carrying value of the cash-settled share-based payment liability at 31 December 2025 was $72 million (2024: $56 million). Details of the
associated expense and a sensitivity analysis to the key assumptions used in the valuation are set out in Note 6.2.
27. Geographical information
2025 | 2024 | |||
Non-current | Non-current | |||
$m | Revenue | assets | Revenue | assets |
Cayman Islands | 548 | – | 656 | – |
Ireland | 266 | – | 191 | – |
United Kingdom and the Channel Islands | 119 | 612 | 132 | 604 |
United States of America | 299 | 400 | 281 | 346 |
Other countries | 173 | 23 | 174 | 20 |
1,405 | 1,035 | 1,434 | 970 |
Revenue from no single fund exceeded 10% of total annual revenue in either 2025 or 2024.
28. Related party transactions
2025 | 2024 | |
Key management compensation | $m | $m |
Salaries and other short-term employee benefits 1 | 19 | 23 |
Share-based payment charge | 15 | 14 |
Fund product-based payment charge | 10 | 15 |
Pension costs (defined contribution) | 1 | 1 |
Total | 45 | 53 |
168
Notes to the consolidated financial statements continued
30. Unconsolidated structured entities
Less infrastructure | Total AUM | Fee | |||||
mandates and | unconsolidated | Fair value of | receivables | Maximum | |||
Total | consolidated | structured | investment | and accrued | exposure | ||
AUM | fund entities 1 | entities | Number | held | income | to loss | |
2025 | ($bn) | ($bn) | ($bn) | of funds | ($m) | ($m) | ($m) |
Alternative | |||||||
Absolute return | 42.5 | (0.6) | 41.9 | 119 | 137 | 132 | 269 |
Total return | 46.6 | (1.5) | 45.1 | 131 | 74 | 137 | 211 |
Multi-manager | 14.5 | (8.6) | 5.9 | 18 | 2 | 15 | 17 |
Long-only | |||||||
Systematic | 76.2 | (0.1) | 76.1 | 119 | 7 | 126 | 133 |
Discretionary | 47.8 | (0.1) | 47.7 | 57 | 27 | 42 | 69 |
Total | 227.6 | (10.9) | 216.7 | 444 | 247 | 452 | 699 |
Less infrastructure | Total AUM | Fee | |||||
mandates and | unconsolidated | Fair value of | receivables | Maximum | |||
Total | consolidated | structured | investment | and accrued | exposure | ||
AUM | fund entities 1 | entities | Number | held | income | to loss | |
2024 | ($bn) | ($bn) | ($bn) | of funds | ($m) | ($m) | ($m) |
Alternative | |||||||
Absolute return | 45.3 | (0.5) | 44.8 | 132 | 122 | 120 | 242 |
Total return | 41.5 | (1.6) | 39.9 | 96 | 81 | 64 | 145 |
Multi-manager | 14.4 | (9.7) | 4.7 | 40 | 2 | 5 | 7 |
Long-only | |||||||
Systematic | 38.6 | (0.1) | 38.5 | 95 | 4 | 62 | 66 |
Discretionary | 28.8 | (0.2) | 28.6 | 57 | 21 | 27 | 48 |
Total | 168.6 | (12.1) | 156.5 | 420 | 230 | 278 | 508 |
169
Country of | ||
Company name | Registered address | incorporation |
Man Group plc | Jersey |
Direct or | Country of | Effective Group | |||
Company name | Registered address | indirect | incorporation | interest % | |
Man Group Treasury Limited | 22 Grenville Street, St Helier, JE4 8PX | Direct | Jersey | 100 | |
AHL Partners LLP 1,2 | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
ArcticDB Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Asteria Investment Managers SA | Rue de Lausanne 15, 1201 Geneva | Indirect | Switzerland | 51 | |
Bardin Hill Arbitrage IC Management LP 2 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Bardin Hill Arbitrage UCITS Management LP 2 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Bardin Hill CLO Equity Holdings LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Bardin Hill Long Duration Recoveries | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Management LP 2 | |||||
FA Sub 3 Limited | Luna Tower, Waterfront Drive, Road Town, | Indirect | BVI | 100 | |
Tortola | |||||
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 |
Habitare Homes 2 Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Halcyon Loan Advisors A LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Halcyon Loan Investment Management LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
HLDR GP LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Asset Management (Cayman) Limited | PO Box 309, Ugland House, South Church Street, George | Indirect | Cayman | 100 | |
Town, Grand Cayman, KY1-1104 | |||||
Man Asset Management (Ireland) Limited | 70 Sir John Rogerson’s 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 42, Governor Phillip Tower, 1 Farrer Place, Sydney, | Indirect | Australia | 100 | |
NSW 2000 | |||||
Man (Europe) AG | Austrasse 56, 9490, | Vaduz | Indirect Liechtenstein | 100 | |
Man Fund Management Netherlands BV | Beurs – 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 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 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 | Level 3, Mill Court, La Charroterie, St Peter Port, GY1 6JB | Indirect | Guernsey | 100 | |
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 Partners LLP 1,2 (formerly Man | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
GLG Partners LLP) | |||||
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 Group US Lending LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investment Management (Shanghai) | Room 1701A, 5 Corporate Avenue, 150 Hubin Road, | Indirect | China | 100 | |
Co., Ltd | Huangpu District, 200021 | ||||
170
Notes to the consolidated financial statements continued
31. Group investments continued
Subsidiaries continued
Direct or | Country of | Effective Group | |||
Company name | Registered address | indirect | incorporation | interest % | |
Man Investment Partners (US) LP 2 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
(formerly Bardin Hill Investment | |||||
Partners LP) | |||||
Man Investment (US) CN GP LLC 3 (formerly 4001 Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 | ||
HCN GP LLC) | |||||
Man Investment (US) Fund GP LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
(formerly Bardin Hill Fund GP LLC) | |||||
Man Investment (US) GP Holdings LLC 3,5 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
(formerly Bardin Hill GP Holdings LLC) | |||||
Man Investment (US) Loan Advisors LP 2 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
(formerly Bardin Hill Loan Advisors LP) | |||||
Man Investment (US) Loan Management | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
LLC 3 (formerly Bardin Hill Loan | |||||
Management LLC) | |||||
Man Investment (US) Opportunistic Credit | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Fund II GP LLC 3 (formerly Bardin Hill | |||||
Opportunistic Credit Fund II GP LLC) | |||||
Man Investment (US) Performing Credit | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Management LLC 3 (formerly Bardin Hill | |||||
Performing Credit Management LLC) | |||||
Man Investment (US) Vallée Blanche GP | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
LLC 3 (formerly Halcyon Vallée | |||||
Blanche GP LLC) | |||||
Man Investments AG | Huobstrasse 3, 8808 Pfäffikon SZ | Indirect | Switzerland | 100 | |
Man Investments Australia Limited | Level 42, Governor Phillip Tower, 1 Farrer Place, | Indirect | Australia | 100 | |
Sydney, NSW 2000 | |||||
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 Inc. | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Man Investments (Hong Kong) Limited | Suite 1013-15, 10 th Floor, Two IFC, Number | Indirect | Hong Kong | 100 | |
8 Finance Street | |||||
Man Investments Inc. | 15 North Mill Street, Nyack, NY 10960 | Indirect | US | 100 | |
Man Investments Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Investments SLP Holdings LLC 3 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
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, JE4 8PX | Indirect | Jersey | 100 | |
Man Solutions Limited | Riverbank House, 2 Swan Lane, London, EC4R 3AD | Indirect | UK | 100 | |
Man Solutions 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 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
Man Times Square Holdings LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
Man VCAP SLP LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 39.01 7 |
Man Worldwide Operations | 22 Grenville Street, St Helier, JE4 8PX | Indirect | Jersey | 100 | |
Management Limited | |||||
Mount Granite Limited | Wickhams Cay, PO Box 662, Road Town, Tortola | Indirect | BVI | 100 | |
MVH Lending, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
MVH Lending II, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
Net Zero Energy SFR GP Inc. | 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 |
Man Capital Management LLC 3 (formerly | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Silvermine Capital Management LLC) | |||||
Varagon Capital Partners Agent, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
Varagon Capital Partners, L.P. 2,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
Varagon Professionals Fund GP, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
VCAP Onshore GP, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
VCAP Offshore GP, S.à.r.l 6 | 10, Rue des Capucins, L-1313 | Indirect | Luxembourg | 78.02 7 | |
VCC Advisors, LLC 6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 53.85 7 |
VCDLF SLP, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
VIVA Onshore GP, LLC 3,6 | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 78.02 7 |
171
31. Group investments continued
Direct or | Country of | Effective Group | |||
Company name | Registered address | indirect | incorporation | interest % | |
Man Principal Strategies Corp | 4001 | Kennett Pike, Suite 302, Wilmington DE 19807 | Indirect | US | 100 |
Country of | ||||
Company name | Registered address | incorporation | Interest % | |
Hub Platform Technology Partners Ltd | 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ | UK | 22.86 | |
PR-Man Summit Point Holdings LP 2 | 1209 | Orange Street, Wilmington DE 19801 | US | 5 |
SBI-Man Asset Management Co., Ltd | Izumi Garden Tower, 1-6-1 Roppongi, Minato-ku, Tokyo | Japan | 10 |
172
Five-year record
2025
2024
2023
2022
2021
Income statement ($m)
Core net management fee revenue
1,077
1,097
963
927
877
Core performance fees
281
310
180
779
569
Core profit before tax
407
473
340
779
658
Core management fee profit before tax
294
323
280
290
266
Core performance fee profit before tax
113
150
60
489
392
Core profit
321
381
271
647
557
Statutory profit before tax
257
398
279
745
590
Statutory profit
175
298
234
608
487
Earnings per share (¢)
Statutory EPS (diluted)
15.0
25.1
19.4
45.8
33.8
Core EPS (diluted)
27.6
32.1
22.4
48.7
38.7
Core management fee EPS (diluted)
19.6
21.5
18.4
18.4
15.7
Balance sheet ($m)
Net cash and cash equivalents
278
454
136
457
387
Net assets
1,574
1,676
1,612
1,699
1,651
Net tangible assets
723
867
782
1,022
928
Other metrics
Core cash flows from operating activities before working capital
movements ($m)
418
502
362
810
700
Ordinary dividends per share (¢)
17.2
15.7
14.0
AUM ($bn)
227.6
168.6
167.5
143.3
148.6
Average headcount
1,770
1,802
1,716
1,595
1,453
USD/sterling exchange rates:
Average
0.7589
0.7826
0.8042
0.8081
0.7267
Year-end
0.7421
0.7990
0.7855
0.8276
0.7390
‘Core’ measures are alternative performance measures. Further details of our alternative performance measures, including non-core items,
are set out on pages 173 to 180.
173
Alternative performance measures
We assess our performance using a variety of alternative performance measures (APMs). We discuss our results on a statutory as well as a
‘core’ basis. Core metrics, which are each APMs, exclude acquisition and disposal-related items, significant non-recurring items and volatile
or uncontrollable items, as well as profits or losses generated outside of our investment management business. Accordingly, these core
metrics reflect the way in which performance is monitored by the Board and present the profits or losses that drive our recurring cash flows.
They also inform the way in which our variable compensation is assessed. Details of the non-core items in the year are set out below.
Our APMs also reclassify all income and expenses relating to our consolidated fund entities, which are required by IFRS to be split across
multiple lines in the consolidated income statement, to core gains/losses on investments in order to reflect their performance as part of
our seed book programme. Tax on non-core items and movements in US deferred tax assets relating to the amortisation of goodwill and
acquired intangibles and the recognition and derecognition of deferred tax assets related to accumulated tax losses in the US are similarly
excluded from core profit, with tax on core profit considered a proxy for cash taxes paid. Previously, all movements in US deferred tax assets
were excluded from tax on core profit as we were utilising federal accumulated tax losses. Comparatives have not been restated for this
change in definition.
In 2023, accounting for the acquisition of Varagon Capital Partners, L.P. in accordance with the requirements of IFRS resulted in the
recognition of all future payments to selling shareholders who remain in employment post-acquisition as employment-related expenses.
This arises because each of these payments can be forfeited should those employees become ‘bad leavers’ during specified periods
following the acquisition. Economically, the payments are transactions with the individuals in their capacity as owners. Recognising that
these owners also hold significant roles in the organisation, the bad leaver clauses are protective in nature and not intended to compensate
the individuals for employment services. As these transactions are related to an acquisition, we consider it appropriate to adjust the expense
recognised in the year to reflect the proportion of the profits that have been generated in the same period and are attributable to these
employees through an adjustment to core profit. This more closely aligns the charges with the associated cash flows.
The approach to the classification of non-core items maintains symmetry between losses and gains and the reversal of any amounts previously
classified as non-core. Note that our APMs may not be directly comparable with similarly titled measures used by other companies.
Non-core items in profit before tax comprise the following:
Note to the
consolidated
financial
statements
2025
$m
2024
$m
Acquisition and disposal-related:
Amortisation and impairment of acquired intangibles
9
(17)
(24)
Acquisition-related costs
6.3
(6)
–
Acquisition-related compensation
1
(2)
–
Other employment-related expenses
2
6.2
(18)
(28)
Revaluation of acquisition-related liabilities
(45)
(4)
Restructuring costs
6.1
(30)
(22)
Costs associated with legal claims
6.3
(32)
(4)
Lease-related costs
(1)
–
Gain on disposal of investment property – right-of-use lease assets
–
3
Share of post-tax loss of associates
11
(2)
(2)
Foreign exchange movements
5.1
3
6
Non-core items
(150)
(75)
Notes:
1 Relates to employee retention payments agreed as part of the acquisition.
2 Adjustment to align acquisition-related employment-related expenses with proportionate share of earnings in the year.
174
Alternative performance measures continued
Core measures: reconciliation to statutory equivalents
The statutory line items within the consolidated income statement can be reconciled to their core equivalents as follows:
2025
$m
Core measure
Reclassification
of amounts relating
to consolidated
fund entities
Non-core items
Per consolidated
income statement
Management and other fees
[APM]
1,136
(10)
–
1,126
Performance fees
[APM]
281
(2)
–
279
Revenue
[APM]
1,417
(12)
–
1,405
Net income or gains on investments and other financial instruments
[APM]
38
43
3
84
Third-party share of gains relating to interests in consolidated funds
–
(27)
–
(27)
Rental income
[APM]
2
–
–
2
Distribution costs
(59)
–
–
(59)
Net revenue
[APM]
1,398
4
3
1,405
Asset servicing costs
(73)
–
–
(73)
Compensation costs
[APM]
(675)
–
(32)
(707)
Other employment-related expenses
[APM]
(7)
–
(18)
(25)
Other costs
[APM]
(215)
(4)
(39)
(258)
Net finance expense
(18)
–
–
(18)
Amortisation and impairment of acquired intangibles
–
–
(17)
(17)
Share of post-tax loss of associates
–
–
(2)
(2)
Revaluation of acquisition-related liabilities
–
–
(45)
(45)
Third-party share of post-tax profits
(3)
–
–
(3)
Profit before tax
[APM]
407
–
(150)
257
Tax expense
[APM]
(86)
–
4
(82)
Profit
[APM]
321
–
(146)
175
Core basic EPS
28.3¢
Core diluted EPS
27.6¢
2024
$m
Core measure
Reclassification
of amounts relating
to consolidated
fund entities
Non-core items
Per consolidated
income statement
Management and other fees
[APM]
1,135
(9)
–
1,126
Performance fees
[APM]
310
(2)
–
308
Revenue
[APM]
1,445
(11)
–
1,434
Net income or gains on investments and other financial instruments
[APM]
50
32
6
88
Third-party share of gains relating to interests in consolidated funds
–
(10)
–
(10)
Rental income
[APM]
2
1
–
3
Distribution costs
(38)
–
–
(38)
Net revenue
[APM]
1,459
12
6
1,477
Asset servicing costs
(67)
–
–
(67)
Compensation costs
[APM]
(684)
–
(22)
(706)
Other employment-related expenses
[APM]
(10)
–
(28)
(38)
Other costs
[APM]
(199)
(12)
(4)
(215)
Net finance expense
(23)
–
–
(23)
Gain on disposal of investment property – right-of-use lease assets
–
–
3
3
Amortisation and impairment of acquired intangibles
–
–
(24)
(24)
Share of post-tax loss of associates
–
–
(2)
(2)
Revaluation of acquisition-related liabilities
–
–
(4)
(4)
Third-party share of post-tax profits
(3)
–
–
(3)
Profit before tax
[APM]
473
–
(75)
398
Tax expense
[APM]
(92)
–
(8)
(100)
Profit
[APM]
381
–
(83)
298
Core basic EPS
32.9¢
Core diluted EPS
32.1¢
[APM] The core equivalents of these statutory measures are defined as alternative performance measures.
Core costs of $973 million (2024: $963 million) comprise asset servicing costs, core compensation costs, core other employment-related
expenses, core other costs and third-party share of post-tax profits.
175
Core measures: reconciliation to statutory equivalents continued
The statutory line items within the consolidated balance sheet can be reconciled to their core equivalents as follows:
2025
$m
Core measure
Reclassification of
amounts relating to
consolidated
fund entities
Per consolidated
balance sheet
Assets
Cash and cash equivalents
[APM]
173
118
291
Fee and other receivables
[APM]
652
5
657
Investments in fund products and other investments
[APM]
682
1,857
2,539
Investments in associates
6
–
6
Current tax asset
28
–
28
Finance lease receivable
84
–
84
Leasehold improvements and equipment
63
–
63
Leasehold property – right-of-use lease assets
108
–
108
Investment property – right-of-use lease assets
13
–
13
Software intangible assets
57
–
57
Deferred tax assets
106
–
106
Pension asset
14
–
14
Goodwill and acquired intangibles
794
–
794
Total assets
2,780
1,980
4,760
Liabilities
Trade and other payables
[APM]
809
34
843
Current tax liabilities
4
–
4
Employment–related payables to sellers of businesses acquired
72
–
72
Provisions
36
–
36
Borrowings
13
–
13
CLO liabilities – consolidated fund entities
–
1,402
1,402
Third-party interest in consolidated funds
–
544
544
Third-party interest in other subsidiaries
1
–
1
Lease liability
271
–
271
Total liabilities
1,206
1,980
3,186
Net assets
1,574
–
1,574
[APM] The core equivalents of these statutory measures are defined as alternative performance measures.
176
Alternative performance measures continued
Core measures: reconciliation to statutory equivalents continued
2024
$m
Core measure
Reclassification of
amounts relating
to consolidated
fund entities
Per consolidated
balance sheet
Assets
Cash and cash equivalents
[APM]
225
229
454
Fee and other receivables
[APM]
486
6
492
Investments in fund products and other investments
[APM]
722
1,692
2,414
Investments in associates
8
–
8
Current tax asset
17
–
17
Finance lease receivable
77
–
77
Leasehold improvements and equipment
58
–
58
Leasehold property – right-of-use lease assets
90
–
90
Investment property – right-of-use lease assets
13
–
13
Investment property – consolidated fund entities
–
12
12
Software intangible assets
57
–
57
Deferred tax assets
117
–
117
Pension asset
13
–
13
Goodwill and acquired intangibles
752
–
752
Total assets
2,635
1,939
4,574
Liabilities
Trade and other payables
[APM]
635
20
655
Current tax liabilities
3
–
3
Employment–related payables to sellers of businesses acquired
56
–
56
Provisions
16
–
16
CLO liabilities – consolidated fund entities
–
1,366
1,366
Third-party interest in consolidated funds
–
553
553
Third-party interest in other subsidiaries
1
–
1
Lease liability
248
–
248
Total liabilities
959
1,939
2,898
Net assets
1,676
–
1,676
[APM] The core equivalents of these statutory measures are defined as alternative performance measures.
177
Core management fee profit and core performance fee profit
Core profit comprises core management fee profit, a steadier earnings stream, and core performance fee profit, a more variable earnings
stream. This split facilitates analysis of our profitability drivers.
2025
$m
Core measure
Reclassification of
amounts relating to
consolidated
fund entities
Non-core items
Per consolidated
income statement
Management and other fees
1,136
(10)
–
1,126
Distribution costs
(59)
–
–
(59)
Net management fee revenue
1,077
(10)
–
1,067
Rental income
2
–
–
2
Asset servicing costs
(73)
–
–
(73)
Compensation costs (management fee)
(481)
–
(32)
(513)
Other employment-related expenses
(7)
–
(18)
(25)
Other costs
(215)
(4)
(39)
(258)
Net finance expense (management fee)
(7)
–
–
(7)
Third-party share of post-tax profits (management fee)
(2)
–
–
(2)
Management fee profit before tax
294
(14)
(89)
191
Tax expense
(66)
Management fee profit
228
Core basic management fee EPS
20.1¢
Core diluted management fee EPS
19.6¢
Performance fees
281
(2)
–
279
Net income or gains on investments and other financial instruments
38
43
3
84
Compensation costs (performance fee)
(194)
–
–
(194)
Net finance expense (performance fee)
(11)
–
–
(11)
Third-party share of post-tax profits (performance fee)
(1)
–
–
(1)
Performance fee profit before tax
113
41
3
157
Tax expense
(20)
Performance fee profit
93
Core basic performance fee EPS
8.2¢
Core diluted performance fee EPS
8.0¢
178
Alternative performance measures continued
Core management fee profit and core performance fee profit continued
2024
$m
Core measure
Reclassification of
amounts relating to
consolidated
fund entities
Non-core items
Per consolidated
income statement
Management and other fees
1,135
(9)
–
1,126
Distribution costs
(38)
–
–
(38)
Net management fee revenue
1,097
(9)
–
1,088
Rental income
2
1
–
3
Asset servicing costs
(67)
–
–
(67)
Compensation costs (management fee)
(490)
–
(22)
(512)
Other employment-related expenses
(10)
–
(28)
(38)
Other costs
(199)
(12)
(4)
(215)
Net finance expense (management fee)
(8)
–
–
(8)
Third-party share of post-tax profits
(2)
–
–
(2)
Management fee profit before tax
323
(20)
(54)
249
Tax expense
(67)
Management fee profit
256
Core basic management fee EPS
22.1¢
Core diluted management fee EPS
21.5¢
Performance fees
310
(2)
–
308
Net income or gains on investments and other financial instruments
50
32
6
88
Compensation costs (performance fee)
(194)
–
–
(194)
Net finance expense (performance fee)
(15)
–
–
(15)
Third-party share of post-tax profits (performance fee)
(1)
–
–
(1)
Performance fee profit before tax
150
30
6
186
Tax expense
(25)
Performance fee profit
125
Core basic performance fee EPS
10.8¢
Core diluted performance fee EPS
10.6¢
179
Core gains/losses on investments
We use the measure core gains/losses on investments to represent the net return we receive on our seeding investments portfolio,
combining both consolidated and unconsolidated fund entities on a consistent basis. We therefore exclude from this measure gains or
losses on investments which do not relate to the performance of the seed book and adjust the amounts relating to consolidated funds to
be included in this line on a consistent basis. Core gains/losses on investments can be reconciled to the consolidated income statement
as follows:
Note to the
consolidated
financial
statements
2025
$m
2024
$m
Net gains on seeding investments portfolio
5.1
37
47
Net gains on fund investments held for deferred compensation arrangements
and other investments
5.1
1
3
Core gains on investments
38
50
Non-core items:
Consolidated fund entities: gross-up of net gains on investments
5.1
43
32
Foreign exchange movements
5.1
3
6
Net income or gains on investments and other financial instruments
84
88
Core tax rate
The core tax rate is the effective tax rate on core profit before tax and is equal to the tax on core profit divided by core profit before tax.
The tax expense on core profit before tax is calculated by excluding the tax benefit/expense related to non-core items from the statutory
tax expense, together with movements in US deferred tax assets relating to the amortisation of goodwill and acquired intangibles, and the
recognition and derecognition of deferred tax assets related to US accumulated tax losses. Therefore, tax on core profit is considered a proxy
for our cash taxes payable.
The impact of non-core items on our tax expense is outlined below:
2025
$m
2024
$m
Statutory tax expense
82
100
Tax on non-core items:
Restructuring costs
7
4
Costs associated with legal claims
9
1
Gain on disposal of investment property – right-of-use lease assets
–
(1)
Foreign exchange movements
1
(2)
Non-core movements in US deferred tax assets
(13)
(10)
Core tax expense
86
92
Comprising:
Tax expense on core management fee profit before tax
66
67
Tax expense on core performance fee profit before tax
20
25
The core tax rate is 21% for 2025 (2024: 19%).
Core cash flows from operations excluding working capital movements
Cash flows from operating activities excluding working capital movements can be reconciled to cash flows from operating activities as reported
in the consolidated cash flow statement as follows:
Note to the
consolidated
financial
statements
2025
$m
2024
$m
Cash flows from operating activities
239
648
Plus changes in working capital:
22
Increase in fee and other receivables
75
29
Increase/(decrease) in other financial assets
23
(211)
Decrease in trade and other payables
81
36
Core cash flows from operations excluding working capital movements
418
502
180
Alternative performance measures continued
Net tangible assets
Net tangible assets is used as a measure of the capital available for deployment, and is equal to net assets excluding goodwill and
intangibles, as follows:
Note to the
consolidated
financial
statements
2025
$m
2024
$m
Seeding investments portfolio
5
470
532
Available cash and cash equivalents
15
173
225
Borrowings
15
(13)
–
Contingent consideration
19
(61)
(4)
Put options over non-controlling interests in subsidiaries
19
(34)
(10)
Payables under repo arrangements
19
(4)
(16)
Employment-related payables to sellers of businesses acquired
6.2
(72)
(56)
Other tangible assets and liabilities
264
196
Net tangible assets
723
867
Goodwill and intangibles
851
809
Shareholders’ equity
1,574
1,676
In this section we have provided
some key information to assist you
in managing your shareholding in
Man Group. If you have a question that
is not answered below, please contact
us at: shareholder@man.com
Man Group (www.man.com)
The Man Group website contains a wealth of information about the
Company, including details of the industry in which we operate, our
strategy and business performance, recent news from Man Group and
corporate responsibility initiatives. The Shareholder Relations section
is a key tool for shareholders with information on share price and
financial results, reports and presentations. This section of the website
also contains information on dividends and shareholder meeting
details as well as useful Frequently Asked Questions.
EQ Shareview (www.shareview.co.uk/shareholders)
Man Group’s register of shareholders is maintained by EQ, the
Company’s Registrars. Many aspects of managing your shares, such
as checking your current shareholding, managing dividend payments,
and updating your contact details, can be carried out by registering on
the EQ Shareview website. To do this you will need your shareholder
reference number which can be found on your share certificate or
dividend confirmation.
Dividends
Final dividend for the year ended 31 December 2025
11.5¢ per share
The directors have recommended a final dividend of 11.5 cents per
share in respect of the year ended 31 December 2025. Payment of this
dividend is subject to approval at the 2026 AGM. Key dates relating to
this dividend are given below:
Ex-dividend date 9 April 2026
Record date 10 April 2026
DRIP election date 28 April 2026
AGM (to approve final dividend) 7 May 2026
Sterling conversion date 8 May 2026
Payment date 20 May 2026
CREST accounts credited with DRIP shares 26 May 2026
DRIP share certificates received 27 May 2026
Capital allocation policy
Man Group’s capital allocation policy is disciplined and intended to
deliver attractive shareholder returns while supporting the future
growth of the business. Our aim is to increase the annual dividend per
share progressively over time, reflecting the firm’s underlying earnings
growth and free cash flow generation while maintaining a prudent
balance sheet. We then look to invest in organic and inorganic
initiatives that align with our strategic priorities, to drive long-term
value creation for our shareholders. Finally, any remaining available
capital is returned over time, through share repurchases when
advantageous.
The Company will fix the dividend currency conversion rate on
8 May 2026. The achieved sterling rate will be announced at this time,
in advance of the payment date.
Dividend payment methods
You can choose to receive your dividend in a number of ways:
1. Direct payment to your bank: cash dividends can be paid directly
into your UK bank or building society account. The associated dividend
confirmation will be sent direct to your registered address. Should you
need to complete a bank mandate form, these are available from the
Dividends section of our website. Alternatively, dividend mandate
forms are available from the EQ Shareview website. If you have any
queries please contact EQ on 0371 384 2112
1
who will be able to assist.
2. Overseas payment service
2
: If you live overseas, EQ offers an
overseas payment service which is available in certain countries.
This may make it possible to receive dividends directly into your bank
account in your local currency. Further information can be found on
the EQ Shareview website or via the EQ helpline +44 (0)371 384 2112
1
.
When calling from outside the UK please ensure the country code
is used.
3. Dividend Reinvestment Plan (DRIP): The Company is pleased to
offer a DRIP, which gives shareholders the opportunity to build their
shareholding in the Company in a convenient and cost-effective way.
Instead of receiving your dividend in cash, you receive as many whole
shares as can be bought with your dividend, taking into account
related purchase costs; any residual cash is then carried forward and
added to your next dividend. If you wish to join the DRIP, you can
download copies of the DRIP terms and conditions and the DRIP
mandate form from the Dividends section of the Man Group website.
Simply complete the DRIP mandate form and return it to EQ. Should
you have any questions regarding the DRIP, please contact EQ on
0371 384 2112
1
. Please note that if you wish to join the DRIP in time for
the payment of the forthcoming final dividend for the year ended
31 December 2025, EQ must have received your instruction by 5.00pm
on 28 April 2026. Instructions received after this date will be applied to
the next dividend payment.
1 Lines are open from 8.30am to 5.30pm, each business day. When calling
from outside the UK, please ensure the country code is used.
2 Please note that a payment charge will be deducted from each individual
payment before conversion to your local currency.
Shareholder information
Man Group plc | Annual Report 2025
181
Strategic report | Governance | Financial statements | Shareholder information
Shareholder communications
Annual Report and Half Year Results
Man Group publishes an Annual Report and Half Year Results every
year. The Annual Report is published on the website and is sent to
shareholders through the post if they have requested to receive a
copy. The Half Year Results are published on the website and printed
copies are available on request from the Company Secretary.
E-communications
You can help Man Group to reduce its carbon footprint as well as its
printing and postage costs by signing up to receive communications
electronically rather than receiving printed documents such as
Annual Reports and Notices of AGMs in the post. To sign up for
e-communications, simply register on the EQ Shareview website.
You will need your shareholder reference number which can be found
on your share certificate or dividend confirmation or proxy card, in
order to register. Once registered, you will need to change your mailing
preference to e-communications and provide your email address.
You will then receive an email each time a shareholder communication
or document becomes available on the Man Group website.
Managing your shareholding
Online, by post, or by phone
Many aspects of your shareholding can be managed by registering
on the EQ Shareview website www.shareview.co.uk. For enquiries
about your shareholding you can also contact EQ in writing at EQ,
Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA,
or by telephone on 0371 384 2112
1
quoting Ref No 874. Please quote
your shareholder reference number when contacting EQ.
Share dealing service
EQ provides a share dealing facility through which you can buy or sell
Man Group plc shares in the UK. The service is provided by Equiniti
Financial Services Limited and can be accessed via the dealing section
of the EQ Shareview website (www.shareview.co.uk/dealing). To use
EQ’s telephone dealing service, please call 03456 037 037 between
8.00am and 4.30pm Monday to Friday. You can also buy and sell
shares through any authorised stockbroker or bank that offers a share
dealing service in the UK, or in your country of residence if outside
the UK.
1 Lines are open from 8.30am to 5.30pm, each business day. When calling
from outside the UK, please ensure the country code is used.
Be a ScamSmart investor – avoid investment
andpension scams
Even seasoned investors have been caught out by sophisticated share
or investment scams where smooth-talking fraudsters cold call from
‘boiler rooms’ to offer them worthless, overpriced or even non-existent
shares, or to buy shares they currently hold at a price higher than the
market value. All shareholders are advised to be extremely wary of any
unsolicited advice, offers to buy shares at a discount, or offers of free
reports about the Company. The Financial Conduct Authority (FCA)
provides helpful information about such scams on its website,
including practical tips on how to protect your savings and how to
report a suspected investment scam. Man Group encourages its
shareholders to read the information on the site which can be
accessed at www.fca.org.uk/scamsmart. You can also call the
FCA Consumer Helpline on 0800 111 6768.
How your details are protected from cybercrime
Man Group takes the protection of its shareholders’ personal data from
the ever-increasing threat of cybercrime very seriously. Shareholder
details are maintained by EQ, our Registrars, who safeguard this
information to the highest standards. EQ’s security measures include
multiple levels of firewall, no wireless access to the corporate network,
and regular external vulnerability scans and system penetration tests.
Dividend history
To help shareholders with their tax affairs, details of dividends paid in the 2025/26 tax year can be found below. Please note that the dividend
amounts are declared in US dollars but paid in sterling. For ease of reference the sterling dividend amounts have been detailed in the table.
For details of historical payments, please refer to the Dividends section of our website, which can be found at www.man.com/investor-relations.
Dividends paid in the 2025/26 tax year Dividend no. Payment date
Amount per
share (p)
Ex-dividend
date Record date
DRIP share
price (p)
DRIP
purchase date
Interim dividend for the year ended 31 Dec 2025 0/37 19/09/25 4.23 07/08/25 08/08/25 175.26 19/09/25
Final dividend for the year ended 31 Dec 2024 0/36 21/05/25 8.69 10/04/25 11/04/25 173.4252 22/05/25
Shareholder information continued
Man Group plc | Annual Report 2025
182
Shareholder information
Glossary
Absolute investment performance
Percentage rise/fall in the value of the fund over the stated period
Absolute return
Alternative strategies where clients expect the strategy may have net
long, short or neutral exposure to asset classes, and that may make use
of leverage to achieve those exposures. This includes trend-following
and discretionary long/short strategies
Actively managed
The management of assets based on active decision-making as opposed
to aiming to replicate an index
AGM
Annual General Meeting
Alpha
Excess return over beta relative to a market benchmark, or a measure
of the ‘value add’ by an investment manager
Alternative
An alternative investment is an asset that is not one of the conventional
investment types, such as stocks, bonds and cash
Alternative performance measure (APM)
APMs are financial measures of current, historical or future financial
performance, financial position or cash flows that are not defined or
specified in the applicable financial reporting framework. Man Group’s
primary APMs are defined as follows:
Core profit
Core profit excludes acquisition and disposal-related items, significant
non-recurring items and volatile or uncontrollable items, as well as profits
or losses generated outside of our investment management business.
Tax on these ‘non-core’ items and movements in deferred tax relating to
the amortisation of goodwill and acquired intangibles and the utilisation or
recognition of tax assets in the US are also excluded
Core tax rate
The core tax rate is the effective tax rate on core profit before tax and is
equal to the tax on core profit divided by core profit before tax
Net tangible assets
Net tangible assets is used as a measure of the capital available for
deployment, and is equal to net assets excluding goodwill and intangibles
Full details of our APMs can be found on pages 173 to 180
Assets under management (AUM)
AUM are the assets that Man Group manages for investors in investment
vehicles (including fund entities) and clients with separately managed
accounts. It is a key indicator of our performance as an investment
management group and our ability to remain competitive and build a
sustainable business. Average AUM multiplied by our net management fee
margin equates to our management fee earning capacity. AUM is shown by
product categories that have similar characteristics (referring to Absolute
return, Total return, Multi-manager solutions, Systematic long-only and
Discretionary long-only investment strategies). AUM includes advisory-
only assets where Man Group provides model portfolios but does not
have decision-making or trading authority over the assets and dedicated
managed account platform services for which Man Group provides
platform and risk management services but does not provide investment
management services
Movements in AUM are split between the following categories:
Net inflows/outflows
Net inflows/outflows are a measure of Man Group’s ability to attract and
retain investor capital. Net flows are calculated as sales less redemptions
Investment performance
Investment performance is a measure of the performance of the
investment vehicles Man Group manages for its investors, net of fees
Other movements
Some of Man Group’s AUM is denominated in currencies other than USD.
FX movements represent the impact of translating non-USD denominated
AUM into USD. Other movements includes the performance-linked leverage
movements, distributions and realisations, and capital returned to investors
from CLO strategies
ARCom
Audit and Risk Committee
Basis point (bps)
One one-hundredth of a percentage point (0.01%)
Benchmark
A standard against which the performance of a security, mutual fund or
investment manager can be measured; generally broad market and market-
segment stock and bond indexes are used for this purpose
Beta
Market returns
CAGR
Compound annual growth rate
Carbon dioxide equivalent (CO₂e)
A standard unit for measuring carbon footprints. Enabling the impact of
different greenhouse gas emissions to be expressed using an equivalent
amount of carbon dioxide (CO₂) as reference. We calculate total emissions
using tonnes per CO₂e or tCO₂e
Cash costs
Costs excluding depreciation and amortisation
Collateralised loan obligation (CLO)
CLOs are a security backed by a pool of debt, often corporate loans
Compensation ratio
The compensation ratio is calculated as total compensation costs divided
by net revenue
CS
Corporate Sustainability
DE&I
Diversity, Equity and Inclusion
Defined benefit (DB) pension scheme
A pension benefit where the employer has an obligation to provide
participating employees with pension payments that represent a specified
percentage of their salary for each year of service
Defined contribution (DC) pension scheme
A pension benefit where the employer’s contribution to an employee’s
pension is measured as, and limited to, a specified amount, usually a
percentage of salary
Discretionary
Discretionary investment management is a form of investment
management in which buy and sell decisions are made by a portfolio
manager. The term ‘discretionary’ refers to the fact that investment
decisions are made at the portfolio manager’s discretion
Drive
Drive is our global internal diversity and inclusion network which is
designed to inform, support and inspire our people. The network’s mission
is to advance Man Group’s efforts in promoting and valuing diversity and
inclusion throughout the firm
Employee benefit trust
An employee benefit trust is a type of discretionary trust established to
hold cash or other assets for the benefit of employees, such as satisfying
share awards, with a view to facilitating the attraction, retention and
motivation of employees
Employee Trust
The Employee Trust is the employee benefit trust operated by Man Group
ESG
Environmental, Social and Governance
ESG-integrated AUM
Portion of total AUM that integrates the GSIA ESG integration sustainable
investment approach, defined as ‘ongoing considerations of ESG factors
within an investment analysis and decision-making process with the aim
to improve risk-adjusted returns’. The calculation methodology identifies
all relevant funds and mandates for which explicit ESG criteria are used in
asset selection (discretionary) or a dedicated ESG model is incorporated in
the investment process (systematic).
For single manager/strategy funds: if ESG factors are materially integrated
into the investment strategy (e.g. ESG factors impact security selection
such as for Article 8/Article 9 Funds under the SFDR), then the entire
assets of the fund will be accounted for as ESG AUM. In the case of Man
Numeric, it will be relevant to the integration of Numeric’s proprietary ESG
factor model which currently can be as high as 70% but may be as low
as 3% in terms of weight compared to the other models. For instances
where the model weight is at the lower bound, it is still commensurate/
proportional with other individual models used in the process.
For ESG multi-strategy funds/mandates (i.e. strategies which are marketed
as ESG strategies), we include all the relevant AUM.
For non-ESG multi-strategy funds/mandates: currently only the portion of
a fund or mandate for which ESG is factored into the investment process
is included. For example, some of our multi-strategy/multi-asset portfolios
may only incorporate ESG factors in certain sleeves or asset classes.
For third-party multi-strategy managers: Man Solutions will seek to assess
at the sub-strategy level for ESG-integrated AUM on the same basis. If Man
Solutions is unable to get transparency or single sleeve allocation is not
disclosed, those strategies will be assumed to not include ESG content.
Executive Committee (ExCo)
The executives responsible for delivering the firm’s strategy
Man Group plc | Annual Report 2025
183
Strategic report | Governance | Financial statements | Shareholder information
Glossary continued
RI
Responsible Investment
Relative investment performance
Percentage rise/fall in the value of the fund over the stated period relative
to peers or benchmarks. Calculated as an asset-weighted average
performance relative to peers/benchmark for all strategies where we have
identified and can access an appropriate composite
Relative net flows
Percentage above/below asset-weighted industry net flows. Industry
sources include HFR, Morningstar and Man Group analysis
Revolving credit facility (RCF)
A line of credit, to an agreed limit, that businesses can access when needed
Run rate net management fee revenue and margin
Run rate net management fee margin is calculated as core net
management fee revenue for the last quarter divided by the average AUM
for the last quarter on a fund-by-fund basis. Run rate net management fee
revenue is calculated as the run rate net management fee margin applied
to the closing AUM as at the period end. These measures give the most
up-to-date indication of our management fee revenue at a given date
Safecall
An independent employee helpline www.safecall.co.uk
Sale and repurchase agreement
A sale and repurchase agreement (repo) is a short-term borrowing
arrangement under which Man Group sells certain of its fund product
investments to a third party, with a commitment to repurchase them on a
prearranged future date for consideration of the sale proceeds plus interest
Scope 1, 2 and 3 emissions
The Greenhouse Gas (GHG) Protocol Corporate Standard classifies
a company’s greenhouse gas emissions into three ‘scopes’. Scope 1
emissions are direct emissions from owned or controlled sources. Scope 2
emissions are indirect emissions from the generation of purchased energy
including electricity, steam, heating and cooling. Scope 3 emissions include
all other indirect emissions that occur within a company’s value chain
Seed capital
Seed capital is an investment in a fund allowing it to develop a performance
track record or allowing it to be marketed to potential clients. Seed capital
also includes CLO risk retention positions and fund products to which
Man Group obtains exposure via sale and repurchase arrangements or TRSs
SFDR
Sustainable Finance Disclosure Regulation
SMCR
Senior Managers Certification Regime, FCA regulation which aims to
strengthen market integrity by making senior individuals more accountable
for their conduct and competence
Systematic
Systematic investment managers attempt to remove the behavioural
component of investing by using computer algorithms to make
investment decisions
TCFD
Task Force on Climate-related Financial Disclosures
Total return
Alternative strategies where clients expect the strategy to have some
positive exposure to particular risk factors over the course of a market cycle
although the level of exposure may vary over time. This includes US direct
lending, real estate, risk premia, risk parity and CLO strategies
Total return swap (TRS)
A total return swap is a swap agreement in which Man Group receives
the return on an underlying fund investment in exchange for an interest
payment on the notional investment
Trade execution
The completion of a buy or sell order on a security in the market
TSR
Total Shareholder Return
UN PRI
The United Nations-supported Principles for Responsible Investment
initiative is an international network of investors working together to
implement the six Principles for Responsible Investment. Its goal is to
understand the implications of sustainability for investors and support
signatories to incorporate these issues or implications into their investment
decision-making and ownership practices
Weighted average carbon intensity (WACI)
The measurement of a portfolio’s exposure to carbon-intensive companies,
expressed in tonnes of CO₂e per million dollars of revenue
External audit
An external auditor performs an audit, in accordance with specific laws
or rules, of the financial statements of an organisation and is independent
of the entity being audited
FCA
Financial Conduct Authority
FRC
Financial Reporting Council
GDPR
The General Data Protection Regulation
Global Sustainable Investment Alliance (GSIA)
The Global Sustainable Investment Alliance
High-water mark
The value above which performance-fee-eligible AUM accrues
performance fees
HMRC
His Majesty’s Revenue and Customs
ICAAP
Internal Capital Adequacy and Assessment Process
ICARA
Internal Capital and Risk Assessment
IFRS
International Financial Reporting Standards
Internal audit
Provide independent assurance that an organisation’s risk management,
governance and internal control processes are operating effectively
Investment returns
The increase in AUM attributable to investment performance, market
movements and foreign exchange
KPI
Key Performance Indicator
Long-only
Long-only refers to a policy of only holding ‘long’ positions in assets
and securities
Machine learning
A process in which a range of applied algorithms recognise repeatable
patterns and relationships within observed data
Man Group
Man Group plc, through its investment management subsidiaries and
partnerships (collectively, Man Group), is a global investment management
business and provides a range of fund products and investment
management services for investors globally. Investment management
services are offered through Man Group plc’s regulated subsidiaries
Mid-frequency quant equity
A systematic equity long/short strategy trading a diversified set of models
across timeframes of hours to weeks
MiFID II
The second iteration of the Markets in Financial Instruments Directive
Multi-manager solutions
Multi-manager solutions includes traditional fund of funds and managed
accounts investing in vehicles managed by asset managers other than
Man Group
Net asset value (NAV)
Net asset value or NAV is the sum total of the market value of all the
investment instruments held in the portfolio including cash, less any
liabilities held in the portfolio. NAV per share is found by dividing the total
number of units outstanding from the NAV
Net management fee margin
Margins are an indication of the management fee revenue margins
negotiated with Man Group clients net of any distribution costs paid to
intermediaries. Net management fee margin is calculated as core net
management fee revenue divided by AUM
Passive products
Products which are intended to replicate an index
Quantitative or quant
Quantitative strategies use computer models to make trading decisions.
A quant is a person who specialises in the application of mathematical
and statistical methods to financial and risk management problems
Regulatory capital
Regulatory capital is the amount of risk capital set by legislation or local
regulators, which companies must hold against any difficulties such as
market or credit risks
Man Group plc | Annual Report 2025
184
Shareholder information
Man Group plc | Annual Report 2025
Strategic report | Governance | Financial statements | Shareholder information
Company contact details
Registered office
Man Group plc
22 Grenville Street
St Helier
Jersey JE4 8PX
Telephone: + 44 (0) 20 7144 1000
Website: www.man.com
Registered in Jersey with registered no: 127570
London office
Riverbank House
2 Swan Lane London
EC4R 3AD
United Kingdom
Telephone: +44 (0) 20 7144 1000
Shareholder relations
Karan Shirgaokar
Head of Strategy and Shareholder Relations
Company secretariat
Elizabeth Woods
Company Secretary
Communications
Georgiana Brunner
Head of Communications
Company advisors
Independent auditor
Deloitte LLP
Corporate brokers
Barclays
Goldman Sachs International
Corporate communications
Brunswick Group
Registrars
EQ
Shareholder information
This Annual Report has been prepared for, and only for, the members of the
Company, as a body, and no other persons. The Company, its directors,
employees, agents or advisers do not accept or assume responsibility to any
other person to whom this document is shown or into whose hands it may
come and any such responsibility or liability is expressly disclaimed. By their
nature, the statements concerning the risks and uncertainties facing the
Group in this Annual Report involve uncertainty since future events and
circumstances can cause results and developments to differ materially from
those anticipated. The forward-looking statements reflect knowledge and
information available at the date of preparation of this Annual Report and
the Company undertakes no obligation to update these statements. Nothing
in thisAnnual Report should be construed as a profit forecast. Past
performance is not an indication of future performance. Nothing in this
Annual Report should be construed as or is intended to be a solicitation for
or an offer to provide investment advisory services or to invest in any
investment products mentioned herein. All investment management and
advisory services are provided through Man Group plc affiliated regulated
investment managers.
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Man Group plc Annual Report 2025
Man Group plc
Riverbank House
2 Swan Lane
London EC4R 3AD
man.com