Man Group shares rose toward the top of the pan-European STOXX 600 on Friday after the fund manager openly declared a new share buyback program worth up to $125 million.
Man Group
Man Group is an active investment management business listed on the London Stock Exchange. It provides a spectrum of funds across liquid and private markets for institutional and private investors Internationally and is the world’s largest publicly traded hedge fund company.
The buyback program
Man Group recently announced a buyback program. This announcement comes after Man reported a decrease in assets under management in the third quarter of this year, dipping to $138.4B on September 30 from $142.3B at the end of the previous quarter.
The company defined the three months period as very difficult for the wider asset management industry, as the shares in the Group have gone down in general by over 7% over the last one-year period.
More on the Share Buyback Programme
The Man Group Share Buyback Programme is in line with the Company’s policy to distribute capital to shareholders while retaining a safe balance sheet after taking into account needed capital and potential strategic opportunities. These repurchases will run through until 8 December 2023.
The objective of the Share Buyback
The objective of the Share Buyback Programme, among other things, is to reduce the share capital of the Company and to allow the Company to meet commitments arising from employee share option programs, or additional allocations of shares to employees of the Company.
With a heritage of aiming to deliver outstanding performance and modified client solutions, Man Group is an active investment manager, powered by cutting-edge investment technology.
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