Man Group

Man Group plc
Annual Report 2024

Man Group is an 
alternative investment 
management firm 
powered by technology
with
1,777
employees
from
70+
countries.
We trade in
900+
markets around the world
and offer
85+
investment strategies
to help our
670+
institutional clients meet 
their investment goals.
Man Group plc |  Annual Report 2024
Strategic report

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.
	
^ For our full reporting suite, see www.man.com
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
63
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
80
Board evaluation
82
Audit and Risk Committee report
84
Nomination and Governance  
Committee report
94
Directors’ Remuneration report
98
Directors’ report
129
Directors’ responsibility statement
131
Financial statements
Independent auditor’s report
133
Group income statement
142
Group statement of  
comprehensive income 
142
Group balance sheet
143
Group cash flow statement
144
Group statement of changes	 
in equity
145
Notes to the Group financial 		
statements
146
Five-year record
179
Alternative performance measures
180
Shareholder information
Shareholder information
188
Glossary
190
The Strategic report was approved  
by the Board and signed on its behalf by:
Robyn Grew
Chief Executive Officer
1
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Man Group plc |  Annual Report 2024

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.
Our principles
Our business principles are designed to distil  
and define our key priorities, values and culture.
Our proposition is strong
Our purpose 
We are focused on  
pursuing outperformance  
for clients globally via our 
Systematic, Discretionary 
and Solutions offerings. 
We deploy the latest technology across our 
business to remain at the forefront of our  
evolving industry.
Performance
We focus on achieving superior 
risk-adjusted performance.
Clients
Our clients are at the heart  
of everything we do.
Differentiation
We seek to be differentiated  
and original in our thinking.
Excellence
Good is not enough, we strive  
to be excellent in all we do.
Responsibility
Our people do the right thing  
and conduct business with the 
highest standards of integrity.
Meritocracy
We succeed through talent, 
commitment, diligence and 
teamwork.
At a glance
Systematic
Page 8
Discretionary
Page 38
Solutions
Page 46
2
Man Group plc |  Annual Report 2024
Strategic report

Assets under management
$168.6bn
2023: $167.5bn
Relative investment performance
+1.0%
2023: +1.6%
Operational highlights
Net flows
$(3.3)bn
2023: $3.0bn
Relative net flows
+0.2%
2023: +4.9% 
1	 Man Group’s alternative performance measures 
are outlined on pages 180 to 187.
See Glossary on page 190 for full definitions.
Statutory profit before tax
$398m
2023: $279m
Core profit before tax¹
$473m
2023: $340m
Core management fee profit before tax
$323m
2023: $280m
Proposed dividend per share
17.2¢
2023: 16.3¢
Statutory EPS (diluted)
25.1¢
2023: 19.4¢
Core EPS (diluted)
32.1¢
2023: 22.4¢
Core management fee EPS (diluted)
21.5¢
2023: 18.4¢
Financial highlights
3
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

The Board spent a 
significant amount of  
time on strategic matters 
during 2024, focusing 
collectively on a range  
of priorities and topics  
that are central to our 
continued success.
Anne Wade
Chair
Chair’s statement
4
Strategic report
Man Group plc |  Annual Report 2024

Overview of the year 
2024 was a volatile year, shaped by a complex 
mix of macroeconomic shifts, geopolitical 
tensions, and divergent central bank policies. 
While optimism around the strength of the US 
economy propelled US equities to new record 
highs, bond markets faced headwinds as 
uncertainty over the timing and scope of rate 
cuts created significant instability at times. In 
November, Trump’s election victory reshaped 
market expectations, with the US dollar 
strengthening and equity markets rallying 
further. For a second consecutive year, the 
S&P 500 delivered returns above 20%.
In this environment, Man Group remained 
resilient, and I am encouraged by the progress 
we made over the year against our strategic 
goals announced last February. As an active 
manager, we are committed to delivering 
outperformance for our clients and I am proud 
to report that we achieved +1.0% of relative 
investment performance during the year. 
Whilst our absolute net flows were impacted 
by a single client’s decision to move its entire 
allocation to passive equities, we recorded net 
flows that were 0.2% ahead of the industry. 
Our AUM closed the year at $168.6 billion, 
representing a 1% increase from the start of 
the year. 
We also delivered solid core management fee 
profit before tax1 of $323 million, 15% higher 
than in 2023, driven by higher core net 
management fees and continued fixed cost 
discipline. Core performance fee profit before 
tax of $150 million was also 150% higher than 
in 2023, despite unfavourable market 
conditions for trend-following strategies.  
This is a great marker of the recent progress 
we have made diversifying our business. 
Statutory profit before tax of $398 million was 
$119 million higher than in 2023.
Board changes
Following several planned departures 
announced in 2023, new appointments to  
the Board during 2024 were approached 
thoughtfully, with a focus on maintaining  
a strong mix of skills, experience, and 
perspectives to support continued effective 
governance and decision-making. 
In May, we welcomed Sarah Legg and Dixit 
Joshi, who were appointed to the Board. 
Sarah brings extensive corporate finance, 
audit and risk experience gained in the 
financial services sector and strong listed plc 
experience through her other non-executive 
roles. Dixit brings significant capital markets 
experience and commercial insight from his 
senior leadership and executive positions at 
major financial institutions. In September, 
Paco Ybarra was also appointed to the Board. 
Paco is a highly respected veteran of the 
banking industry who brings exceptional 
experience in capital markets across multiple 
asset classes and geographies from his senior 
leadership roles. Sarah, Dixit and Paco are 
already adding significant value to Man Group 
and complement the skill set of the Board as  
a whole. We are very much looking forward to 
working with them all going forward.
As of 19 January 2025, Richard Berliand has 
been on the Man Group Board for more than 
nine years. The Nomination and Governance 
Committee has therefore rigorously reviewed 
his independence and role, taking account of 
the provisions of the UK Corporate 
Governance Code. The Board is fully satisfied 
that he remains independent in character and 
judgement; Richard will therefore remain on 
the Board until a date no later than December 
2025, subject to reappointment at the 2025 
AGM, providing useful context and continuity.
While the last two years have undoubtedly 
been a period of change, our Board today is 
highly experienced, well balanced and aligned 
with the strategic needs of the business.
Board focus
The Board spent a significant amount of  
time on strategic matters during 2024, in 
partnership with Robyn Grew and the senior 
leadership team, focusing collectively on a 
range of priorities and topics that are central 
to our continued success. As a global 
alternative investment management firm  
with clients at the centre of what we do, 
investment performance and distribution  
are also key areas of focus for the Board; 
throughout the year, we received 
comprehensive updates on the firm’s 
investment strategies and sales initiatives, 
ensuring that management remains  
focused on outperforming benchmarks  
and competitor strategies, while establishing 
deep connections with institutions around  
the world. We continue to be encouraged by  
the progress made in this area. 
Back in 2023, we spent a significant amount 
of time evaluating the case for the Varagon 
acquisition with management. The Board 
approved the transaction as the rationale  
was clear: to add to our investment 
capabilities with exposure to growing 
segments of the asset management industry 
and to grow our presence in North America, 
the largest asset management market 
globally. The transaction also has the potential 
to achieve an attractive risk-adjusted return 
on capital for our shareholders. In 2024, we 
were updated on the ongoing integration of 
Varagon and the progress achieved across 
key areas, including product development, the 
sales plan, operational enhancements, and 
financial performance. We are pleased with 
the seamless execution of this process so far.
The Board gives high priority to shareholder 
communications. It receives regular investor 
reports that detail the feedback from investor 
meetings and from engagement with various 
shareholders’ representative organisations. 
During 2024, the Board has also been focused 
on ensuring proactive engagement with 
shareholders, including in relation to 
remuneration matters for the Executive 
Directors prior to the Remuneration Policy 
review vote at the forthcoming AGM. 
1 	 Man Group’s alternative performance measures 
are outlined on pages 180 to 187.
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Man Group plc |  Annual Report 2024

At Man Group, sustainability is fundamental  
to how we operate. These values are deeply 
embedded in the firm’s culture, influencing 
decisions and shaping our identity. This 
commitment is championed by the leadership 
team and employees, who play a critical role  
in driving the agenda for the Company – from 
reducing the firm’s environmental footprint  
to supporting the communities around us – 
whilst respecting the views and beliefs of the 
firm’s clients. As a Board, we take collective 
responsibility for the governance and 
oversight of sustainability matters, regularly 
monitoring progress to ensure that Man Group 
establishes ambitious goals and upholds  
a culture grounded in accountability and 
responsible decision-making. These  
initiatives are central to our mission to create 
lasting value for our clients, shareholders,  
and society.
Capital returns
Our dividend policy is progressive, taking into 
account the growth in the firm’s overall 
earnings, with a target of commending annual 
dividends per share that grow year-on-year. 
In line with this policy, the Board has 
recommended a final dividend of 11.6¢ per 
share, which, when combined with the interim 
dividend already distributed, amounts to a 
full-year dividend of 17.2¢ per share. This is  
a 6% increase compared to the aggregate 
dividend for 2023 of 16.3¢ per share. The final 
dividend recommendation is, as always, 
subject to shareholder approval at the Annual 
General Meeting to be held in May 2025.
In addition to our dividend distribution policy, 
we periodically review our accumulated 
capital reserves – those not previously 
distributed to shareholders as dividends or 
used for organic or inorganic growth initiatives 
– to determine whether they exceed the 
amounts needed to ensure the prudent, safe, 
and flexible management of the firm. Where 
we believe we have excess capital beyond 
these needs, we aim to return additional value 
to shareholders, subject to prevailing market 
conditions. Recently, we have done this 
through share repurchases. In 2024, we 
announced a buyback programme of up  
to $50 million, which was completed in 
September 2024. Share repurchases, 
combined with the interim and proposed  
final dividend, resulted in total returns to 
shareholders of $249 million for the year, and 
$1.8 billion for the past five years. The latter 
equates to approximately 56% of our market 
capitalisation as of 31 December 2024.
People and culture
In today’s fast-paced world, managing 
change is essential, and cultivating a strong 
talent pool is critical to Man Group’s long-term 
success. This has been a key focus for us  
over the past year, and we have engaged 
extensively with senior management to 
discuss their ongoing efforts to develop  
talent across the business. As part of  
this commitment, we also reviewed 
management’s proposals for our new  
Chief People Officer, and I am delighted  
to welcome Emma Holden to the role.
I believe diversity is a key commercial 
advantage, as diversity of thought makes us 
stronger and more effective. At Man Group, 
we actively encourage, embrace, and seek  
out differences in all areas. There is no single 
‘type’ of person who joins our firm, and we are 
committed to attracting diverse candidates 
and fostering an inclusive culture to deliver 
the best outcomes for our clients. To remain 
at the forefront of the industry, we must 
continually rethink how we build our teams, 
moving beyond simply hiring individuals who 
fit an existing mould. 
Creating a workplace where every employee 
feels a genuine sense of belonging requires 
consistent dedication, and we acknowledge 
that there is still much work to be done. As  
a Board, we are responsible for championing 
diversity and cultivating an inclusive, 
collaborative culture that our people are  
proud to be part of. We oversee and support 
management’s efforts to promote and 
implement diversity at every level of the 
business. You can read more about these 
efforts in the People and culture section  
on page 40.
Chair’s statement continued
6
Strategic report
Man Group plc |  Annual Report 2024

Workforce engagement
When taking important decisions, the Board 
carefully considers their potential impact on 
employees and actively monitors feedback  
on those decisions. As part of this process,  
we engage directly with our employees across 
the globe. While Ceci Kurzman serves as the 
Board’s designated employee engagement 
representative, we encourage all Board 
members to connect with staff, both formally 
and informally, throughout the year. In 
September 2024, we visited New York City, 
providing us with an opportunity to spend 
time with our US-based colleagues in both 
structured and informal settings. The Board 
has reviewed and discussed the feedback 
gathered from the full spectrum of employee 
engagement initiatives and continues to 
explore the best ways to incorporate 
employee priorities more explicitly into 
decision-making.
Whenever I meet with colleagues,  
I am consistently impressed by their 
professionalism, adaptability, and dedication 
to Man Group. I would like to thank all my 
colleagues at the firm for their commitment, 
resilience and hard work in 2024.
Community
We are deeply aware of the impact our 
organisation has on the wider community  
and remain committed to making a positive 
contribution. Through our ManKind 
programme, employees are actively involved 
in volunteering and charitable initiatives, 
details of which can be found on page 45. 
Additionally, we partner with the Man 
Charitable Trust in the UK, the US-based Man 
Charitable Foundation, and provide direct 
donations to support causes that matter to 
our employees and other stakeholders.
More broadly, you can read about how the 
Board takes stakeholder interests into 
account in line with our obligations under 
section 172 of the UK Companies Act 2006  
on pages 66 to 79.
On behalf of the Board, thank you to all our 
shareholders for your continuing support.
Anne Wade
Chair
7
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Man Group plc |  Annual Report 2024

Systematic
	
^ For more information, please visit: 
www.man.com/ahl 
www.man.com/numeric
7.6%
relative investment 
performance from 
systematic long-only
$100bn+
AUM in  
systematic  
strategies
8
Strategic report
Man Group plc |  Annual Report 2024

We have a strong heritage in 
systematic investing, with 
over 35 years of experience.
Based on the idea that financial markets exhibit 
inefficiencies, our systematic investment strategies 
seek to identify and profit from these anomalies by 
leveraging our cutting-edge technology, advanced 
data science techniques and deep experience of AI. 
In 2024, we accelerated investments in our data architecture and execution 
capabilities, where efficiency is critical to capturing more of the ‘alpha’ 
generated by our researchers. This has enabled development of faster 
trading strategies and supported our ambitions in mid-frequency equities, 
a significant segment of the quant hedge fund market offering alpha and 
diversification potential.
9
Man Group plc |  Annual Report 2024
Strategic report | Governance | Financial statements | Shareholder information

62% of AUM
customised to
some degree
$45.3bn
Absolute return
Total return
Multi-manager solutions
Systematic long-only
Discretionary long-only
$41.5bn
$14.4bn
$38.6bn
$28.8bn
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.
Powered by talent and advanced technology, our investment 
strategies aim to solve our clients’ most complex challenges.
Generating outperformance at scale
Our business model
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 
long-standing 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 
42%
EMEA
 
36%
Americas
22%
Asia Pacific
AUM customised for client needs
AUM by product category
Customised
$104.4bn
Non-customised
$64.2bn
Total
$168.6bn
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.
Data as at 31 December 2024.
10
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Man Group plc |  Annual Report 2024

Our talent, 
technology and 
culture 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
Our business model offers a clear value proposition 
with significant potential for shareholders.
Relative investment performance (2024)
+1.0%
Clients
	
^ See page 17
Employee engagement score (2024)
79%
Employees
Shareholder returns (2020-2024)
$1.8bn
Shareholders
Employees volunteering their time (2024)
590+
Communities
	
^ See page 40
	
^ See page 45
	
^ See page 28
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Man Group plc |  Annual Report 2024
11

Our market
Market 
Macro environment
Industry 
Growing demand for alternatives
Description
Description
	
„
Macroeconomic uncertainty remained a theme in 2024 despite 
inflationary pressures moderating to an extent, as expectations 
around the timing and size of interest rate cuts were a key focus 
for markets throughout the year.
	
„
US equities set new records in 2024; technology stocks 
continued their positive momentum, buoyed by AI enthusiasm. 
The ‘Magnificent Seven’ led the charge once again, contributing 
over half of the S&P 500’s 23% gain.
	
„
Geopolitical conflicts in the Middle East and between Russia and 
Ukraine contributed to further market uncertainty and volatility, 
as did various elections around the world, including in the US  
and the UK.
	
„
Global equity markets softened towards the end of the year  
as expectations of a prolonged restrictive monetary policy 
environment, driven by concerns over sticky inflation, weighed  
on sentiment.
	
„
The appetite for alternatives remained solid in 2024, as allocators 
continued to seek diversified sources of return. Alternative 
assets under management industrywide are projected to grow at 
a CAGR of 9%¹ over the next five years.
	
„
In the current macroeconomic environment, clients are 
increasingly seeking partners who offer a broad range of 
investment strategies to help them navigate uncertain markets 
and deliver outperformance at scale.
	
„
Demand for alternative credit strategies has been robust in a 
higher rate environment, creating opportunities for investment 
firms with credit capabilities across liquid and private credit.
	
„
The democratisation of alternatives continues to be a major 
trend as investors from wealth channels look for new structures 
and asset classes to grow their exposure to the segment.
What this means for Man Group
What this means for Man Group
	
„
The uncertain macro outlook strengthens the case for investing 
in active investment management, where we have over 35 years 
of experience. 
	
„
By trading a wide range of macro instruments, as well as 
traditional asset classes, our investment strategies are able  
to generate outperformance in varied macro regimes.
	
„
We delivered strong performance across our long-only  
strategies during 2024, highlighting the value high-quality  
active management can add for clients in this space.
	
„
Oscillating trends in commodities, fixed income and currencies 
during the year proved a difficult environment for trend-following 
in general; our strategies were no exception. 
	
„
We continue to maintain the highest standards of risk 
management across our range of strategies, and we are well 
positioned to manage client capital through turbulent periods.
	
„
Innovation and research are at the core of what we do; we are 
constantly working to add new sources of outperformance for 
our clients. 
	
„
We are an alternatives-focused investment manager, with  
over $100 billion of assets under management in alternative 
strategies. Client interest for our range of strategies remained 
strong during 2024, with total gross inflows of $17.6 billion.
	
„
Our multi-strategy alternative offering benefits from 
unconstrained access to c.75 discretionary and systematic 
strategies across the firm. Its performance during the year 
(+14.5%) is a reflection of the breadth of high-quality investment 
content that Man Group has to offer.
	
„
We manage $35.0 billion in credit AUM, adding significant 
alternative credit capabilities recently. The integration of 
Varagon, our US private credit business, is progressing smoothly, 
with fundraising efforts and product development plans on 
schedule.
	
„
We continued to invest in our distribution and structuring 
capabilities during 2024, enabling us to capitalise on growth in 
the wealth channel by delivering alternative content in formats 
tailored to investors’ specific needs.
Our strengths in alternatives and technology leave 
us well positioned for growth against the backdrop 
of key trends affecting our industry.
Market environment and industry trends
1	 Source: BCG ‘AI and the Next Wave of Transformation: Global Asset Management 2024’ report.
12
Strategic report
Man Group plc |  Annual Report 2024

 
Rise of quant and technology
 
Greater need for customisation
Description
Description
	
„
Global systematic alternative assets under management 
continue to grow, increasing 9% in 2024, with multi-strategy 
offerings contributing 53% of this growth².
	
„
Quantitative techniques are playing an increasingly significant 
role in discretionary investing, augmenting human decision-
making and enhancing investment outcomes.
	
„
Alternative data remains a critical driver of innovation, providing 
an informational edge; building platforms to harness this data  
to develop new signals remains a top priority for firms.
	
„
While the ‘Hype Cycle’ for AI has entered a new phase as 
organisations struggle to realise outsized value, incremental 
gains in productivity are being achieved in some areas.
	
„
Regulatory scrutiny continues to grow³, with incidents such  
as the CrowdStrike outage highlighting the importance of 
transparency and resilience in technology platforms.
	
„
Large institutions – including sovereign wealth funds, pension 
funds, insurers, and endowments – face increasingly complex 
challenges that require highly customised solutions.
	
„
Volatile markets and stretched valuations are driving 
sophisticated investors to seek differentiated cross-content 
solutions that align with their specific investment objectives.
	
„
Growing customisation demands reflect clients’ desire to 
differentiate and personalise their portfolios to address unique 
requirements (e.g. risk management, structuring, liquidity).
	
„
The trend is increasingly for large institutions to have fewer but 
deeper relationships with managers, making for deeper lines of 
communication and more collaborative engagement.
What this means for Man Group
What this means for Man Group
	
„
Our proprietary technology platform is supported by over 640 
people; 36% of our employees are quants, engineers or data 
scientists and we hired 100+ people in the UK, US and Bulgaria 
during 2024. 
	
„
We invested more than $130 million in our data and technology 
infrastructure during 2024, which has strengthened our platform 
and accelerated the development of new investment strategies. 
	
„
Improvements to our quant research and trading capabilities are 
accelerating productivity for researchers and delivering value 
across quantitative and discretionary investment teams.
	
„
ArcticDB, our quantitative data science database launched in 
partnership with Bloomberg in 2023, has continued to gain 
commercial traction.
	
„
Our experience in machine learning and strength in technology 
position us well to generate tangible value from the application  
of advances in AI.
	
„
Generative AI is already enhancing productivity and augmenting 
decision-making across multiple areas of the firm, underscoring 
the value of technology in driving innovation.
	
„
Our technology teams have a deep understanding of business 
context and regulatory concerns, and our organisational 
structure and processes embody strict controls.
	
„
Our Solutions business continues to grow; over $104 billion  
of our AUM has some form of customisation and at the most 
customised end, we manage 47 Institutional solutions mandates 
for the world’s most sophisticated institutions.
	
„
Our breadth of investment capabilities across a range of asset 
classes is a key differentiator. There are now more than 85 
actively managed strategies that we can allocate to via Solutions, 
including through our multi-strategy offerings.
	
„
The sophistication of our global operating platform and 
technology capability means that we are a trusted partner  
to our clients, helping them meet more than just their  
return-related requirements.
	
„
Through our relationship-driven global sales effort, we take a 
partnership approach to working with our clients. We provide 
insight, research, analytics, and thought leadership to support our 
largest investors.
	
„
We continue to invest heavily in our infrastructure and technology 
to ensure that we can operate with the scale, flexibility and 
complexity required to meet evolving client needs.
2	 Source: Goldman Sachs, December 2024 ‘Back to the Future. The Evolution of the Systematic Hedge Fund Landscape’.
3	 Source: KPMG, September 2024 ‘Evolving Asset Management Regulation Report 2024’.
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Man Group plc |  Annual Report 2024

We leverage our 35+ years of experience and 
technology edge to deliver customised 
solutions at scale for our clients. 
Four strategic pillars drive value for our firm.
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
Our strategy
Driving continuous growth
Innovative  
investment strategies
Strong  
client relationships
Efficient and  
effective operations
Combining our exceptional talent and 
market-leading technology to generate 
superior risk-adjusted investment returns 
for our clients.
Building long-term partnerships with clients, 
through one point of contact, to understand 
their needs and offer tailored solutions 
meeting their requirements.
Harnessing technology to power investment 
performance and infrastructure, provide 
scalable options for growth and create 
operating efficiencies throughout the firm.
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.
Our progress in 2024
	
„
Generated investment performance  
of $10.9 billion, with all product 
categories contributing positively.
	
„
Outperformed by 1.0% on an asset-
weighted basis, with notable strength 
from long-only strategies (+5.9%).
	
„
Our multi-strategy offering  
delivered strong gains of 14.5%  
during the year.
	
„
Introduced pass-through fees for Man 
1783, allowing us to attract the best 
talent to enrich our Solutions offering. 
	
„
Continued to build our credit platform; 
we now manage $35.0 billion in assets 
across liquid and private markets.
	
„
Evaluated 200+ new datasets to 
support our research efforts and 
ambitions in mid-frequency quant 
equities.  
	
„
Continued strong engagement with 
clients, attracting $43.9 billion of gross 
inflows, our second best year on record.
	
„
Increased our market share for the fifth 
consecutive year, with net flows 0.2%1 
ahead of the industry.
	
„
Deepened existing and new client 
relationships, managing nearly 50 
Solutions mandates by the end of 2024.
	
„
Expanded our presence in North 
America; 36% of our AUM is from clients 
domiciled in the region (2023: 35%).
	
„
Launched the first wave of wealth 
products under the Asteria JV in Europe, 
raising $1.1 billion in AUM.
	
„
Experienced good traction with clients  
in the insurance sector, underpinned by 
the strong growth of our credit platform.
	
„
Invested roughly $130 million into  
our technology capabilities in order  
to remain at the cutting edge.
	
„
Accelerated investments in our data 
architecture, tech infrastructure and 
execution capabilities during the year.
	
„
Enhanced our proprietary AI applications 
to empower teams firm-wide; over 50% 
of the firm use ManGPT actively.
	
„
Seeded 13 new strategies during the 
year, as seeding remains key to 
supporting new product launches. 
	
„
Progressed the Varagon integration,  
with product development and 
distribution plans on track. 
	
„
Reorganised the firm around our core 
competencies, to make the firm easier  
to understand and navigate.
Objectives for 2025
	
„
Diversify our investment capabilities 
further, through organic innovation or 
by adding new teams, with particular 
focus on quant equity and credit.
	
„
Encourage greater collaboration across 
our business to develop cross-content 
solutions, particularly in credit.
	
„
Focus on building partnerships with 
institutional clients as their challenges 
become more complex. 
	
„
Develop more products that are suitable 
for the wealth channel, targeting regions 
that present a significant opportunity.
	
„
Continue to invest in technology and 
talent to maintain our competitive 
advantage.
	
„
Maintain cost discipline, aligning 
incremental spend with our  
multi-year priorities. 
1	 Relative net flows are defined in the Glossary, with further details included as part of our financial  
KPIs on page 20.
	
^ For more information on how risks relate to 
our strategy, go to page 30.
14
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Man Group plc |  Annual Report 2024

Multi-year priorities to sustain our growth
Over the past few years, we have built a high-quality business that has 
delivered exceptional growth. While continuing to invest in the core 
strengths of our business will remain a key priority, we have identified 
the following areas of focus to drive Man Group’s growth in the future. 
Diversify our investment 
capabilities
Credit 
Quant 
equity
Solutions
We aim to grow or add capabilities in areas where we have the 
most credibility, a differentiated proposition and see strong 
demand from clients.
Extend our reach with clients 
around the globe
Wealth
North 
America
Insurance
We aim to strengthen our distribution presence in channels 
where we are currently underweight relative to the size of the 
opportunity they present.
Leverage our strengths in talent 
and technology
Operating 
platform
Technology
Capital
We will continue to invest in the core strengths of our 
business and deploy resources strategically to support our 
growth ambitions.
Returns  
to shareholders
Generating excess capital to support our 
growth, value creation and shareholder 
returns, underpinned by our capital 
allocation policy.
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.
	
„
Continued to have a strong and liquid 
balance sheet, with $867 million of  
net tangible assets2 and a seeding 
investment portfolio of $532 million.
	
„
Proposed 2024 dividend of 17.2¢, 6% 
growth compared with 2023, and in line 
with our progressive dividend policy.
	
„
Assessed 125+ acquisition opportunities 
during 2024, with no change to the level 
of discipline applied to our approach.
	
„
Completed the $50 million share 
buyback announced with our 2023 
results in February 2024.
	
„
Linked our revolving credit facility, which 
was increased to $800 million in 2023,  
to ESG-based KPIs.
	
„
Maintain balance sheet strength, 
flexibility and efficiency, aligning 
resources with our multi-year priorities.
	
„
Assess organic capital deployment and/
or potential acquisition opportunities 
alongside further capital returns.
2	 Man Group’s alternative performance measures 
are outlined on pages 180 to 187.
15
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Man Group plc |  Annual Report 2024

Chief Executive Officer’s review
These results highlight 
the strides we have 
made in diversifying our 
business, and the 
outstanding quality of 
our talent, technology 
and institutional 
resources.
Robyn Grew
Chief Executive Officer
16
Strategic report
Man Group plc |  Annual Report 2024

Relative
Absolute return
Total return
Multi-manager solutions
Systematic long-only
Discretionary long-only
Total
Absolute
-1.3%
16.8%
7.6%
3.6%
1.0%
1.1%
2.2%
5.1%
12.5%
8.4%
-2.5%
-4.0%
Overview of the year
It has now been five years since Covid-19 first 
spread around the world and it seems every 
year since has been one of surprises and/or 
heightened volatility. 2024 has been no 
exception to this, but for the purpose of this 
report I have characterised it as a year of 
divergence, where US exceptionalism 
dominated the global narrative. 
Equities continued to rally, driven by optimism 
around a potential soft landing for the US 
economy, the sustained momentum of the  
AI boom, and Trump’s pro-business agenda. 
As a result, the S&P 500 gained 23%, reaching 
57 new all-time highs during the year. Fixed 
income and currencies, however, experienced 
a more volatile and at times turbulent year; 
although the Fed cut interest rates three 
times, persistent inflation and oscillating 
expectations of monetary policy easing kept 
markets under pressure, with the 10-year US 
Treasury yield ending the year higher at 4.6%. 
The US dollar strengthened by 7% against  
an index of major currencies. Meanwhile, 
commodity markets were shaped by 
geopolitical disruptions and evolving 
supply-demand dynamics; energy markets  
in particular saw considerable fluctuations, 
driven by periods of escalation and hopes of 
de-escalation in the Middle East and Europe, 
unstable supply chains, and the health of  
the Chinese economy. Elections across more 
than 60 countries globally and a challenging 
environment for incumbents added to market 
uncertainty throughout.
Against this backdrop, and following my first 
full year as CEO, I am proud to report solid 
financial results for 2024. These results 
highlight the strides we have made in 
diversifying our business, our commitment  
to collaborating with sophisticated investors 
to address their most complex challenges, 
and the outstanding quality of our talent, 
technology and institutional resources.
We generated investment performance  
of $10.9 billion during the year, with all our 
product categories contributing positively. 
Our absolute return strategies gained 1.1%, 
with particularly notable returns from our 
multi-strategy offering Man 1783 (+14.5%). 
The strategy benefits from unconstrained 
access to c.75 discretionary and systematic 
capabilities across the firm, and its 
performance during the year is a great 
reflection of the breadth of high-quality 
investment content that we have to offer. 
After an excellent start to the year, gains in 
our trend-following strategies were impacted 
by range-bound fixed income markets. This 
proved challenging to navigate, as shifting 
expectations for the future path of interest 
rates resulted in a lack of sustained trends 
and increased the frequency of reversals. 
Nonetheless, AHL Alpha (+3.2%) finished the 
year in positive territory. It was a more difficult 
year for alternative trend-following in general 
and the AHL Evolution strategy, which 
returned -6.1%, was no exception to this. 
Trends in alternative markets were weaker 
and shorter in 2024, which is reflected in the 
frequency with which AHL Evolution’s 
exposures reversed over the course of the 
year. Commodity and fixed income markets 
generated the bulk of the losses, offsetting 
gains made in equities and credit. Meanwhile, 
our total return strategies gained 5.1% overall, 
as Man TargetRisk (+7.3%) once again 
demonstrated its ability to navigate 
macroeconomic shifts and adapt swiftly to 
volatile market conditions. Man Alternative 
Risk Premia (+8.4%) also delivered strong 
returns during the year, highlighting our 
judicious approach to portfolio construction 
and risk management. Positive momentum in 
equity markets, together with strong security 
selection, also resulted in gains of 16.8% 
across our systematic long-only strategies 
and 12.5% across our discretionary  
long-only strategies.
On an asset-weighted basis, relative 
investment performance across the firm was 
positive in 2024. This outperformance was 
driven primarily by our long-only strategies 
(+5.9%), with particularly impressive results 
from the Man Numeric range. Man Japan 
CoreAlpha also continued its strong run of 
performance; over the past three years, the 
strategy has delivered returns 9.4% above the 
TOPIX, net of fees, on an annualised basis. 
These outcomes really highlight the value  
of active investment management in the 
long-only equities space. Our credit strategies 
also performed particularly strongly, with Man 
High Yield Opportunities and Man Global 
Investment Grade Opportunities strategies 
returning 4.4% and 9.5% above their 
respective benchmarks during 2024. The 
breadth of long-only strategies generating 
outperformance not only highlights the 
expertise and skill of our investment teams, 
but also emphasises the value of our 
increasingly diversified range of investment 
strategies and solutions, as well as our 
commitment to continuously innovate and 
evolve to meet the needs of our clients. 
Overall underperformance within alternatives 
was largely attributable to AHL Evolution,  
as its indices are predominantly composed  
of traditional trend-followers.
On the distribution side, although 2024 
remained a challenging period for fundraising 
in the asset management sector, we 
continued to make progress building deep  
and long-term relationships with asset 
allocators and third-party distributors around 
the globe. This has helped ensure that client 
activity remained strong throughout the year, 
with total gross inflows of $43.9 billion (2023: 
$30.2 billion); our second best year on record. 
I am pleased to report that we experienced 
particularly strong demand for our 
discretionary long-only credit strategies, 
where total AUM increased by $6.6 billion, or 
81%, over the period, in line with one of our 
strategic priorities. It was also pleasing to see 
our clients commit over $500 million to Man 
Varagon’s recently launched evergreen 
private credit strategy. This serves as a strong 
example of our ability to add new capabilities 
and deepen relationships by staying relevant 
to our clients.
Absolute and relative investment performance in 2024
See Glossary on page 190 for full definitions.
17
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Man Group plc |  Annual Report 2024

We did, however, see an increase in 
redemptions during the year, as institutional 
clients faced the combined challenges of 
macroeconomic and geopolitical pressures  
on their portfolios, alongside lower-than-
expected realisations from private equity 
allocations. Most notably, our net flows were 
impacted by a $7 billion redemption from a 
single client in systematic long-only, following 
the strategic decision to switch their entire 
equities allocation to a passively managed 
index-based portfolio, and $3.9 billion of 
outflows from low margin managed account 
mandates in the multi-manager solutions 
category. As a result, net flows overall were 
$(3.3) billion for the period. 
Positive investment performance was  
offset by net outflows and negative other 
movements of $6.5 billion; these relate 
primarily to $3.8 billion of adverse FX impacts 
owing to US dollar strength and $2.1 billion of 
maturities following the ongoing wind-down 
of our US single family rental real estate 
business and capital returned from CLO 
strategies. Total AUM as at 31 December 2024 
was $168.6 billion, which is broadly flat 
compared with 31 December 2023. Core net 
management fees1 were higher at $1,097 
million (2023: $963 million), while core 
performance fees also increased to $310 
million (2023: $180 million) despite a below 
average year for performance in our trend-
following strategies. This reflects the 
underlying performance fee earning potential 
of the diversified business we have built over 
the past few years. Continued cost discipline 
resulted in growth in core profitability, 
increasing core earnings per share (diluted)  
to 32.1 cents (2023: 22.4 cents) and statutory 
earnings per share (diluted) to 25.1 cents 
(2023: 19.4 cents).
Progress against our priorities
Strong client relationships
I continue to spend considerable time with 
clients around the world, and one thing is 
clear: their challenges are becoming far more 
complex. In today’s environment, investors 
require tailored solutions that deliver 
diversified, risk-adjusted returns, backed  
by long-term, strategic partners who are 
innovative, adaptable, and forward thinking.
Our global sales team of over 290 people 
remained focused on listening to and 
addressing our clients’ needs. This 
commitment drove strong engagement 
throughout the year and although net flows 
were negative in 2024, relative net flows were 
+0.2%. We track this metric as it is a measure 
of our ability to attract and retain capital in 
comparison with our industry peers, and I am 
delighted that we continued to grow our 
market share for the fifth consecutive year. 
Our clients continue to have confidence in the 
quality of the strategies and solutions that we 
offer and that is of tremendous importance to 
us. The trend of clients investing across the 
firm also continued during the period; at the 
end of December, 48% of our AUM was from 
clients invested in four products or more, 
which has grown from 45% five years ago. 
This is testament to our ability to build lasting 
partnerships with allocators that extend 
beyond the traditional manager-client 
relationship, and provides the foundation to 
do more with our clients in the years to come. 
Our distribution network is one of our greatest 
competitive advantages and a key driver of 
future growth. Expanding our presence in 
markets where we are underweight relative  
to the size of the opportunity remains a 
multi-year priority, and I am encouraged by 
the solid progress we have made over the 
past year. Our presence in North America has 
grown from 28% of AUM as at the end of 2019 
to 36% at the end of 2024. We manage money 
for over 35 public plans and more than 130 
other institutions and continue to expand  
into the wealth channel via retail partnerships 
and intermediary relationships. As I have said 
before, the growth of the wealth segment 
globally makes it a particularly attractive 
channel for us: we are able to combine our 
structuring expertise with our local 
relationships to develop high-quality, 
high-scale product offerings. We made 
encouraging progress during the year, 
forming a Global Wealth team and growing  
our AUM from wealth channels to $45.9 billion 
(2023: $36.6 billion), launching dedicated 
products for specific markets. Although a 
longer-term priority, we are already seeing 
good momentum with target clients in the 
insurance sector, underpinned by the specific 
capabilities we have invested in and the 
significant growth of our credit platform. 
Innovative investment strategies
During 2024, we invested significant 
resources into diversifying our investment 
capabilities, particularly in credit, quant  
equity and solutions. Adding to the already 
significant breadth of what we offer 
strengthens our business further and the 
resilience of our financial results in 2024 
illustrates this point. It diversifies our revenue 
streams, provides new opportunities for our 
people and creates multiple options for future 
growth. We need to keep innovating to meet 
the unique and evolving requirements of  
our clients. 
Chief Executive Officer’s review continued
1	 Man Group’s alternative performance measures 
are outlined on pages 180 to 187.
18
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Man Group plc |  Annual Report 2024

I’m delighted with the progress we’ve made in 
building our credit platform. As of December, 
we managed $35.0 billion in credit AUM 
across both alternative and long-only 
strategies, spanning liquid and private 
markets, supported by over 130 dedicated 
investment professionals. With the credit 
market becoming increasingly attractive to 
the world’s largest institutions, we remain 
focused on expanding our existing capabilities 
while exploring opportunities to grow further 
– whether organically or inorganically. On  
the topic of acquisitions, the integration  
of Varagon is progressing smoothly, with 
fundraising efforts and product development 
plans on schedule. 
Our ability to deliver solutions at scale 
continues to be a key differentiator. $104.4 
billion of our AUM is customised in some way 
and our Institutional solutions business – the 
most customised version of what we offer – 
has grown to $15.7 billion as at 31 December 
2024. We now run nearly 50 tailored solutions 
for strategically important allocators, as 
customisation and transparency are of 
ever-increasing importance to them. We are 
also prioritising adding new content to our 
solutions offering, and as part of this initiative 
have introduced pass-through fees for clients 
of Man 1783. These commercial terms bring 
us more in line with the market and give us 
the ability to attract the very best investment 
talent to deliver for our clients.
In 2024, we continued to invest in mid-
frequency equities, a significant segment  
of the quant hedge fund market offering 
substantial alpha and diversification potential. 
In that context, it was pleasing to see our AHL 
StatArb strategy deliver 6.1% of gains for our 
clients. During the year, we accelerated 
investments in data and execution, where 
efficiency is critical to capturing more of the 
‘alpha’ generated by our researchers. With our 
strong heritage in quant and longstanding 
track record, we approach our growth 
ambitions in this area from a position of 
strength and look forward to making further 
progress in 2025.
Efficient and effective operations
I cannot emphasise the strengths of our 
platform enough; thanks to early, continuous 
and significant investment in technology,  
we are able to deliver for the world’s largest 
institutional investors. Put simply, this enables 
us to operate efficiently, flexibly, and at  
speed and scale, driving better outcomes  
for our clients and creating value for our 
shareholders. Our business model is designed 
to benefit from significant operating leverage, 
which enhances the potential for greater 
profitability as we grow.
2024 continued to bring a great deal of 
enthusiasm about the potential for AI to 
catalyse business productivity. You have 
heard us say before that this is not a new 
phenomenon for our business: AI has been  
a core part of what we do for over a decade, 
embedded across every aspect of our 
operations. From alpha research and portfolio 
construction to trading and operational 
workflows, we’ve leveraged AI to drive 
innovation and enhance decision-making. AI 
isn’t just about automation for us – it’s about 
human augmentation, enabling our people to 
achieve more. Our proprietary tools and 
tailored AI applications are empowering teams 
across the firm, with over 50% of the firm 
actively using ManGPT, while coding co-pilots 
and translation tools are delivering real boosts 
to productivity. AI is transforming how we 
operate, and our dedicated enablement team 
is working closely with teams across the 
business to continuously push boundaries. 
We also continue to deploy capital, organically 
and inorganically, in line with our strategic 
priorities, to drive future growth. Our seed 
capital programme remains key in supporting 
new launches; we seeded 13 new strategies 
across our business during the year,  
leaving our seed book at $532 million as  
at 31 December 2024. This includes support 
for origination activities at Man Varagon via  
a warehouse facility, which serves as an 
excellent example of how we use our 
institutional resources to support new 
offerings. Throughout 2024, we maintained a 
deliberately disciplined approach to evaluating 
acquisition opportunities. While the M&A 
environment, particularly in private credit, is 
evolving, the rigour and discipline we apply in 
assessing opportunities remain unchanged.
People and culture
As an investment firm, our people and culture 
are fundamental to our ability to deliver for 
clients. Talent remains vital to the continued 
success of our business, and we are pleased 
to report a strong engagement score of 79%  
in our 2024 staff survey. To further strengthen 
our People function and ensure we continue 
to attract and retain top talent, we announced 
the appointment of Emma Holden as Chief 
People Officer in September last year. Emma 
joined us in December, bringing a wealth of 
experience and an excellent track record in 
building teams, managing complexity, and 
advising on strategy. The Executive 
Committee and I are very much looking 
forward to working with Emma.
Since becoming CEO, alongside Anne Wade  
as Chair, much attention has been given to  
us being the first women to lead Man Group 
since its founding in 1783. While this is 
undoubtedly a milestone, we see it as part  
of a broader journey towards building an 
industry that truly reflects the populations  
we serve. A diverse range of perspectives 
strengthens our business by fostering 
innovation, enhancing problem-solving,  
and delivering better outcomes for our clients. 
Our Drive initiatives, alongside learning and 
development opportunities, are enabling us  
to attract the best talent from a range of 
backgrounds and, just as importantly, ensure 
that this talent is supported to thrive and 
progress within the organisation. Through 
frequent collaboration with other firms and 
industry groups, we actively share best 
practices and embrace new ideas. Lastly,  
as a firm with a quant heritage, we also 
recognise the power of data in enriching how 
we care for our people and move our business 
forward. We are committed to transparency 
around our targets and to holding ourselves 
accountable; you can read more about this  
on page 40.
Conclusion and outlook
As our teams have written, market predictions 
frequently miss the mark. What is clear, 
however, is that the risk of persistent inflation 
and the implications of new US leadership 
dynamics will drive market volatility, creating 
an attractive environment for active 
investment management. As one of the 
largest liquid alternative firms – with over  
35 years of experience and a distinctive edge 
that comes from combining exceptional  
talent with cutting-edge technology – I am 
confident in our ability to capitalise on  
these opportunities.
We have one single role, which is to deliver 
investment performance to help our clients 
provide greater financial security to millions  
of people around the world. As I have said 
before, my aim for Man Group is to be 
indispensable to those sophisticated investors 
globally. In 2024, we continued to deliver 
investment performance ahead of our peers, 
advanced our strategic objectives that 
strengthen the firm, and generated solid 
profitability for our shareholders. Combined 
with our long-term track record, this 
reinforces my confidence that we are well 
positioned to deliver sustainable growth  
for our shareholders in the years to come.
Robyn Grew
Chief Executive Officer
19
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

2024
2023
2022
1.0%
1.6%
1.4%
2024
2023
2022
0.2%
4.9%
5.3%
2024
2023
2022
17%
0%
17%
2024
2023
2022
32.1¢
22.4¢
48.7¢
R
R
R
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.
Measuring our success
Key performance indicators
Relative investment performance
Relative net flows
Core management fee EPS (diluted) growth1
Core EPS (diluted)1
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.
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 investment outperformance of 1.0% in 2024 was driven by our 
long-only strategies. More information on our investment performance 
can be found on page 17.
How we performed
Relative net flows in 2024 were 0.2%, reflecting our ability to attract 
and retain capital in line with our industry peers. This metric was 
impacted significantly by the $7 billion single client redemption in Q3.
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.
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 management fee EPS (diluted) increased by 17% to 21.5¢.  
This was driven by continued growth in core net management fee 
revenue, partially offset by an increase in fixed costs to support 
growth initiatives.
How we performed
Core EPS (diluted) increased by 43% to 32.1¢. This was driven by  
an increase in performance fees despite a challenging market 
environment for trend-following strategies.
1 	 Details of the calculation of our alternative performance measures are provided 
on pages 180 to 187. 
See Glossary on page 190 for full definitions.
20
Strategic report
Man Group plc |  Annual Report 2024

2024
2023
2022
6,728
6,554
4,349
2024
2023
2022
79%
81%
82%
2024
2023
2022
35%
31%
26%
2024
2023
2022
62.6
59.3
50.0
R
R
R
A
A
R
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.
Carbon footprint (tCO2e)
Employee engagement
Women in senior management roles
ESG-integrated AUM ($bn)
Why it matters
In order to monitor our carbon footprint, we measure total market-
based greenhouse gas emissions (tCO₂e) using the GHG Protocol 
guidance for the Scope 1, Scope 2, Scope 3 travel and Scope 3 
(upstream) leased asset categories.
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
Total carbon emissions increased by 3% in 2024, driven by further 
investment in the growth of our global business and our data centres. 
More information on our total carbon emissions can be found on pages 
50 to 53.
How we performed
Our 2024 staff survey recorded an engagement score of 79%, with a 
response rate of 84%. More information on how we support our people 
and implement employee feedback can be found on pages 40 and 41.
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.
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
The number of women in senior management roles has increased to 
35%, exceeding our target of 32.5%. More information on how we build 
a diverse talent pool can be found on pages 42 to 44.
How we performed
ESG-integrated AUM has increased by 6% to $62.6 billion in 2024.  
More information on how we calculate this metric, and our approach  
to responsible investing more broadly, can be found on pages 54 to 57.
Link to Executive Director remuneration
In scope for independent limited assurance
21
Man Group plc |  Annual Report 2024
Strategic report | Governance | Financial statements | Shareholder information

Chief Financial Officer’s review
In 2024, we grew our 
management fee profits  
by 15% to $256 million,  
the highest in more than 
ten years. Performance  
fee profits were resilient  
at $125 million, despite  
a challenging market 
environment for trend-
following strategies, 
highlighting the progress 
we have made diversifying 
our business.
Antoine Forterre
Chief Financial Officer
22
Strategic report
Man Group plc |  Annual Report 2024

Overview
Man Group’s statutory diluted EPS increased 
to 25.1¢ from 19.4¢ in 2023 driven by growth in 
management fees, including a full year of 
revenue following the Varagon acquisition in 
2023, and higher performance fee revenues. 
Higher core net management fee revenue of 
$1,097 million (2023: $963 million), partially 
offset by an increase in fixed compensation 
and core other costs to support growth, drove 
an increase in core diluted management fee 
EPS to 21.5¢ for the year from 18.4¢ in 2023. 
Together with an increase of $130 million in 
core performance fees, the resultant increase 
in profits led to core diluted EPS increasing to 
32.1¢ from 22.4¢ in 2023.
We ended the year with AUM of $168.6 billion, 
up from $167.5 billion at the end of 2023. 
Strong investment performance, particularly 
in our long-only strategies, contributed an 
additional $10.9 billion to AUM. This was 
partially offset by net outflows of $3.3 billion, 
primarily from systematic long-only and 
multi-manager solutions, and negative other 
movements of $6.5 billion, including $3.8 
billion of negative FX impact owing to the 
strength of the US dollar and $2.1 billion of 
maturities relating to the ongoing wind-down 
of our US real estate business and capital 
returned from CLO strategies. Net outflows of 
$4.9 billion in systematic long-only included  
a single client redemption of $7.0 billion during 
Q3 at a net management fee margin of  
21 basis points. 
Management and other fees on a statutory 
basis increased by 14% to $1,126 million for  
the year as a result of higher average AUM 
and the full-year contribution from Man 
Varagon. The average net management fee 
margin of 63 basis points for the year was  
in line with 2023. 
The run rate net management fee margin  
at 31 December 2024 was 63 basis points, 
compared with 65 basis points at the end  
of 2023. This decrease was due to negative 
investment performance in higher margin 
absolute return strategies and net inflows  
into lower margin discretionary long-only 
strategies towards the end of the year.  
This drove a decrease in run rate core net 
management fee revenue to $1,058 million  
at the end of the year from $1,087 million  
at the end of 2023.
Statutory performance fee revenues of  
$308 million increased from $178 million in 
2023, with both alternative and long-only 
strategies generating performance fees 
during the year. 
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 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 deferred tax 
relating to the utilisation or recognition of 
tax assets in the US are similarly excluded 
from core profit, with tax on core profit 
considered a proxy for cash taxes paid.
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 180 to 187.
$m
Year ended
31 December
2024
Year ended
31 December
2023
Core net management fee revenue
1,097
963
Core performance fees
310
180
Core gains on investments
50
48
Core rental income
2
5
Core net revenue
1,459
1,196
Asset servicing costs 
(67)
(58)
Core compensation costs 
(684)
(595)
Core other costs 
(199)
(179)
Net finance expense
(23)
(21)
Core other employment-related expenses 
(10)
(2)
Third-party share of post-tax profits 
(3)
(1)
Core profit before tax
473
340
Core management fee profit before tax 
323
280
Core performance fee profit before tax 
150
60
Non-core items (before tax) 
(75)
(61)
Core profit
381
271
Statutory profit 
298
234
Statutory EPS (diluted) 
25.1¢
19.4¢
Core EPS (diluted) 
32.1¢
22.4¢
Core management fee EPS (diluted) 
21.5¢
18.4¢
Proposed dividend per share 
17.2¢
16.3¢
23
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Chief Financial Officer’s review continued
We continue to be strongly cash-generative, with core cash flows  
from operations excluding working capital movements of $502 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 2024, we had net tangible assets of $867 million, 
including $225 million of cash (excluding amounts held by consolidated 
fund entities) and net of $70 million of acquisition-related liabilities 
which begin to crystallise from 2028. We continue to invest heavily in 
technology to ensure we remain at the forefront of active investment 
management, allocate capital to seed new strategies and support 
innovation, 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 represents an increase of 6% 
from 16.3¢ in 2023, in line with our progressive dividend policy. We also 
completed the $50 million share repurchase that we announced in 
February, taking the total announced returns to shareholders for 2024 
to $249 million, and $1.8 billion over the last five years.
Impact of foreign exchange rates
The portion of our non-US dollar denominated AUM was negatively 
impacted by the strengthening of the US dollar, particularly towards 
the end of the year, reducing our reported AUM by $3.8 billion. This  
also had a negative impact on our core net management fee revenue. 
The weakening of sterling against the US dollar also contributed to  
a decrease in core costs of around $6 million compared with 2023.
Our asset-weighted relative investment outperformance was 1.0% 
across all categories, compared with 1.6% in 2023. Core gains on 
investments of $50 million, compared with $48 million in 2023, were 
generated by mark-to-market gains across our seed book. An increase 
in core costs to $963 million from $835 million in 2023 was driven by 
higher performance fee-related variable compensation and higher 
fixed compensation costs reflecting the full-year impact of Man 
Varagon and continued investment in the business to drive our 
strategic priorities forward. This was partially offset by the impact of 
the weakening of sterling against the US dollar in the year.
Restructuring costs of $22 million were incurred in 2024 following the 
amalgamation of our discretionary investment offerings early in the 
year, and a group-wide realignment of resources towards our strategic 
priorities towards the end of the year. These costs have been classified 
as non-core as they are non-recurring in nature.
Core rental income decreased from $5 million in 2023 to $2 million in 
2024 as a result of the reclassification of leases with our Riverbank 
House sub-tenants to finance leases following an extension of the 
leases to the end of the head lease term. In 2024, we signed a further 
lease with a new sub-tenant that is treated as an operating lease. 
Substantially all of the space available for sub-let in Riverbank House is 
now occupied, with the majority of our sub-leases classified as finance 
leases, resulting in an ongoing reduction in core rental income. There  
is a partially offsetting increase in associated finance income from  
$1 million in 2023 to $3 million in 2024. 
Total non-core items (excluding tax) increased from a net expense of 
$61 million in 2023 to $75 million in 2024, primarily due to the non-
recurring restructuring costs of $22 million and an increase of $11 
million in the revaluation of acquisition-related payables associated 
with non-controlling and rollover interests, partially offset by FX gains 
of $6 million compared with losses of $11 million in 2023. Costs 
associated with legal claims and a decrease in the gain on disposal of 
right-of-use lease assets were offset by the impact of non-recurring 
acquisition costs and the impairment of acquired intangibles in 2023. 
Non-core items include adjustments of $28 million (2023: $21 million) 
to the income statement charge relating to amounts payable to the 
Varagon sellers who remain members of senior management post-
acquisition in order to adjust the expense recognised in the year to 
reflect the corresponding profits generated.
We continue to be strongly 
cash-generative, with core 
cash flows from operations 
excluding working capital 
movements of $502 million.
Antoine Forterre
Chief Financial Officer
24
Strategic report
Man Group plc |  Annual Report 2024

109.6
101.2 
(4.0)
1.0
(5.4)
2023
Net outflows
Investment
performance
Other
2024
57.9
67.4
0.7
9.9
(1.1)
2023
Net inflows
Investment
performance
Other
2024
	
Change
$bn
31 December
2023
Net inflows/
(outflows)
Investment
performance
Other
31 December
2024
$bn
%
Alternative
Absolute return
47.7
(0.7)
0.3
(2.0)
45.3
(2.4)
(5)
Total return
42.5
0.6
0.5
(2.1)
41.5
(1.0)
(2)
Multi-manager solutions
19.4
(3.9)
0.2
(1.3)
14.4
(5.0)
(26)
Total
109.6
(4.0)
1.0
(5.4)
101.2
(8.4)
(8)
Long-only
Systematic
36.5
(4.9)
7.3
(0.3)
38.6
2.1
6
Discretionary
21.4
5.6
2.6
(0.8)
28.8
7.4
35
Total
57.9
0.7
9.9
(1.1)
67.4
9.5
16
Total
167.5
(3.3)
10.9
(6.5)
168.6
1.1
1
Assets under management
Alternative AUM ($bn)
Long-only AUM ($bn)
Absolute return
The decrease in absolute return AUM was driven by negative other 
movements of $2.0 billion and net outflows of $0.7 billion, primarily 
from trend-following strategies, partially offset by continued inflows 
into Institutional solutions. Positive investment performance of  
$0.3 billion was driven by a number of strategies in the category, 
partially offset by negative returns from alternative trend-following.
Total return
The decrease in total return AUM was driven by negative other 
movements of $2.1 billion, partially offset by net inflows of $0.6 billion, 
primarily into multi-asset risk parity, and positive absolute investment 
performance of $0.5 billion.
Multi-manager solutions
AUM decreased by $5.0 billion, primarily due to net outflows of  
$3.9 billion, largely from low net management fee margin 
Infrastructure mandates, and negative other movements of $1.3 billion.
Systematic long-only
AUM increased by $2.1 billion, with positive absolute performance of 
$7.3 billion across all strategies in the category, partially offset by net 
outflows of $4.9 billion, including a single client redemption of  
$7.0 billion driven by a strategic decision to switch their entire equities 
allocation to a passively managed portfolio.
Discretionary long-only
AUM increased by $7.4 billion during the year. Net inflows of $5.6 billion 
were primarily into credit and convertibles. Positive performance of 
$2.6 billion was driven by multiple strategies, reflecting strong security 
selection across our investment teams.
25
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Chief Financial Officer’s review continued
Management fees
Core net management fee revenue increased by 14% to $1,097 million 
in 2024 (2023: $963 million), driven by a full-year of contribution  
from Man Varagon and higher average AUM over the period. Net 
management fee margin remained stable at 63 basis points as the 
accretive impact from Man Varagon was offset by strong net inflows 
and investment performance in discretionary long-only strategies, 
which are typically lower margin. 
The absolute return net management fee margin decreased to 110 
basis points from 112 basis points, due to lower average AUM in 
trend-following strategies, which are higher margin strategies. The 
total return net management fee margin increased by 2 basis points to 
66 basis points, as the increase from higher margin Man Varagon AUM 
was partially offset by higher average AUM in lower margin alternative 
risk premia. The multi-manager solutions net management fee margin 
increased to 18 basis points in 2024 from 17 basis points in 2023,  
driven by outflows from low margin Infrastructure and direct access 
mandates. The net management fee margin of systematic long-only 
strategies increased from 24 basis points to 27 basis points due to 
strong performance in Global and Emerging markets strategies. 
Discretionary long-only net management fee margins decreased from 
59 basis points in 2023 to 57 basis points in 2024 due to strong net 
inflows and performance in relatively lower margin credit strategies, 
including Global Investment Grade Opportunities and Corporate Bond.
Run rate core net management fee revenue was $1,058 million at 
31 December 2024 compared with $1,087 million at the end of 2023. 
This is largely due to mix effects, as AUM became more heavily 
weighted towards lower margin long-only strategies. Similarly, the  
run rate net management fee margin at 31 December 2024 decreased 
to 63 basis points from 65 basis points at 31 December 2023.
Core management fee profit before tax ($m)
280
131
(62)
323
(26)
2023
Increase in
net revenues
Increase 
in variable
compensation
Increase in 
fixed costs 
and other
2024
Performance fees and gains on investments
Core performance fees for the year of $310 million (2023: $180 million) 
comprised $264 million from alternative strategies (2023: $163 million) 
and $46 million from long-only strategies (2023: $17 million). A broad 
range of strategies contributed to our performance fee earnings in the 
year, demonstrating the progress we have made in diversifying our 
business. We had $51 billion of performance-fee-eligible AUM as of the 
end of 2024.
Core gains on investments of $50 million (2023: $48 million) were 
generated by mark-to-market gains across our seed book, including 
$13 million from our CLO positions.
Rental income
The agreement we signed in 2023 with one of our sub-tenants to 
extend their lease to the end of the head lease reduced core rental 
income to $2 million for the year, compared with $5 million in 2023  
due to the derecognition of the associated right-of-use asset and the 
recognition of a finance lease receivable. We signed a new lease in the 
Revenue
Statutory net revenue increased to $1,477 million from $1,194 million in 2023 due to the growth in management fee revenue and higher 
performance fee generation. Similarly, core net revenue increased from $1,196 million to $1,459 million.
Core net 
management fees 
($m)
Net management 
fee margin 
(bps)
Run rate core net  
management fees 
($m)
Run rate net 
management fee margin 
(bps)
2024
2023
2024
2023
31 December 
2024
31 December 
2023
31 December 
2024
31 December 
2023
Absolute return
525
526
110
112
498
544
110
114
Total return
285
208
66
64
265
294
64
69
Multi-manager solutions
27
34
18
17
28
33
19
17
Systematic long-only
106
81
27
24
102
91
27
25
Discretionary long-only
151
110
57
59
165
125
57
58
Other service income
3
4
n/a
n/a
n/a
n/a
n/a
n/a
Total
1,097
963
63
63
1,058
1,087
63
65
26
Strategic report
Man Group plc |  Annual Report 2024

year with another of our sub-tenants for an additional portion of the 
vacant space in the building. As this lease also extends to the end of 
the head lease, we realised a gain on disposal of right-of-use asset of 
$3 million, classified as a non-core item, with future depreciation and 
occupancy costs also lower as a result. A further lease we signed with 
a new sub-tenant towards the end of the year brings the building to 
substantially full occupancy until the end of our head lease.
Costs
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 $67 million compared with $58 million in 2023, which 
equated to around 5 (2023: 5) basis points of average AUM, excluding 
systematic long-only strategies. The year-on-year increase was driven 
by the increase in average AUM and a full year of costs associated with 
Man Varagon of $4 million.
Compensation costs
Core compensation costs were $684 million for the year, an increase of 
15% on the $595 million recognised in 2023. The increase is due to a full 
year of costs associated with Man Varagon, higher performance fees 
which also increased variable compensation, as well as higher fixed 
compensation costs. Our compensation ratio is between 40% and 50% 
of core net revenue, depending on the mix and level of revenue. We 
expect to be at the higher end of the range in years when performance 
fees are lower or driven predominantly by discretionary strategies. 
Conversely, we expect to be at the lower end of the range when 
performance fees are high or driven by systematic strategies. The 
overall compensation ratio decreased to 47% in 2024 from 50% in 
2023, reflecting the increase in performance fee revenue generated  
in the year.
Restructuring costs linked to the realignment of resources with  
our strategic priorities were $22 million in the year, and have been 
classified as non-core items as they were non-recurring in nature. In 
the prior year, no similar non-recurring restructuring costs were 
incurred. 
Other costs
Core other costs, which exclude acquisition-related costs and 
amounts incurred by consolidated fund entities, increased to $199 
million in 2024 from $179 million in 2023, driven by an increase in 
software amortisation, staff benefits and investments in technology 
and communications. This was partially offset by the impact of the 
weakening 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, where our cash tax rate is effectively nil as  
a result of available deferred tax assets, and in Switzerland, which 
currently has a lower rate than the UK. Tax on statutory profit for the 
year was $100 million (2023: $45 million). The statutory effective tax 
rate of 25% increased from 16% in 2023 as a result of the recognition  
of an additional portion of our accumulated US tax losses following the 
Varagon acquisition last year, which drove a one-off reduction in the 
rate. The core tax rate in 2024 was 19% compared with 20% in 2023,  
as the recognition and utilisation of available US deferred tax assets 
are excluded from the core tax expense. 
In the US, we have accumulated tax losses and tax-deductible goodwill 
and intangibles of $78 million (2023: $89 million) that can be offset 
against future US profits, thereby reducing taxable profits. We have 
recognised $76 million of the available $78 million US deferred tax 
assets at 31 December 2024 (2023: $86 million and $89 million 
respectively), with the unrecognised portion relating to state and city 
tax losses expected to expire before utilisation. We have now utilised 
substantially all our federal tax losses and expect to pay tax on any 
profits we may earn in the US going forward.
The principal factors influencing our future underlying tax rate are  
the mix of profits by tax jurisdiction, the rate of consumption of 
available deferred tax assets 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 increased from $234 million in 2023 to $298 million in 
2024, with core profit increasing from $271 million to $381 million over 
the same period. Statutory EPS (diluted) increased from 19.4¢ in 2023 
to 25.1¢ in 2024 (22.4¢ and 32.1¢ respectively on a core basis), with the 
increase in profitability enhanced slightly by a decrease in share count 
as a result of the $50 million of shares repurchased during the year.
Core earnings per share (diluted) (¢)
2020
2021
2022
2023
2024
Core management fee EPS (diluted)
 Core performance fee EPS (diluted)
10.3
5.9
15.7 
23.0
18.4
30.3
18.4
4.0
21.5
10.6
27
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

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 
$502 million for the year.
As at 31 December 2024, our cash balance, excluding amounts held  
by consolidated fund entities, was $225 million.
$m
Year ended
31 December
2024
Year ended
31 December
2023
Opening available cash  
and cash equivalents
180
349
Core cash flows from operations 
excluding working capital movements
502
362
Working capital movements  
(excluding seeding)
(65)
(132)
Working capital movements – seeding
78
119
Acquisition of subsidiaries,  
net of cash acquired 
–
(170)
Dividends paid
(192)
(181)
Share repurchases (including costs)
(50)
(223)
(Repayment)/drawdown of borrowings
(140)
140
Other movements
(88)
(84)
Closing available cash and  
cash equivalents
225
180
Balance sheet
Our balance sheet remains strong and liquid. Available cash and cash 
equivalents increased to $225 million at 31 December 2024 from  
$180 million at the end of 2023, with all borrowings repaid in the year. 
Our seeding portfolio decreased from $595 million to $532 million 
during the year, primarily due to capital returned from CLO strategies. 
$m
31 December
2024
31 December
2023
Available cash and cash equivalents
225
180
Seeding investments portfolio
532
595
Borrowings
–
(140)
Other tangible assets and liabilities
110
147
Net tangible assets
867
782
Goodwill and intangibles
809
830
Shareholders’ equity
1,676
1,612
Seed investments
We use our balance sheet to invest in new products, aiming to redeem 
as client AUM in the funds grows. In the year, we have redeemed  
$434 million from the seed book and reinvested $332 million.  
We had seed investments of $532 million at 31 December 2024  
(2023: $595 million), of which $16 million were financed via repos 
(2023: $45 million). In addition, we held $232 million of total return 
swap exposure at 31 December 2024 (2023: $230 million). This 
approach allows us to maintain our seed portfolio exposure in a 
cash-efficient way.
The statutory consolidation of some of our CLOs results in a significant 
gross-up of assets and liabilities in the consolidated balance sheet.  
Our maximum exposure to loss associated with interests in our CLOs  
is limited to our investment, as reflected in the seeding investments 
portfolio balance which excludes the impact of this gross-up.
Capital management and shareholder returns
Shareholder returns
2021
2022
2023
2024
2020
Dividends ($m)1
Buybacks ($m)
153
100
189
187
250
190
125
199
50
350 
1,454
1,178
1,288
1,402
1,160
Weighted average basic number 
of shares (millions)
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 2024, we announced and completed a $50 million share repurchase.
The Board is proposing a final dividend for 2024 of 11.6¢ per share, 
which together with the interim dividend of 5.6¢ per share equates  
to a total dividend for the year of 17.2¢ per share. This represents an 
increase of 6% on the 2023 full year dividend. The proposed final 
dividend of around $134 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 188.
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 20% to 1,160 million over that 
same period.
1	 Amounts shown are on a paid basis except for the final 2024 dividend, which is 
on an announced basis.
28
Strategic report
Man Group plc |  Annual Report 2024

Our revolving credit facility of $800 million provides additional liquidity 
as required. The facility was extended in December 2024 to mature in 
December 2029 and has a further one-year extension option. 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.
Planning for the impacts of climate change
Whilst climate change has not significantly impacted our financial 
performance and position to date, we embed the consideration of the 
potential future impacts of climate change on our business into our 
financial planning and reporting processes, as we consider appropriate. 
We seek to minimise the carbon emissions of our office premises and 
remain thoughtful around inter-office travel, using lower-carbon 
modes of transport where possible, as part of our ongoing 
commitment to reduce our carbon footprint and to reach net zero  
by 2030. We also continue to embed targets to reduce our Scope 3 
carbon emissions from business travel into our annual budgeting 
process. Further detail on our carbon emissions targets can be found 
on page 53. 
The directors do not expect potential climate-related impacts on  
the consolidated financial statements to be material in the short to 
medium term. In particular, in performing their assessment the 
directors have considered the impact of climate change on our going 
concern and viability, the cash flow forecasts used in the impairment 
assessments of non-current assets, and the assumptions around 
future life expectancies used in the valuation of the net pension asset. 
We continue to monitor the potential longer-term impacts of climate 
change risks on the judgements and estimates used in the preparation 
of the consolidated financial statements.
Further information on how Man Group evaluates and manages 
climate-related risks and opportunities across short, medium and 
long-term horizons can be found on pages 60 to 62.
Antoine Forterre
Chief Financial Officer
29
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

A robust and integrated approach
Risk management
Risk management is embedded into both the management 
of funds on behalf of our investors and the management 
of Man Group’s business on behalf of our shareholders.
The Board has ultimate responsibility for 
risk governance and management. Our risk 
management framework embeds day-to-day 
accountability throughout the business to 
ensure that we operate within acceptable 
risk tolerances, as defined by the Board’s  
risk appetite, with our governance structure 
and three lines model providing a foundation 
for continuous oversight. In addition, 
independent fund boards are responsible 
for protecting the interests of fund investors.
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. 
Whilst the Board retains overall responsibility 
for Man Group’s risk management and internal 
control systems, it has delegated oversight to 
the Audit and Risk Committee (ARCom) and 
the Executive Committee, as summarised in 
the diagram below.
The risk management framework and internal 
control systems, which have been in place 
throughout 2024 and up until the date of this 
report, comply with the Financial Reporting 
Council’s (FRC’s) Guidance on Risk 
Management, Internal Control and Related 
Financial and Business Reporting. In addition, 
the Board has conducted a specific annual 
review of their effectiveness. This included  
a robust assessment of Man Group’s principal 
and emerging risks, significant operational risk 
events, Internal Audit findings and an 
assessment of any risks identified by the 
business or the ARCom – all contributions 
came from the relevant business function or 
system, incorporating BAU challenge and 
review. Following this review, the Board 
concluded that Man Group’s risk management 
processes were effective and that there were 
no significant weaknesses or failings in the 
system of internal controls.
Risk appetite
The governance framework and control 
environment within Man Group have 
been designed to manage corporate and 
investment management risks in accordance 
with a risk appetite set by the Board. The 
risk appetite statements, both qualitative and 
quantitative, express the Board’s appetite to 
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 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 balance sheet financial risks. 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 84 to 93 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 Risk, 
Compliance, Information Security 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.
30
Strategic report
Man Group plc |  Annual Report 2024

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, a new quantitative risk 
appetite was defined for using the balance 
sheet for private markets loan syndication 
activity. Summary risk appetite statements 
are available on our website.
The three lines model
The overall risk management framework at 
Man Group is based on the three lines model, 
an update to the previously articulated three 
lines of defence model. The model evolution 
was introduced by the Institute of Internal 
Auditors and emphasises the role of senior 
management in bridging the gap between  
the governing body and the operational lines. 
The bridging role is being fulfilled by the 
Executive Committee, and the three lines 
model is overseen by the ARCom. The 
framework instils the principles of direct 
responsibility for risk management in each 
business unit with independent functions 
monitoring and challenging them. A brief 
description of each line is provided at the 
bottom of the diagram opposite. 
Developments in 2024
With Man Group’s strategy outlined in early 
2024, the Risk teams have focussed on 
aligning with the updated investment 
capabilities and setting priorities that support 
the delivery of the firm’s strategic goals.
While our focus on continuous innovation and 
diversification of offerings remains core to our 
strategy, investment underperformance and 
associated outflows of our existing products 
is the biggest risk facing Man Group. Markets 
in 2024 were generally buoyant characterised 
by strong equity performance, dollar 
strengthening and credit spread tightening. 
But there was also disruption and uncertainty 
throughout the year, with interest rate cuts 
taking longer than expected, brief Yen-related 
turmoil and concentrations of geopolitics-led 
volatility (see spotlight box below). These 
market conditions were well suited to our 
long-only and discretionary credit products, 
but proved challenging for systematic 
trend-following strategies where the market 
trends that did occur were generally too 
short-lived to monetise.
Man Group AUM grew by $1.1 billion over 2024. 
AUM growth from fund performance was 
offset by net outflows and FX moves. Much  
of the performance growth was alpha- and 
beta-driven on our long-only product 
offerings and also from discretionary credit. 
Whilst there were strong inflows particularly  
in Solutions (risk parity and risk premia) and 
discretionary credit, these were offset by 
some lumpy outflows in multi-manager  
and systematic long-only as institutional 
investors monetised their long-term gains  
and fundamentally changed or insourced  
their investment approach.
Although core performance fees were up 72% 
compared with 2023, the muted performance 
of trend-following strategies meant they 
were down 60% compared with 2022 which 
was a strong year for trend-following. 
Supporting the development of new products 
is an important way to grow and diversify 
future revenues and we have continued to 
utilise our balance sheet to support the firm’s 
seeding programme. There have been 13 new 
investments in 2024 spanning Man Group’s 
investment capabilities and associated 
balance sheet risk-taking increased over the 
year. We also established a private markets 
loan syndication warehouse and loan 
origination capability, which are characterised 
by shorter holding periods. The core seed 
book, net of benchmark hedges, and CLO 
equity holdings performed well in 2024.
As part the alignment to delivery of the Man 
Group strategy, the risk organisation has been 
restructured into Financial and Non-Financial 
Risk teams, with the former now incorporating 
fund investment risk and group (corporate 
and balance sheet) risk. 
The focus of the Financial Risk team has been 
on value-add to the investment process and 
automation. In 2024 this included new 
capabilities for mid-frequency systematic 
trading and evolving the liquidity risk 
management framework for the growing  
fixed income strategies and exposure. 
The focus for the Non-Financial Risk team  
has been embedding (and simultaneously 
enriching) operational resilience and  
business continuity planning into our 
operational risk reporting and management 
system, implementation of the Digital 
Operational Resilience Act for our EU 
regulated entities and a deep review of 
internal control effectiveness. 
Spotlight: Emerging and geopolitical risks
The Risk heads 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 (this year we also engaged 
ManGPT which offered reasonable but 
somewhat generic ideas). For each identified 
emerging risk we consider its likelihood and 
potential impact on Man Group as well as 
how quickly it might manifest.
2024 was a year of significant potential 
change, with elections impacting almost 
half of the world’s population. The results 
had a general theme of voting for change 
with growing support for populist parties, 
often with protectionist and anti-migration 
narratives. The shift in the global political 
temperature is compounded by the ongoing 
conflicts in Ukraine and the Middle East and 
strained relations between China and the 
West. Increased geopolitical risk and 
uncertainty was the overarching concern  
for 2024 and is expected to remain so. 
The outcome of the US election is highly 
significant and is already driving a period  
of change, uncertainty and surprises. This 
could impact geopolitics, trade, financial 
markets, information reliability, and efforts 
to combat climate change.
These emerging risks could potentially 
impact employee well-being, business 
disruption (from associated terrorist or 
cyber-attacks) and fund 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.
31
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

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 geopolitical 
or climate factors. 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 limits the risk to 
the business from underperformance 
of any particular strategy or market. In 
line with the outlined strategy, we have 
increased diversification though AUM 
growth in our credit strategies in 2024.
Markets were generally buoyant in 2024, 
but also had moments of disruption linked 
to central bank policy and geopolitical 
events. In this context performance 
was good for our long-only products, 
which generally outperformed the rising 
markets, including our discretionary credit 
products which delivered strong absolute 
performance. However, these market 
conditions were not suited to systematic 
trend-following funds.
Although inflows were strong, particularly 
for Solutions and discretionary credit, 
these were offset by some large outflows 
from some institutional clients looking to 
change strategy and monetise their gains. 
We did not see any investor concerns 
or material outflows as a result of our 
outlined strategy.
Key person 
risk
A key person to the business leaves or is 
unable to perform their role.
Retention risk may increase in years of 
poor performance and the expectation of 
reduced compensation.
Business and investment processes 
are designed to minimise the impact of 
losing any key individuals. Diversification 
of strategies and the emphasis on 
technology and systematic strategies 
reduce the overall risk to Man Group. 
Succession plans and deferred 
compensation schemes are in place to 
support the retention of senior investment 
professionals and key management.
Man Group has continued to be able to 
attract and retain an array of talented 
individuals across the firm. In 2024 there 
was a resource review and reallocation 
designed to deliver on our strategic 
priorities and create opportunities for 
junior talent to grow.
Risk management continued
Man Group’s resilience was demonstrated 
during the global CrowdStrike incident in  
July 2024. Our business continuity plans were 
swiftly and effectively activated, ensuring 
that the situation was managed promptly and 
with minimal disruption. Incident response 
protocols were immediately implemented to 
assess and address the event, showcasing 
the strength of our preparedness. As part of 
our focus on continuous improvement, we 
conducted a thorough review of the incident 
using our standard incident review process  
to identify potential control improvements. 
Additionally, we assessed the root cause of 
the CrowdStrike incident to determine any 
long-term adjustments that could reinforce 
our robust operational framework.
We continue to prepare for Provision 29 of  
the 2024 UK Corporate Governance Code, 
which will require more in-depth review by the 
Board of the risk management and controls 
framework from the start of 2026. 
Assessment of principal risks  
and uncertainties
Given its wide range of investment products 
and strategies, Man Group manages a 
broad spectrum of business, credit, liquidity, 
market, operational and reputational risks and 
uncertainties, to both the firm and our funds. 
Climate change risk aligns to many of these 
risks but is also captured as a standalone 
principal risk.
Man Group takes investment risk on behalf 
of its clients in order to deliver the level of 
performance they expect. Failure to deliver, 
over the long term, would result in investor 
redemptions and lower management and 
performance fees. Declining profitability, 
in turn, reduces the ability to invest in 
the people and technology that deliver 
investment performance. 
Therefore, business risks are the biggest 
risks and uncertainties to Man Group and 
investment underperformance is the single 
biggest principal risk. The other principal risks 
are necessary exposures which enable us 
to deliver performance for our clients, but we 
seek to manage and minimise these wherever 
possible and at proportionate expense.
Man Group’s core risk profile has not changed 
materially in 2024. The initial phase of 
Varagon and Asteria’s integration was 
completed during the year. Our risk focus is 
now on alignment of cultures, implementing 
the outlined 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 or liquidity 
and reputation. 
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. The climate change 
principal risk is at the end so it links back 
to other principal risks and leads on to 
the climate change risk management and 
strategy. The risks are linked to each of 
Man Group’s strategic pillars on pages  
14 and 15. 
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Strategic report
Man Group plc |  Annual Report 2024

Risk
Mitigants
Status and trend
Change
Credit risks
Counterparty
A counterparty with which the funds or 
Man Group have financial transactions, 
directly or indirectly, becomes distressed 
or defaults.
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 on 
the approved counterparties daily. This 
includes credit default swap spreads and 
credit ratings. 
After an eventful 2023, 2024 was a calm 
year for counterparty concerns.
The prospect of decreased regulation  
and capital requirements for US banks 
may see systemic risk growing in the 
longer term.
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 2029, with a one-year 
extension option, 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 
endeavour to manage resources in such 
a way as to meet all plausible demands 
for fund redemptions according to 
contractual terms.
The full repayment of the revolving credit 
facility (following the 2023 acquisitions of 
Varagon and Asteria), the balance sheet 
seeding programme (including use of 
external financing) and completion of a 
$50 million share buyback in 2024 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 firm-wide 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 the product maturity. The firm 
is exposed to a decline in value of the 
investment book.
Varagon private markets 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 
2024, while balance sheet risk-taking 
increased, driven by two new large 
unhedged credit positions. There were 13 
new positions in 2024, managed by active 
recycling of existing investments. 
The investment book returns were 
positive with performance coming  
from across the core seed book  
(net of benchmark hedge) and our  
CLO equity positions.
DB pension 
performance
Man Group underwrites the risks related 
to the UK defined benefit pension plan 
which closed to new members in 1999 and 
future accrual in 2011. The plan is healthy 
but is exposed to changes in net asset 
versus liability values. This could come 
from underperformance of return-seeking 
assets or changes in expected member 
longevity assumptions.
The UK pension plan has a low net 
exposure to UK interest rates and RPI 
inflation though the use of index-linked 
gilt, corporate bond and Liability-Driven 
Investment (LDI) funds. The return-
seeking assets are low volatility and have 
a low correlation to directional equity 
markets. Longevity is the largest risk but is 
uncorrelated to Man Group’s other risks.
The plan is operated separately  
from Man Group and managed by 
independent trustees, including its 
investment decisions.
A triennial valuation exercise updated 
the actuarial assumptions as of 2023 
year-end which increased the scheme’s 
actuarial surplus. The accounting and 
actuarial surplus increased marginally 
over 2024. 
The additional cost of an insurance  
buy-in came down in 2024, largely due to 
more competitive pricing. Although the 
cost remains in excess of our appetite, 
steps have been taken to ensure the 
scheme is in a position to approach the 
insurance market if pricing improves  
and Man Group and the trustees deem  
a buy-in is appropriate for the scheme  
and its members.
33
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Risk
Mitigants
Status and trend
Change
Operational risks 
Internal 
process 
failure
Risk of losses or harm resulting from 
inadequate or failed corporate or fund 
processes within Man Group, including 
employee-related issues.
Man Group’s risk management framework 
and internal control systems are based on 
a three lines model and 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. 
During 2024, recent acquisitions were 
integrated in line with plans and AUM 
increased. Man Group also announced 
organisational changes in support of its 
strategy. Whilst change can add risk, the 
strategic aim to reduce organisational 
complexity and the successful delivery 
and embedding of the new strategic Order 
Management System will significantly 
offset the additional risk in future years.
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 Operations team has 
implemented a robust methodology 
(including ongoing third-party due 
diligence and KPI monitoring) to confirm 
that critical third-party service providers 
are delivering as required.
The firm’s key outsourcing providers 
remain intentionally concentrated with 
a small group of carefully selected and 
proven names with which it 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 
2024 and there have been no material 
losses or other impacts.
Model and 
data integrity
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 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 2024.
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 Chief 
Information Security Officer, 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 2024, 
the increasing cyber risk assessment is 
fuelled by a multitude of factors including 
the rise of AI-driven phishing attacks via 
models like ChatGPT; the increasing risk  
of vulnerabilities in the supply chain;  
and the increasing impact and cost of 
cyber breaches.
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, which 
could lead to business disruption.
Technology plays a fundamental role 
in delivering our objectives. The single 
Technology team of 470+ professionals 
aligns with each business unit to ensure 
work is correctly prioritised and financed. 
The prioritisation process considers the 
life cycle of both hardware and software 
to ensure both are adequately supported 
and sized. The firm’s operational 
processes include mature risk, incident 
and problem management procedures 
to minimise the likelihood and impact of 
technology failures.
Business continuity risk mitigation 
includes detailed planning and testing  
of remote access and contingency/
recovery operations, and ongoing risk  
and threat assessments.
Man Group continues to enhance its 
technology, with a focus on platform 
enrichment, centralising order 
management, and expanding capacity.
Annual combined disaster recovery 
exercises have been conducted across 
key trading applications which were 
switched to run from our back-up  
data centre. 
The Business Continuity and Resilience 
(BCR) team focused on enhancing the 
programme to ensure Man Group remains 
operationally resilient and prepared 
for disruptions. In 2024, the crisis 
management framework was updated, 
and over 25 scenarios were tested to 
identify vulnerabilities and validate 
recovery solutions.
Risk management continued
34
Strategic report
Man Group plc |  Annual Report 2024

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, anti-bribery and corruption, 
breach of economic sanctions, insider 
trading and market abuse.
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 and 
support, independent oversight and 
challenge are also being 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. 
No material incidents were seen in 2024, 
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.
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.
Man Group continues to experience 
new regulatory requirements and invest 
heavily in compliance, technology, and 
reporting infrastructure to meet the 
growing regulatory expectations. In 2024 
key areas included ESG and sustainability, 
operational resilience, private fund adviser 
reforms, outsourcing and third-party  
risk management.
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 businesses.
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 
management practice. We encourage  
a culture of openness, inclusion  
and diversity.
Man Group enjoys a good reputation. 
The CEO and Chair transitions and new 
strategic objectives have been received 
positively by those covering the Company. 
Work continues to protect its reputation 
across stakeholder groups, while 
simultaneously building out Man Group’s 
profile, particularly in North America and 
across newer focus channels and our 
investment capabilities such as Wealth, 
Private Credit and Insurance.
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  
or an event may manifest.
The emerging risk categories include 
natural disasters, pandemics, disruption 
to financial markets and business 
infrastructure, geopolitical risk and 
changes in the competitive 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, tension 
with China and the wholesale impact  
of a year of global elections particularly 
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. 
35
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Risk
Mitigants
Status and trend
Change
Climate change risks
Physical risks
Physical risks, and specific event 
uncertainties, of business disruption, 
property damage or impacts on employee 
well-being due to a severe weather event. 
Man Group has a small number 
of employees, a relatively limited 
physical footprint and can operate 
completely remotely – as it has done  
in the past.
The firm will continue to monitor and 
manage its risks through business-
as-usual reporting and management 
processes for the relevant principal risk 
(see below).
Transition 
risks
Transition risks, and timing uncertainties, 
as the world moves towards a low-
carbon economy can be legal, regulatory, 
technological, market or reputational. 
This may impact the appetite for and 
performance of some investment 
products.
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. 
Man Group met its 2024 short-term 
emissions targets and work continues 
in line with our pathway to net zero. 
We are now ISO 14001:2018 accredited 
and continue the work pursuant to our 
Building Performance Optimisation review 
of our London headquarters.
We saw a significant reduction, compared 
to 2023, in the weighted average carbon 
intensity (WACI) for our AUM subject to Net 
Zero Asset Managers initiative (NZAMI) 
interim targets. 
Link to 
our other 
principal risks
Investment performance is exposed to 
market disruption or volatility triggered 
by severe weather events. Performance 
could also be impacted by fundamental 
moves in underlying asset prices or 
liquidity as the world transitions to a low-
carbon economy.
Business continuity risk manifests as 
damage or disruption to Man Group’s 
offices and data centres and the 
transportation and supply systems that 
support them. In particular our London 
headquarters may be exposed to flooding 
of the River Thames.
Legal and reputation risk currently comes 
from any suggestion of greenwashing 
if the ESG credentials of a fund or our 
corporate behaviour does not meet client 
or regulatory expectations. This could 
lead to redemptions and regulatory fines 
as well as damaging relations with core 
clients, employees and the wider public.
Man Group’s diversified range of products 
and strategies limits the risk to any 
particular strategy or market. While the 
integrated portfolio and risk management 
processes help managers understand 
their risk profiles.
Agile working is well established, and 
employees can work remotely if offices 
are inaccessible. We conduct detailed 
planning for emerging scenarios along 
with testing of remote access and 
contingency/recovery operations.
Man Group has specific policies and 
greenwashing controls which continue 
to evolve and are subject to robust 
review. We take a relatively 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.
We continue to offer a range of products 
that appeal to clients focused on 
implementing Responsible Investment 
into their portfolios.
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.
In 2024, we continued to expand our ESG 
analytics tools, including integration of 
climate Value at Risk and a proprietary 
sovereign framework. The tools are 
described in more detail on page 55.
Risk management continued
Man Group climate change risk 
management and strategy
Man Group recognises the challenge 
presented by climate change, and our 
corporate responsibilities and ability to effect 
positive change through our own behaviour, 
responsible investment principles and fund 
offerings for sustainability-driven investors. 
We address climate-related risks and 
opportunities in the following ways:
	
„
offer innovative climate-focused 
investment strategies;
	
„
apply a rigorous, data-driven process  
to ESG integration;
	
„
focus on our stewardship efforts to drive 
positive impact at the portfolio level;
	
„
contribute to industry-wide initiatives  
and thought leadership; and
	
„
manage our corporate operations in  
a sustainable way.
The firm has articulated its climate change 
risks using existing risk identification 
processes: from the bottom-up the Risk and 
Control Self-Assessment (updated at least 
annually) has identified short-term risks by 
business area, while the top-down (semi-
annual) emerging risks assessment identifies 
medium- and long-term firm-wide risks. Both 
of these processes assess risks in terms of 
impact (such as business continuity, financial, 
regulatory or reputational) and likelihood (or 
time frame over which it may manifest). By 
using the same risk assessment framework 
we are able to calibrate the relative 
significance of climate-related risks against 
our other principal risks.
For short-term risks there are associated 
controls and/or actions that help manage/
mitigate them. Climate change risks are 
captured in Man Group’s risk governance and 
reporting framework as a standalone risk but 
also within the associated risk category such 
as investment performance or business 
continuity. The risk governance framework is 
owned by the Board and implemented by the 
senior management of Man Group, and it is at 
this level that strategic decisions are made to 
avoid, mitigate, transfer or accept risks, 
including those related to climate change. 
The impact of climate change on the 
downside scenarios within our three-year 
business planning horizon has been 
considered – currently none of Man Group’s 
plausible material downside scenarios, within 
this time period, are materially driven by 
specific adverse impacts of climate change. 
However, the constituents of physical and 
transition risks relating to investment 
performance, operational resilience and 
reputation are captured in our downside 
scenario analysis.
We consider ‘material’ risks or downside 
scenarios as being above a threshold of 
importance to our investors, shareholders and 
other stakeholders such that they should be 
publicly reported. The threshold and downside 
scenarios will evolve over time and in line with 
the consensus path to a 1.5°C or 2°C scenario. 
Our senior management and ESG governance 
committees will continue to reassess our risk 
profile in this context.
The key short-term risk (one to five-year time 
horizon) and strategic opportunity for Man 
Group relates to meeting the expectations of 
some of our clients for inclusion of meaningful 
climate-related analysis into our investment 
strategies. Failure, or taking too long, to deliver 
36
Strategic report
Man Group plc |  Annual Report 2024

Viability statement
The directors of Man Group plc believe that 
there continues to be robust global demand 
for asset management firms, such as 
Man Group, to provide fund management 
services and make active investment 
decisions on behalf of their clients in order to 
manage their capital. Man Group’s ability to 
deliver alpha and other value adding client 
solutions, backed by technology, efficiency 
and innovation, forms the basis of a 
sustainable business model and is 
embedded in its recently outlined strategy.
A failure to deliver superior performance 
is the main risk to, and driver 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 one 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 2027. A three-year period is 
considered appropriate because it is 
consistent with Man Group’s business 
planning and forecasting horizon.
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 to each of Man 
Group’s strategic pillars. The strategy 
and associated principal risks form the basis 
of Man Group’s medium-term plan. This 
covers a three-year period and includes 
downside scenario testing. 
Man Group’s medium-term plan is 
built by aggregating the expected 
business performance across the 
firm, and then stressing key business 
assumptions, including: 
	
„
fund inflows from new business 
versus redemptions;
	
„
investment performance of the 
key strategies and the impact on 
management and performance fees;
	
„
performance of the balance sheet 
investment positions;
	
„
management fee margin pressures;
	
„
business mix and costs, including 
compensation and investments in 
business development; and
	
„
FX rates for non-USD 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 as 
a result of a single market stress; 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) 
are materially driven by specific adverse 
impacts as a result of climate 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 medium-term plan 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.
genuinely suitable investment products could 
lead to outflows or reduced inflows over time. 
37% of Man Group AUM integrates ESG 
analytics into the investment process, and 
we now offer several Article 8 and 9 products. 
A related reputational risk comes from any 
suggestion of greenwashing if the ESG 
credentials of a fund or Man Group’s corporate 
commitments do not meet client, regulatory, 
media or wider public expectations. 
In the medium term (five to ten-year time 
horizon), the key risks and uncertainties 
to Man Group are from market disruption 
or volatility triggered by weather events 
and disruption to transport and working 
arrangements. These could lead to increased 
costs (e.g. procurement, insurance or taxes) 
and restrictions on business practices such as 
international travel to meet clients, however 
they also present significant investment 
opportunities. Some of these risks are already 
being mitigated through collaboration 
technology and flexible working, and others 
can be addressed through agile working 
practices and having a more local presence. 
Thoughtful new regulatory requirements will 
be an important tool in helping companies  
to consistently effect genuinely positive 
change. We will closely monitor emerging 
requirements and have been, and will seek  
to be, early adopters of new regulations.
As the world transitions towards a low-carbon 
economy, fund performance could be 
impacted by fundamental moves in 
underlying asset prices or liquidity. The firm 
has continued to enhance its proprietary 
ESG tools to facilitate analysis of the 
underlying exposures through an ESG lens. 
Longer-term (ten to thirty-year time horizon) 
physical risks, with associated high 
uncertainties, include major business or 
market disruption following severe weather 
events and long-term impacts on employee 
health and well-being. For example, the 
corporate headquarters in London could be 
impacted by a failure of River Thames flood 
defences. Such events, or even a heightened 
risk, could cause the firm’s key business 
locations to become less relevant. This is 
mitigated through long-range monitoring and 
our small physical footprint helps to reduce 
our exposure.
We are committed to demonstrating 
responsible conduct and leadership to all 
of our stakeholders – clients, shareholders, 
business partners, employees and our local 
communities. Our strategic initiatives relating 
to our direct environmental footprint and our 
approach to corporate sustainability and 
responsible investing are discussed on pages 
48 to 59, This includes an outline of our 
pathway to net zero for both our workplace 
(page 50) and investment portfolios (page 
54). Our support of the Task Force on 
Climate-related Financial Disclosures (TCFD) 
is outlined on pages 60 to 62 and our 
stewardship role in relation to responsible 
investment is discussed on page 57.
As our understanding of climate-related 
risks and opportunities evolves and we 
develop a better understanding of the 
interdependencies between climate factors 
and their impact on our business, we will 
continue to refine our strategy.
37
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Our Discretionary division 
offers a range of active 
alternative and long-only 
investment strategies.
These strategies span multiple asset classes  
across private and public markets. Our specialist 
investment teams have the autonomy to implement 
their own views, supported by Man Group’s 
technology and institutional resources.
Credit was a major area of growth in 2024; we saw good demand from our 
institutional and wealth clients, delivered strong investment performance 
across the board, and continued to build our platform. 
The integration of Man Varagon continues to progress smoothly;  
the successful launch of an evergreen private credit strategy in the  
second half of the year was a key highlight.
Discretionary
38
Strategic report
Man Group plc |  Annual Report 2024

$35bn
AUM in  
public and private credit
$5.6bn
net inflows to  
discretionary long-only
	
^ For more information, please visit: 
www.man.com/credit-capabilities
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024
39

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 our culture of 
collaboration, working together to find 
answers to complex problems, and deliver 
value for our stakeholders. We remain 
committed to an inclusive workplace where 
our colleagues are supported and equipped 
with the tools they need to develop and thrive, 
and to build our competitive advantage. 
We strive to hire the best people from around 
the world. Although Man Group’s total 
headcount, including contractors and 
consultants, has grown by more than 20% 
over the last five years, it decreased slightly in 
2024, from 1,816 at 31 December 2023 to 
1,805 at 31 December 2024, as we realigned 
teams with our new strategic priorities.
Culture and engagement
Building a culture where people feel 
supported to thrive, inspired to grow and 
empowered to deliver meaningful impact  
is essential, and we monitor employee 
engagement and retention actively to ensure 
that we are holding ourselves accountable. 
Our annual engagement survey, alongside  
our employee engagement programme led by 
the Board, enables us to capture thoughts, 
ideas and feedback from our people across 
the world. In 2024, we achieved an employee 
engagement score of 7.9 out of 10 (79%), 
slightly decreased from 2023, and our 
voluntary attrition rate remained low at 7.8%.
Talent acquisition 
Our culture is strong and distinct within our 
industry. Combined with our continued 
commitment to our agile working model and 
our holistic benefits programme, it enables us 
to attract and retain exceptional talent. 
Our in-house recruitment team understands 
the value of diversifying our talent pipeline 
and we continue to increase direct hiring, 
finding candidates who are likely to succeed 
at Man Group. Our people also continue to use 
our referral programme to help us source 
candidates to join the firm.
We continue to prioritise building a junior 
talent pipeline via entry-level programmes, 
including work experience opportunities, our 
apprentice programme, and our intern and 
graduate programmes. During 2024, in the 
UK, in addition to visiting individual schools 
and universities, we continued our work with 
City Gateway, #10,000BlackInterns, 
IntoUniversity, GAIN (Girls Are INvestors), SEO 
London and began working with two new 
partners: Sanctuary Graduates and the East 
London Business Alliance (ELBA). In New York, 
we have once again partnered with the UNCF 
Lighted Pathways Program. We also recognise 
the importance of enabling experienced 
talent to return to work and drive this initiative 
forward through our Returners programme. 
Nationalities
70+
Quants and technologists
640+
Discretionary investment professionals
120+
40
Strategic report
Man Group plc |  Annual Report 2024

Retention and progression
Our talent development strategy ensures we 
provide career development and performance 
support to people at all levels. Our programme 
is a core part of our business and includes 
processes, technology, products and services 
to enable us to maximise the potential of  
our people. 
Our global talent progression and 
development programme is guided by our 
talent review process, which seeks to assess 
the performance and potential of each 
employee. The resulting data and insights 
form part of our talent and succession 
planning reviews, which are shared with,  
and assessed by, our Executive Committee. 
Through this programme, we can provide 
targeted initiatives and create equitable 
opportunities for talent progression, ensuring 
that we have a strong bench of future leaders 
ready to take on broader leadership roles 
across the firm. We continue to offer in-house 
coaching and develop tailored support for  
our top performers to enable them to optimise 
their performance, in addition to other 
development initiatives available to all  
our employees. 
We are committed to continuously enhancing 
the learning and development offering 
available to our people. Our ‘Performance 
First’ global speaker series has shared 
experts’ research, insights and perspectives 
with our investment professionals. This  
works alongside our Analyst Performance 
Programme which builds technical skills  
and performance support. Another of our 
in-house programmes, ‘Evolve’, open to all 
employees, offers an introduction to the 
hedge fund industry, helping to build a strong 
foundational knowledge of hedge funds and  
a better understanding of clients’ needs and 
perspectives. From a digital skills perspective, 
our  programme offers our staff the 
opportunity to improve their technical 
competencies. Since inception, it has taught 
341 employees to code in Python and has 
upskilled 537 employees in total through the 
more advanced courses. In addition, at any 
given time, around a third of our workforce  
is actively engaged in mentoring.
This connected approach also allows us  
to champion and facilitate internal mobility.  
In 2024, more than 200 employees were 
internally mobile as a result of robust 
succession planning.
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 2024, 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 98 to 128 for the Directors’ 
Remuneration report.
+ Fostering a diverse pipeline  
Q&A 
Gabriel Ridding
Talent Pipeline Manager,  
People team
Q: How has our Apprenticeship 
Programme evolved?
A: Our Apprenticeship Programme 
has grown significantly over the years. 
Initially, we relied solely on third-party 
providers to recruit apprentices, 
but over time, we have been more 
proactive, evolving the programme to 
align with our values of inclusion and 
opportunity. In our 2024 recruitment 
cycle, we partnered directly with 
schools and diversity-focused 
organisations to identify exceptional 
candidates from a wide range of 
backgrounds. This approach has 
allowed us to attract a talented group 
of apprentices, ensuring they not only 
thrive at Man Group but also enrich our 
culture with fresh perspectives and 
new ideas. 
Q: What value can apprentices  
bring to a team?
A: Apprentices can bring fresh 
perspectives and a strong willingness 
to learn. While they are at the beginning 
of their careers and require guidance 
and support to succeed, their 
enthusiasm and eagerness to develop 
can inspire collaboration and new  
ways of thinking. With the right 
mentorship, apprentices can grow  
into confident contributors.
Man Group’s culture is 
one of collaboration, 
inclusion and intellectual 
curiosity. We welcome 
and value diverse 
perspectives and our 
drive for excellence  
is intertwined with  
a deep commitment  
to teamwork.
Emma Holden
Chief People Officer
41
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Board
6
4
Senior
managers
35%
Staff
Female
33%
65%
67%
Male
Diversity, equity and inclusion
Our ‘Drive’ programme is a ‘grassroots’ 
initiative, run by our employees and 
sponsored by members of our senior 
management and Executive Committee.  
Drive is overseen by our diversity, equity and 
inclusion (DE&I) Steering Committee, which 
ensures representation of employees from 
across our business globally. 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. Our Drive umbrella 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 (South Asian Network at Man)
	
„
Amigos de Man (our network for our 
Latin and Hispanic employees and allies  
at Man) 
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 from disabled 
individuals, with their aptitudes and abilities 
considered. Candidates are also encouraged 
to tell us if they require reasonable 
adjustments to the 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 within our annual DE&I report. 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. 
People and culture continued
We are committed to excellence, asking 
the difficult questions, continually 
seeking feedback and ensuring we are 
there for our people.
Lucy Bond 
Global Head of Sustainability
1	 Based on 1,777 FTEs and 93 senior managers. 
42
Strategic report
Man Group plc |  Annual Report 2024

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. Having 
reached our 2024 target of 30% female 
representation in senior management in 2023, 
our Board approved a new, higher target of 
32.5% of women in senior management roles 
for the end of 2024. At the end of 2024, we 
are delighted to have reached 35% and will 
continue to challenge ourselves. We continue 
to focus on coaching and mentoring our high 
performing female talent at all levels, and 
particularly those on the pathway to senior 
management. The number of women in senior 
management roles is one of our non-financial 
KPIs, and forms part of our Executive 
Directors’ remuneration. Further information 
on this can be found on page 100.
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, and is now in 
its third year. We were proud to see Man 
Group’s efforts recognised when we won the 
award for contribution to gender diversity and 
inclusion at Investment Week’s Women in 
Investment Awards, alongside 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. As at 
the end of 2024, 90% of employees had 
completed their ethnicity data (this 
percentage includes those who have chosen 
‘prefer not to say’ and excludes the countries 
where we are unable to collect this data from 
our people due to jurisdictional restrictions). 
As at the end of 2024, 15% 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. Our staff have taken part in the 
Black Leaders Mentoring Programme run by 
the Investment Association in collaboration 
with #TalkAboutBlack, designed to help equip 
senior Black leaders with the tools and 
networks needed to achieve their professional 
goals. We continue as a sponsor of EnCircle 
and have entered a third year of our 
partnership with Barrington Hibbert 
Associates, to champion our Black talent and 
increase representation within the industry. 
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 DEI working group run by the 
Alternative Investment Management 
Q: How do people at Man Group 
contribute to the DE&I work?
A: There are several options open to us – 
we can be part of a Drive network, or even 
start our own; I helped launch our South 
Asian Network at Man (SANAM) and was 
co-Chair while it was becoming established. 
I also lead a cohort for our school speaking 
programme and help to develop the content 
for that – for example, I worked with a 
colleague to devise the ‘trading game’ 
workshop which gives students a fun and 
hands-on way to learn about investment. 
I’ve also been part of work that our Families 
at Man network has led. Finally, I have helped 
set up safe space and educational sessions 
to support Muslim and Arab communities 
at the firm. I find that all these initiatives are 
great ways to meet people across the firm 
who I might not meet as part of my day job 
and to help others get involved in our DE&I 
work, hopefully making a positive impact on 
the culture of the firm. 
Q: How does Man Group’s internal work 
intersect with external initiatives?
A: We are committed to learning from others 
and to helping them in turn, by sharing 
what has worked for us. It’s a pleasure to 
be involved in work with the wider industry. 
For example, I am an ambassador for the 
Diversity Project’s Race and Ethnicity 
stream and have been involved with 
various campaigns like ‘Fish Out of Water’ 
and ‘Power Hour’, as well as leading the 
‘EmbRACE Religion & Culture’ video series. 
This summer, I shared reflections on the 
recent UK race riots in a webinar (‘No Space 
For Racism’) hosted by the Diversity Project, 
which led to a race and religion guidance 
document for member firms. I was honoured 
to be asked to present closing remarks at its 
annual event and to present the awards.  
I was also delighted to find that I had won 
the award for Ambassador for the Race  
and Ethnicity workstream, which was a 
proud moment. 
+ Celebrating diversity and inclusion 
Q&A 
Faisal Javaid
Head of Investment Risk
Association (AIMA) and the Investment 
Association’s HR and DEI group. We have 
moved into our third year as a founding 
partner of Progress Together, underscoring 
our commitment to progression of staff from 
lower socioeconomic groups and once again 
completed the Social Mobility Index (ranking 
94th of 150). 
During 2024, we have partnered with 
Wellbeing Partners to provide us with advice 
and support for neurodiversity and disability 
in the workplace and continue to work with 
PurpleSpace. During December, we 
celebrated ‘Positively Purple’, a global 
movement that celebrates and draws 
attention to the contribution of employees 
with disabilities around the world and hosted 
an ‘AccessAbility café’ to raise awareness  
of the technology and support that exists  
in our workplace.
We reinforced our commitment to allyship, 
hosting our fourth ‘Allyship Week’, continuing 
to learn from each other and also came 
together in September 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.
43
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Number of parental leaves taken  
in 2024
30
Male
79
Female
Number of tenure award leaves  
taken in 2024
24
Male
9
Female
Inspiring the next generation
Our ‘Paving the Way’ campaign is dedicated to 
promoting a career in finance to young people 
from all backgrounds. During 2024, we 
launched a 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. We 
welcomed 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 have 
visited several universities and once again 
featured in the ‘Skills Workshop’ run by 
#TalkAboutBlack, which was broadcast 
across universities to highlight internships 
and graduate programmes at Man Group. 
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 two alumni from the school working  
at Man Group, and to fund the alumni 
programme for the school. During the year,  
we have also delivered workshops for 
IntoUniversity and several of our senior 
leaders have visited schools as part of the 
Speakers4Schools programme.
More information about Man Group’s 
commitment to DE&I can be found in the 
Diversity, Equity and Inclusion report and  
our Corporate Sustainability brochure.
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 have restructured our games room and 
added an innovation room, to inspire 
creativity. 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 2024, we have formed a ‘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, 
inviting Combat Stress to talk to us, as well  
as World Suicide Prevention Day. We were 
pleased to take part in the MindForward 
People and culture continued
Alliance annual benchmarking exercise and  
be awarded ‘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 that certain life events 
need to take priority. We regularly review and 
benchmark our benefits and in 2024, we 
increased the maternity leave we offer in the 
UK and EEA to 26 weeks, introduced paid 
fertility leave and ensured people on parental 
leave, regardless of their gender, remain 
eligible for full discretionary bonuses during 
that time. These add to our gender-neutral 
parental leave, our long tenure awards and  
the bespoke support we provide through 
fertility treatment, pregnancy loss and 
menopause, demonstrating our commitment 
to the wellbeing and work-life balance of  
our employees. 
+ Championing Wellbeing  
Q&A 
Katie Beal-Hunt
Personal Assistant, 
Discretionary
Q: Why is it important to have Wellbeing 
Champions?
A: Everyone will come through the door 
of the workplace with varied experiences 
and different awareness. When people do 
need help, it needs to be easy for them to 
find. Having Wellbeing Champions means 
we promote our resources through lots of 
people sited all over our workplace, across all 
of our global locations – then support is on 
hand for people when they need it. 
Q: How is it best to share good practice? 
A: I represent Man Group on the Diversity 
Project Mental Health stream, which is a 
great way for all member firms to share what 
works for them. Internally, we host events 
such as our Wellbeing Fair, where people find 
out more about the support that’s on offer 
to them and have open conversations with 
others. We also learn from hosting events; 
we invited Stuart White, CEO of HSBC Global 
Asset Management (UK), for a fireside chat 
with Eric Burl, our Head of Discretionary, 
to talk about Stuart’s experiences and the 
importance of championing more open 
conversations about mental health. 
44
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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 2024, our Executive Committee led a 
volunteering day for around 100 of our people 
in Leyton Park in London. We also held our 
inaugural ‘Volunteering Month’ in November, 
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 in 
the UK, working to end rough sleeping and 
helping vulnerable people to escape 
homelessness; ‘Seeds’, a Hong Kong SAR 
based charity working across all 18 districts  
to distribute essential goods to vulnerable 
groups; and in Sofia, ‘For Our Children’ 
(Detebg), supporting children who are 
orphaned or in foster care and their families. 
Our people take pride in contributing to their local 
communities and charities through our ManKind programme. 
Community investment
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 (DE&I) programme also promotes 
volunteering: in 2024, our school speaking 
programme led by our Social Mobility 
workstream saw us grow relationships with 
around 20 schools, visiting them (for the  
first time, or being invited back) to deliver 
workshops and career talks and welcoming 
students back to our offices for Insights Days. 
We continue to expand this programme. 
SANAM (our South Asian network) has worked 
with NishkamSWAT, handing out food parcels 
to the homeless in Central London, and our 
NextGen group has led digital skills sessions, 
working with AgeUK.
Established in 1978, the Man Charitable Trust 
supports a diverse range of charities in the 
UK, with a particular focus on improving 
education, and approved grants to the 
following charities during the year: Auditory 
Verbal UK, Discover Children’s Story Centre, 
First Story, Greenhouse Sports, Hibiscus 
Initiatives, MyBnk, NSPCC, ReadEasy, 
RedSTART, 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: Lenny Learning, 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 on 12 December 
with participation across all our offices. 
Additionally, in the UK and the US, 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. In the UK, these activities raised 
£12,331 for Raise Your Hands – a charity voted 
for by UK staff. In the US, we raised $2,511 for 
Publicolor. We also, once again, participated in 
the UNCF Walk for Education in the US, where 
we raised a combined total of more than 
$10,000 from Man Group employees and the 
Man US Charitable Foundation. 
UK employees at Man Group are also able  
to support charitable programmes via their 
Give As You Earn accounts, and 91 staff 
participated during the year. The Man 
Charitable Trust also proudly matches 
independent fundraising by employees  
up to the value of £1,000.
Employees volunteering in 2024
590+
Our ManKind programme’s 
flexibility allows us to participate 
in a range of opportunities and 
maximise our impact. In 2024,  
the team in Boston joined  
‘Read to a Child,’ dedicating  
small portions of our time 
regularly and also supported 
Rosie’s Place on International 
Volunteer Day, serving meals  
to the less fortunate.
Heidi Roderick
Trustee, Man Charitable Foundation
45
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

62%
AUM customised for 
individual client needs
$15.7bn
AUM in  
Institutional solutions 
Solutions
	
^ For more information, please visit:  
www.man.com/solutions-capabilities
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Strategic report
Man Group plc |  Annual Report 2024

Our Solutions business 
takes a partnership-led 
approach to understand 
and meet investors’ 
individual objectives.
By combining Man Group’s breadth of investment 
content and advanced platform capabilities, we build 
innovative and customised portfolio solutions to 
deliver investment performance for our clients. This is 
complemented by our sophisticated risk management, 
research, analytics and advisory services.
The trend of large institutional investors focusing on fewer but  
deeper relationships with asset managers continued in 2024.  
During the year, we made good progress on strengthening our 
relationships with clients globally, emphasising more consultative  
and collaborative engagement in order to move beyond the  
traditional manager-client dynamic.
47
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Man Group plc |  Annual Report 2024

Sustainability and responsibility
Overview
At Man Group, as we seek to implement  
our firm-wide strategic objectives, 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. We 
understand that each of our clients has 
their own views on ESG matters and, in line 
with our clients’ needs, we seek to identify 
innovative responsible investment (RI) 
solutions to support their diverse investment 
objectives. 
In 2024, we extended our RI capabilities in a 
number of areas and launched new RI 
investment strategies. We also pursued a 
broad RI research agenda, focused dually on 
real-world decarbonisation and climate 
adaptation. In a joint climate research 
initiative, Man Group and the Columbia Center 
on Sustainable Investment (CCSI) developed a 
pioneering framework setting out how 
investors can close the climate investment 
gap and decarbonise the real economy. As 
part of our research work with Columbia 
University on real world decarbonisation, we 
co-hosted symposiums in London and New 
York. 2024 was also a year of progress for ESG 
integration, with our RI research team 
collaborating with our systematic investment 
teams to develop new alpha-generating ESG 
signals focused on decarbonisation, water 
scarcity and human capital. 
2024 proved to be another challenging market 
backdrop for sustainable investors, resulting 
in a mixed year for ESG indices. 
Poor performance of ESG assets, such as 
clean energy (particularly wind and solar) 
stocks, impacted equity fund flows, whereas 
ESG credit indices’ performance and fund 
flows fared better. Despite the headwinds,  
our ESG-integrated AUM grew to $62.6 billion  
as at the end of 2024, up from $59.3 billion  
at the end of 2023. We base our calculation  
of ESG-integrated AUM on the Global 
Sustainable Investment Alliance’s ‘ESG 
Integration’ sustainable investment approach 
and further details of our methodology can  
be found in the Glossary. This metric is a 
non-financial KPI (see page 21).
We remain focused on providing sustainable 
investment solutions to investors globally.  
We believe that the complementary 
approaches of ‘mitigation’ (to focus on 
addressing the root causes of climate change) 
and ‘adaptation’ (to focus on managing the 
effects of climate hazards and on resilience) 
need to be adopted in order to combat climate 
change in investment portfolios and in the 
real world. Researching and developing 
innovative investment strategies and 
solutions that are compatible with either 
supporting a transition to net zero or 
identifying the companies, sectors and 
countries that are actively adapting to climate 
change, are key areas of focus for Man Group. 
We continue to disclose the greenhouse  
gas emissions (GHG) from our AUM and 
the weighted average carbon intensity (WACI) 
for our key investment strategies. Further 
information can be found on pages 58 and 59 
of this section, and we remain committed  
to refining our analysis over time, as the 
quality of data improves and industry best 
practices evolve. 
We are committed to minimising the 
environmental impact from our global 
operations and to reporting our progress 
against our targets and our pathway to net 
zero in our workplaces by 2030. We raise 
awareness of our climate impact through 
educational campaigns and training, as well 
as through our volunteering programme.  
We also host regular seminars to educate 
employees from across the firm on topical 
ESG subjects and showcase our thought 
leadership to promote and embed a culture  
of responsibility across our entire business. 
We are a signatory to the United Nations-
supported Principles for Responsible 
Investment (PRI) as well as active signatories 
of the United Nations Global Compact (UNGC), 
showing our support for the United Nations’ 
(UN) ten principles on human rights, labour, 
the environment and anti-corruption. The 
UN’s Sustainable Development Goals (SDGs) 
guide our ESG initiatives and ambitions, and 
our Corporate Sustainability (CS) brochure 
sets out more detail on our approach, 
achievements and how these align with  
the SDGs.
We are a registered supporter of the Task 
Force on Climate-related Financial Disclosures 
(TCFD) and have included disclosures aligned 
to its recommendations in this report, 
providing more information on our approach 
to managing climate-related risks and 
opportunities across our business. Further 
details can be found on pages 60 to 62.
Governance 
Strong governance underpins all aspects of 
our business at Man Group, supported by an 
overarching ESG governance framework that 
oversees RI and CS. This framework ensures 
that we can appropriately identify, assess and 
mitigate any risks associated with our RI and 
CS mandates. It ensures that we have strong 
oversight and controls, up to and including the 
Man Group Board, and that we have dedicated 
resources to deliver on our ESG commitments. 
The Board oversees the firm’s progress 
toward climate-related goals, including net 
zero commitments. The RI Leadership team 
and Corporate Sustainability Committee 
(CSC), in conjunction with the CEO and  
the Board, establish the ESG vision and 
strategy, integrating RI and CS into 
investment and operational activities  
while fostering a culture committed to the 
highest standards of responsibility.
The RI Leadership team, comprising Man 
Group’s President, CIO of RI and Head of 
Solutions, is supported by a team of RI 
professionals and four dedicated committees, 
each of which has assigned responsibilities 
and established processes to identify, assess 
and monitor risks and opportunities. These 
committees report regularly to the RI 
Leadership team, Executive Committee,  
and the Board on RI-related matters.
Our commitment to Responsible Investment and Corporate Sustainability is a 
key feature of our business, both as a listed company and in the services we 
offer to our clients globally.
Introduction
We have a deep-seated culture 
of responsibility that extends 
across our firm, and we are 
committed to running our 
company sustainably for our 
clients and stakeholders.  
Steven Desmyter
President
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Strategic report
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Our team of RI professionals works closely 
with our investment teams to drive the 
integration of ESG into investment strategies 
and promote engagement with investee 
companies, respecting individual clients’ own 
set of beliefs and objectives. The team also 
ensures that the firm remains up to date with 
evolving ESG regulations, as well as 
opportunities and risks related to ESG. The  
RI team is closely supported by ESG data and 
technology specialists, as well as compliance 
and legal experts. 
In 2024, an RI Systems & Control Committee 
(RI SYSC) was instituted, replacing the ESG 
Systems & Governance Committee. The RI 
SYSC is mandated to create and maintain 
effective systems and controls for RI 
implementation across the firm (and to 
address the operational risks that face  
the RI business).
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, reviews the firm’s 
performance against climate-related KPIs 
(e.g. Scope 1, 2 and 3 emissions) and reports 
these findings to the CEO and the Board. 
The Board also evaluates senior executives’ 
performance on climate-related goals, with 
executive director remuneration linked to the 
ESG metrics. KPMG provides annual 
independent assurance over the firm’s 
climate-related performance, with findings 
reported to the Board.
Risk management framework 
Strategic and operational ESG risks to our 
business, including climate change risks,  
are managed in the same way and with the 
same level of rigour as other business risks. 
For further detail on our firm-wide risk 
management processes, refer to pages  
30 to 37. 
The firm’s control environment manages risks 
to investment teams and the organisation  
as a whole, in accordance with the Board’s 
risk appetite. If there is a breach of risk 
appetite, risks will be resolved promptly, in line 
with the firm’s procedures and processes. 
RI is a complex, evolving landscape and our 
dedicated committees, comprising senior 
staff from across the firm, work to address 
the impact of changes in ESG regulation on 
our business and our investment strategies. 
We dedicate significant time and resource to 
ensure we are abreast of regulatory change.
To ensure that we are consistent and credible 
in our approach to RI, we have formalised 
a monitoring procedure for strategies that 
have a defined ESG approach. Dedicated 
investment risk professionals monitor ongoing 
adherence to our RI exclusions list and other 
ESG-related investment restrictions. 
Additionally, where relevant, we monitor 
portfolio managers’ compliance with our RI 
policies and fund framework (see page 54) by 
sample on an annual basis. Dedicated ESG 
Compliance experts monitor our ESG-related 
regulatory obligations, stewardship activities, 
and review RI strategy-related and marketing 
documentation. Collectively, these controls 
minimise the risk of greenwashing. They also 
serve to enhance interaction and 
collaboration between the RI team and  
the investment teams and to identify 
opportunities for RI training and support.
Man Group has published our Environmental 
Sustainability Policy Statement, outlining 
our commitment to minimise the 
environmental impact of our activities.
At Man Group, our clients’ 
preferences are of the  
utmost importance to us. We 
recognise that investors have 
different investment priorities, 
and our mission is to apply a 
data-driven approach to meet 
the sustainable investment 
goals of our clients.
Carol Ward
Head of Solutions 
ESG governance structure
Man Group Board
ARCom
RI Leadership
Man Group CEO
RAF
Responsible  
Investment Committee
Corporate  
Sustainability Committee
RI Systems  
& Controls Committee
RI Exclusions  
Sub-Committee
RI Oversight  
Committee
Adjudication  
Sub-Committee
Stewardship  
Committee
Meeting frequency
Q  Quarterly
M  Monthly or more
B  Bi-annually
A  Ad-hoc
B
M
A
Q
M
Q
Q
49
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Man Group plc |  Annual Report 2024

Sustainability and responsibility continued
Our operations
Carbon net zero commitment
In 2019, we set firm-wide targets and committed to achieve net zero 
carbon emissions across our operations by 20301. 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°C2 above 
pre-industrial levels. To reach net zero, we aim to reduce the carbon 
emissions included within our ‘totals’, which encompass:
Scope 1
Direct emissions from fuel e.g. gas, oil
Scope 2 
Indirect, market and location-based emissions from purchased 
electricity, heat, steam or cooling for our own use
Scope 3 
Upstream leased assets and business travel
Wherever possible, we are taking action to capture data and  
reduce consumption across all relevant indirect Scope 3 emissions 
categories, as per the GHG Protocol Technical Guidance for calculating 
Scope 3 emissions. 
We use certified carbon offsets to maintain carbon neutrality across 
our core operations, defined as the market-based total on page 51. We 
are committed to reducing emissions but acknowledge there will be a 
residual amount that we cannot eliminate. Our diverse portfolio of 
offsets enables us to support several projects in a variety of regions 
globally. This year we added to our portfolio with offsets from a project 
focused on reforestation and community development in Ghana. The 
projects we choose support numerous United Nations Sustainable 
Development Goals and different aspects of climate, environment and 
biodiversity. We include more information on each project in our 
Corporate Sustainability brochure. 
Our strategic pathway to net zero
See page 53 for an overview of how we are progressing against our targets.
2020
2022
2024
2026
2028
2030
All scopes
Review targets at least biannually to ensure we remain aligned with the latest climate science
Scope 1
Move to biomethane and renewable energy supplies where available
Reduce natural gas and fuel emissions by 46% in line with SBTi targets
Certify our London headquarters to ISO 14001 Environmental 
Management System standards
Scope 1 & 2
Install and upgrade equipment to ensure efficiency and reduce wastage
Comply with UK ESOS Phase 3 (UK Energy Savings Opportunity Scheme)
Certify our London headquarters to NABERS UK energy efficiency standard
Scope 2 & Scope 3  
– upstream  
leased assets
Reduce global energy usage by 46% in line with SBTi targets
Reduce Scope 2 market-based and Scope 3 upstream leased assets market-based emissions by 46% in line with SBTi targets
Scope 3  
– upstream  
leased assets
Install and upgrade equipment to ensure efficiency, data capture and reduce wastage
Increase the adoption of 100% renewable 
(certified) supplies by 25%
Non-renewable 
energy to supply 
<10% of operations
Non-renewable 
energy to supply 
<5% of operations
Improve the efficiency of our data centres
Continue to prioritise environmental credentials in the selection of new leased assets
Scope 3  
– business travel
Work with business units in managing their carbon budgets
Further deploy remote working tools to reduce the need for business travel
Scope 3  
– other
Join the NZAMI, setting interim portfolio 
decarbonisation targets for 2030 across  
our investments
Include environmental expectations within 
our Supplier Code of Conduct
Prioritise carbon net zero strategies when refurbishing or relocating offices
Adopt agile working strategies to reduce the need for commuting and overall office space
We have committed to reach carbon net zero across 
our operations by 2030.
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.
50
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We were admitted as a member of the strategic forum of the TNFD in 
2023, and we continue working to embed this within our operations. 
We remain as a registered supporter of the TCFD and include metrics 
and targets for the firm in line with the guidance provided for asset 
managers (see pages 58 and 59).
As outlined earlier, our baseline year is 2019, with subsequent targets 
measured relative to these baseline emissions. We review our targets 
regularly to remain aligned with industry guidance and the SBTi 
methodology in limiting the global temperature increase to a maximum 
of 1.5°C above pre-industrial levels.
Greenhouse gas emissions and energy use
tCO2e
UK and offshore
Global 
(excluding UK 
and offshore)
2024  
total
UK and offshore
Global 
(excluding UK 
and offshore)
2023  
total
Scope 1 location-based
532
1
533*
444
3
447*
Scope 1 market-based**
436
1
437*
444
3
447
Scope 2 location-based
946
6
952*
914
4
918*
Scope 2 market-based
–
–
–*
–
2
2*
Scope 3 upstream leased assets, location-based 
1,366
371
1,737*
1,304
322
1,626*
Scope 3 upstream leased assets, market-based
4
357
361*
–
306
306*
Scope 3 business travel 
3,079
2,851
5,930*
3,331
2,468
5,799*
Total, location-based
5,923
3,229
9,152*
5,993
2,797
8,790*
Total, market-based
3,519
3,209
6,728*
3,775
2,779
6,554*
Energy consumption (kWh, ‘000s)
13,022
1,235
14,257
13,011
1,197
14,208
*	 These items are included in the scope of our 20241 and 2023 limited assurance reports2.
**	Scope 1 market-based emissions presented are a subset of Scope 1 location-based emissions, they are not additional emissions. We have elected to dual report from 
this year to reflect our consumption of renewable energy.
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. Whenever we relocate or refurbish our offices, we prioritise 
our net zero carbon strategy. Across our global office portfolio, we 
currently occupy eight buildings certified by LEED (Leadership in 
Energy Efficiency and Design), one by Energy Star and one by NABERS 
(National Australian Built Environment Rating System), accounting for 
92% of our global headcount. Man Group’s largest office, Riverbank 
House (RBH) in London, has a Building Research Establishment 
Environmental Assessment Method (BREEAM) ‘Excellent’ rating. RBH 
and our office in Pfäffikon, Switzerland, are included in Scope 1 
emissions and our remaining offices fall into our Scope 3 reporting as 
we do not have operational control in those locations.
Our Energy Performance Certificate (EPC) rating for RBH continues at 
‘B’. During 2024, we have procured renewable gas for RBH and seven 
of our other sites use renewable electricity, and this remains a priority, 
where such supplies are available. We have expanded our data centre 
footprint to ensure we can support our business and plan for our future 
and have secured renewable energy for both UK sites. We operate a 
zero waste to landfill policy in all jurisdictions where possible.
During 2024, we scored C for the Carbon Disclosure Project (CDP) Climate Change. We are committed to transparent disclosure  
and managing our environmental impact.
Our systems and projects
During 2024, we have achieved accreditation for ISO 14001: 2018, 
embedding an Environmental Management System for RBH. We have 
engaged specialist software to track, monitor and report our emissions 
and environmental impacts and continue to engage with an energy 
services consultancy to support us to mitigate risk, maximise 
opportunities and reduce our carbon footprint. We are committed to 
delivering clear and transparent reporting, evidencing how we monitor 
the measurable carbon emissions within our control. 
In the UK, we have also been rated compliant on our ESOS (Energy 
Savings Opportunity Scheme) audit which enables us to move towards 
the ISO 50001 certification.
1 	 www.man.com/kpmg-carbon-2024
2	 www.man.com/kpmg-carbon-2023
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Emissions from operations
The carbon emissions calculations disclosed in this report follow our 
Environmental Reporting and Methodology Guidelines1 and are subject 
to internal controls. 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 online2 for review.
Our mandatory greenhouse gas emissions and energy use reporting is 
detailed here pursuant to the Large and Medium-sized Companies and 
Groups (Accounts and Reports) Regulations 2008 as amended by 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 20183. 
We include Scope 1, Scope 2 and Scope 3 (upstream leased assets and 
business travel) within our total emissions split by our UK and offshore 
and global footprints. The market-based total relates to our non-
financial KPI (page 21) and it is linked to executive director 
remuneration (page 100). 
Scope 1 location-based emissions increased by 19% from 2023. In 
2024, we procured renewable gas and opted to dual report for Scope 1 
emissions, providing both location and market-based figures. The 
increase in Scope 1 location-based emissions is due to additional  
F-gas emissions from a chiller leak; we have taken preventative  
steps to limit recurrence. 
Scope 2 location-based emissions have increased as all floors of RBH 
are now fully let, increasing the energy consumption within shared 
areas. We have also seen increased attendance from our people, who 
continue to work in line with our agile working strategy and attend our 
offices regularly through the week. 
Scope 3 upstream leased assets increased by 7% due to a significant 
increase in our data centre footprint. As stated above, we are 
committed to futureproofing our business and continue to take space 
as needed to facilitate our growth while doing this in the most 
sustainable way. For example, in the UK, we take space which sources 
renewable energy and seek to obtain REGO certificates.
Business travel increased by 2% during 2024. We continue to grow our 
global footprint and expand business lines and distribution networks. 
We support our staff in travelling to build relationships with new clients 
and to meet new staff, embedding our culture in our offices around the 
world. We continue to monitor travel and carbon travel budgets for 
each department are in place. 
We also report emissions as an intensity metric, which enables us to 
monitor them independently of changes in the scale of our business. 
As a people-centric business, changes to headcount impact the real 
estate we occupy, and the level of business travel we conduct. This 
year, our FTE has remained flat, showing a small increase in emissions 
per employee.
Intensity metrics
tCO2e per FTE
2024
2023
Total FTE4
1,704
1,704
Scope 1, location-based*
0.31
0.26
Scope 1, market-based
0.26*
0.26
Scope 2, location-based*
0.56
0.54
Scope 2, market-based*
–
–
Scope 3 upstream leased assets, 
location-based*
1.02
0.95
Scope 3 upstream leased assets, 
market-based*
0.21
0.18
Scope 3 business travel*
3.48
3.41
Total, location-based*
5.37
5.16
Total, market-based*
3.95
3.85
*	 These items are included in the scope of our 2024 and 2023 limited assurance 
reports.
We continue our focus on broadening the data we capture for Scope 3 
categories, to actively manage our total emissions. We have obtained 
emissions data for our corporate investments (category 15), 
downstream leased assets (category 13), waste (category 5) and water 
(category 1). We have started to collect data regarding employee 
commuting (category 7), with approximately 20% completion, and for 
purchased goods and services from our suppliers (category 1). More 
information is available in our Environmental Reporting and 
Methodology Guidelines.
Further Scope 3 estimates
tCO2e
2024
2023
Emissions from investments
43,362
51,014
Downstream leased assets, 
location‑based
506
179
Downstream leased assets, 
market‑based
567
385
Waste
265
–
Water
2
2
Performance against targets
We strive to embed environment-related commitments throughout our 
organisation, and as such these targets feed into our carbon-related 
non-financial KPIs (see page 21). These metrics are also linked to 
executive compensation.
We met all of our short term targets in 2024 as shown in the following 
table. However, our 2024 emissions have slightly increased in most 
categories. This largely reflects our preparations for future years, 
including our investment in the growth of our global business and our 
data centres. It also reflects our commitment to capturing actual data: 
this focus equips us to better isolate areas where we can improve and 
target lowering associated emissions. We continue to drive more of our 
offices to use renewable energy and to pursue best practice, including 
standards such as ISO14001 and ISO50001. We are committed to 
transparent reporting of our plans and our progress. More information 
can be found in our Corporate Sustainability Brochure and at 
man.com. 
Sustainability and responsibility continued
1	 www.man.com/environmental-guidelines.
2	 www.man.com/kpmg-carbon-2024.
3 Man Group plc (as Jersey incorporated) is not itself subject to these regulations but is reporting in accordance with them as it has UK subsidiaries that fall within the 
regulatory scope.
4	 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.
52
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Methodology
Approach
At all locations where Man Group is responsible for the utility costs, our 
Scope 1, Scope 2 and Scope 3 leased assets emissions data is 
gathered, validated and reported on using the GHG Protocol – A 
Corporate Accounting and Reporting Standard (2015), as our 
framework. Throughout our disclosures we use the operational control 
approach to our greenhouse gas inventory and reporting boundary, 
excluding consultants, outsourced service providers and joint 
ventures. 
We apply the latest UK Government’s Greenhouse Gas Conversion 
Factors, the Department for Environment, Food and Rural Affairs 
(DEFRA) and IEA (International Energy Agency) emission factors. 
Based on the nature of our emissions and the consistency month-on-
month, we believe this is an appropriate representation of Man Group’s 
global annual emissions. 
For the purpose of GHG reporting, we use a hierarchy of data sources 
that starts with an actual invoice, metered or reported data sources. If 
these sources are not available, we consider using estimates, prior year 
or extrapolated data in a stepped process that considers seasonality to 
provide the most accurate results. Please refer to our environmental 
guidelines for more information.
Materiality
We define materiality as the magnitude of triviality for misstatement in 
our carbon emissions reporting. The materiality threshold we use for 
each scope is 5% of total emissions. We will report corrections to 
emissions differences of more than 5% of the total for each scope, in 
the event they occur, as well as differences below that threshold that, 
in our view, warrant restating to ensure transparency and accuracy of 
our emissions reporting and strategic pathway to net zero targets 
within our Annual Report.
Scope 1 and 2
Emissions under the Scope 1 category include the direct emissions 
stemming from the combustion of gas and oil, for example through the 
use of back-up generators during power failures and testing scenarios. 
Scope 2 emissions encompass the indirect emissions stemming  
from purchased electricity. The emissions outlined above are location-
based. As the buildings over which we have operational control  
use 100% renewable energy, market-based emissions are  
considered negligible. 
We do not include emissions relevant to locations that are out of our 
reporting boundary, such as the offices of third-party contractors. 
Only RBH and our office in Pfäffikon are included in Scope 1 and 2 
emissions and our remaining offices fall into Scope 3 upstream leased 
assets as we do not have operational control in those locations (e.g. 
control over energy supply).
Scope 3
We intend to account for and minimise the carbon footprint of our 
entire business, including our direct emissions, as well as upstream and 
downstream Scope 3 emissions as defined by the GHG Protocol 
Corporate Value Chain (Scope 3) Accounting and Reporting Standard. 
Emissions stemming from business travel such as flights, rail, taxis and 
hotel stays have been ascertained through our third-party preferred 
travel partners.
We disclose emissions relating to our RBH sub-tenants under the 
downstream leased assets category. In some instances, the 
environmental improvements we make also impact the emissions for 
our sub-tenants. Environmental considerations from our global office 
operations, over which we do not have operational control are reported 
under the upstream leased assets category. All procurement and 
leasing negotiations across our global real estate have a focus on steps 
that can be taken to reduce the associated environmental impact. 
Water for air conditioning, data centre cooling systems, kitchens, cafés, 
indoor plants, sanitary installations and external grounds/gardens is 
measured in cubic metres and is converted into tCO2e using UK 
Government GHG conversion factors. 
Waste consumption from business activities, which includes paper/
cardboard, residual waste/domestic-type waste, electronic scrap, 
cafeteria food waste, etc., is measured in tonnes and is converted into 
tCO2e using UK Government GHG conversion factors. 
In 2021, for the first time, we disclosed the emissions stemming from 
our corporate investments under the ‘Emissions from Investments’ 
category. In 2024, this disclosure encompasses 72% of our seed capital 
and 97% of our fund investments held for deferred compensation 
awards. This is calculated using the same methodology as the carbon 
disclosure of our AUM, which is aligned with the TCFD 
recommendations, as described on page 58.
Short-term targets and actuals
tCO2e
2019 
baseline
2024 
target
2024  
result
2025 
target
Scope 1, location-based:  
Reduce natural gas and fuel emissions by at least 30% by 2024 to reach 46% by 2030
1,136
749
533 
Met
726
Scope 2 & Scope 3 upstream leased assets, location-based:  
Reduce global energy usage by at least 30% by 2024 to reach 46% by 2030
4,253
2,809
2,689 
Met
2,722
Scope 2 & Scope 3 upstream leased assets, market-based:  
Reduce emissions by at least 20% by 2024 to reach 46% by 2030
464
367
361 
Met
347
Targets above are shown relative to 2019 baseline.
53
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As noted earlier, our overarching goal is to 
maximise long-term, risk-adjusted investment 
returns for our clients. We recognise that there 
is no single approach to responsible investing 
and that each of our clients has different ESG 
needs. Accordingly, we seek to leverage the 
breadth of skills and experience at the firm, 
in particular our quant, research and data 
science expertise, to deliver better outcomes 
for our clients in line with their goals. Our 
multifaceted approach allows us to see  
things differently and our vision is to be a 
recognised leader in providing RI solutions  
to investors globally. 
We believe that the breadth of Man Group’s 
investment capabilities means that the firm 
represents a unique intersection of 
perspectives – quantitative and discretionary, 
liquid and private markets – where competing 
expectations and applications of ESG are 
actively debated. 
Our RI efforts spans five core areas: 
ESG integration across our 
investment strategies. 
Conducting cutting-edge RI 
research for our clients. 
Using our data science expertise 
to analyse and apply ESG datasets. 
Education and advocacy to raise 
awareness of RI. 
Stewardship of our client assets 
through engagement and voting. 
Across these five spheres, we aim to lead 
the way in advancing the science behind 
responsible investing.
Sustainability and responsibility continued
Investing responsibly
We apply a data-driven approach to help our clients 
meet their sustainable investment goals. 
We believe that material ESG-related risks and 
opportunities can impact long-term value 
creation for the companies in which our 
strategies invest. In our approach to RI, 
we seek to manage financially material ESG 
factors alongside other investment risks. 
We believe that ESG complements 
traditional financial analysis, resulting in a 
more comprehensive assessment of a 
company’s long-term prospects. 
Accordingly, we work to cultivate a range of 
approaches to identify and address ESG-
related risks and opportunities. We take a 
quantitative approach to building our 
understanding of RI. For example, we have 
leveraged our climate expertise and 
quant research capabilities to develop 
a multifaceted climate alpha model that 
explicitly incorporates views of the  
potential risks and opportunities related to 
climate change into Man Numeric’s relevant 
investment processes. 
ESG integration
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 ESG integration at the 
strategy level and allow clients to reflect their 
own view in the solutions we manage for 
them. Our unique combination of extensive 
quant and discretionary experience in the 
fundamental analysis of environmental, social 
and governance issues allows us to integrate 
RI concepts across a range of asset classes 
and investment strategies we offer, and to 
apply the best practices of RI in the way that 
is most relevant for the strategy, asset class 
and field of research.
Our firm-wide RI Fund Framework is a 
proprietary ESG classification system, 
separate to regulatory classifications,  
which is used to establish coherent ESG 
categorisation across Man Group’s  
funds, as shown below:
Increasing 
levels of ESG 
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
Our commitment  
to net zero
We are pleased to report a significant 
reduction in the WACI for our AUM 
compared with our 2019 baseline and 
we will continue to focus on this in the 
years ahead. 
Managing climate-related risk 
in our portfolios 
We recognise that our clients have 
different investment priorities and, 
where clients have sustainable 
investment goals, we consider ESG 
factors to support their investment 
objectives. 
Where it is consistent with our client’s 
mandate, we seek to manage climate 
integration risks and other financially 
material ESG factors, alongside all other 
relevant investment risks. Within our 
broader climate framework, we focus 
on three key areas: the physical cost of 
climate change, the transition cost of 
moving to a decarbonised global 
economy, and the opportunities of a 
greener world. 
We disclose the WACI for a number of 
our key strategies on page 59.
Man Group Base Standard 
Strategies that apply Man Group’s firm-wide exclusions 
and support our stewardship activities
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RI research
Quant, academic and thematic research 
underpins our approach to RI. Our RI team has 
dedicated specialists who pursue a diverse 
agenda of thematic research in collaboration 
with our investment teams internally, and 
through collaboration with academic and 
scientific institutions.
We are now dedicating a significant portion of 
our RI research capabilities to developing new 
decarbonisation models across equities and 
fixed income. We believe that it is possible for 
climate investing to accelerate real-world 
decarbonisation, and to do so while 
generating new forms of alpha for investment 
portfolios. Through our research collaboration 
with CCSI, we generated the Compass-FRWD 
framework – a framework for real-world 
decarbonisation (see page 56).
The remainder of our RI climate research 
agenda is devoted to real-world adaptation 
– the identification of companies, sectors and 
countries that are actively seeking to change 
their exposure to the physical and resource 
risks of climate change. The concept of 
physical risk is integrated into our proprietary 
Man AI Climate Change Computation System, 
which takes the latest climate models and 
allows us to assess the impact of climate 
perils on companies’ operations via  
their facility locations and supply chains  
and the effect of temperature rise on 
economic activity.
We have also advanced our understanding of 
climate risks and opportunities through 
ongoing research efforts and initiatives. We 
believe that our data-driven research culture 
puts us in a prime position to assist our clients 
who are seeking to reduce the systemic risk of 
climate change while identifying opportunities 
in the transition towards a low-carbon 
economy. In 2024, our RI research team 
collaborated with our systematic investment 
teams to develop new ESG signals, which we 
aim to integrate into certain investment 
strategy models during 2025.
Our aim is ultimately to find practical research 
outcomes that lead to improved ESG 
integration in our investment strategies 
and stewardship practices, in line with our 
clients’ goals. 
Data science expertise
A quantitative approach 
We use our data science expertise to interpret, 
analyse and apply ESG datasets. We approach 
the implementation of ESG factors with 
scientific rigour, staying true to the data and 
ensuring robust methodology. We have used 
this knowledge to develop an uncorrelated, 
orthogonal ESG factor for real ESG 
performance attribution, applying this to a 
number of investment strategies at the firm. 
As a data-driven firm, we subscribe to leading 
ESG data providers as well as conducting our 
own proprietary research. Our approach 
utilises an extensive range of raw ESG data 
and analysis from a broad range of ESG data 
providers. Processing ESG data requires 
applying data science techniques to clean, 
analyse and gain insights from multiple data 
sources. With over 640 quants and 
technologists at the firm and more than 35 
years of experience in quantitative investing, 
including several years spent interrogating 
ESG datasets, we believe we are in a prime 
position to leverage our skills to understand 
nuanced and non-standard ESG datasets. 
Truly understanding ESG data 
ESG data has matured over the last decade, 
and we have entered a phase where the data 
has both a long-enough history and broad-
enough coverage to make it valuable to 
quantitative investment firms. However, unlike 
traditional quantitative factors sourced from 
financial statements and exchange data, ESG 
data is often qualitative, discretionary and 
unregulated. Many datasets are collected 
retroactively, and each vendor’s approach  
has inherent biases. 
We have spent considerable time reviewing 
and understanding the processes of leading 
ESG data vendors and believe that creating 
a better measure of ESG relies on an approach 
that identifies companies making thoughtful 
long-term decisions. By looking at disparate 
sets of ESG data using this approach, we can 
turn the off-the-shelf variables into more 
useful and informative signals and provide a 
strong platform from which to monitor 
changes to data vendor methodologies.
Our proprietary ESG tools 
In recent years, we have leveraged our quant 
expertise to build proprietary ESG tools to 
visualize and add context to the nuanced ESG 
metrics that we analyse. Our ESG tools have 
been developed internally under the direction 
of our RI and stewardship specialists, with 
extensive input from our investment teams 
and close collaboration with our technology 
and investment analytics teams. Through the 
ESG tools, we have the capacity to report 
consistently on ESG activities across our 
investment strategies, allowing our clients  
a means of uniformly assessing ESG 
performance at a strategy level. 
We continually seek to develop our proprietary 
ESG tools, and in 2024, we expanded the  
ESG analytics features to include climate 
Value-at-Risk and a proprietary sovereign 
framework.
ESG analytics tool 
The ESG analytics tool embeds our 
proprietary ESG scores alongside multiple 
third-party datasets and standardises ESG 
reporting for our investment teams and 
our clients. The analytics tool provides an 
innovative, standardised approach to 
managing ESG risks, factors and opportunities 
in a proprietary, dashboard style. In addition 
to the issuer-level dashboard, the tool also 
features carbon and stewardship dashboards. 
GAIA (Global Active Issuer 
Assessment) tool 
GAIA is a proprietary, firm-wide tool to view 
issuer-level ESG-related data and identify 
sustainable investments. GAIA supports ESG 
integration into the investment process and in 
meeting certain ESG regulatory requirements, 
such as SFDR and the EU Taxonomy. GAIA 
provides ESG insights into over 23,000 
companies (significantly more than any 
individual ESG data vendor), allowing our 
investment teams to access a real-time view 
of the ESG ratings for portfolio holdings. 
55
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Sustainability and responsibility continued
Compass-FRWD is a step-by-
step guide to asset allocation 
across multiple portfolios, 
leveraging the strengths of 
different asset classes to meet 
decarbonisation goals.
Rob Furdak
CIO of RI
Climate research 
symposiums
A framework for real-world 
decarbonisation
In 2023 and 2024 we partnered with CCSI 
to conduct research on how to close the 
climate investment gap and decarbonise 
the real economy through climate 
investing. This research process included 
two symposiums – one on Columbia 
University’s campus in New York and one 
at our headquarters in London. These 
events were attended by climate and 
finance experts, asset owners, 
practitioners and policymakers, as well  
as our own RI specialists, climate scientists 
and investment teams. 
As a result of this collaborative research, 
Man Group and CCSI have developed  
the Climate Allocation Compass – a 
Framework for Real-World Decarbonisation 
(Compass-FRWD). 
Compass-FRWD is a step-by-step guide to 
asset allocation across multiple portfolios, 
and, for the first time, it offers allocators a 
clear roadmap for deliberate, dynamic and 
net zero aligned investment in climate 
solutions. The framework represents a 
long-term, iterative approach to strategic 
investing in decarbonisation that aligns 
with investor goals and integrates 
decarbonisation needs into portfolio 
construction alongside traditional financial 
requirements. It sets the tone for 
stakeholders and portfolio companies, and 
fosters accountability through monitoring, 
reporting and adapting. 
We share knowledge of RI within the firm 
and across the industry, through promoting 
education, setting standards and participating 
in industry initiatives. 
Man Group is actively involved with a number 
of industry groups that promote RI practices.  
We are a signatory to the Institutional 
Investors Group on Climate Change (IIGCC), 
the UK Sustainable Investment and Finance 
Association (UKSIF), and the Standards Board 
for Alternative Investments (SBAI), as well as 
an active member of the International 
Sustainability Standards Board (ISSB). We are 
also signatories to the UK Stewardship Code 
Education and advocacy
and the Japan Stewardship Code. We  
also seek to produce thought leadership  
and high-quality research through the  
Man Institute. 
In 2024, our proprietary research papers have 
included ‘Catastrophe Bonds: Diversification, 
Performance and Impact’; ‘The Long and 
Short of Climate Investing from a Quant’s 
Perspective’; ’Carbon Markets: A Risk 
Assessment for Institutional Investors’; ‘The 
Path Less Travelled: Understanding Corporate 
Green Bonds’; as well an academic white 
paper detailing the Compass-FRWD 
framework described above.
We also continue to make contributions to  
the CFA Institute’s ESG courses. Our podcast 
series, ‘A Sustainable Future’, continues to 
feature commentary from institutional 
investors, academics, regulators and 
policymakers on the latest ESG issues.
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Stewardship 
We understand the importance of sound 
stewardship and our approach to RI ensures 
that our interests and values are closely 
aligned with those of our clients and 
shareholders. 
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. More information on our approach to 
stewardship can be found on our website: 
www.man.com/responsible-investment.
We are committed to our stewardship 
practices 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.
Engagement
We complement our stewardship activity by 
carrying out rigorous engagement work with 
investee companies where relevant. We 
believe that by engaging with the companies 
in which we invest on behalf of our clients and 
funds, we can improve our understanding of 
them and ultimately protect and enhance the 
value of the investments we make. We also 
believe that high standards of corporate 
responsibility generally make good business 
sense and have the potential to protect and 
enhance investment returns. Our investment 
process therefore seeks to assess this on an 
initial and ongoing basis, and to monitor and 
engage with investee companies over time to 
promote good governance.
Proxy voting 
The execution of voting rights is a key  
element of our stewardship approach. We are 
committed to being responsible stewards of 
our clients’ assets and 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 seeks to encourage good 
corporate governance practices and ESG 
standards, while taking into consideration 
both company-specific circumstances and 
broader market differences. 
Man Group’s Stewardship team oversees all 
proxy voting activity at the firm level. The 
team works with a third-party proxy adviser 
that provides research and recommendations 
based on the firm’s voting policy. We use this 
as the basis for our decisions and complement 
the adviser’s custom recommendations with  
our own research.
2024 highlights
	
„
Man Group confirmed as a 
signatory to the UK Stewardship 
Code, for the fourth successive 
year. We also became a signatory  
to the Japan Stewardship Code.
	
„
ShareAction Voting Matters Report; 
Man Group ranked 11th out of 70 
asset managers for supporting 
resolutions on environmental and 
social matters.
	
„
Developed a proprietary transition 
score to identify a list of transition 
laggards operating in energy 
intensive sectors. These names 
receive the highest degree of  
focus in our engagement and 
voting practices. 
	
„
Five top engagement themes: 
climate, nature, health, equality  
and governance.
Summary
The Stewardship team engaged with a Large Cap company to address ethics and 
corruption issues. During the process, the company provided evidence of improvements 
in its anti-corruption system of checks and controls. We also noted that the non-financial 
portion of the 2023 bonus scorecard included compliance-related results. 
Overall, the Stewardship team considered the latest ethics and corruption programme to 
be appropriately designed and aligned with best practice. The governance issue will be 
monitored annually and our view may evolve subject to the outcome of the independent 
compliance monitorships and ongoing investigations in certain jurisdictions.
Company size: 
Large Cap
Region: 
Europe
Sector: 
Materials
Topic: 
Governance
Engagement case study 
Objective: 
To address ethics and corruption issues 
and to encourage the company to take the 
necessary remedial action.
Number of engagements
66
Meetings voted
6,341
Proposals voted
62,909
	
^ For more information, see:  
www.man.com/responsible-
investment
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Sustainability and responsibility continued
As stewards of capital, we monitor the climate 
impact of our portfolios, address climate 
change risks and opportunities through our 
investments decisions, and exert influence on 
our investee companies to create lasting 
positive impact.
In line with the TCFD’s recommendations, we 
have disclosed the GHG emissions associated 
with our AUM and the WACI for our key 
investment strategies. WACI measures an 
investment portfolio’s exposure to carbon 
emissions relative to the revenue of the 
companies it holds, expressed as metric 
tonnes of CO2 emissions per million dollars  
of revenue from companies in the portfolio. 
As a result, and in contrast to total absolute 
emissions for our AUM, WACI is not impacted 
by changes in AUM.
We acknowledge that determining the 
methodology used to calculate emissions 
metrics is an area that is evolving rapidly.  
We are focused on refining our analysis, and 
accordingly our climate-related disclosures, 
on an ongoing basis as the availability and 
quality of data improves and as best practice 
emerges. Details of our methodology and 
metrics are set out below.
Methodology
Datasets
In 2023, we curated the Man Group Carbon 
Dataset, which includes data from S&P 
Trucost, Sustainalytics and MSCI, combined 
with an internally developed tool to cleanse 
the data and perform quality checks. Using 
multiple data sources has increased the level 
of coverage, and therefore related carbon 
emissions, across our AUM and we have 
restated our historical analysis to allow for 
greater comparability.
Although this development has significantly 
improved data quality, it is important to note 
that limitations remain. By relying on 
externally sourced data, we do not have full 
control over its quality. All three providers 
prioritise data related to corporate equity, 
whereas corporate credit coverage is 
generally lower. In addition, certain markets, 
such as small and mid-cap issuers, continue 
to have incomplete disclosures or limited 
coverage. As we have observed previously, 
there is often a lag in the data available, driven 
by the timing of company reporting or the 
provider’s collection, which presents a lack of 
continuity. We recommend that our metrics 
are read with these limitations in mind.
We continue to utilise internal data for AUM 
and underlying exposures.
AUM in scope
The firm’s total AUM as at 31 December  
2024 was $168.6 billion. We exclude our 
investments in private assets from the 
analysis due to limited data availability.  
We also exclude AUM where the investment 
decision is ultimately made by a third  
party (e.g. multi-manager solutions and 
emulation mandates).
The AUM in scope for the purposes of 
calculating absolute emissions and WACI is 
$123.0 billion, or 73% of the firm’s total.
Our approach
We use the total exposure of all long positions 
related to the $123.0 billion of AUM in scope 
for our WACI calculation. We believe total 
exposure is most appropriate as it captures 
any leverage used in the investment strategy 
or, conversely, any under investment of 
capital. This is particularly relevant to capture 
the underlying exposures of several of our 
alternative investment strategies more 
accurately. Any financial instruments  
(e.g. derivatives) are also included where 
possible, based on their underlying exposure; 
this is a departure from the Partnership  
for Carbon Accounting Financials (PCAF) 
definition of ‘financed emissions’, which  
are only calculated on physical shares  
and physical corporate bonds. We believe  
this is appropriate given the significant  
use of derivatives in some of our  
investment strategies.
While there are different views within the 
industry as to the application of short 
positions in the emissions context, we believe 
long exposures through both physical and 
derivative securities are the most direct 
representation of ownership; however, 
engagement rights with companies would 
only be through physical long positions (not 
long derivative exposure). Our findings are 
therefore presented showing coverage as a 
percentage of total exposure of all long 
positions weighted by the proportion of  
total AUM they represent, without netting  
off exposure from short positions, or 
decomposing indices into their underlying 
constituents. The data is, however, calculated 
on an issuer basis, therefore long securities 
are netted by 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).
Our responsibility is to pursue the highest standards of behaviour to 
maintain the trust and loyalty of our clients. 
Emissions from our investments
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Metrics
We have used carbon emissions data by issuer for total exposure of all long positions at the strategy level at 31 December 2024, 31 December 
2023 and 31 December 2022 to measure total emissions from our AUM and calculate WACI by strategy, as well as to show a year-on-year trend  
in line with the TCFD’s recommendations. 
Our findings show that absolute emissions from AUM in scope have remained in line with 2023, despite an $8.3 billion increase in AUM in scope 
during 2024. Our long exposure coverage has increased marginally to 58%, while our absolute emissions have remained at 5.7 million tCO₂e. 
Despite the data improvements discussed previously, coverage remains relatively low considering the broad range of instruments we trade and  
is also influenced by other factors (e.g. total underlying exposure, which can vary significantly and change frequently).
Absolute emissions (million tCO2e)
Data
Coverage
December 
2024
Coverage
December  
2023
Coverage
December  
2022
Total assets under management in scope
Scope 1 & 2
58%
5.7
56%
5.7
54%
5.9
The table provides a WACI for the key strategies from across our business, aligned to the strategies for which we disclose performance data in our 
2024 year-end press release. 
As illustrated in the table, coverage is significantly higher for long-only strategies, particularly for those where the holdings are in single name 
equities. Conversely, coverage for alternative strategies, in particular quantitative strategies, is lower as allocations to corporate instruments are 
typically small or via index exposures. FRM Diversified II is part of our multi-manager offering and, as the ultimate investment decision lies with a 
third-party manager, these are excluded from this analysis.
WACI (tCO2e/$m revenue)1
Data
Coverage
December  
2024
Coverage
December  
2023
Coverage
December  
2022
AHL Alpha
Scope 1 & 2
<10%
6
<10%
5
<10%
28
AHL Dimension
Scope 1 & 2
69%
129
13%
150
15%
184
AHL Evolution
Scope 1 & 2
36%
37
<10%
30
<10%
77
AHL Diversified
Scope 1 & 2
<10%
9
<10%
8
<10%
42
Man Alpha Select Alternative
Scope 1 & 2
50%
151
56%
209
45%
155
Man Event Driven Alternative
Scope 1 & 2
100%
132
94%
145
95%
63
Man Strategies 1783
Scope 1 &2
82%
413
80%
430
n/a
n/a
Man TargetRisk
Scope 1 & 2
<10%
0
<10%
0
<10%
0
Man Alternative Risk Premia
Scope 1 & 2
58%
192
70%
156
80%
214
FRM Diversified II
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Numeric Global Core
Scope 1 & 2
100%
36
100%
48
100%
78
Numeric Emerging Markets Core
Scope 1 & 2
99%
95
99%
252
99%
147
Numeric Europe Core
Scope 1 & 2
100%
49
99%
96
100%
94
Man High Yield Opportunities
Scope 1 & 2
49%
115
49%
20
49%
83
Man Global Investment Grade Opportunities Scope 1 & 2
61%
11
61%
17
67%
37
Man Japan CoreAlpha Equity
Scope 1 & 2
100%
91
100%
82
100%
122
Man Undervalued Assets
Scope 1 & 2
96%
147
94%
103
97%
181
Man Continental European Growth
Scope 1 & 2
100%
151
99%
201
100%
107
1	 The analysis has been completed for the lead share class of each strategy.
Although our analysis is focused on WACI, we continue to consider on an ongoing basis other carbon footprinting and exposure metrics that may 
be useful for decision-making. Outside of carbon emissions and intensity metrics, we are also able to monitor and report on a range of carbon-
only metrics, subject to data availability, if required by our clients. These include more esoteric metrics, including forward-looking temperature 
alignment assessments. We continue to monitor evolving industry standards around GHG emissions accounting and reporting. Our ultimate aim  
is to support our clients and shareholders transition to a low-carbon economy, in line with their goals, by incorporating best practices into our 
carbon reporting as they emerge.
59
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Disclosure  
recommendation
Man Group assessment/
2024 Annual Report reference
Compliance
Governance
The Board’s oversight 
of climate-related risks 
and opportunities.
The Board takes overall responsibility for climate-related risks and opportunities, with these matters deeply 
integrated into the work of the Audit and Remuneration Committees, as well as the Board as a whole. Reflecting its 
preference for shared ownership across the Board and its committees, the decision has been made to retain this 
approach, rather than establishing a separate standalone ESG or Governance Committee. The Board continues to 
keep this structure under regular review to ensure it remains appropriate and effective.
The Board oversees ESG matters as part of the Group’s ESG governance structure (page 49), which includes 
support from the RI Leadership team and the Corporate Sustainability Committee. ESG oversight is embedded 
across this structure, enabling effective monitoring and management of climate-related risks and opportunities. 
The Board incorporates climate considerations into decision-making on strategic planning, resource allocation, 
and performance objectives, with regular reporting ensuring a clear and informed approach.
The Board met three times during the year to discuss climate-related risks and opportunities, in addition to holding 
a dedicated deep dive session on ESG matters. Specifically, the Board reviewed principal, strategic, and emerging 
risks, including climate risk, on two occasions and reviewed ESG-integrated AUM. Furthermore, the Board 
conducts an annual review of TCFD disclosures as part of the Annual Report process.
The Audit and Risk Committee has delegated authority to monitor compliance with climate-related regulations 
and disclosures. An RI dashboard was presented at every ARCom during the year, and this was also shared with 
the Board.
Management’s role 
in assessing and 
managing climate-
related risks and 
opportunities.
Management, led by the RI Leadership team in collaboration with the CEO and the Board, defines the overarching 
ESG strategy and monitors its implementation. Dedicated sub-committees, including the Corporate Sustainability 
Committee, assess and report on climate-related risks and opportunities. These sub-committees have 
established processes for identifying, assessing, and managing risks, and regularly provide updates to senior 
management and the Board.
More details on the governance structure, including meeting frequency and reporting lines, are available in the 
Sustainability and responsibility section (page 49).
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 the short term (1-5 years), medium term (5-10 
years), and long term (10-30 years):
	
„ Short-term risks and opportunities: Integrating meaningful climate analysis into investment strategies to meet 
client expectations and mitigate reputational risks, such as accusations of greenwashing.
	
„ Medium-term risks and opportunities: Market disruption due to weather events and operational challenges, 
such as increased costs (e.g., procurement, insurance, or taxes) or limitations on international travel.
	
„ Long-term risks: Physical risks, including severe weather events and their impact on business operations and 
employee well-being.
Climate-related risks are assessed using the Risk and Control Self-Assessment (RCSA) for short-term risks and 
emerging risk assessments for medium- and long-term risks. Both processes evaluate risks by likelihood and 
impact. Further information on the process 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 scenario1.
We have assessed the resilience of our strategy under different climate scenarios, including a 2°C or lower 
scenario. This analysis considers potential impacts of the transition to a low-carbon economy on investment 
performance, asset prices, and liquidity.
To support this, we leverage our proprietary ESG analytics tools to analyse exposures through a climate-related 
lens. Our products and strategies are designed to remain resilient under future climate shifts, and the resilience 
of our balance sheet has also been assessed. Additional details on scenario analysis and our performance 
against climate targets can be found in the Risk management section (pages 36 and 37) and Sustainability and 
responsibility section (pages 52 and 53).
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 2024, 
in line with Listing Rules 6.6.6R, 14.3.24R and 16.3.23R.
TCFD
We have provided information on all four 
pillars and 11 recommendations in our Annual 
Report, incorporating the supplemental 
guidance provided for asset managers by  
the TCFD.
According to our own assessment, we comply 
with the majority of the recommendations; 
when we don’t, we have explained the 
reasons why we believe they are not 
applicable or material to our business,  
or why improvements are still required.
Key:
  Compliant
  In progress
1	 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.
60
Strategic report
Man Group plc |  Annual Report 2024

Disclosure  
recommendation
Man Group assessment/
2024 Annual Report reference
Compliance
Strategy continued
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 both the integration of 
ESG considerations into investment processes and operational practices, as well as the development of innovative 
ESG-focused solutions for clients. We view the climate transition as both a risk and an opportunity, particularly in 
advancing our ability to offer products that meet clients’ evolving ESG needs.
Climate-related considerations are actively incorporated into the firm’s financial planning and strategy. For 
example, these considerations inform resource allocation, operational budgets (e.g. Scope 3 carbon reduction 
targets related to business travel), and strategic initiatives that align with the Group’s net-zero by 2030 
commitment. Further details on this integration can be found in the CFO review (page 29). Additional discussion  
of risk mitigants and the financial impact of climate-related risks is available in the Risk management section 
(pages 36 and 37).
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 and 
financial processes. Recognising the need for further progress in this area, the Group is committed to enhancing 
our ability to measure and understand the interdependencies of climate-related factors and their impact on value 
creation over time. This work is ongoing, with the aim of achieving greater alignment with TCFD requirements in 
the medium term.
Additional 
recommendations 
included in the 
supplemental 
guidance for asset 
managers.
Man Group leverages 35+ years of experience working with data to solve complex ESG challenges for clients. 
Climate-related risks and opportunities are integrated into investment strategies through proprietary ESG 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 (pages 54 and 55) and Risk management section (pages 36 and 37).
Risk management
The organisation’s 
process for identifying 
and assessing climate-
related risks.
Man Group identifies and assesses climate-related risks over short-, medium-, and long-term time horizons using 
a multi-disciplinary, firm-wide risk management framework. The risks considered include:
	
„ Current and emerging regulation
	
„ Technological changes
	
„ Market risks
	
„ Reputational risks
	
„ Acute and chronic physical risks
	
„ Upstream and downstream impacts
These 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. This process ensures 
consistency and prioritisation across the organisation. Further details on this framework and the principal risks we 
consider are available in the Risk management section (page 36).
The organisation’s 
process for managing 
climate-related risks.
Climate-related risks are embedded within Man Group’s existing risk governance and reporting framework and are 
managed within the relevant associated 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 and management information processes ensure 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 management framework. These risks 
are monitored and managed within the relevant principal risk categories as well as through specific processes 
tailored to climate-related risks.
Integration into the firm’s risk management processes ensures that climate-related risks are considered alongside 
other principal 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 and 37).
Additional 
recommendations 
included in the 
supplemental 
guidance for asset 
managers.
We continue to enhance our approach to managing climate-related risks, leveraging our data-driven culture to 
support clients in the transition to a low-carbon economy.
	
„ We identify and assess material climate-related risks in our investment strategies, as outlined in the 
Sustainability and responsibility section (page 54).
	
„ We actively manage climate-related risks in our portfolios and remain committed to achieving net zero across 
our core operations (page 50) and reducing emissions in our investment strategies by 2030 in line with our 
portfolio decarbonisation targets (page 54).
	
„ Our Stewardship team engages with investee companies to address material climate-related risks and 
opportunities, with more details on our approach on page 57.
61
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Disclosure  
recommendation
Man Group assessment/
2024 Annual Report reference
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 uses a range of metrics to assess climate-related risks and opportunities related to its operations, 
including total carbon emissions (scope 1, 2 and 3) and carbon emissions per full time equivalent, as well as how 
these metrics have changed over time. These metrics are monitored over time and reported in the Sustainability 
and responsibility section (pages 51 to 53). 
We monitor our carbon emissions from business travel and incorporate Scope 3 carbon emissions reduction 
targets specifically related to travel, which are incorporated into our annual budgeting process. Science-Based 
targets were also introduced into the process this year to increase awareness across the business. We will 
continue to refine our approach on an ongoing basis to meet our long-term targets.
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, pages 108 and 118);
	
„ incorporating carbon considerations into the annual budget process;
	
„ prioritising carbon net zero strategies when refurbishing or relocating offices; and
	
„ continuing to adopt agile working strategies to reduce office-related emissions.
We actively monitor progress toward 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 (pages 52 and 53).
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 and supply chain activities, 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 
(pages 51 and 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, including data consistency 
from external sources and coverage across the value chain, are discussed in detail in the Sustainability and 
responsibility section (page 52). We remain committed to improving the accuracy and reliability of disclosed 
metrics as industry standards and data collection processes mature.
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 (AUM); and
	
„ weighted average carbon intensity for several of our key strategies.
We have set a portfolio decarbonisation target of 50% reduction in emissions intensity by 2030, compared 
with a baseline WACI as at 2019 and we continue to make progress against this target (page 54). 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.
TCFD continued
Key:
  Compliant
  In progress
62
Strategic report
Man Group plc |  Annual Report 2024

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. For a description of our business model please refer to pages 10 and 11.
Our policies  
and standards 
Due diligence  
and governance 
Impact and outcomes of  
our policies and standards 
Related  
principal risks 
Environment 
Environmental 
Sustainability Policy 
Statement 
Describes our commitment 
to conducting our business 
responsibly, minimising 
the environmental and 
climate-related impact of 
our activities.
Our climate change strategy is set by the Board  
(for further information please see pages 36 and 37). 
We track our progress through our environmental 
performance and management systems, which ensure 
accurate identification and reporting of issues.
Our strategy, targets and performance metrics in 
relation to our impact on the environment can be 
found on pages 50 to 53. Our metrics in relation to our 
investment strategies can be found on page 59.
Our greenhouse gas emissions data can be found on 
page 51. 
We maintain carbon neutrality across our direct 
corporate operations through the purchase of certified 
carbon offsets.
Climate change 
risk management 
and strategy is 
discussed on 
pages 36 and 37 
and as a principal 
risk on page 36.
Climate-related 
Financial Disclosures 
Our climate-related financial 
disclosures can be found 
within the TCFD disclosures 
on pages 60 to 62.
The Board has collective responsibility for providing 
climate-related oversight and setting the firm’s 
climate-related strategy. The Board oversees progress 
on the development of our climate-related financial 
disclosures and is kept apprised of climate-related risk 
via the Audit and Risk Committee.
Senior management is responsible for implementing 
the climate strategy as set by the Board.
Further information on our ESG governance structure 
and risk management strategy can be found in the 
Sustainability and responsibility section on page 49.
We report in line with the TCFD recommendations. 
Further information on our climate-related financial 
disclosures can be found on pages 60 to 62. 
We have committed to reducing greenhouse gas 
emissions to net zero in investment portfolios by 2050.
Climate change 
risk management 
and strategy is 
discussed on 
pages 36 and 37 
and as a principal 
risk on page 36. 
Social matters
RI Policy and 
processes
Outlines our recognition 
and support for the 
development and 
integration of RI modalities 
across the firm.
Our Responsible Investment Committee oversees the 
implementation of the Man Group RI Policy, and other 
RI-related policies and processes. The Board receives 
regular updates from the RI Leadership team. We 
review and update our RI policies on an annual basis.
Man Group now has four dedicated ESG committees, 
which regularly inform and report on ESG-related 
matters to senior management, the RI Leadership team 
and the Man Group Board.
Man Group has established an ESG Centre of Expertise 
(RI team), responsible for driving the integration of RI 
and engagement across the firm. Man Group’s RI team 
is responsible for the day-to-day implementation of 
the Man Group RI Policy.
The diversified nature of our multi-strategy businesses 
means that no RI framework is universally applied. 
Accordingly, we apply the norms and best practices 
of RI that are most appropriate for the strategies and 
asset classes we manage.
We integrate ESG considerations in our investment 
decision-making and monitoring across strategies, 
in line with the RI-related policies and processes 
overseen by the Responsible Investment Committee.
Our ESG-integrated AUM is $62.6 billion and we 
continue to leverage our technology and data 
capabilities to drive ESG integration across the 
firm and have developed a suite of proprietary ESG 
tools to support investment decision-making and 
management. For further information on our RI efforts, 
please see pages 54 to 57.
Man Group is a signatory to the UN-supported PRI and 
reports annually on our RI work to the PRI.
RI is linked to 
our investment 
performance 
and reputational 
principal risks on 
pages 32 and 35.
Engagement Policy
Outlines our approach to 
shareholder engagement 
and proxy voting, as 
stewards of our clients’ 
capital.
Our Stewardship team oversees proxy voting and 
engagement activity at the firm level, including the 
application and maintenance of our Engagement 
Policy. Fund-level engagement is delegated to 
the investment teams. The Engagement Policy 
was formalised by a cross-section of business 
units, including investment managers and RI and 
stewardship personnel. The Stewardship Committee is 
responsible for monitoring compliance with the policy 
and overseeing amendments to the policy.
The Engagement Policy sits alongside our Voting 
Policy Framework. It describes how the firm integrates 
shareholder engagement in the investment strategies, 
monitors investee companies on a regular basis, 
conducts dialogues with investee companies on 
relevant matters, exercises voting rights, cooperates 
with other shareholders, communicates with relevant 
stakeholders of the investee companies, and manages 
actual and potential conflicts of interest to the firm’s 
engagements.
Our stewardship activities can be found on page 57.
Man Group is a signatory to the UK Stewardship Code 
and the UN-supported Principles for RI.
Not linked to our 
principal risks.
ManKind Initiative
The Company’s programme 
which aims to encourage 
employee volunteering.
We prioritise giving back to our communities and this 
takes place through various initiatives, partnerships 
and channels. For further information on our initiatives 
see page 45.
Senior management actively promotes the ManKind 
initiative across the firm to encourage employee 
participation in volunteering activities. We are pleased 
that over 590 employees volunteered in 2024.
Not linked to our 
principal risks.
63
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Man Group plc |  Annual Report 2024

Non-financial and sustainability information statement continued
Our policies  
and standards 
Due diligence  
and governance 
Impact and outcomes of  
our policies and standards 
Related  
principal risks 
Social matters continued
Global Banned 
Weapons Policy
Sets out our approach to 
Global Banned Weapons 
investments.
The Financial Crime Compliance team maintains and 
oversees this policy and we have developed internal 
systems and controls to assist the firm in complying 
with the restrictions.
Man Group has established a firm-wide zero tolerance 
threshold to limit the firm’s exposure to Banned 
Weapons. The funds we manage are not permitted 
to directly invest in or finance companies, which our 
independent third-party specialist screening provider 
believes are involved in the manufacture, supply 
or distribution of weapons banned by international 
convention.
RI is linked to 
our investment 
performance 
and reputational 
principal risks on 
pages 32 and 35. 
Legal, compliance 
and regulatory 
risk is a principal 
risk on page 35.
Wellbeing and 
inclusion – Global 
Inclusion Statement
We are committed to looking after our people and have 
a global well-being programme in place. This includes 
guidance given by webinars, events (onsite and virtual) 
and through our Engagement hub.
We have a number of policies and offerings including 
Gender Neutral Parental Leave, an Employee 
Assistance Programme, Tenure Award Leave, and 
Flexible Working options. For further information see 
the People and culture section on pages 40 to 44.
Not linked to our 
principal risks.
Anti-bribery and corruption
Anti-Bribery and 
Corruption Policy  
& Financial Crime 
Compliance 
Statement of 
Principles
Sit alongside other policies 
covering political and 
charitable donations, gifts 
and entertainment, fraud, 
tax evasion, sanctions, 
anti-money laundering and 
counter-terrorism financing.
Ongoing oversight is provided by senior management.
Annual reports from the Money Laundering Reporting 
Officer are submitted to the Audit and Risk Committee 
and processes and procedures are further reviewed by 
Man Group’s Internal Audit team.
Annual training is provided to employees to ensure 
they understand their responsibilities and duties.
Our approach to anti-bribery and corruption is 
designed to comply with all applicable laws and 
regulations and is overseen by a dedicated team 
who work to ensure our policies and practices are 
implemented and designed to prevent, detect and 
report suspicious activity and red flags.
In addition, risk-based due diligence procedures have 
been designed to identify and verify the owners and 
controllers of relationships to ensure we know our 
partners in business, suppliers and clients and that we 
are compliant with all applicable laws and regulations.
Failure to 
implement 
effective controls 
in relation to 
anti-bribery 
and corruption 
is a principal 
operational risk 
under ‘criminal 
activities’ on page 
35.
Information security
Information Security 
Policy
The Information Security Committee reports to the 
RAF and quarterly to the Audit and Risk Committee.
Annual training, alongside other more regular exercises 
and audits, is provided to employees and the results 
form part of regular reporting.
At a base level, our approach is designed to comply 
with applicable legislation and regulation.
Our awareness programme ensures employees are well 
versed in our security policies and protecting sensitive 
information.
Security of 
information is 
linked to our 
operational and 
reputational 
principal risks on 
pages 34 and 35.
Employees
Global Code of Ethics 
and Code of Conduct 
and Whistleblowing 
Policy
Describes our commitment 
to high standards and 
professional conduct.
The Company has a monitoring framework which 
ensures these codes are regularly reviewed and 
remain fit for purpose. Regular training is provided to 
employees to ensure they are informed of our expected 
standards.
Our Whistleblowing Policy allows staff to raise concerns 
anonymously and is subject to independent oversight 
by the Audit and Risk Committee.
Employees contribute to our success by adhering to 
our core business principles: acting ethically and with 
integrity, putting clients’ interests first, monitoring 
conflicts of interest, retaining and disclosing 
information and appropriately and observing high 
standards of business conduct.
Employees are able to raise concerns to an 
independent external agency (Safecall), and 
governmental, regulatory, self-regulatory, or law 
enforcement authority, as well as to nominated 
individuals internally. Disclosures are reported, on an 
anonymised basis, to the Audit and Risk Committee.
Employee 
conduct is linked 
to our operational 
and reputational 
principal risks on 
pages 34 and 35.
Health and Safety 
Policy/Statement
Describes our commitment 
to ensuring the health, 
safety and welfare of our 
employees by providing 
safe working environments 
and ensuring Man Group’s 
statutory duties in respect 
of health and safety are met 
at all times.
We track progress through a number of health and 
safety systems ensuring accurate reporting of 
accidents, incidents and near misses and prevention 
measures.
On behalf of the Board, the Health and Safety 
Committee (HSC) oversees the development and 
implementation of our health and safety processes and 
procedures. Our Board maintains overall responsibility 
for the health and safety and welfare of employees.
We aim to minimise health and safety risks and we 
have an ongoing programme of health and safety risk 
assessments and undertake improvements on an 
ongoing basis.
We evaluate the safety training needs of employees 
and ensure that they receive appropriate resources 
and training including induction safety training.
Statutory and regulatory risk assessments are carried 
out annually and observations are actioned and closed 
out in a timely manner.
Employee well-
being is linked to 
our operational 
principal risks on 
page 34.
64
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Our policies  
and standards 
Due diligence  
and governance 
Impact and outcomes of  
our policies and standards 
Related  
principal risks 
Employees continued
Diversity, Equity and 
Inclusion Initiatives, 
Global Inclusion 
Statement and 
diversity focused 
recruitment
Governs our approach to 
diversity and attracting 
diverse talent into the 
Company and the industry. 
Our diversity, equity and inclusion initiatives support 
Man Group’s commitment to improving diversity 
across the Company and within the finance industry 
more generally. We actively encourage, support and 
progress initiatives that address social barriers that 
have historically prevented access to our industry. 
The initiatives are supported at a senior level by the 
Executive Committee and our Drive (DE&I) Steering 
Committee (see pages 42 to 43). We have a zero 
tolerance of discrimination and harassment (including 
sexual harassment).
Our Board meets the diversity targets set by the FTSE 
Women Leaders Review, Parker Review and Listing 
Rules and we continue to be cognisant of diversity 
when reviewing the composition of our Board in 
line with our Board Diversity, Equity and Inclusion 
Policy. See page 96 for further information. Further 
information on our diversity, equity and inclusion 
initiatives can be found within our DE&I report on 
the Man Group website and within our Corporate 
Sustainability brochure on the Man Group website.
Not linked to our 
principal risks.
‘Paving the Way’ 
initiative
Our initiatives focus on 
attracting diverse talent  
into the Company and  
the industry.
We actively encourage, support and progress initiatives 
that help assist in addressing social barriers that have 
historically prevented access to our industry. Our 
initiatives are overseen by the Drive (DE&I) Steering 
Committee, and the Board and senior management are 
updated on progress.
As part of the ‘Paving the Way’ initiative we have 
partnered with various organisations to address 
pipeline recruitment issues. For more information  
see the Corporate Sustainability brochure on the  
Man Group website.
Not linked to our 
principal risks.
Human rights 
Human Rights 
Statement and 
Modern Slavery 
Transparency 
Statement 
Sets out our high standards 
and how these define and 
inform our operations and 
prevent modern slavery 
from occurring within the 
business and supply chain.
Man Group is committed to high standards of business 
conduct and this extends to the commitment to the 
protection of human rights throughout the business.
The Board reviews and agrees the Modern Slavery and 
Transparency Statement on an annual basis. 
Our Human Rights Statement sits alongside our 
Global Inclusion Statement and our Modern Slavery 
Transparency Statement, showing our commitment to 
the promotion of human rights within the workplace, 
our operations and how we operate our business. For 
more information see the Corporate Sustainability 
brochure on the Man Group website. 
There are no known instances of modern slavery within 
our business. 
Negative publicity 
is a principal 
reputational risk 
on page 35. Legal, 
compliance and 
regulatory risk is 
a principal risk on 
page 35.
Other
Service Provider 
Management Policy
Ensures our fund service 
providers are appropriately 
selected, managed and 
overseen and that any 
issues are identified and 
escalated.
An ongoing programme of due diligence is conducted, 
and guidance is provided on our expectations of our 
fund service providers’ conduct and operation.
Through our current programme we are able to partner 
closely with our fund service providers and ensure that 
we have detailed oversight of their service provision 
and that any issues are promptly identified, escalated 
and resolved.
External process 
failure by one 
of our service 
providers is 
a principal 
operational risk on 
page 34.
Supplier Code of 
Conduct
Sets out our business 
conduct expectations  
of our suppliers.
The Supplier Code of Conduct outlines the minimum 
standards we expect of our suppliers regarding any 
economic or employment activities, impact to the 
environment, as well as engagement with the wider 
community.
We endeavour to work closely with our suppliers to 
address global social and environmental challenges.
Vendor management including performance reviews 
are used to monitor the KPIs/service-level agreements 
put in place to monitor our suppliers.
Negative publicity 
is a principal 
reputational risk 
on page 35.
Non-financial KPIs
The Board and senior management review the 
appropriateness and progress against non-financial 
KPIs.
Further information on our non-financial KPIs can be 
found on page 21.
Negative publicity 
is a principal 
reputational risk 
on page 35.
65
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

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.
Overview for 2024
Governance overview
Statement of compliance
The Company is subject to the 2018 UK Corporate Governance 
Code (the Code), which is publicly available at www.frc.org.uk 
and will become subject to and report against the 2024 UK 
Corporate Governance Code for the year ending 31 December 
2025. The Company has, throughout the year ended 
31 December 2024, applied the principles of, and complied with 
the 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. A description of the process is on page 80.
Provision 33 of the Code requires that the Remuneration 
Committee (the RemCo) should have 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 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 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 a date no later 
than December 2025, subject to his reappointment as a director 
at the 2025 AGM. For full details please refer to pages 95.
Section 172(1) statement (including principal decisions and 
engagement with stakeholders)
The Board of directors confirms that during the year-ended 
31 December 2024, 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 of how this has been achieved and the way in which the Board 
has engaged with our identified stakeholders, the outcomes of this 
engagement and the consideration of stakeholder interests in principal 
decisions are set out on pages 76 to 79.
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
80-83
Value creation and preservation
68
Workforce policies and practices
77
Governance framework
68
Purpose, values and culture
2
Stakeholder engagement
76–79
Key activities of the Board in 2024
74-75
2
Division of responsibilities
Our Board is comprised of 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)
Board roles
69
Independence
80
Conflicts of interest
80
External appointments
80
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)
Board skills, experience and knowledge
81
Training
81
Board performance review
82-83
Board and committee composition
70-71
Succession planning
97
Board diversity, equity and inclusion
80 and 83
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)
Financial reporting
89
Significant financial judgements
86-88
Internal financial controls
89-90
Assurance over external reporting
91-92
Internal and external audit
91-92
Internal controls and risk management
89-91
Business continuity and disaster recovery
89
Cyber security
90
Viability
37
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)
Executive director policy table
103
Alignment with strategy and performance
99-100
Shareholder voting and engagement
121
Remuneration decisions in context
107
Executive director remuneration in 2024
103
66
Governance
Man Group plc |  Annual Report 2024

Dear Stakeholder
I am pleased to present the Governance report for the year-ended 
31 December 2024. 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 
2018 UK Corporate Governance Code (the Code). The 2024 Code 
began applying to us on 1 January 2025, and we will report under the 
2024 Code in next year’s Annual Report. As with last year, we have 
included an index on the opposite page to help stakeholders 
understand how the Company has complied with, and reported 
against, the principles and provisions of the Code.
Board and committee changes
There have been several changes to our Board this year. In February, 
Alberto Musalem stepped down from the Board to become the 
President and CEO of the Federal Reserve Bank of St. Louis. In May,  
we welcomed Sarah Legg and Dixit Joshi to the Board and as members 
of the Audit and Risk Committee and Nomination and Governance 
Committee. Also in May, Lucinda Bell joined the Remuneration 
Committee. Finally, in September, Paco Ybarra joined the Board  
and the Nomination and Governance Committee. 
Having considered the importance of an orderly transition of the role  
of Senior Independent Director and concluded that Richard Berliand 
remains independent in character and judgement, and there were no 
circumstances impairing his ability to act in the best interests of the 
Company and shareholders, Richard’s role as non-executive director 
and the Senior Independent Director has been extended until a date no 
later than December 2025, subject to shareholder approval at the 2025 
AGM. For full details please see page 95.
Strategy
Following Robyn Grew’s appointment as CEO in September 2023, the 
firm’s multi-year strategic priorities were announced in early 2024.  
The Board has been working with the executive management team to 
further diversify the firm’s investment capabilities, particularly in quant 
equity, credit and solutions; to extend our client reach, with a particular 
emphasis on North America, wealth and insurance channels; and to 
leverage our existing strengths and scale. The Board held two in-depth 
strategy sessions during 2024 to review and build on these priorities 
and we are pleased with the progress made.
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. As usual, our section 172(1) statement has been 
integrated into the stakeholder engagement section which explains 
how and why we engage with our stakeholders and what the 
outcomes during the year have been.
Diversity, equity and inclusion
We remain committed to promoting diversity, equity and inclusion 
across the organisation. We are proud to have a Board that exceeds  
the gender and ethnicity targets set out in the FTSE Women Leaders 
Review and Parker Review, and the UK Listing Rules, including having 
two of the four senior Board positions (Chair, CEO, SID and CFO) held  
by women. Our Board Diversity, Equity & Inclusion Policy, which  
was updated and approved by the Board in early 2024, is on pages  
96 to 97.
Board activities and effectiveness
2024 represented another busy year for Man Group and the Board,  
and a summary of our key activities is set out on pages 74 and 75.  
I am satisfied with the progress made against our actions from last 
year. In line with the Code, this year’s Board performance review was 
undertaken by an external facilitator. We are pleased to confirm that 
the results of the review (which are set out on pages 82 and 83) echo 
our own feelings – that we are an effective and collaborative Board. 
Board priorities for 2025
2025 is likely to be another busy year. We intend to focus much of our 
time monitoring progress to ensure that the firm continues to deliver 
outperformance for clients and excellent value to shareholders.
We look forward to meeting shareholders at our 2025 AGM. In addition 
to our standard AGM business, we are seeking approval of our new 
Directors’ Remuneration Policy. Our standard authorities to allot shares 
and to disapply pre-emption rights have been updated to take account 
of updated guidelines issued by the Investment Association and the 
Pre-emption Group. While the Board has no current plans to make use 
of these authorities, they are requested in line with current best 
practice and, if granted, will ensure the maximum permitted flexibility 
to manage capital resources and to take advantage of any inorganic 
growth opportunities that may arise in the future. 
Finally, I’d like to thank all of our people for their hard work and 
commitment during 2024 and for continuing to demonstrate the 
strong culture that makes Man Group so unique. 
Anne Wade
Chair
Chair’s governance overview
I am delighted to have welcomed 
three new non-executive directors 
to the Man Group Board during 
2024 to work alongside existing 
Board members and the executive 
management team to deliver on 
the firm’s strategy.
Anne Wade 
Chair
67
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Governance structure
Board
Board Committees1
 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 
supports long-term and sustainable growth.
In discharging this role, the Board also has 
regard to the interests of a wide range 
of stakeholders (see page 76 for further 
information), in order to build mutual trust  
and support the long-term sustainability of  
the business.
Matters reserved for the Board
To discharge its role, 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 
Company’s financial reports and 
statements, and recommends 
their approval to the Board
	
„ Recommends to the Board the 
appointment of the external 
auditor and reviews their 
effectiveness and independence
	
„ Approves the Internal Audit plan 
and reviews the effectiveness of 
the Internal Audit function and 
management’s response  
to findings
	
„ Reviews and reports to the Board 
on the effectiveness of Man 
Group’s risk management and 
internal controls framework
	
^ See page 84
Remuneration Committee
	
„ Determines and recommends 
to the Board the principles 
and structure of the Directors’ 
Remuneration Policy
	
„ Approves the total annual 
compensation for individual 
executive directors
	
„ Approves the quantum of the 
Company’s annual variable 
compensation pool and  
deferral policies
	
„ Considers and reviews  
the remuneration of the  
wider workforce
	
„ Approves the total annual 
compensation for Executive 
Committee members, Company 
Secretary and Remuneration 
Code staff
	
„ Oversees the Company’s 
engagement on directors’ 
remuneration and reporting
	
^ See page 98
Nomination and Governance 
Committee
	
„ Keeps the Board’s size, structure, 
composition and diversity under 
review in response to business 
needs and opportunities
	
„ Considers the skills, experience 
and knowledge required for 
Board appointments
	
„ Considers the independence of 
current Board members
	
„ Conducts the search 
and selection process 
for new directors, taking 
advice from independent 
search consultants
	
„ Recommends to the Board 
preferred candidates for Board 
appointment
	
„ Reviews Board and senior 
management development and 
succession planning to ensure 
continuity of resource and takes 
into consideration diversity, 
equity and inclusion
	
„ Monitors and reviews the 
Company’s corporate 
governance arrangements 
	
„ Considers the output of 
Board performance reviews 
and is responsible for the 
implementation of any resulting 
recommendations
	
^ See page 94
Details of the membership of the ExCo and its function can be found on pages 72-73. 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 it is disseminated and actioned accordingly within the 
Company’s two distinct geographically-aligned sub-groups in line with the delegated authorities framework.
1	 Committee terms of reference, which are reviewed and approved by the 
Board on an annual basis, can be found on our website. Details of the work 
of the Committees during the year 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
Key:
  Flow of information to the Board
  Delegated authority from the Board
68
Governance
Man Group plc |  Annual Report 2024

Board responsibilities
Chair
CEO
	
„ Leads the Board, sets its agenda and ensures it discharges its 
role effectively.
	
„ Supports and constructively challenges the CEO, promotes 
effective relationships between executive and non-executive Board 
members, and maintains a culture of open debate.
	
„ Leads, with the support of the Nomination and Governance 
Committee, effective Board succession planning and the search for 
and appointment of new directors, taking account of the need for 
the development of Board skills, experience and diversity.
	
„ Ensures that the Board maintains effective engagement with 
shareholders and takes account of the interests of all stakeholders 
in its decision-making.
	
„ Has responsibility for the day-to-day management of the business 
subject to appropriate delegated authorities, risk management and 
internal controls.
	
„ Develops, for Board consideration and approval, business strategy, 
and reports on management’s delivery against it.
	
„ Leads the ExCo (see pages 72 and 73), which is responsible for 
implementing the firm’s strategy.
	
„ Communicates a shared purpose and set of business principles and 
builds management talent.
	
„ Works closely with the Chair and leverages the knowledge of non-
executive Board members.
	
„ Maintains an effective dialogue with shareholders on the firm’s 
strategy and performance.
CFO
Senior Independent Director
	
„ Manages the allocation and maintenance of the firm’s capital, 
funding and liquidity in accordance with regulatory requirements.
	
„ Has responsibility for the preparation and integrity of the firm’s 
financial information and its reporting, in accordance with the Board 
governance framework.
	
„ Leads the development of annual budgets and medium-term plans 
for Board approval.
	
„ Has responsibility for the firm’s financial risk management within the 
Board’s risk appetite statements.
	
„ Maintains an effective dialogue with shareholders and stakeholders 
on the performance and financial structure of the firm.
	
„ Has responsibility for and leads the firm’s corporate development 
strategy, including merger and acquisition activity.
	
„ Maintains a broad overview of the work of the Board and its 
Committees.
	
„ Provides a sounding board for, and advice to, the Chair on Board 
matters including development and succession planning.
	
„ Acts as a point of contact for communications with the non-
executive directors as required.
	
„ Leads the annual performance evaluation of the Chair.
	
„ Leads the search for the appointment of a new Chair.
	
„ Engages with shareholders.
Non-executive directors
Company Secretary
	
„ Determine and review business strategy and oversee 
management’s delivery against it.
	
„ Monitor and challenge management performance in delivering 
business strategy and objectives.
	
„ Contribute to the identification of principal business risks and the 
determination of risk appetite.
	
„ Monitor and challenge the effectiveness of the internal control and 
risk management framework.
	
„ Monitor compliance with the regulatory principles and requirements 
impacting asset management and distribution.
	
„ Review and challenge the Company’s financial statements and 
announcements.
	
„ Keep Board composition and succession planning under review in 
light of changing business needs and recommend any changes to 
be considered.
	
„ Supports the Board and Committees in discharging their  
respective roles.
	
„ Advises the Board on corporate governance matters, ensuring good 
governance practices.
	
„ Maintains the books and records of the Company and prepares 
minutes of Board and Committee meetings.
	
„ Facilitates the induction, and ongoing training and professional 
development, of non-executive directors to support them in 
carrying out their responsibilities.
	
„ Monitors and ensures compliance with company law, UK Listing 
Rules, Disclosure Guidance and Transparency Rules and the UK 
Market Abuse Regulation.
	
„ Organises the Company’s AGM and other shareholder meetings.
	
„ Acts as the main point of contact for retail shareholders.
69
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

A
N
R
N
A
N
A
R
N
R
R
A balanced and effective team
Board of Directors and Company Secretary
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 from 2015 to 2021 and as  
a non-executive director of Holcim Limited from  
2013 to 2015.
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. 
She was a non-executive director of EnQuest PLC 
from 2018–2021, where she chaired the 
Remuneration Committee. Prior to becoming a 
non-executive director at EDP Renewables she was  
a non-executive director of EDP SA from 2018-2024.
Areas of expertise and contribution
Extensive experience as an equity investor and 
banker, and strong strategic and international 
perspective.
Material external positions
Senior Advisor at PJT Partners. Non-executive 
director of EDP (Energias de Portugal).* 
Antoine Forterre
Chief Financial Officer (CFO)
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 until 2019.
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 (2014-2020) and a 
non-executive director of Crest Nicholson Holdings 
plc (2017-2023).
Areas of expertise and contribution
Extensive financial and listed company expertise 
as well as valuable experience in ESG matters. 
Solid experience as an Audit 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
Robyn has 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 
Investments.
70
Governance
Man Group plc |  Annual Report 2024

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. 
Material external positions
None.
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 (2010–2015) and Group Financial 
Controller (2015-2019). 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*. 
Non-executive director of 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
None.
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
Juliet Dearlove
Interim Company Secretary
Juliet joined Man Group as Joint Company 
Secretary on an interim basis in 2024. 
Before joining Man Group she spent ten years 
at JPMorgan Funds acting as Company 
Secretary of The Mercantile Investment Trust 
plc (a FTSE 250 company) and other 
investment trusts within the JPMorgan 
portfolio. Prior to that she was Company 
Secretary of Prebon Group (2001-2005) which 
is now part of TP ICAP Group plc. She has also 
worked in the veterinary services, motor retail 
and charity sectors, in joint General Counsel 
and Company Secretary roles.
71
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Implementing our strategy
Executive Committee
Executive Committee
The Executive Committee (ExCo) is responsible for implementing the 
firm’s strategy at a firm level and communicating the strategy to Man 
Group’s 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 held to provide a forum for the ExCo  
to review progress on strategy through various business spotlight 
sessions, agree 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 2024
Key decisions
	
„
Agreed the firm’s new strategic priorities before recommendation 
to the Man Group plc Board.
	
„
Approved the internal reorganisation implemented over the course 
of 2024 to realign resources in support of strategy.
	
„
Approved changes to Man Group discretionary and brand strategy, 
including the launch of the Discretionary division, which was then 
recommended to the Board for approval. 
	
„
Reviewed 2024 Budget and 2024-2026 Medium Term Plan prior to 
submission to the Man Group plc Board for consideration 
and approval.
	
„
Monitored and assessed acquisition opportunities.
	
„
Initiated a project to strengthen the firm’s key banking relationships 
to facilitate delivery of key strategic priorities. 
	
„
Considered the firm’s broker strategy in connection with its annual 
wallet spend.
Areas of focus
	
„
Discussed the firm’s global strategy and strategic priorities in  
order to support the Board’s decision-making at dedicated 
strategy sessions, including offsite sessions in January and 
September 2024.
	
„
Reviewed and approved investment in low latency execution 
technology to support equity initiatives.
	
„
Debated items to be presented to the Man Group plc Board and 
Audit and Risk Committee at the Board, 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 the progress of Man Varagon and its 
integration into the wider firm.
	
„
Discussed how the firm’s considerable investment risk 
management capabilities at investment engine level could be 
deployed more strategically on a firm-wide basis.
	
„
Considered matters relating to the firm’s people and culture.
	
„
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.
Q&A with Emma Holden, Chief 
People Officer
Q
What drew you to join Man Group?
A
I joined Man Group in December 2024, after nearly 17 
years at Schroders. What truly stood out to me about Man 
Group was how central talent is to its business and future 
strategy. It’s a firm where the combination of exceptional 
people and cutting-edge technology drives world-class 
investment capabilities.
From my early conversations with the Board, ExCo, and 
others across the firm, it was clear that Man Group thrives 
on a unique pool of talent — one that fosters an inclusive, 
meritocratic culture that fuels the firm’s competitive edge. 
The opportunity to lead a People function that is so 
integral to shaping the future of the business was 
incredibly compelling. I’m excited to work alongside such 
a diverse and dynamic group of people and to help ensure 
we’re well positioned for the future.
Q
How would you describe the culture at Man Group?
A
Even in my early days here, it’s clear that Man Group’s 
culture is one of collaboration, inclusion, and intellectual 
curiosity. This is a place where diverse perspectives are 
valued, and the drive for excellence is intertwined with a 
deep commitment to teamwork.
In the time I’ve spent with colleagues across the firm, I’ve 
been struck by the calibre of our people and the shared 
focus on finding innovative solutions to complex 
challenges. Maintaining and evolving this culture is critical 
to our success, and I’m working closely with the ExCo to 
ensure we continue to nurture a workplace that 
encourages bold thinking, meritocracy, and inclusivity.
Q
What are your priorities as you settle into your role?
A
Looking ahead, my focus is on shaping a People function 
that’s fully aligned with the firm’s long-term strategic 
goals. Attracting, developing, and retaining top talent will 
remain at the heart of everything we do, but we also need 
to think about how we prepare our people — and our 
organisation — for the opportunities and challenges of  
the future.
This means investing in skills and capabilities that will  
be critical in a rapidly evolving industry, embracing 
innovation in how we work, and fostering an environment 
where people feel empowered to thrive. As we build the 
future of Man Group, our ability to stay ahead will depend 
on our people — ensuring we continue to attract diverse 
perspectives, support career growth, and create a culture 
where talent can flourish. 
72
Governance
Man Group plc |  Annual Report 2024

Our Executive Committee
Robyn Grew
Chief Executive Officer
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. Robyn spearheads the 
firm’s diversity programme, Drive.
Antoine Forterre
Chief Financial Officer
Key areas of responsibility
Antoine Forterre is Chief Financial Officer of 
Man Group, and an executive director on the 
Man Group plc Board. 
Doug Hamilton
Chief Operating Officer
Key areas of responsibility
Doug Hamilton is COO of Man Group. In this role, Doug 
has oversight of Man Group’s Central Trading and 
Execution, Operations, Fund Treasury, Rest of World 
Office and Corporate Real Estate teams.
Gary Collier
Chief Technology Officer
Key areas of responsibility
Gary Collier is CTO of Man Group, with responsibility 
for all technology and data science across the firm.
Eric Burl
Head of Discretionary
Key areas of responsibility
Eric Burl is Head of Discretionary at Man Group, 
responsible for the firm’s discretionary division.
Greg Bond
Numeric CEO and Head of the Americas
Key areas of responsibility
Greg Bond is CEO of Man Numeric, Head of the 
Americas for Man Group, and lead portfolio manager 
for Man Group’s flagship multi-strategy fund. He is 
also a member of the Man Numeric Investment 
Committee.
Kate Squire
Head of Non-Financial Risk
Key areas of responsibility
Kate Squire is Head of Non-Financial Risk at 
Man Group. Her role includes oversight of Global 
Compliance, Financial Crime, Operational Risk and 
Resilience, and Information Security at Man Group.
Michael Kasper
Head of Strategy
Key areas of responsibility
Michael Kasper is Head of Strategy with responsibility 
to define and oversee the firm’s strategic priorities.
Russell Korgaonkar
AHL Chief Investment Officer
Key areas of responsibility
Russell Korgaonkar is Chief Investment Officer of 
Man AHL, with overall responsibility for investment 
and research. He is also a member of Man AHL’s 
management and investment committees.
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 oversees Man Solutions and leads Man Group’s 
approach to responsible investment and research. 
Steven also manages the global sales and marketing 
distribution strategy.
Tania Cruickshank
General Counsel
Key areas of responsibility
Tania Cruickshank is General Counsel at Man Group. 
Tania leads the legal teams working in Man Group’s 
offices in London, New York, Hong Kong and Pfäffikon, 
Switzerland.
Emma Holden
Chief People Officer
Key areas of responsibility
Emma Holden is Chief People Officer of Man Group, 
with responsibility for the People function. 
73
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Man Group plc |  Annual Report 2024

Key activities of the Board during 2024
Board activities
Strategy and business development
Risk management
Financial performance
Strategic priorities and multi-year goals and targets 
Considered, reviewed and approved Man Group’s key strategic 
priorities presented by management. 
1
2
3
4
C
S
E
C
E
B
R
Progress against strategic priorities 
Oversaw progress against strategic priorities, including key milestones 
and accountability. CEO and CFO reports presented at each meeting, 
alongside specific deep dives.
1
2
3
4
C
S
E
C
B
R
M&A and strategic partnership opportunities 
Reviewed M&A and strategic partnership opportunities.
1
2
3
4
C
S
E
B
R
External perspectives on the market environment
Considered current industry trends, including industry performance, 
investor sentiment and long-term market evolution.
1
2
3
4
C
S
Group Operations update
Presentation of the firm’s COO Office function, including detail of the 
structure of the team, key initiatives and objectives. Areas of focus 
included trading execution efficiency and departmental talent pipeline 
planning. 
1
2
3
4
C
S
E
E
B
R
Strategy updates – Sales, Wealth, and specific business units
Received updates from functions across the Group providing an 
insight on developments within the key areas of strategic focus, 
including diversifying investment capabilities and extending client 
reach across the globe. 
1
2
3
4
S
E
C
B
R
Varagon acquisition 
Monitored the ongoing integration of Varagon following its 
acquisition in 2023 and consideration of key areas, including 
financial performance targets, optimising value proposition and sales 
functions. 
1
2
3
4
C
S
E
B
R
Investor Relations 
Considered Man Group in the context of the UK equity market, the 
broader market position, and the firm’s key priorities.
1
2
3
C
S
Responsible Investment and Corporate Sustainability 
initiatives
Received an update on Man Group’s approach to ESG and RI at both a 
fund strategy and Group level. Client sentiment and key trends in ESG 
considered alongside the performance of ESG-orientated strategies 
and Man Group’s ESG ratings.
See page 48-59 for further details.
1
2
3
4
C
S
E
C
E
B
R
Risk appetite and governance framework
Approved revised risk appetite and governance framework.
1
2
3
4
C
S
E
C
E
B
R
Emerging and principal risks
Examined the potential impact of emerging risks. Discussed the firm’s 
principal risks.
For further information see pages 30 to 37.
1
2
3
4
C
S
E
C
E
B
R
Effectiveness of risk management and internal controls
Considered Man Group’s systems of risk management and internal 
controls and concluded that these continued to be effective.
For further information see pages 30 to 37 and 89 to 91.
1
2
3
4
C
S
E
C
E
B
R
CrowdStrike incident
Received updates from management in real time and following a 
robust review of business resilience after the CrowdStrike incident. 
Considered the firm’s response and any residual vulnerabilities. 
For further information see page 89.
3
C
S
E
B
R
2024 Budget and 2024–26 Medium Term Plan (MTP)
Approved the 2024 Budget and 2024-26 MTP, having reviewed and 
challenged the underlying assumptions for net flows, performance, 
revenue margins and costs.
3
4
C
S
E
C
E
B
FY 2023 year-end results and 2024 interim results
Reviewed, challenged and approved the 2023 Annual Report and the 
2024 interim results.
4
C
S
E
Dividends
Recommended the 2023 final dividend to shareholders which was 
approved at the 2024 AGM. Approved payment of the 2024 interim 
dividend. 
4
S
Amendment of and extension to the Revolving Credit Facility 
(RCF) 
Approved an amendment to Man Group’s RCF specifying ESG targets 
which were aligned with the executive directors’ LTIP ESG scorecard. 
Reviewed and approved a term extension of the $800 million RCF for 
one year.
1
2
3
4
C
S
E
C
E
B
R
Asset reunification and share forfeiture programme 
Considered and approved an asset reunification, share forfeiture and 
unclaimed dividends exercise, the proceeds of which were transferred 
to the Man Group plc Charitable Trust. 
3
C
B
74
Governance
Man Group plc |  Annual Report 2024

People and culture
Executive directors’ objectives
Discussed, challenged and approved executive directors’ objectives.
3
4
C
E
Key management appointments 
Considered management’s proposals for the appointment of a Chief 
People Officer.
3
C
S
E
B
R
Board skills and independence 
Reviewed the findings from the Nomination and Governance 
Committee regarding the Board’s independence and skill set 
and approved a limited extension of Richard Berliand’s (Senior 
Independent Director) nine-year tenure. 
1
2
3
4
C
S
E
R
2023 Board evaluation and 2024 external Board performance 
review
Discussed the output of the annual Board evaluation, considered and 
approved areas of focus for 2024. Agreed the approach to the 2024 
external Board performance review. 
For further information see pages 82 to 83.
1
2
3
4
C
S
E
C
E
B
R
2023 independent Board review 
Reviewed the progress and implementation of the recommendations 
following the independent Board review into Board culture and 
governance arrangements which took place during 2023. 
1
2
3
4
C
S
E
C
E
B
R
Board and Committee attendance 2024
Board1,2
Audit & Risk 
Committee
Nomination & 
Governance 
Committee
Remuneration 
Committee
Lucinda Bell
6/6
5/5
4/4
5/5
Richard Berliand
6/6
5/5
4/4
7/7
Laurie Fitch
6/6
5/5
4/4
7/7
Antoine Forterre
6/6
n/a
n/a
n/a
Robyn Grew
6/6
n/a
n/a
n/a
Ceci Kurzman
6/6
n/a
4/4
7/7
Board1,2
Audit & Risk 
Committee
Nomination & 
Governance 
Committee
Remuneration 
Committee
Alberto G. Musalem
1/1
1/1
0/13
2/2
Anne Wade
6/6
n/a
4/4
7/7
Dixit Joshi
4/4
2/2
2/2
n/a
Sarah Legg
4/4
2/2
2/2
n/a
Paco Ybarra
3/3
n/a
1/1
n/a
1	 Two strategy sessions were held during the year (January and September 2024) which were attended by all Board members.
2	 There was one additional ad-hoc Board meeting which took place in January which all members attended.
3	 Alberto Musalem did not attend the February Nomination and Governance meeting given he would be stepping down from the Board on 29 February 2024.
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   Communities 
E   Environment
B   Business partners and suppliers
R   Regulators
Board activities
  Innovative investment strategies
19%
  Strong client relationships
22%
  Efficient and effective operations
23%
  Returns to shareholders
22%
  Governance and other
14%
For more information on our strategy see 
pages 14 to 15.
For more information on our stakeholder 
groups see pages 76 to 79.
Sharesave Offer 2024
Approved the offer of the 2024 Sharesave scheme to all eligible 
employees.
3
4
E
Appointment of non-executive directors
Approved the appointment of Sarah Legg, Dixit Joshi and Paco Ybarra 
as non-executive directors, recognising the skill set they each bring to 
the Board to support the delivery of the firm’s strategy.
For further information see page 95.
1
2
3
4
C
S
E
C
E
B
R
Workforce engagement feedback
Discussed key themes identified from the Board’s engagement with 
employees from offices across the globe. Agreed actions to address 
feedback.
For further information see page 77.
3
E
Man Group culture and staff survey results 
Reviewed Man Group’s culture alongside the staff survey results. 
Discussed current initiatives to enhance and preserve the firm’s 
culture and further opportunities supporting and listening to 
employees. Assessed Man Group’s social rankings against peers.
3
E
C
Board Diversity, Equity and Inclusion Policy 
Considered and approved changes to the Board Diversity, Equity and 
Inclusion Policy.
3
4
C
S
E
B
R
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Man Group plc |  Annual Report 2024

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.
Consequences of decisions in the long term
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 to 11 and 14 to 15. The Board held 
designated strategy days in January and September 2024 to 
consider the long-term strategic direction of the firm and 
announced the firm’s strategic priorities during early 2024. As 
part of these strategic discussions, the Board considered market 
and industry trends and potential impact on stakeholders. 
Our section 172(1) statement is integrated across these pages 76 
to 79 and sets out who our stakeholders are, how the Board has 
engaged with each stakeholder group and any key outcomes. 
We have also identified below some principal decisions made by 
the Board during the year, and how the Board considered the 
interests of our stakeholders when making long-term strategic 
decisions.
Board appointments
C
S
E
C
E
B
R
The Board approved the appointments of Sarah Legg, Dixit Joshi and 
Paco Ybarra as non-executive directors during 2024. Given the role 
that non-executive directors play in setting and monitoring the 
delivery of the firm’s strategy, the Board was aware of the importance 
of the appointments to all stakeholders and took this into account 
when formulating the role criteria, identifying potential candidates and 
during the appointment process itself. Following two extensive search 
processes, the non-executive directors, who bring significant 
strengths in capital markets, finance and executive management, 
emerged as the preferred candidates. 
The Board believes that, following these appointments, it has the  
right mix of skills and experience to support the development of the 
Company’s strategy and deliver long-term success. Details of the 
appointment process are set out in the Nomination and Governance 
Committee report on page 94.
Approval of strategic priorities
C
S
E
E
B
R
In February, the firm announced its multi-year strategic priorities, 
aiming: to diversify investment capabilities, notably in quant equity, 
credit and solutions; to extend client reach, with a particular 
emphasis on North America, wealth and insurance channels; and  
to leverage existing strengths and scale. The Board will continue  
to monitor progress against these objectives.
Given the strategic significance of the announcement, the Board 
considered the potential impact of the strategic priorities on Man 
Group’s key stakeholders. Noting that all stakeholder groups would 
be impacted, the Board was particularly mindful of the interests of 
clients, employees and shareholders. 
Share buyback programme
C
S
R
The Board approved a share buyback programme of up to 
$50 million during the year, which commenced in March 2024 
and concluded in September 2024. Prior to its approval, the Board 
considered the views of the firm’s stakeholders, particularly 
those of its shareholders, and deliberated whether the buyback 
programme would be an appropriate use of capital for delivering 
long-term success. Alternative uses of capital were also discussed, 
and the Board concluded that the buyback was the most 
appropriate option for the firm and reflected the Board’s  
confidence in the performance of the firm.
RCF amendment 
C
S
E
C
E
B
R
In March 2024, the Board amended the existing Revolving 
Credit Facility to include Environmental, Social and Governance targets 
which were aligned to the targets contained in the executive director 
LTIP ESG scorecard, thereby classifying the facility as a sustainability-
linked loan. Specific attention was given to the impact of the decision 
on employees and the environment when discussing and approving 
the proposed amendment. 
Engagement in action – Principal decisions of the Board
Details of how the Board has had regard to the following matters 
as set out in section 172(1)(a)-(f) of the UK Companies Act 2006 
can be found on the following pages:
– Consequences of decisions in the long term – 76. 
– Interests of employees – 77. 
– Fostering business relationships – 77. 
– Impact on the community and environment – 78. 
– High standards of business conduct – 79. 
– Need to act fairly between shareholders – 77.
Key to stakeholders:
C   Clients
S   Shareholders
E   Employees
C   Communities 
E   Environment
B   Business partners and suppliers
R   Regulators
76
Governance
Man Group plc |  Annual Report 2024

Shareholders
Clients
Why?
Delivering outperformance for our clients 
is fundamental to our corporate purpose. 
To achieve this, an understanding of our 
clients’ investment goals is critical to ensure 
decisions relating to the strategic direction 
of the firm are aligned to those of our clients. 
How?
The Board considered the impact of 
challenging and volatile markets, which 
continued from 2023 into 2024. The Board 
received regular updates on how the firm 
engaged with its clients during these 
periods of volatility and how it continued to 
meet clients’ investment goals, build strong 
client relationships and deliver market 
outperformance.
The unification of the firm’s range of 
discretionary investment capabilities into 
a new Discretionary division created a 
platform for growth across the product 
range and facilitated a clearer articulation to 
clients of the firm’s investment capabilities. 
Further information on the Discretionary 
division is set out on page 38.
Client relationships and priorities were a 
key focus during the Board’s January and 
September strategy sessions, recognising 
the importance of the firm’s long-lasting 
and strategic partnerships with its clients 
and supporting client needs.
The Board delegates most direct 
engagement with clients to executive 
directors and the senior management 
team. Regular updates on client interaction 
and engagement are presented at Board 
meetings via the CEO report. 
Since her appointment as CEO in 2023, 
Robyn has spent considerable time 
engaging with clients around the world to 
ensure that their priorities are in alignment 
with the future direction of the firm.
The Board sought advice and perspectives 
on current and future industry and 
market trends, including the competitive 
landscape, in order to anticipate client 
needs, develop the firm’s strategy and 
set objectives accordingly. 
Outcomes
	
„ The Board continues to have a deep 
knowledge of the firm’s client base and 
client relationships, and how these 
continue to link to the firm’s ambitions 
and strategic goals.
	
„ The Board remains aware of key areas of 
client focus such as liquidity, investment 
risk and ESG. A deep-dive presentation 
on ESG and RI investment matters held 
during the year included considerable 
discussion by the Board on the differing 
client views around ESG issues.
	
„ The Board approved the firm’s multi-
year strategic priorities, including the 
consolidation of the firm’s discretionary 
investment capabilities. 
Why?
As a listed company, the Board is aware 
of the importance of institutional and 
individual shareholders. Central to this is 
considering the effective use of capital to 
deliver long-term success.
We are committed to proactive engagement 
with our shareholders and mindful that with 
a varied shareholder base, it is important 
to act fairly between shareholders and 
consider a variety of needs. Market trends 
demonstrate that shareholders are 
increasingly interested in how decisions are 
made, as well as the decision itself, and the 
firm is committed to providing shareholders 
with reliable, timely and transparent 
information. 
How?
The Board actively engages with  
Man Group’s largest shareholders and 
encourages feedback as part of this 
engagement process. Executive directors 
and the Board Chair meet shareholders 
and attend investor roadshows and other 
investor events throughout the year. 
Key topics in 2024 included investment 
performance and risk management 
in challenging financial markets, the 
streamlining of the firm’s discretionary 
capabilities, and our capital allocation policy.
The Board receives regular reports from 
the Investor Relations function on the 
Company’s shareholder base, including key 
themes on shareholder sentiment. 
Although shareholders are updated 
via engagement meetings, electronic 
communication (including the website), 
as well as written correspondence where 
necessary, the Board recognises that the 
AGM is the primary formal interaction with 
shareholders. We have carefully considered 
the 2025 Notice of Annual General Meeting, 
taking into consideration shareholder views.
Outcomes
	
„ The Board received metrics on 
shareholders as part of monthly 
reporting to inform discussion and 
decision-making.
	
„ Continued proactive engagement with 
shareholders, led by the firm’s Investor 
Relations function, CEO and CFO. 100+ 
meetings took place during the year.
	
„ An extensive roadshow with 
shareholders was held with a focus on 
US-based shareholders.
	
„ Continued attendance at all major 
financial services conferences held 
throughout the year.
	
„ The Board approved a share buyback 
programme during the year in 
line with the firm’s approach to capital 
management. 
	
„ All resolutions passed at the 2024 AGM 
receiving over 89% in favour.
	
„ The Board considered shareholder  
views as part of its deliberations 
with respect to amendment of the firm’s 
revolving credit facility to include ESG-
related targets.
Employees
Why?
Our employees are integral to the success 
of the firm. Maintaining and developing 
an engaged and motivated workforce, 
and strong corporate culture allows us 
to continue to deliver excellent service 
to our clients and maintain high standards 
of business conduct throughout the 
organisation. Listening to and acting upon 
employees’ views contributes to our ability 
to attract and retain the best talent and 
support long-term success.
How?
In line with our workforce engagement 
model, Ceci Kurzman continued to be the 
non-executive director responsible for 
leading engagement throughout 2024. 
Ceci conducted a series of sessions with 
employees during the year and shared 
her feedback from these sessions with 
the Board. Employees are also encouraged 
to share their thoughts and feedback on 
working at Man Group with Ceci via email 
which is promoted in the firm’s newsletter. 
The Board received workforce engagement 
updates which included Robyn’s approach 
to engaging with employees, including Q&A 
style townhall meetings and a ‘Robyn’s take’ 
Slack channel which contains updates on 
the firm and the industry more generally. 
Townhall sessions were held during the year 
which focused on the Solutions business, 
the FY2023 results and an open Q&A 
session. Minds at Man sessions were also 
held throughout the year, with topics which 
included non-financial risk, operations, 
and style in the workplace. These sessions 
enabled employees to ask questions and 
share their views with directors and senior 
management.
The Board also undertook a review of Man 
Group’s culture in the latter part of the 
year, which supplemented the regular 
people and culture updates throughout 
the year. We also considered and discussed 
the results of the staff survey undertaken 
during the year and the actions proposed to 
address the feedback received.
Outcomes
	
„ The Board continues to champion the 
firm’s diversity, equity and inclusion 
initiatives and schedules regular updates 
from relevant teams across the firm.
	
„ The Board discussed the outcomes of 
the 2024 staff survey, noting the areas 
of focus for 2025 and agreed actions to 
address them.
	
„ The Board considered feedback 
from Ceci’s workforce engagement 
sessions. Key themes included positive 
feedback on the ManKind volunteering 
programme, valued work/ life balance 
and a well-received response to the 
enhanced maternity and parental  
leave policy. 
77
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Man Group plc |  Annual Report 2024

ESG
Our commitment to ESG is fundamental to our corporate strategy, 
both in the way we provide investment services to our clients 
and beneficiaries in line with their goals, and as a listed company 
ourselves. ESG matters are driven, through the ESG governance 
framework, at all levels of the firm and feature in many of the 
management meetings we have each year.
Although we acknowledge that clients’ preferences may vary,  
we have continued to integrate ESG into our investment processes 
in line with client demand, with ESG-integrated AUM of $62.6 billion. 
Senior management and individual portfolio managers are in frequent 
dialogue with each other and with clients to ensure a consistent, 
coherent approach to achieving ESG targets. We are proud of the 
focus that ESG has had within the firm during the year and look 
forward to our continued development in this area.
More detail can be found in the Sustainability and responsibility 
section on pages 48 to 59.
Volunteering opportunities
Each year employees from across the firm are offered the opportunity 
to volunteer their time to support charities and organisations that are 
striving to make a positive impact in local communities. 
Further detail can be found on page 45.
Communities
Stakeholder engagement continued
Why?
Community engagement and charitable efforts are central to Man 
Group’s ethos and culture. We have a responsibility to contribute to the 
local communities in which we work and have multiple initiatives in 
place to support this aim.
How?
The Board actively encourages, supports and monitors progress 
on initiatives that it believes will have a positive impact on the 
communities in which Man Group operates. The Board considers,  
and is briefed by management on, the firm’s contributions to 
communities via charitable partnerships and donations, and 
volunteering opportunities for employees (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
	
„ 590+ Man Group employees volunteered as part of the firm’s 
ManKind offering to employees. Employees are entitled to two paid 
volunteering days per year. More detail on ManKind can be found on 
page 45.
	
„ Man Group works with the #10,000BlackInterns 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 the 
King’s Maths School (UK).
	
„ Man Group’s Corporate Sustainability brochure and Diversity, Equity 
and Inclusion report detail a range of commitments and how the 
firm embodies its key principle of ‘responsibility’.
Environment
Why?
Man Group recognises the need to be a good corporate, global citizen 
and responsible investor, whilst taking into account the needs and 
beliefs of our clients.
How?
The Board has responsibility for the oversight of Man Group’s 
environmental impact and monitors progress made against targets. 
It regularly discusses ESG and climate-related matters and is provided 
with updates from senior management throughout the year. This 
work covers the environmental impact of Man Group itself, as well as 
the ESG solutions that we offer to clients interested in responsible 
investment.
The firm is an active member of industry groups including the IIGCC, 
SBAI, UKSIF and is a signatory to the UN Global Compact and the 
UN-supported Principles for Responsible Investment, amongst 
others. Man Group is also a signatory of the Net Zero Asset Managers 
initiative, a group of asset managers committed to supporting the goal 
of net zero greenhouse gas emissions by 2050 or sooner. 
Outcomes
	
„ ESG matters were discussed regularly at Board and Audit and 
Risk Committee meetings during 2024. In December 2024, the 
Board received a detailed presentation on RI and ESG 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.
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Man Group plc |  Annual Report 2024

Fostering business relationships
The Board also works to foster strong business relationships with its 
business partners and suppliers.
The Board considers Man Group’s impact on its supply chain as part of 
its annual approval of the Modern Slavery Transparency Statement.
High standards of business conduct
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 63 to 65 support Man Group in upholding these standards.
The Board receives updates regarding corporate culture at each Board 
meeting as part of the CEO report and undertook a specific review on 
culture received in December 2024. The Board also received updates 
on workforce engagement, the output of the 2024 employee survey 
and feedback following engagement with the designated workforce 
engagement non-executive director.
Business partners and suppliers
Why?
Man Group has a long-held reputation for good relationships with 
business partners and suppliers. This is important to the Board and 
to all employees.
Good relations with business partners and suppliers are essential 
to the firm’s effective day-to-day operation. Man Group holds itself 
to high standards of business conduct and integrity and it expects 
its suppliers and business partners to do the same.
How?
Man Group has a structure in place comprised of various committees 
and policies (including a Supplier Code of Conduct), which together 
govern our approach to the risk management of, and engagement 
with, suppliers.
The Board, via reporting from the Audit and Risk Committee, is kept 
updated on the development of any key supplier risks. Timelines of 
payments to suppliers are tracked on a monthly basis within the UK, 
the firm’s main country of operation.
A dedicated cyber security team oversees and assesses our 
suppliers to ensure they are compliant with the firm’s cyber security 
requirements and the Board is kept informed of any developments 
via the Audit and Risk Committee.
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
	
„ Updates throughout the year regarding third-party engagements 
and ongoing relationships, particularly with regard to operational 
resilience linked to the introduction of the Digital Operational 
Resilience Act.
	
„ Man Group remains a signatory to the Chartered Institute of  
Credit Management 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.
Regulators
Why?
The firm’s products and services are regulated by various global 
regulators. Man Group is committed to compliance with its regulatory 
obligations and to maintaining open and collaborative communication 
with its regulators. We are confident that our employees maintain 
the highest standards of conduct, which in turn helps us to meet our 
regulatory compliance obligations.
How?
Man Group maintains regular contact with all applicable regulators  
and keeps them apprised of any upcoming matters of note.
The Compliance function has delegated responsibility for day-
to-day regulatory reporting matters. The Board and Audit and 
Risk Committee receive and consider regular updates from senior 
management on compliance matters, including upcoming changes 
introduced by regulators that require action.
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 Board and the Audit and Risk Committee were provided with 
regular updates regarding engagement with the firm’s global 
regulators.
	
„ The Board and Audit and Risk Committee regularly discussed 
regulatory priorities.
	
„ The Audit and Risk Committee received regular compliance 
updates, including updates regarding matters such as the FCA’s 
Consumer Duty. 
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Man Group plc |  Annual Report 2024

A skilled, effective and forward-thinking Board
Board effectiveness
Board oversight, challenge and decision-making
During the year the Board held six formal meetings, one ad-hoc 
meeting, two additional in-depth strategy sessions and held Board 
committee meetings as required. Where possible, members were  
all physically present however, on occasion, members joined by 
videoconference where they were unable to attend the meeting  
in person. Attendance at these meetings is set out on page 75.
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 2024, are set out in the stakeholder engagement 
section on pages 76 to 79.
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 to 71 and the 
analysis of the Board’s composition and skills on page 81 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. In early 2024, the Board approved a revised 
Diversity, Equity & Inclusion Policy which articulates our approach to 
Board diversity, equity and inclusion now and in the future. More 
information can be found on pages 96 to 97.
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. 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 
69 for further details); and
	
„
formal review of independence as part of the process for renewing 
the appointment of non-executive directors. Further details can be 
found opposite and on page 95.
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. 
Anne Wade was appointed as a non-executive director of Anglo 
American plc and a member of its Audit and Sustainability 
Committees. This appointment was considered to be significant for  
the purposes of Provision 15 of the Corporate Governance Code 2018 
(the Code) and in line with the process outlined above, the SID 
assessed the demands of the role, taking into account Anne’s other 
appointments. Laurie Fitch was appointed as a non-executive director 
and member of the ESG Committee of EDP (Energias de Portugal). 
Again this appointment was considered to be significant under 
Provision 15 of the Code and in line with the process outlined above, 
the Chair assessed the demands of the role, taking into account 
Laurie’s other appointments. Both 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 2024:
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 83).
The Board and culture
The Board recognises that both the maintenance and 
development of company 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 reporting at 
Board meetings (via the CEO and CFO reports) and undertakes a 
formal review of culture annually. In addition, feedback is actively 
sought from employees through the engagement survey 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 page 77.
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Man Group plc |  Annual Report 2024

10%
50%
40%
50%
40%
10%
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 the 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. The first 
phase focuses on core Board responsibilities and dynamics, 
governance arrangements and the Man Group culture and history, and 
includes meetings with Board members, the Company Secretary and 
key advisers. Phase two focuses on central functions of the business, 
while phase three focuses on investment management, trading and 
responsible investment. Phases two and three involve meetings with 
certain members of the ExCo and the management team. Directors are 
invited to provide feedback on the induction programme to ensure it is 
useful and well targeted.
Sarah Legg, Dixit Joshi and Paco Ybarra were appointed as non-
executive directors during the year, and received tailored inductions  
in the months following their respective appointments.
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:
	
„
the asset management industry, investor sentiment and  
industry trends;
	
„
updates on statutory and regulatory developments;
	
„
geopolitics and strategy;
	
„
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.
Board tenure
Age
  35–44
  45–54
  55+
  0–3 years
  3–6 years
  6+ years
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 2024
Key to skills and experience:
  Extensive direct experience
  Considerable experience
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Area of assessment
Agreed actions
Progress made during 2024
Performance
	
„
Increase focus and discussion 
on absolute and relative firm 
performance.
	
„
Introduced granular absolute and relative performance data into the CEO 
pack for framing of discussions at each Board meeting.
	
„
Further strengthen 
understanding of investor 
views during Board discussions.
	
„
Continued to hold investor relations deep-dive each year and focus  
on investor commentary in Board reporting where appropriate. Chair 
meetings with investors. Remuneration policy meetings were held and  
the outcomes of which were discussed with the Board.
Strategy
	
„
Continue to focus on 
longer-term strategic priorities 
and tracking progress against 
these in 2024.
	
„
Strategic priorities agreed in early 2024 and oversight of implementation, 
including key milestones and accountability.
	
„
Held Board strategy days throughout the year.
Succession planning 
and leadership
	
„
Continue to build on the Board’s 
existing skills and experience.
	
„
Recruitment of individuals with deep markets experience and strong 
accounting experience.
	
„
Encourage management voices 
and perspectives.
	
„
Increased exposure to and engagement with all ExCo members and other 
members of the senior management team.
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 2023
In 2023, the Board evaluation process was internally facilitated by the 
Chair, Anne Wade. The findings highlighted several areas of focus and 
development for consideration during 2024 and progress against these 
actions is shown below.
Independent Board review of culture and governance
During 2023, the Board commissioned an independent review of the 
Board’s culture and governance arrangements. The review, which was 
separate from the annual Board evaluation, was jointly facilitated by 
Clare Chalmers and A&O Consulting, and involved interviews with 
individual Board members and other key stakeholders, with a summary 
of key findings presented to the Board. 
The review concluded that the Board was engaged and of a high 
quality, and that the governance processes supporting its operation 
were effective. It noted that there was recognition of the important  
role that the Board played in providing scrutiny and challenge to the 
executive, and a consistent view that the executive responded well  
to challenge and reacted appropriately when it was given. The table 
below indicates agreed actions and implementation during 2024.  
The Board considers that all actions are now closed.
Agreed actions
Progress made
	
„
Increase the pool of executive search firms used to support non-executive 
search processes.
	
„
Two separate executive search firms were engaged to support the 
non-executive search processes in 2024.
	
„
Extend the membership of the Nomination and Governance Committee to 
include the rest of the existing non-executive directors.
	
„
All non-executive directors now sit on the Nomination and  
Governance Committee.
	
„
Enhance the non-executive director induction programme to include 
additional focus on firm and Board culture.
	
„
The non-executive director induction programme has been redesigned 
and successfully used for the induction of the 2024 recruitments.
	
„
Ensure that appropriate information is shared with all Board members 
outside formal Board and Committee meetings, particularly in the case of 
significant externally driven events.
	
„
The Board performance review carried out in late 2024 recognised that 
management has taken significant strides in its support of the Board, 
becoming more transparent and better at sharing information, including 
between meetings where appropriate.
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Man Group plc |  Annual Report 2024

Diversity of the Board and executive management by gender and ethnicity as at 31 December 2024
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 Secretaries. 
The data in the tables below has been compiled via voluntary disclosure and is recorded in our HR platform (Workday).
Reporting table on sex/gender representation 
Number of Board 
members
Percentage of 
the Board1
Number of senior 
positions on the 
Board (CEO, CFO,
SID and Chair) 
Number in 
executive 
management1
Percentage of 
executive 
management
Men
4
40%
2
8
57.1%
Women
6
60%
2
6
42.8%
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
12
85.7%
Mixed/Multiple Ethnic Groups
1
10%
0
1
7.1%
Asian/Asian British
1
10%
0
0
0%
Black/African/Caribbean/Black British
0
0%
0
0
0%
Other ethnic group
2
20%
0
0
0%
Not specified/prefer not to say
0
0%
0
1
7.1%
1	 Robyn Grew and Antoine Forterre are considered both Board and executive management for the purposes of this reporting.
2024 Board performance review
During the year, the Board commissioned the triennial independent 
Board performance review. The review was facilitated by Clare 
Chalmers, and involved interviews with individual Board members and 
other key stakeholders, with a summary of key findings presented to 
the Board. During the initial conversations with Clare Chalmers it was 
established that although she had facilitated previous Board 
performance reviews, there had been a sufficient level of change on 
the Board to ensure that independence was not compromised by her 
previous work. Clare Chalmers’ previous Board performance review 
had taken place in early 2021, when only four of the current ten 
directors were in role.
The review was a formal and rigorous evaluation which considered the 
Board’s composition, diversity and effectiveness. The review noted 
positive boardroom dynamics, appropriate levels of challenge and the 
effective integration of the new directors. It was concluded that it was 
a high-functioning Board and the Board, its committees, the Chair and 
individual directors were effective in their roles.
Summary of internal effectiveness development areas for 2025
Area of assessment
Key findings
Agreed actions
Composition
	
„
Continued focus on Board 
composition including of the 
Committees as well as the SID 
role.
	
„
Future focus by the Nomination & Governance Committee on Board and 
Committee composition. Consideration of the process for the selection  
of the SID in advance of the change of SID in Q4. Continue to consider 
how best the Board can access relevant technology expertise.
Management
Leadership
	
„
Support for the executive.
	
„
The Board will continue to support the executive and in particular will 
focus on supporting the CEO at an early stage in her tenure and the new 
CPO in strengthening People processes.
Workforce 
engagement
	
„
Consider opportunities for 
non-executive directors other 
than the designated director to 
be involved.
	
„
All non-executive directors to continue to be invited to workforce 
engagement events where appropriate. Continued detailed reporting  
at Board meetings.
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Man Group plc |  Annual Report 2024

1
2
3
4
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 welcome Dixit Joshi and Sarah Legg, who 
became members of the ARCom in May 2024. The ARCom has 
benefited greatly from their extensive previous experience and  
fresh insights. 
Key achievements for 2024
Throughout the year, the ARCom closely monitored risks arising  
from macroeconomic and geopolitical events, including interest rate 
changes and election outcomes. The Committee 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 and operational resilience considerations.
The ARCom oversaw an external quality assessment (EQA) of the 
Internal Audit function, with the findings presented to the Committee 
in May 2024. The EQA enabled the ARCom to confirm that the Internal 
Audit function operated effectively, while also facilitating a strategic 
assessment of the future model for the function to ensure it is strongly 
positioned to discharge its vital role. The ARCom therefore closely 
monitored the subsequent tender process for the outsourced provider 
of the firm’s Internal Audit function and reviewed its recommendations 
in December 2024 – full details of the process can be found on  
page 91. 
We also maintained a focus on cyber and information security risk 
matters, as well as operational resilience. The Committee devoted 
significant time to monitoring live industry-wide threats and the firm’s 
operational resilience framework, including the work undertaken to 
ensure compliance with the DORA and review of the firm’s key 
third-party dependencies. 
At its September meeting, the ARCom assessed integration risk in the 
context of Man Varagon, one year on from its acquisition. The exercise 
allowed the ARCom to review the implementation of risk controls and 
monitor the cultural integration with the wider firm. 
Focus areas for 2025
For 2025, as well as considering the standing items of business, 
the ARCom will focus on the following areas:
	
„
preparing for the implementation of UK corporate governance 
reforms, specifically in relation to identification and assessment of 
material controls;
	
„
continued monitoring of the firm’s operational resilience 
framework;
	
„
assessing geopolitical and economic risk factors which will impact 
the firm and its stakeholders; and
	
„
monitoring the progress of the Internal Audit function to ensure 
execution of the outsourced model delivers the additional value 
potential identified by the tender process.
I hope you find this report a useful insight into the work of the ARCom 
and I look forward to continuing our work in 2025.
Lucinda Bell
Chair, Audit and Risk Committee
Proportion of the committee time spent on key responsibilities
1. Risk management 
54%
2. Financial reporting
18%
3. External audit
11%
4. Internal audit 
17%
Summary of the ARCom’s main 2024 activities 
	
„
Reviewed the progress of the operational resilience 
framework and preparatory work ahead of the introduction 
of the Digital Operational Resilience Act (DORA).
	
„
Monitored the information within the interim and annual 
financial statements and challenged the key accounting 
policies, judgements and estimates. 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 2024 Internal Audit Plan, received regular 
updates on the progress of Internal Audit reviews, and 
monitored management’s response to address actions.
	
„
Oversaw an external quality assessment of the Internal 
Audit function and subsequent outsourced Internal Audit 
provider tender process. 
	
„
Recommended the reappointment, and approved the 
remuneration, of Deloitte as external auditor and approved 
the 2024 external Audit Plan.
Membership:
Lucinda Bell (Chair)
Richard Berliand
Laurie Fitch
Sarah Legg
Dixit Joshi
Lucinda Bell 
Chair, Audit and 
Risk Committee
Audit and Risk Committee report
The ARCom devoted significant time to 
the review of the operational resilience 
framework and the Internal Audit model.
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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, Head of Non-Financial Risk, 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 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.
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 2018 UK 
Corporate Governance Code (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 and 71.
The Board Chair, CEO and CFO 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, together with an explanation of how it has discharged 
its responsibilities during the year. Full terms of reference for the 
ARCom, which are reviewed on an annual basis and were approved by 
the Board in December 2024, 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 147 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.
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 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 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. 
36 investments have been consolidated on a line-
by-line basis in 2024 with a grossing up impact on 
the balance sheet of $1,939 million.
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 and challenged 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 Varagon. 
The ARCom considered the complexity the accounting 
treatment adds to the interpretation of Man Group’s 
results, and management’s proposal to use alternative 
performance measures (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.
Audit and Risk Committee report continued
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Matters considered
Action
Outcome
Pension valuation assumptions
Man Group has defined benefit pension plans 
in the UK and Switzerland, which are well 
funded and result in a net pension asset. The 
assessment of the actuarial assumptions 
applied in valuing these plans determines the 
carrying value on Man Group’s balance sheet 
and is considered to be a critical accounting 
estimate, as disclosed in Note 3 of the 
consolidated financial statements.
Please refer to Note 13 in the consolidated 
financial statements for further details
The ARCom discussed and agreed with management the 
pension valuation assumptions applied by our external 
actuarial experts, noting that these are in the middle of the 
range of established market practice and fairly reflect the 
valuation of our pension assets and pension obligations in 
accordance with IAS 19 ‘Employee Benefits’. The ARCom 
also considered the disclosure of the valuation of the net 
pension asset as a critical accounting estimate in the 
consolidated financial statements.
The actuarial assumptions underlying the valuation of 
the defined benefit pension plans were updated at 31 
December 2024 to reflect the impact of macroeconomic 
factors, most notably on inflation and mortality 
assumptions.
The ARCom confirmed that it agreed with the 
external valuation assumptions applied in 
determining the carrying value of the net pension 
asset, as set out in Note 13, and the critical 
accounting estimate disclosure in Note 3 to 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 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 2024.
Impairment of non-financial assets
Man Group sub-leases a portion of its 
Riverbank House premises and assesses 
at the end of each reporting period the 
expected credit losses relating to finance 
lease receivables are calculated with 
reference to estimates derived from the 
deemed risk of default. 
Man Group accounts for its investments 
in associates using the equity method. An 
impairment assessment of the carrying 
value of associates is performed annually 
or whenever events or changes in 
circumstances indicate that the carrying 
amount may not be recoverable. 
Please refer to Notes 8 and 10 in the 
consolidated financial statements for  
further details
The ARCom reviewed management’s assessment of the 
credit risk associated with finance lease receivables.
The ARCom considered management’s impairment 
assessment of Man Group’s investment in associate HUB 
following a revision to HUB’s business plan in the year.
The ARCom confirmed it agreed with 
management’s calculation of the expected credit 
losses associated with finance lease receivables 
and the determination that the exposure to  
such receivables is not considered a significant 
credit risk.
The ARCom agreed that, due to the reduction in 
the carrying value of the investment in HUB as a 
result of losses incurred during the development 
phase, the carrying value at 31 December 2024 
remained appropriate and no impairment  
was required. 
Deferred tax assets (DTA)
Man Group has deferred tax assets in the US 
which largely represent historical tax losses 
and future deductions for amortisation of 
goodwill and other intangible assets that will 
reduce the tax payable in the US. The value 
of the US DTA recognised requires judgement 
regarding the assessment of probable  
future profits.
Please refer to Note 11 in the consolidated 
financial statements for further details
The ARCom reviewed the assumptions underpinning 
the profit forecast supporting the valuation of the US 
DTA. In particular, the ARCom considered management’s 
assessment of the expected timing of forecast profits 
and the expiry of certain US tax losses over time, and the 
determination that taxes would become payable in the US 
in 2025.
The ARCom confirmed that it was satisfied 
that the methodology adopted continued to be 
appropriate. A credit to the income statement of 
$1 million was recognised in the year due to the 
recognition of DTAs following changes in forecast 
future profits.
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Matters considered
Action
Outcome
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 180 to 187 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 180 to 187.
The ARCom concluded that an appropriate 
balance and level of prominence was presented 
across statutory and core measures.
Consideration of climate change 
impact on accounting estimates and 
assumptions
Man Group considers and assesses the 
impact of climate change as part of its 
broader risk governance framework which 
captures both short- and longer-term 
risks. This assessment informs the Board’s 
judgement as to whether climate change 
impacts the accounting estimates and 
assumptions used in the preparation of the 
financial statements.
Please refer to Note 3 in the consolidated 
financial statements for further details
The ARCom reviewed the possible impact of climate 
change on accounting estimates and assumptions.
The ARCom confirmed with respect to the 
impact of climate change that there are no key 
assumptions concerning the future or other key 
sources of estimation uncertainty at the reporting 
date that may have a significant risk of causing a 
material adjustment to the carrying amounts of 
Man Group’s assets and liabilities within the next 
financial year.
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 2025 
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. The ARCom was also briefed on the FRC discussion paper on 
opportunities for future UK digital reporting, to which the firm 
submitted a response.
Correspondence with the FRC
The Company received no specific correspondence from the FRC  
in the period. The topics identified in the FRC’s ‘Annual Review of 
Corporate Reporting 2023/2024’ publication were reviewed, however 
no specific changes were required to Man Group’s consolidated 
financial statements as a result.
Financial statements benchmarking
At the request of the ARCom, management performed a 
benchmarking exercise on the consolidated financial statements 
during the year. Having reviewed management’s assessment, the 
ARCom concluded that Man Group’s financial statements compare well 
with peers overall. The ARCom agreed with management’s proposal to 
further enhance disclosures in a limited number of areas in the 2024 
financial statements.
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Risk management and internal controls
Monitor and review of risk and control environment 
– key business areas
In discharging its risk management role, the ARCom combined 
oversight of the firm’s response to live risk events with consideration  
of more strategic risk management themes, exemplified by its close 
monitoring of the global CrowdStrike outage, as well as the ARCom’s 
continued focus on operational resilience, and integration risks 
following the acquisition of Varagon. Key areas of risk-based 
discussion are set out below.
Operational resilience 
Throughout the year, the ARCom monitored the progress of the  
firm’s operational resilience framework, a deep dive on the topic being 
presented to the September meeting. The ARCom was able to assess 
the implementation of the core structure of the framework and provide 
insights on the next phase, which focuses on development of the 
framework through live scenarios and implementation of the Third 
Party Risk Management Framework (TPRM) to further enhance the 
firm’s understanding of the resilience of key third parties. 
The ARCom also provided oversight to the firm’s compliance with 
DORA, which came into force in January 2025 and focuses on 
information communication technology (ICT) risk management and 
governance, incident reporting, resilience testing, third-party risk and 
information sharing. At its July meeting, the ARCom received a briefing 
covering the regulatory background to DORA and the firm’s approach 
to ensuring compliance with its requirements, including the challenges 
and risks to delivery. 
In July 2024, the ARCom received a detailed briefing from 
management on its response to the global CrowdStrike outage,  
with an additional update presented at the September meeting 
covering insights from the wider industry impact and implementation 
of further enhancements to risk controls and the operational  
resiliency framework. 
Integration risk 
Following its acquisition in 2023, the ARCom closely monitored 
Varagon’s integration to ensure that robust and consistent risk 
management controls were implemented and aligned with the wider 
firm’s risk management framework. The ARCom continued to monitor 
progress in 2024, including a shift in focus to cultural elements of  
risk management to ensure the firm’s collaborative risk culture was 
swiftly embedded. 
In September the ARCom visited New York, where the senior 
management at Man Varagon is based, affording the opportunity for 
the ARCom to devote attention to an in-depth assessment of the 
progress of the integration, including a focus on cultural elements, 
presented by Man Varagon senior management. 
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 Risk function and 
discussed its role in supporting Man Group’s governance processes. 
The ARCom considered key person risk across business units, with  
an emphasis on the management succession planning framework for 
those roles. The ARCom endorsed the thorough approach taken, which 
includes close engagement from the ExCo and the emphasis placed on 
development pathways for talented individuals. The ARCom also 
received litigation briefings during the year as necessary.
At the July meeting, the ARCom received a presentation from the 
investment risk Chief Risk Officer on the work of the Investment Risk 
team, with an emphasis on risk governance processes. The ARCom 
discussed how stronger collaboration, as well as process and control 
enhancements were enabled through the team’s structure, whereby 
Investment Risk team members are embedded within each investment 
engine to cater to specific needs of each business unit while remaining 
part of one cohesive team of investment risk managers. 
The ARCom also reviewed proposed amendments to the Risk  
Appetite and Governance Framework (the Framework), including  
a new quantitative risk appetite statement to cover Man Varagon’s  
loan syndication activities. 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).
Finance
The ARCom received updates at each meeting from the CFO and 
Group Financial Controller on the Finance function’s operations  
and controls. 
The ARCom monitored the status of the government’s reforms in audit 
and corporate governance and discussed the updated UK Corporate 
Governance Code, focusing in particular on the new requirements 
regarding the review and reporting of the risk management and 
internal controls framework, which will apply from the 2026 financial 
year. 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. The ARCom also endorsed 
the firm’s response to the FRC’s discussion paper on opportunities for 
future UK digital reporting. 
At the September meeting, the Group Financial Controller presented on 
the firm’s tax position, the key projects undertaken by the Tax team 
during 2024 and areas of focus for 2025. 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, as well as the completion of the 
integration of Man Varagon into the firm’s Workday system. 
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Compliance
In addition to regular Compliance reporting to the ARCom throughout 
the year, in July the Head of Non-Financial Risk presented the 2024 
Compliance Review. Particular focus was given to the potential for 
change in the regulatory landscape with the election of new 
governments in key jurisdictions for the firm, routine entity level 
regulatory examinations, and the firm’s engagement with regulators 
during the year, including the appointment of Robyn Grew to the FCA’s 
Markets Practitioner Panel and the firm’s participation in the Bank of 
England’s System-wide Exploratory Scenario (SWES). The ARCom was 
kept apprised of the development of the SEC Private Fund Adviser 
Rules, which were vacated in June by the US Court of Appeals for the 
Fifth Circuit. 
Consideration was also given to resourcing levels, the current priorities 
of key regulators and Compliance function-led initiatives, as well as  
the significant work undertaken to support the retirement of certain 
brands by the firm in line with the strategic priorities set out during  
the year. 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.
Throughout the year, the ARCom monitored risks relating to the firm’s 
RI strategy through a dashboard summarising regulatory updates and 
industry themes, including greenwashing. 
In addition, the Money Laundering and Reporting Officer presented 
their Annual Report at the February 2024 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 Committee was fully briefed on the steps taken in response to the 
high-profile CrowdStrike outage, management having acted quickly  
to ascertain any risk to the firm and ensure no material client or 
operational impacts occurred. 
At the request of the ARCom, a periodic Technology risk agenda item 
was introduced to the ARCom agenda in 2024 to facilitate further 
discussion on areas of risk within the Technology function given its 
strategic importance to the wider firm. The Chief Technology Officer 
presented updates to the ARCom during the year, highlighting the 
investment in additional resource to information security related 
aspects of the Technology function’s work and several initiatives which 
necessitated close collaboration with the Information Security team. 
At the May meeting, the ARCom was briefed on the findings of a ‘red 
team’ exercise, during which the firm’s information security 
infrastructure had been tested by an external consultancy firm to 
simulate a live scenario and assess whether any enhancements to 
defensive controls were necessary. The ARCom endorsed the findings 
of the report which identified several areas to strengthen while noting 
that the overall assessment indicated that defences were robust.
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 2024 and February 2025 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 discussed the initial work undertaken to identify 
material controls which would require disclosure on the introduction  
(in respect of the 2026 financial year) of Provision 29 of the UK 
Corporate Governance Code 2024. Throughout 2025, 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 2025 Internal Audit 
Plan which included details of the planned audit reviews for 2025 and 
the proposed team responsible for delivering the 2025 plan to be led by 
Katie Clinton, KPMG partner, who was appointed Head of Internal Audit 
in December 2024 (see further details on page 91).
The ARCom discussed Internal Audit reports presented by the Head of 
Internal Audit at each meeting, reviewed progress against the 2023 
and 2024 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.
Audit and Risk Committee report continued
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Effectiveness of Internal Audit function
During the year, the Committee conducted an EQA of the Internal  
Audit function, seeking feedback from management and Committee 
members. 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. The 
EQA considered areas such as resourcing, delivery, reporting and 
adding value, and the independence of the function, incorporating 
feedback from ARCom members and key stakeholders across the firm. 
The EQA findings were presented to the Committee in May 2024 and 
confirmed that the Internal Audit function operated in accordance with 
relevant International Internal Audit Standards. In addition to providing 
assurance that the function operated effectively, the EQA facilitated  
a strategic assessment of the future model and resourcing of the 
function to ensure it was fully equipped to discharge its vital role in  
the context of the changing needs and structure of the firm. 
While it was ultimately considered that an outsourced Internal Audit 
function remained appropriate, the ARCom agreed with management 
that a tender for the outsourced provider should be initiated to ensure 
full value was derived from the external perspective offered by an 
outsourced model. 
The ARCom closely monitored the subsequent tender process, which 
was conducted in two phases, led by a selection panel (the Panel) with 
representation from ARCom and management (Lucinda Bell, Sarah 
Legg, Antoine Forterre, and Kate Squire).
External audit
Audit Committees and the External Audit:  
Minimum Standard (the Standard)
The Company is subject to the Standard published by the FRC in May 
2023 which currently applies on a voluntary basis. 
The Company has chosen to apply the Standard and confirms 
compliance with its requirements. 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 142 to 178. 
2024 External Audit Plan
At the October meeting, the 2024 External Audit Plan was presented 
by Bevan Whitehead, who has been lead engagement partner since 
2021. 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 
2024 meeting.
Outsourced Internal Audit tender process 
Phase 1 
In the first phase, three candidates were approached to 
participate, each of whom then met with key stakeholders 
across the firm and submitted written proposals which 
were reviewed by the Panel. 
Two candidates progressed to the next stage.
Phase 2 
Both candidates then met with the CEO and presented to 
the Panel, which resulted in the recommendation to 
reappoint KPMG. 
The recommendation was based primarily on the emphasis 
placed on the importance of leveraging the institutional 
knowledge that KPMG had built as the incumbent, while 
acknowledging the need for a new approach, including a 
refreshed team, with a mindset of continuous 
improvement and utilisation of technology and external 
subject matter expertise to further develop the Internal 
Audit offering.
The ARCom reviewed the Panel’s recommendations in 
December 2024 and approved the continued appointment 
of KPMG as the outsourced Internal Audit provider, led by 
Katie Clinton as the Head of Internal Audit.
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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 $2.1 million for 2024. The 
policy is available on the Company’s website.
The total remuneration paid to Deloitte in 2024 was $5.1 million 
(2023: $4.5 million), including $0.9 million in non-audit services 
fees (2023: $0.8 million), the increase in the year being due to an 
inflation-driven increase. 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 153.
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 2025, the ARCom 
concluded that Deloitte continued to be independent 
and objective.
Effectiveness of external audit process
At the May 2024 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.
Audit and Risk Committee report continued
Thorough planning at the outset and an effective management 
escalation process had ensured 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 early engagement of subject matter 
experts in reviewing technical and valuation related items, were 
identified as requiring further consideration and Deloitte’s plans to 
address these issues were set out alongside the 2024 Audit Plan.  
After discussion, the ARCom concluded that the external audit process 
in respect of the 2023 financial statements had been effective. 
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. 
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 re-appointment 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  
2025 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.
92
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Man Group plc |  Annual Report 2024

How the ARCom has assessed its performance
Outlined in the table below are the key areas that were identified  
in the ARCom’s 2023 performance review as requiring further 
consideration and development during 2024, together with the 
progress that has been achieved in 2024.
2024 progress on 2023 actions
2023 evaluation
2024 progress
Discuss and agree 
appropriate balance 
between audit versus 
risk coverage at 
meetings
Meeting agendas are carefully constructed 
to emphasise Audit or Risk where required, 
exemplified by the heavy focus at February 
and July meetings on review of the annual  
and interim financial statements.
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.
Consideration of the 
separation of the 
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.
The merits of establishing separate Audit and 
Risk committees will continue to be reviewed 
in 2025.
Progress against the agreed 2023 actions was assessed in July 2024, 
with feedback sought from ARCom members at that stage. In February 
2025, the ARCom considered the findings and recommendations of 
the external performance review conducted by an external consultant 
as part of the wider Board evaluation process. Interviews were 
conducted with ARCom members and certain regular attendees in 
December 2024. The external consultant also attended the December 
2024 ARCom meeting to observe its dynamics at work. 
The results of the review confirmed that the ARCom was operating 
effectively, and responses indicated that the ARCom was a thoughtful 
and collaborative forum. Feedback indicated that the Committee 
members provided informed and constructive challenge to 
management, and the ARCom Chair was praised for their chairing  
style in facilitation of this dynamic.
Areas identified for focus in 2025 included continued discipline on the 
length of board packs as well as further refinement of reporting to 
enable historic comparative analysis of key risk metrics.
Lucinda Bell
Chair, Audit and Risk Committee
93
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Man Group plc |  Annual Report 2024

Dear Stakeholder
This year the Nomination and Governance Committee (the Committee) 
spent considerable time working on the recruitment of three new 
non-executive directors to the Board of Directors. In the spring we 
recommended the appointment of Sarah Legg and Dixit Joshi, which 
became effective immediately after the Company’s AGM in May. We 
then also recommended the appointment of Paco Ybarra which 
became effective on 6 September 2024. All of these appointments 
followed an extensive search process and enabled us to add specific, 
identified, skill sets to the Board, as signposted in this report in last 
year’s Annual Report. These appointments were undertaken with  
the assistance of external executive search firms (see page 97 for 
further details). 
Turning to Board committee changes, in May Lucinda Bell joined the 
Remuneration Committee. The three new non-executive directors all 
joined the Nomination and Governance Committee upon appointment, 
as we believe it appropriate that all non-executive directors are 
members of the Nomination and Governance Committee. Sarah and 
Dixit also joined the Audit and Risk Committee. We consider that the 
Board committees are all appropriately resourced. 
Given the importance of succession planning to the long-term  
success of the Company, the Committee continued to dedicate time  
to considering this during the course of 2024. This included a robust 
review of independence. For more information, see our section on 
Board independence on page 80. I would, however, like to comment 
specifically on Richard Berliand. Since 19 January 2025 Richard has 
been a director for more than nine years. The Committee has rigorously 
reviewed his independence and role, taking account of the provisions 
of the UK Corporate Governance Code (the Code), and is completely 
satisfied that he remains independent in character and judgement,  
and can continue to be viewed as independent for the purposes of  
the Code. For full details see page opposite. 
Since the extension of the remit of the Committee to include 
governance-related items in late 2023, we have spent an increased 
proportion of our time considering governance aspects, including 
carrying out a formal corporate governance review which took  
account of the changes being introduced by the 2024 UK Corporate 
Governance Code. 
We have also refreshed our process around skills data collation,  
review and presentation, which is so helpful in guiding succession 
planning conversations. 
An extremely important aspect of our work in 2024 has been the 
review of our approach to sustainability oversight. The Committee 
spent time evaluating whether to establish a Board sustainability 
committee. The directors agree that this responsibility sits at the 
highest level, with the Board. It is therefore appropriately managed 
under the current structure, and the full Board retains responsibility  
for sustainability, with decision making informed by regular reporting  
to the Board and presentations and training. For more information 
please see page 60.
In 2024 an externally facilitated Board performance review was 
conducted, which concluded that the Board, committees, Chair  
and individual directors were all effective in their roles. For more 
information please see page 83.
Anne Wade
Chair
Summary of the Nomination and Governance 
Committee’s activities during 2024 and  
early 2025
	
„
Reviewed the size, composition, diversity and skill  
set of the Board and its Committees.
	
„
Recommended to the Board for approval the  
appointment of: 
	
–
Sarah Legg and Dixit Joshi as non-executive directors 
and members of the Audit and Risk Committee and 
Nomination and Governance Committee; 
	
–
Paco Ybarra as a non-executive director and member  
of the Nomination and Governance Committee; and
	
–
Lucinda Bell as a member of the Remuneration 
Committee.
	
„
Recommended to the Board for approval significant 
changes to the Board Diversity, Equity and Inclusion Policy 
(see page 96 for further details).
	
„
Reviewed the independence of all Board members.
	
„
Reviewed our approach to Sustainability oversight.
	
„
Introduced a formal annual Corporate Governance review.
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.
Anne Wade 
Chair, Nomination and 
Governance Committee 
Nomination and Governance Committee report
The Nomination and Governance Committee 
was delighted to recommend to the Board 
for approval the appointment of three new 
non-executive directors.
94
Governance
Man Group plc |  Annual Report 2024

1
2
3
4
Role of the Committee
The Committee’s Terms of Reference were reviewed by the Committee 
and submitted to the Board for approval, and are available on the 
Company’s website. A summary of responsibilities is as follows:
	
„
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.
Committee membership and remit
As mentioned above, in response to Board feedback and the 
recommendation set out in the independent governance review 
undertaken during 2023, all non-executive directors are appointed to 
the Committee. The list of members is set out on the page opposite 
and on the Company’s website in the Corporate governance section 
under the title Committee membership.
In addition, the Committee recommended and the Board approved 
that it would be appropriate to extend its remit to cover governance-
related items, consistent with many of our peers. During 2024,  
the Committee, with the support of the Company Secretary, has 
reviewed the Company’s corporate governance arrangements and 
recommended changes to the Board as well as monitoring developing 
trends, initiatives and proposals in relation to Board governance issues. 
This has included changes reflecting the implementation of the 2024 
Corporate Governance Code.
Board and Committee changes
As previously mentioned, there have been a number of changes to the 
Board and Committees during 2024. Alberto Musalem stepped down 
from the Board and from the Committee, the Audit and Risk 
Committee, and the Remuneration Committee with effect from the 
end of February 2024. In early May 2024 Lucinda Bell was appointed  
as a member of the Remuneration Committee.
On 10 May 2024, Sarah Legg and Dixit Joshi were appointed to the 
Board and as members of the Nomination & Governance Committee 
and the Audit and Risk Committee. Sarah has spent her career in a 
variety of finance leadership roles and is an experienced non-executive 
director and Audit Committee Chair. Dixit brings significant capital 
markets experience and commercial insight from his senior leadership 
and executive positions at major global financial institutions.
On 6 September 2024, Paco Ybarra was appointed to the Board and  
as a member of the Committee. He is a veteran of the global banking 
industry who brings exceptional experience in capital markets across 
multiple asset classes and geographies from his senior leadership roles 
with a major banking group.
The last two years have undoubtedly been a period of change for Man 
Group’s Board. We have worked hard to support the Board to manage 
this in an appropriate manner and the Committee will continue to keep 
Board composition under review.
Board independence
The independence, effectiveness and commitment of each of the 
non-executive directors have been reviewed and the Committee  
and Board were satisfied with the independence, effectiveness and 
commitment of all the non-executive directors during the year.
As mentioned on the page opposite, since January 2025 Richard 
Berliand has been a director for more than nine years. The Committee 
has rigorously reviewed his independence and role, taking account  
of the provisions of the UK Corporate Governance Code, and is 
completely satisfied that he remains independent in character and 
judgement. Richard’s deep understanding of financial markets, the 
regulatory environment, risk management and technology, all gained 
through senior executive and non-executive roles in the financial 
services sector, make him a valued contributor to the Board. His 
institutional knowledge of Man Group provides useful context and 
continuity following a period of change for the Board. 
Having considered recent Board changes and the importance of  
an orderly transition of the role of Senior Independent Director and 
concluded there were no circumstances impairing Richard’s ability  
to act in the best interest of the Company and shareholders, the 
Committee recommended, and the Board agreed, that it was 
appropriate to extend Richard’s role as a non-executive director and 
the Senior Independent Director until a date no later than December 
2025, subject to shareholder approval at the 2025 AGM. This would 
take his total tenure as a non-executive director to nine years and 
eleven months. The Board plans to appoint a new Senior Independent 
Director in Q4 of 2025.
Proportion of committee time spent on key responsibilities
1. 	Board appointments
43%
2.	Board and senior management 
succession planning
17%
3.	Diversity, Equity  
and Inclusion
14%
4.	Corporate Governance
26%
95
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Nomination and Governance Committee report continued
Committee evaluation
Progress on the priority areas identified by the Committee in last year’s evaluation is set out below, together with the areas for focus highlighted 
in the 2024 evaluation.
Progress on priority areas identified in 2023 evaluation
Priority area
Agreed action
Progress during 2024
Non-executive searches
	
„
Progress non-executive searches for individuals with 
deep markets experience and candidates with strong 
financial and accounting experience.
	
„
Sarah Legg, Dixit Joshi and Paco Ybarra recruited. 
Succession planning
	
„
Explore the potential appointment of an adviser to the 
Board to provide additional insights and knowledge 
around technology and cyber security.
	
„
Ongoing conversations around technology and cyber 
security advice. Presentations and training for the Board 
on these topics.
The Committee also discussed the following areas which were identified in the 2024 Board evaluation as requiring further Committee 
consideration during 2025: 
	
„
Consider the process for replacing the SID and make appropriate recommendations.
	
„
Review committee membership requirements.
	
„
Consider how best the Board can access relevant technology experience.
	
„
Ongoing consideration of gender balance.
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 significantly changed in early 2024, as explained 
in last year’s Annual Report, 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 
Dixit Joshi
Non-executive director
Sarah Legg
Non-executive director
Paco Ybarra
Non-executive director
Directors appointed in 2024
96
Governance
Man Group plc |  Annual Report 2024

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. 
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 
that are 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. In 2024 the search firms 
Spencer Stuart and Russell Reynolds were engaged to undertake 
these searches. Neither firm has any other connection with the 
Company or individual directors. We will also consider and explore 
alternative routes to the supply of appropriate candidates. 
Implementation in 2024
The Committee considered diversity in the context of the non-
executive searches during 2024 and requested the external search 
firms supporting on these searches to take account of this when 
identifying potential candidates for the relevant roles. As set out on 
page 83 we are pleased that we have exceeded the targets contained 
in the Women Leaders’ Review and Parker Review and that 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 under-represented 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 2024
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 
and approved gender and ethnicity targets for senior management. 
Further details are set out on pages 42 to 43.
Formal succession planning discussions at Board and Nomination  
and Governance Committee meetings were supplemented this year 
through more informal discussions during Board dinners around 
development and succession planning for Board and senior 
management positions. 
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:
	
„
updates at Board and Committee meetings from Executive 
Committee members and other members of the management 
team on the areas of the business for which they are responsible;
	
„
attending presentations delivered by various individuals within the 
business, including several portfolio managers; 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 evaluation 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 2024
Feedback from the 2023 Board and Committee evaluations highlighted 
the strong gender diversity on the Board as well as the diversity of 
perspective and background whilst identifying the need to bring 
additional markets and accounting experience to the Board in 2024. 
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 Secretaries, in the form prescribed by the FCA, are 
included on page 83.
97
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Man Group plc |  Annual Report 2024

1
2
4
5
6
3
1. Executive directors’  
remuneration
42%
2. Employee remuneration
17%
3. Shareholder engagement,  
DRR and Remuneration  
Policy 
17%
4. Senior management 
remuneration
12%
5. Governance and other
8%
6. Financial regulation
4%
Summary of the Remuneration Committee’s 
activities in 2024 and early 2025
	
„
Reviewed and consulted with shareholders on the Directors’ 
Remuneration Policy.
	
„
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 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.
	
„
Reviewed and approved the Directors’ Remuneration report.
Current Membership1:
Laurie Fitch (Chair)
Lucinda Bell2
Richard Berliand
Ceci Kurzman
Anne Wade
Where appropriate, Robyn Grew and Antoine Forterre are  
invited to attend Committee meetings, but are not present for 
discussions relating to their own remuneration.
1	 Alberto Musalem retired from the Board and stepped down from  
the Committee on 29 February 2024.
2 	 Lucinda Bell was appointed as a member of the Committee on  
8 May 2024 and attended all meetings after that date.
Directors’ Remuneration report
1. Chair’s annual statement
Laurie Fitch 
Chair of the 
Remuneration  
Committee
How the Committee spent its time in 2024
Contents
Chair’s annual statement
 99-102
Remuneration at a glance
103-107
Directors’ Remuneration Policy summary table	

103
Remuneration outcomes for 2024	

104-105
Executive director pay in the context of  
Man Group’s shareholders	

106
Executive director pay in the context of  
Man Group’s employees	

107
Remuneration outcomes in 2024	

108-117
Single total figure of remuneration for executive directors	

108
Annual bonus in respect of 2024 performance	

108-110
Vesting outcome in respect of the 2022 LTIP	

111
Relative importance of spend on pay	

112
Review of past performance	 
112
Percentage change in directors’ remuneration	

113
CEO pay ratio	

113-114
Retirement benefits	
114
Single total figure of remuneration for non-executive directors
114
Payments to former executive director	 	

114
Directors’ interests and shareholding requirement
115
Directors’ interests in shares and options under Man Group  
long-term incentive plans	

115-116
Shareholder voting and engagement	

117
Implementation of Directors’ Remuneration  
Policy for 2025
118
Base salary	

118
Annual bonus for 2025	

118
Long-Term Incentive Plan for 2025	

118
Non-executive directors’ Remuneration Policy for 2025	

118
Remuneration Committee	

119-122
Membership and attendance	  
119
Independent advisers	

120
Committee activities during 2024 and the early part of 2025	 
120
2024 Committee performance review	

121
Benchmarking and peer groups	

122
Directors’ Remuneration Policy 
123-128
Executive directors’ Remuneration Policy 
123-128
Illustrative pay for performance scenarios 
125
Performance measures selection and approach to target setting 
126
Difference between executive directors’ and  
employees’ remuneration
126
Approach to recruitment remuneration 
126
Service contracts and exit payment policy
127-128
External appointments
128
Non-executive directors’ Remuneration Policy
128
Recruitment of non-executive directors
128
Consideration of conditions elsewhere in Man Group
128
Consideration of shareholder views
128
98
Governance
Man Group plc |  Annual Report 2024

Dear Stakeholder
On behalf of the Board, I am pleased to present the Directors’ 
Remuneration report (the DRR) for the year to 31 December 2024. 
For ease of reference, this report contains the following sections:
	
„
a detailed index to help you find the sections you need (page 98);
	
„
this annual statement (pages 99 to 102);
	
„
the ‘remuneration at a glance’ section, summarising how the 
current Directors’ Remuneration Policy (‘the Policy’) has been 
implemented in 2024 pages 103 to 107); 
	
„
the annual report on remuneration (pages 108 to 122); and
	
„
the new Directors’ Remuneration Policy (‘the New Policy’)  
on which shareholders will be asked to vote at the 2025 AGM 
(pages 123 to 128).
1.1 Introduction
On behalf of the Committee, I would like to start by thanking those 
shareholders who continued to engage with us during 2024. We 
appreciated that, at the 2024 Annual General Meeting (AGM), more 
than 90% of our shareholder base voted in favour of the DRR. 
Our existing Policy was approved by shareholders at the 2022 AGM, 
with the support of 91% of shareholders. During the past year, we 
conducted a review of our Policy ahead of the three-year renewal vote 
by shareholders due at the 2025 AGM. The Committee concluded that 
it was appropriate to largely roll forward the existing Policy at this time, 
but intends to conduct a further review during 2025, as outlined in 
more detail below. 
In the early autumn of 2024, I undertook an extensive consultation 
with our largest shareholders on two discrete proposed changes to the 
Policy and its implementation. I would like to thank those investors who 
responded to our consultation for their thoughtful and constructive 
feedback which has helped to shape the proposals we are now  
putting forward.
During the remainder of the year, the Committee’s particular areas of 
focus included remuneration outcomes in the context of Man Group’s 
performance and remuneration below Board level. 
Against a volatile year in our industry, Man Group remained resilient and 
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 above, the Committee undertook a review of the Policy 
during 2024 as part of the normal triennial policy cycle, with a new 
Policy due to be submitted for shareholder approval at the 2025 AGM. 
As part of the review process, the Committee considered a number of 
areas including the alignment of our remuneration structure with our 
strategic objectives, the market competitiveness of current 
remuneration levels, changes in regulatory and governance 
requirements and developments in market best practice.
In considering the market competitiveness of current remuneration 
levels, the Committee considered benchmarking data against  
relevant peers. As part of this exercise, the Committee undertook  
a comprehensive selection process to identify those companies who 
represent the most appropriate peer group(s) for Man Group. In doing 
so, the Committee noted two key factors to consider. Firstly, Man 
Group competes for senior talent in a global marketplace, with many of 
our key competitors being headquartered outside the UK, particularly 
in the US. Secondly, 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 and whilst 
remuneration data is not widely published externally, market data  
from several global companies including privately listed companies 
was provided independently by external advisers as part of the 
benchmarking exercise. In particular, the Committee notes that  
we often recruit from (and lose senior talent to) these privately  
owned competitors. 
The Committee’s review did highlight concerns over the 
competitiveness of the CEO’s total remuneration, with initial analysis 
demonstrating a lower relative positioning of pay compared to peers. 
The Committee therefore intends to conduct a more in-depth review 
of the Policy during 2025, including further consideration of the 
relative positioning of pay against a global peer group to reflect the 
global nature of our business, and wider market developments as part 
of the UK competitiveness debate, to look at whether to bring a more 
material change to shareholders at the 2026 AGM. 
In this context, we are proposing largely to roll forward the current 
Policy for at least the next 12 months, incorporating two changes:
	
„
Policy change: remove the $1.1 million cap on CEO salary; and
	
„
implementation change: merge the strategic/personal and ESG 
objectives weightings in executive directors’ annual cash bonus 
(currently 15% each) resulting in a 30% weighting.
In 2016, the CEO’s salary was increased to $1.1 million and in 2018  
as part of the new Policy at that time, the $1.1 million salary cap was 
introduced. Since the salary cap was introduced in 2018, CEO salaries 
in the UK listed asset management market have significantly increased 
such that the salary positioning has fallen relative to peers (but still 
remains competitively positioned overall). Furthermore, given the 
cumulative impact of annual increases for the wider workforce as a 
result of high inflation over the last few years, and the fact that salary 
caps are extremely uncommon in the broader UK and global market,  
it is the Committee’s view that the cap is no longer appropriate and is 
therefore proposing its removal. The Committee will continue to keep 
executive directors’ salaries under review, and it is expected that any 
future base salary increases (if appropriate) would typically be in line 
with or below, the average all-employee salary increase.
Man Group challenges itself to be recognised as a leader in providing, 
to the clients who so elect, Responsible Investment (RI) across all our 
investment styles and our commitment to RI includes integration of 
ESG into investment decisions, stewardship, advocacy and thought 
leadership. We are also committed to our people, wider society and the 
environment, which reflect our core values. Currently, 15% of the bonus 
and 10% of the LTIP are linked to ESG-related objectives. In addition, 
15% of the bonus is attributable to strategic and personal objectives, 
some of which incorporate ESG-related areas.
No changes are proposed to the LTIP approach, but we are proposing 
to make changes to the bonus for 2025. In particular, we are proposing 
to merge the strategic/personal and ESG objectives into a combined 
30% weighting. Specific ESG-related objectives will be included within 
the 30% overall weighting, but the change will allow more flexibility to 
adjust the weighting of particular objectives from year to year in line 
with our strategic priorities and recognise where there is overlap, for 
example between diversity metrics and wider people, talent and 
succession planning objectives, and group them accordingly. The 
categories of objectives for 2025 are broadly consistent with those 
used in previous years e.g. climate and sustainability, talent and people. 
As in previous years, the Committee works hard to ensure that the 
objectives remain stretching and that its assessment of performance 
against them is robust. The 70% weighting on financial metrics will be 
retained, with no changes proposed to these weightings or measures.
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Directors’ Remuneration report continued
1. Chair’s annual statement continued
The performance metrics selected for use in the short- and  
long-term incentive arrangements 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 put 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.
1.3 Shareholder engagement in 2024
At the time the 2023 DRR was published in March 2024, 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 current Policy 
or the 2023 DRR. We subsequently met with all shareholders who 
requested a meeting.
As I mentioned earlier, as part of our consultation on the changes to 
the Policy, we wrote to 20 of our largest shareholders, representing 
around 56% of our shareholder base and the main proxy agencies, 
during autumn 2024. We received feedback from most of the 
shareholders contacted, and I was delighted to meet with some of 
those shareholders to discuss the proposals further. In addition, we 
received a written response from Glass Lewis and also had a meeting 
with the Investment Association. There was broad support for the 
proposed changes to the Policy and its implementation, and no 
changes were made to the original proposals.
1.4 The link between the pay of executive  
directors and the workforce
Overall salaries for the wider workforce in 2024 increased by an 
average of 4.9%, with higher increases generally awarded to those with 
lower salaries.
For 2025, 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 3.8%. This is lower than last 
year, reflecting lower inflation and market salary movements. 
In addition, as part of its consideration of the overall appropriateness  
of the executive directors’ remuneration in 2024, 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 114; 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.
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 
in senior 
management 
roles
	
„ ESG 
integrated 
AUM
	
„ Workforce 
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
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1.5 Review of performance in 2024
2024 was a volatile year, shaped by a complex mix of macroeconomic 
shifts, geopolitical tensions, and divergent central bank policies. In this 
environment Man Group remained resilient and the Committee are 
encouraged by the progress made over the year against the strategic 
goals announced last February. 
We delivered 1.0% of relative investment performance during the year. 
Our flows whilst negative for the year were ahead of the industry, 
demonstrating the relevance of our offering and our client 
relationships. Total gross inflows were $43.9 billion; our second best 
year on record. Our assets under management ended 1% higher 
compared with the beginning of the year.
Our ability to generate value for our shareholders continues to be 
a core focus. Man Group delivered Total Shareholder Return (TSR) 
performance in 2024 of -3%, underperforming the FTSE 250 return  
of 8% and more direct peers in the FTSE 350 Financial Services index 
of 17%.
1.6 Remuneration outcomes for 2024
In the ‘Remuneration at a glance’ section of this report on page 104  
we have again detailed how we set stretching targets for the  
2024 bonus.
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 long-run historical performance of Man Group and our peers.
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 2024, we experienced net outflows of $3.3 billion, 
driven by a $7.0 billion single client redemption in the third quarter  
of the year. On an asset-weighted basis, the industry on average 
experienced higher outflows, meaning we still delivered positive 
relative net flows of 0.2%. This falls below the threshold for this target 
resulting in no payout for this element of the bonus, out of a possible 
maximum of 30%. 
The threshold, target and maximum for core management fee EPS 
were set above the 2023 targets, and against these higher targets  
21.5 cents per share was delivered, resulting in an outcome just  
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. Although 
performance fees were lower in 2023, following record performance in 
the prior two financial years, the threshold, target and maximum were 
set 6% higher than in 2023 at 27.0 cents, 34.0 cents and 41.0 cents 
respectively. The threshold target was set above the core EPS 
delivered in 2023. The increase in core management fee EPS, along 
with higher performance fees in 2024 led to core EPS of 32.1 cents 
being delivered, i.e. between threshold and target. 
This resulted in an overall outcome on the financial component of 
the bonus of 20.6% out of a maximum of 70%.
The Committee noted that strong progress had been made against  
the ESG-related objectives (as detailed on page 109). These objectives, 
which are aligned to the objectives set out under our sustainable 
growth strategy, are common to both executive director roles and  
a score of 14%, out of a maximum of 15%, was awarded.
The personal and strategic objectives which account for a maximum of 
15% of the bonus 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 their personal and 
strategic objectives, details of which are set out on pages 109 and 110. 
Key highlights include the launch of our new strategic priorities to the 
market which were well received by key stakeholders. Progress during 
the year against these priorities exceeded expectations. Other 
highlights include strong client engagement and expansion of 
presence in those markets where we are underweight. Significant 
progress was made towards diversifying our investment capabilities, 
particularly in credit, quant equity and solutions, which underpinned 
the resilience of our 2024 financial results. Employee engagement 
score remains high and encouraging progress has been achieved on 
diversity but both management and the Committee recognise that 
there is more to do in this space. During 2024, the integration of 
Varagon was seamlessly and successfully executed. A review of the 
seed strategy led to $434 million being redeemed from the seed book 
and $332 million reinvested to support the launch of new strategies  
in line with the firm’s strategic priorities e.g. warehouse activity to 
support the evergreen private credit strategy at Man Varagon, 
multi-strategy solutions offerings, etc. 
The Committee determined that awards for the strategic and personal 
objectives of 14% for both Robyn Grew and Antoine Forterre 
appropriately reflected their performance during the year.
The Committee considered the outcomes for the ESG and the  
strategic and personal objectives in the context of the overall business 
performance. The Committee noted that the financial performance 
outcome was significantly impacted by a single client redemption in 
the third quarter, and that this is not reflective of the management 
team’s overall performance. The Committee strongly believes that  
the achievements outlined above are instrumental in laying the 
foundations for growth in the future, and it is appropriate that this 
performance is reflected in the bonus outcome for executive directors. 
The overall annual bonus outcome for 2024 was therefore 48.6%  
of maximum.
The 2022 LTIP award was made in March 2022 for the three-year 
period from 1 January 2022 to 31 December 2024 and vests in 
March 2025, 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.
This was the first year that ESG-related metrics were included in the 
LTIP. These metrics together with the other LTIP metrics and targets 
for the 2022 award are set out in the 2021 DRR (revised carbon 
emission metrics were set out in the 2022 DRR) together with details of 
how the Committee considered the target ranges to be appropriately 
stretching. In that context, I am pleased to say that the 2022 LTIP has 
vested at 80.6%.
Over the three-year LTIP performance period, our funds performed 
strongly overall, returning $16.3 billion in investment gains and 
delivering 4.0% of relative outperformance to our clients. We saw 
net inflows of $2.8 billion which has had a direct positive impact on  
our AUM. 
Relative net flows, a measure of our ability to attract and retain investor 
capital in comparison with peers was +10.4% over the last three years, 
reflecting the strength of the client franchise and ability to gain market 
share on a consistent basis. 
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The growth in AUM has translated to an increase in management fee 
revenue each year. 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.
Man Group’s share price has decreased by 5.7% over the same 
three-year period, compared with an average decrease of -17.2% 
amongst asset management peers. Man Group has delivered TSR  
of 9.4% which puts it into the mid second quartile of its FTSE 250  
peer group. 
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 104 to 105 with full details included on page 111 of  
the annual remuneration report.
Robyn Grew did not receive a 2022 LTIP award as she was not an 
executive director at the time the LTIP award was granted. Robyn’s first 
LTIP award was granted in September 2023 and the outcome of this 
award will be reported in the 2025 DRR. The value of Antoine Forterre’s 
2022 LTIP award is set out on page 111.
In determining whether the overall remuneration of the executive 
directors for 2024 was appropriate, the Committee considered  
a number of factors including:
	
„
the performance delivered for 2024;
	
„
the experience of Man Group’s shareholders. Over the three-year 
LTIP performance period, Man Group’s relative TSR of 9.4% put it  
in the mid second quartile, ranking at position 48 out of 152 
companies, when compared with comparable FTSE250 
constituents; and
	
„
the experience of Man Group’s employees. Average employee 
bonuses are higher than in 2023, giving employees a much better 
experience than that of the executive directors, meaning that 
employees have a divergent experience compared to the executive 
directors for whom bonus outcomes are lower than in 2023.
The Committee concluded that the bonus outcome was fair and 
appropriate and therefore no discretion was applied. The Committee 
also considered that the LTIP vesting outcome fairly reflected the 
performance delivered over the three-year period and 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.
1.7 Remuneration for 2025
The Committee determined that the CFO would receive a 3.7% salary 
increase from $680,000 to $705,000, with effect from 1 January 2025, 
broadly in line with the budgeted average employee increase for 2025.
Subject to shareholder approval for removing the CEO salary cap, the 
Committee has determined that the CEO’s base salary will be increased 
by 2.7% from $1,100,000 to $ 1,130,000 which is below the budgeted 
average employee increase for 2025 of 3.8%. The increase would be 
backdated to 1 January 2025, in line with the effective date of the 
salary increase for the CFO.
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 2025. There will be no changes to the non-executive 
directors’ (NEDs’) fees in 2025 either. 
The Committee considered the structure of the annual bonus and LTIP 
for 2025. With the exception of the merger of the strategic/personal 
and ESG elements of the annual bonus referenced earlier, no changes 
to the bonus metrics and weightings will be made for 2025. In addition 
other than a minor change to simplify the ESG scorecard from three 
equally weighted measures to two equally, no changes to the metrics 
and weightings for the 2025 LTIP will be made. See page 118 for  
further details.
1.8 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 2025 AGM and receiving  
your support for this DRR and Policy at that meeting.
Laurie Fitch
Chair of the Remuneration Committee
Directors’ Remuneration report continued
1. Chair’s annual statement continued
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2.1 Directors’ Remuneration Policy summary table 
Key elements
‘24 ‘25 ‘26 ‘27 ‘28 ‘29 ‘30
2024 Policy and implementation
Proposed 2025 Policy and implementation
Fixed pay
Salary
	
„
Overall Policy maximum of $1.1m applies to 
all executive directors, meaning no increase 
for the CEO over the life of the Policy
	
„
No Policy maximum
Salaries effective from 01/01/24:
	
„
Robyn Grew $1.1m
	
„
Antoine Forterre $680k
Salaries effective from 01/01/25:
	
„
Robyn Grew $1.13m1
	
„
Antoine Forterre $705k
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 family private medical insurance, life assurance and permanent health insurance
Cash  
bonus
Maximum 
opportunity
	
„
300% of salary
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
Metrics (%)
Relative net flows
Core management fee EPS (cents)
Core EPS (cents)
ESG-related objectives
Strategic and personal objectives
30
20
20
15
15
Metrics (%)
Relative net flows
Core management fee EPS (cents)
Core EPS (cents)
ESG-related, strategic and 
personal objectives 
      
30
20
20
30
Deferred  
bonus
Long-term 
incentive
Maximum 
opportunity
	
„
300% of salary
Operation
	
„
Forward-looking three-year performance conditions with share grant at year 0, vesting year 3 
with subsequent two-year holding period
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
Share 
ownership
Shareholding 
requirements
	
„
CEO 300% of salary
	
„
Other executive directors 200% 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 the Board
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 in May 2022 can be viewed at www.man.com.
1	 Dependent on shareholder approval at the 2025 AGM. 
2. Remuneration at a glance
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2.2 Remuneration outcomes for 2024
2024 bonus outcome 
The targets for relative growth in net flows were set at the same 
percentage growth rates as in the previous three years but, given 
the considerably higher starting point for AUM, those growth rates 
translate into much higher absolute targets than last year. A single 
client redemption in the third quarter weighed down performance  
for net flows in the year. In that context, relative growth of 0.2% 
represents good performance. 
Net flows, relative growth (%) 
1.0% threshold
3.5% target
6.0% maximum
9.8%
4.6%
2020
2021
2022
2023
2024
4.9%
5.3%
0.2%
The threshold, target and maximum for core management fee EPS 
were set at respectively 19%, 24% and 27% higher than the 2023 
targets. We delivered core management fee EPS of 21.5 cents, up 17% 
on 2023. Growth in net management fee revenues was partly offset by 
an increase in our fixed cost base as a result of planned investment to 
support growth. This represented another year of strong performance 
which delivered a slightly above target payout under this metric.
Core management fee EPS (¢)
18.5 threshold
21.0 target
23.5 maximum
10.3
15.7
18.4
18.4
2020
2021
2022
2023
2024
21.5
Core EPS includes both management fee and performance fee related 
core earnings. The targets are based on the core management EPS 
targets, to which are added implicit targets for performance fee EPS. 
Given the volatility and unpredictability of performance fees, those 
implicit targets are set with a wider range of outcomes.
The core EPS threshold, target and maximum targets was set 6% 
higher than in 2023. This resulted in core EPS targets of 27.0 cents, 
34.0 cents and 41.0 cents at threshold, target and maximum 
respectively, meaning that the threshold target was set above the  
core EPS achieved in 2023. The realised core performance fee EPS of 
10.6 cents for 2024 represents an 165% increase on the performance 
delivered in 2023, driven by a significant increase in performance  
fees from a broad range of strategies. Added to core management  
fee EPS, the core EPS delivered was 32.1 cents i.e. between threshold 
and target.
Core EPS (¢)
0.0
10.6
21.2
31.8
42.4
53.0
27.0 threshold
34.0 target
41.0 maximum
16.2
38.7
48.7
2020
2021
2022
2023
2024
Core management fee EPS
Core performance fee EPS
22.4
32.1
Details of the performance against the ESG-related objectives, shared 
by the executive directors, and their individual strategic and personal 
objectives are set out in the table on pages 109 to 110.
2022 Long-Term Incentive Plan outcome (for the 
period from 1 January 2022 to 31 December 2024) 
In the 2021 DRR, the Committee set out the targets for the LTIP grant 
to be made in March 2022 and explained why it considered them to be 
appropriately stretching and, if achieved, to represent excellent returns 
to shareholders. Revised carbon emission metrics were set out in  
the 2022 DRR. 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 105 
sets out the target ranges and the performance delivered against 
them with further detail on each metric:
Directors’ Remuneration report continued
2. Remuneration at a glance continued
104
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Man Group plc |  Annual Report 2024

2022 LTIP (1 January 2022 to 31 December 2024)
Metric
Weighting
Threshold
Target
Maximum
Achievement
Outcome
Relative investment performance
20%
0.0%
3.0%
6.0%
4.0%
13.3%
Relative TSR vs. FTSE 250
20%
Median
Mid-point 
between the 
median and 
upper quartile
Upper 
quartile
Mid 
2nd quartile
14.8%
3-year cumulative core management fee EPS, cents
10%
46.0
51.0
56.0
58.3
10.0%
3-year cumulative core total EPS, cents
30%
58.0
76.0
95.0
103.2
30.0%
Relative cumulative net flows
10%
0.0%
9.0%
18.0%
10.4%
5.9%
ESG scorecard
10%
6.6%
Women in Senior positions 
27.50%
28.75%
30.00%
35.48%
3.3%
Carbon emissions per employee1
7.30
6.70
6.00
10.51
3.3%
3 year cumulative growth in ESG AUM
24.0%
36.0%
48.0%
0.6%
0.0%
Total
100%
80.6%
1 The achievement was 10.51 before carbon offsets and zero after carbon offsets, the use of which were explicitly disclosed in the 2021 DRR, resulting in maximum payout.
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 
4.0% was between target and maximum, resulting in a payout of 13.3% 
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 152 stocks still listed at the end of December 2024 (from 174) at the 
beginning of the measurement period), Man Group has again delivered 
relative TSR in the mid second quartile, ranking at number 48 out of 
the peer group.
The targets for 3-year cumulative core management fee EPS were 
established in absolute terms at 46 cents at threshold, 51 cents at 
target and 56 cents at maximum. The targets required core 
management fee EPS to be, on average, 8% and 19% higher than 
achieved in 2021 at target and maximum respectively over three years 
which the Committee considered to be appropriately stretching.
Cumulative core management fee EPS of 58.3 cents has been 
driven by excellent performance over the period, especially in 2022.
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 58 cents, 76 cents and 95 cents. One 
way in which the Committee satisfied itself that these targets were 
appropriately stretching was by reviewing the cumulative core EPS 
delivered in the three-year periods ending on each of the previous  
five years. This showed that the threshold and target had only been 
achieved on one occasion during that time. An excellent three year 
cumulative core EPS outcome of 103.2 cents was delivered, resulting in 
maximum 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 10.4% of relative 
growth on this measure represents an excellent outcome for  
all of Man Group’s investors.
ESG Scorecard
Three equally weighted ESG related metrics were introduced into the 
LTIP in January 2022. 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 above 35% is above the maximum of 30% 
resulting in maximum payout under this metric. The carbon emissions 
per employee target was based on an extrapolation of our 2022 
external goal to 2025 applying the same percentage reduction that 
was used to derive the 2022 goal from 2019 goals and allowed for 
number of full time employees growth based on approved headcount 
plans. The achievement was 10.51, before carbon offsets and zero  
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. The threshold was not 
achieved, mainly due to a large client redemption from ESG  
integrated strategies.
Overall outcome
Over the three-year LTIP performance period, Man Group has delivered 
excellent results and this performance is reflected in the 2022 LTIP 
vesting level being 80.6%, as set out above and in more detail on  
page 111. 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. It noted that the 
cumulative core management fee would have been 94% met and the 
cumulative core EPS metrics would have been fully met even if the 
share count was unchanged from the end of 2021. The Committee also 
reviewed the impact of foreign exchange movements and noted that 
they were negative overall. This was because the benefit on costs of  
a better USD:GBP exchange rate was outweighed by the negative 
impact on AUM and therefore revenues. The Committee also satisfied 
itself that there were no windfall gains.
105
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Man Group plc |  Annual Report 2024

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 Dec 2019 to Dec 2024, including the period between 1 September 2023 
and 31 December 2024 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 2019 – Dec 2024)
Man Group TSR
Source: Bloomberg
FTSE 250 TSR
FTSE 350 Financial Services TSR
Jun
2021
Dec
2019
Dec 
2020
Dec
2021
Jun
2022
Dec
2022
Jun
2023
Dec
2023
Jun
2024
Dec
2024
100
200
300
0
June
2020
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). All executive 
directors comfortably exceed their shareholding requirement.
Executive directors’ shareholdings (number of shares)
0
100
200
300
400
500
600
700
800
900
Shares owned outright
Shares no longer subject to performance conditions (net)
Antoine Forterre (requirement = 200% of salary) 
980,055 shares
Robyn Grew (requirement = 300% of salary) 
2,694,269 shares
% of salary
Shareholding requirement
Directors’ Remuneration report continued
2. Remuneration at a glance 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 
2024
Year ended  
31 December 
20234
CEO – single total remuneration figure (SFT) ($’000)
3,151
10,146
Ratio of CEO SFT to median UK employee1
19:1
67:1
Compensation – all employees ($m)2
684
595
Compensation ratio3
47%
50%
Number of bonus-eligible employees
1,649
1,655
Mean annual bonus award per bonus-eligible employee ($’000)
253
201
Median annual bonus award per bonus-eligible employee ($’000)
50
35
CEO SFT as % of total compensation of all employees
0.5%
1.7%
Aggregate total SFT of all executive directors as % of total compensation of all employees
1.0%
2.1%
1	 See table R8 on page 113 for the full disclosure of the CEO ratio.
2 Compensation for all employees represents total fixed pay (salary, pension and benefits) and variable pay in respect of 2024.
3 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, and share of post-tax profits of associates, less distribution costs).
4 2023 numbers have been restated to reflect the actual value of the LTIP that vested in March 2024, based on the share price and exchange rate on that date; in the 
2023 DRR, the number was estimated based on a three-month average share price and the exchange rate at the end of 2023.
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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 2024 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
2024
20231
2024
2023
Salary
1,100,000
366,667
680,000
654,000
Taxable benefits2
306,582
208,016
5,179
3,337
Pension benefits3
135,857
46,609
83,637
82,827
Other4
5,149
844
18,813
16,601
Total fixed remuneration
1,547,588
622,136
787,629
756,765
Short-term variable5
1,603,800
711,700
991,440
1,269,414
Long-term variable6
–
–
1,803,033
–
Total variable remuneration
1,603,800
711,700
2,794,473
1,269,414
Total
3,151,388
1,333,836
3,582,102
2,026,179
1	 Robyn Grew was appointed to the Board on 1 September 2023. Remuneration disclosed for 2023 is in connection with Robyn Grew’s role as an executive director for 
the period 1 September 2023 to 31 December 2023.
2 Taxable benefits include private medical insurance. The remuneration disclosed for Robyn Grew in 2024 includes $225,000 of estimated tax equalisation payments 
and $42,086 of costs relating to the preparation of UK and US tax returns, including the tax paid in relation to these costs. 
3 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.
4 ‘Other’ includes non-taxable benefits (life insurance, Group income protection and fund fee rebates).
5	 See table R2 for details of the short-term variable compensation award. The Committee has not applied any discretion to the formulaic outcome.
6	 The 2022 award under the Man Group plc LTIP was made in March 2022 for the three-year performance period commencing on 1 January 2022 and ending on 
31 December 2024. 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 £2.0845 and year-end exchange rate of $1 = 
£1.25. The LTIP award was originally based on the market value of a Man Group plc share on 10 March 2022 being £1.9435. The value shown above therefore includes 
$291,785 which relates to share price growth over the performance period. Robyn Grew did not receive an award under the March 2022 LTIP as she was appointed 
after this date. Neither Robyn Grew nor Antoine Forterre received an award under the March 2021 LTIP which applied for the 2021-2023 performance period. No 
discretion has been applied to the formulaic outcome.
3.2 Annual bonus in respect of 2024 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, 15% on ESG-related objectives and 15% on individual strategic and personal 
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 shows the results of the Committee’s assessment of the 
performance delivered in 2024.
Annual bonus in respect of 2024 (audited) – Table R2
Financial metric
Weighting
2023  
actual
Threshold  
(25% of 
max)
Target  
(50% of 
max)
Maximum  
(100% of 
max)
2024  
outcome
%  
achieved
Bonus outcome 
after weighting  
(% of max)
Relative net flows
30%
4.9%
1.0%
3.5%
6.0%
0.2%
0%
0.0%
Core management fee EPS (cents)
20%
18.4
18.5
21.0
23.5
21.5
60%
12.0%
Core EPS (cents)
20%
22.4
27.0
34.0
41.0
32.1
43%
8.6%
Total financial metrics
70%
20.6%
ESG-related objectives1
15%
10%
14.0%
Robyn Grew
Antoine Forterre
Strategic and personal objectives
15%
14.0%
14.0%
Percentage of maximum annual 
bonus awarded
100%
48.6%
48.6%
Quantum of award – total2
$1,603,800
$991,440
Quantum of award – paid in cash
$721,710
$446,148
Quantum of award – deferred
$882,090
$545,292
1	 The ESG objectives relating to the 2024 annual bonus can be found on page 109.
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.
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024
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Assessment of performance against qualitative objectives
Objective
Outcome
Assessment
ESG-related1
Climate and sustainability
Improve Man Group’s environmental impact 
aligned to the SBTi 
Progress towards net zero goals by 2030 is on track. Met all short-term targets  
for 2024. 
Registered supporter of the TCFD with metrics and targets for the firm set in line 
with the guidance provided for asset managers.
ISO 14001: 2018 accreditation obtained in 2024, embedding an Environmental 
Management System for our London operations at Riverbank House.
The 2024 carbon emissions (per employee) increased slightly versus the prior 
year. This reflects critical data centre expansion and initial investments in 
strategic growth initiatives. Continued drive in more offices to use renewable 
energy.
Diversity, equity and inclusion
Continue to build a diverse workforce
Positive trajectory in the proportion of women in senior management roles. As at 
end of 2024, 35% (2023: 31%) of the senior management team were women, 
exceeding the target of 32.5% set at the end of 2023. Overall, 33% of Man Group’s 
employees were women.
As at the end of 2024, 15% of our senior managers were from an ethnic minority, 
up from 10% at the end of 2023. Overall, 27% of employees are ethnically diverse, 
compared to 26% in 2023. 90% of employees had completed their ethnicity 
profile, up from 87% last year.
Various initiatives in place that work alongside our talent progression programme 
to continue to support 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.
Corporate social responsibility 
Continue to support Man Group’s employees 
and communities
Increase of 44% in the number of employees volunteering, with 595 people 
contributing their time and skills during 2024. Significant increase (77%) in the 
number of volunteering hours in 2024. 
Continued to work with Progress Together as a Founding Partner for UK-wide 
initiatives to improve social mobility. 
Man Group’s ranking in the Social Mobility Index has seen a modest improvement. 
Increase in disclosure rates with 38% of employees reporting information,  
versus 29% at the end of 2023, reflecting a dedicated engagement campaign 
with employees. 
Workplace Strategy review (UK) undertaken, based on employee surveys and 
stakeholder feedback. All planned works completed, with positive employee 
feedback received on the changes.
Strategic and personal
Robyn Grew
Clients
Grow strategic relationships with 25-30  
of the accounts within Man Group’s largest 
clients
Annual client survey conducted. Results showed Man Group’s clients views 
are positive in relation to the firm’s strategy, investment capabilities and  
content offering.
Strong personal focus on client relationships, deepening existing and developing
new client relationships. Met with a significant number (65 meetings) of Man
Group’s key and prospective clients with a focus on building on relationships in
North America. Expanded presence in North America. Attracted $43.9 billion of
gross inflows, our second best year on record. Increased market share for a fifth
consecutive year.
1	 The ESG related-objectives are shared by the CEO and CFO.
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Objective
Outcome
Assessment
Strategy and innovation 
Progress implementation of key  
strategic priorities
Successful Varagon integration and growth
Develop a targeted and prioritised strategic 
approach to M&A opportunities in line with 
stated strategy
Positive progress on the implementation of key strategic priorities including a 
more targeted approach to M&A. Britain’s Most Admired Companies awarded Man 
Group the highest score in the asset management sector for ‘clarity of strategy’. 
Varagon: new evergreen private credit strategy successfully launched in Q3, 
backed by a long-standing Man Group client. Strong pipeline of client interest 
going into 2025. Successful completion of phase 1 and 2 of the integration 
process of Varagon. 
M&A activities have focused on credit, in line with the firm’s strategic priorities. 
125+ acquisition opportunities were reviewed during the year, with 75+ in credit.
People and talent
Development of leadership talent to  
support strategy 
Employee engagement 
External assessment to evaluate the ExCo’s collective capabilities, alignment and 
leadership dynamics. Exercise is ongoing with actionable insights for individual 
development and succession planning. A new Chief People Officer, also appointed 
to the Executive Committee, joined the firm in December 2024. Continued focus 
on internal bench strength and leadership talent. Further development of internal 
successors for key roles. Opportunities created for some emerging talent to 
expand their leadership responsibilities.
Benefits programme reviewed in response to employee engagement feedback. 
More competitive benefits package rolled out, including the introduction of paid 
fertility leave and people on parental leave, regardless of their gender, now remain 
eligible for full discretionary bonuses. 
Employee engagement remains high (7.9/10), with a participation rate of 84%.
Strategic and personal
Antoine Forterre
Strategy and innovation 
Realign resources and structure of the 
organisation to support the firm’s strategy
Continue to review inorganic 
growth opportunities
Re-organisation and legal entity review substantially completed, resulting in 
management time and cost savings.
M&A activities have focused on credit, in line with the firm’s strategic priorities. 
125+ acquisition opportunities were reviewed during the year, with 75+ in credit. 
Review of seed strategy completed, leading to $434m of liquidity redeemed and 
$332m reinvested to support the launch of new strategies in line with the firm’s 
strategic priorities e.g. warehouse activity at Man Varagon, multi-strategy 
offerings, etc. 
Risk and controls
Review balance sheet risks considering new 
strategy and activities
Progress implementation of changes to the 
Internal Audit function 
Review of balance sheet and liquidity framework completed, including a review of 
external financing arrangements. Balance sheet quantitative risk appetite 
statements revamped. 
Internal audit External Quality Assessment conducted. Extensive RFP process to 
appoint a third-party provider of internal audit services concluded at end of 2024.
Stakeholders
Effective management of key stakeholders in 
relation to Man Group’s strategic priorities
Increased level and frequency of direct engagement with key stakeholders and 
shareholders, prospective investors. New strategic priorities launched to the 
market. Well received by key stakeholders, noting their focus and ambition against 
a challenging backdrop for the sector. 
Review of corporate broking/advisory services to support strategy most 
efficiently. 
Britain’s Most Admired Companies awarded Man Group the highest score in the 
asset management sector for ‘clarity of strategy’. Positive feedback from 
employees on quality and frequency of internal communications.
Assessment of performance against qualitative objectives continued
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024 continued
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3.3 Vesting outcome in respect of the 2022 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 2022 LTIP was awarded in March 2022 for the three-year performance period from 1 January 2022 to 31 December 2024. The 
vesting of the 2022 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 2022 LTIP are shown in the table below:
Vesting outcome for 2022 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%
4.0%
67%
20%
13.3%
Cumulative relative net flows
0.0%
9.0%
18.0%
10.4%
58%
10%
5.9%
3-year cumulative core management fee EPS (cents)
46.0
51.0
56.0
58.3
100%
10%
10.0%
3-year cumulative core total EPS (cents)
58.0
76.0
95.0
103.2
100%
30%
30.0%
Relative TSR vs FTSE 250
Median
Mid-point 
between 
the median 
and upper 
quartile
Upper 
quartile
Mid 
second 
quartile
74%
20%
14.8%
ESG scorecard
10%
Women in Senior positions
27.50%
28.75%
30.00%
35.48%
100% 
3.3%
Carbon emissions per employee (MTCO2e)1
7.30
6.70
6.00
10.51
100% 
3.3%
3-year cumulative growth in ESG AUM 
24.0%
36.0%
48.0%
0.6%
0%
0.0%
Vesting of LTIP (% maximum)
80.6%
1  The achievement was 10.51 before carbon offsets and zero after carbon offsets, the use of which were explicitly disclosed in the 2021 DRR, resulting in  
a maximum payout. 
Vesting outcome for 2022 LTIP award (audited) – Table R4
Date of grant
Shares
awarded1,2
Vesting 
percentage
Number of 
shares vesting
Value of  
shares
 vesting3
Vesting date
End of holding 
period
Executive director
Antoine Forterre 
11 Mar 22
857,435
80.6%
691,093 $1,803,033
Mar-25
Mar-27
1 The monetary value of this award was converted into a number of shares using the GBP/USD exchange rates of $1 = £1.3127 and a share price of £1.9435, 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.
2	 Robyn Grew was not awarded an award under the 2022 LTIP as she was appointed as an executive director on 1 September 2023. 
3	 The value of the LTIP shown above is estimated based on a three-month average share price of £2.0845 and year-end exchange rate of $1 = £1.25. 
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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
2024  
$m
2023  
$m
%  
change
Total employee expenditure1
706
595
19
Shareholder distributions2
242
404
-40
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 Group’s Consolidated financial statements for further details.
2	 Distributions to shareholders (dividends paid of $181 million and repurchase of shares of $223 million in 2023, dividends paid of $192 million and repurchase of shares 
of $50 million in 2024).
3.5 Review of past performance
The performance graph below compares the Company’s Total Shareholder Return (TSR) performance against the FTSE 250 Index and the  
FTSE 350 Financial Services Index. The FTSE 250 has been chosen as the primary comparator to align with the peer group used in the LTIP.  
Prior to 2019, Man Group had chosen the FTSE 350 Financial Services Index as the comparator group so it has also been shown below, 
for reference.
Total Shareholder Return graph (Dec 2014 – Dec 2024)
Man Group TSR
Source: Bloomberg
FTSE 250 TSR
FTSE 350 Financial Services TSR
Dec
2018
Dec
2024
Dec
2019
Dec
2020
Dec
2021
Dec
2022
Dec
2023
Dec
2017
Dec
2016
Dec
2015
0
100
200
300
Dec 
2014
Historical CEO remuneration – Table R6
Accounting period ended
31 Dec  
2015
31 Dec 
2016
31 Dec 
2017
31 Dec 
2018
31 Dec 
2019
31 Dec 
2020
31 Dec 
2021
31 Dec 
2022
31 Dec 
2023
31 Dec  
2024
CEO single figure ($’000)
R Grew1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1,334
3,151
L Ellis2
n/a
1,347
6,215
2,856
2,804
3,150
7,797
13,3324
8,8125
n/a
E Roman3
5,367
910
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Short-term variable award 
(as a percentage of 
maximum opportunity)
R Grew1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
64.7%
48.6%
L Ellis2
n/a
40.2%
78.8%
58.3%
56.3%
69.4%
98.5%
94.8%
63.7%
n/a
E Roman3
83.3%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Long-term variable award 
(as a percentage of 
maximum opportunity)
R Grew1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
L Ellis2
n/a
28.6%
46.2%
n/a
n/a
n/a
60.0%
84.6%3
95.4%
n/a
E Roman3
40.7%
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 reflects four months’ service only. Robyn Grew was awarded 
her first LTIP in 2023. Consequently no long-term variable awards are shown for Robyn Grew in the table above.
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 only reflects eight months’ service.
3	 Emmanuel Roman became CEO on 28 February 2013 and stepped down on 31 August 2016.
4	 The Committee exercised its discretion and reduced the number of shares initially awarded under the 2020 LTIP by 10.6%.
5 The long-term variable outcome reported in 2023 was estimated based on a three-month average share price and year-end exchange rate. The CEO single figure 
total has been re-stated above to reflect the actual share price of £2.4940 and exchange rate of £1:$1.2730 of the 2021 LTIP vesting.
Directors’ Remuneration report continued
3. Remuneration outcomes in 2024 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
2024
2023
20222
20212
20202
Salary/
fees
Benefits1
Bonus
Salary/
fees
Benefits
Bonus
Salary/
fees
Benefits
Bonus
Salary/
fees
Benefits
Bonus
Salary/
fees Benefits 
Bonus
Executive directors
Robyn Grew2
0%
34%
-25%
–
–
–
–
–
–
–
–
–
–
–
–
Antoine Forterre
4%
20%
-22%
5%
7%
-27%
0%
-7%
24%
–
–
–
–
–
–
Non-executive directors 
Anne Wade
120%
78%
-
67%
5%
–
11%
-4%
–
15%
–
–
–
–
–
Lucinda Bell3
10%
41%
-
0%
-21%
–
-11%
340%
–
6%
618%
–
–
–
–
Richard Berliand
13%
319%
-
0%
-10%
–
-6%
196%
–
-10%
-40%
–
8%
341%
–
Laurie Fitch4
4%
170%
-
–
–
–
–
–
–
–
–
–
–
–
–
Dixit Joshi5
-
-
-
–
–
–
–
–
–
-
–
–
–
–
–
Ceci Kurzman
15%
2%
-
5%
41%
–
8%
313%
–
0%
–
–
–
–
–
Sarah Legg5
-
-
-
–
–
–
–
–
–
–
–
–
–
–
–
Alberto Musalem6
5%
-75%
-
0%
158%
–
–
–
–
–
–
–
–
–
–
Paco Ybarra5
-
-
-
–
–
–
–
–
–
–
–
–
–
–
–
All staff7
5%8
16%8
22%⁹
6%8
4%8
-47%9
6%8
4%8
18%9
3%8
15%8
84%9
4%8
22%8
-15%9
1 Benefits include private medical insurance, life insurance, Group income protection, fund fee rebates and relocation expenses for executive directors and includes 
travel and associated expenses for non-executive directors. From 2024 onwards, taxable benefit disclosures will not include employer National Insurance 
contributions. For the purposes of the percentage change calculation from 2023 to 2024, the 2023 taxable benefits do not include employer National Insurance 
contributions and have been re-stated in table R9. 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 114).
2	 Robyn Grew was appointed to the Board on 1 September 2023. Her salary and bonus for 2023 have been annualised for the purposes of calculating the percentage 
change in 2024. Her benefits for 2023 have also been annualised with the exception of the one off costs in relation to her relocation which were disclosed in the 2023 
Directors’ Remuneration Report. 
3 Lucinda Bell was appointed as a member of the Remuneration Committee effective 8 May 2024 and therefore the increase in total fees is reflected in the calculation 
above.
4	 Laurie Fitch was appointed to the Board on 25 August 2023 and therefore her fees for 2023 have been annualised for the purposes of calculating the percentage 
change in 2024. 
5 	 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. A percentage 
change therefore has not been disclosed for these directors. 
6	 Alberto Musalem stepped down from the Board on 29 February 2024; however, the fees received for the period he was a non-executive director in 2024 have been 
annualised for the purposes of the calculation shown above.
7 Figures are calculated on an annualised full-time-equivalent (FTE) basis (excluding directors). Figures shown for 2020 were disclosed on a per capita basis.
8 Represents the average increase in salary and taxable benefits in underlying currency in which each member of staff is paid.
9 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 2024 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
2024
A
29:1
19:1
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
113
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The Committee reviewed the CEO ratios when compared with previous years. The pay ratios for 2024 are significantly lower than the ratios for 
2023 and the three prior years. They considered that this movement was largely explained by the CEO’s total remuneration not including a vested 
LTIP award. Robyn Grew received her first LTIP award in 2023 which will not vest for three years. In addition, the CEO bonus was lower than the 
previous year and the bonus pool for all employees was higher than the previous year. The pay ratios have fluctuated over time based on 
performance and, as mentioned above, due to the change in CEO, and therefore there is no discernible trend in the ratios over this period.
The Committee notes that the pay ratios for 2024 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. 
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 2024 has 
been calculated in line with the methodology for the ‘single figure of remuneration’ for the CEO (table R1, page 108). 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 below.
All figures in USD
25th percentile
50th percentile
75th percentile
Salary
76,477
93,685
152,955
Total pay and benefits
109,376
169,880
304,184
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 2024 
and the prior year.
Single total figure of remuneration for non-executive directors (audited) – Table R9
All figures in GBP
Fees
Taxable benefits1
Total
2024
2023
2024
2023
2024
2023
Anne Wade2
385,000
175,000
52,144
29,234
437,144
204,234
Lucinda Bell3
121,526
110,000
2,677
1,905
124,203
111,905
Richard Berliand
130,000
115,000
7,978
1,905
137,978
116,905
Laurie Fitch
125,000
40,256
20,402
7,569
145,402
47,825
Dixit Joshi4
61,263
n/a
1,904
n/a
63,167
n/a
Ceci Kurzman
97,500
85,000
10,051
9,855
107,551
94,855
Sarah Legg4
61,263
n/a
2,788
n/a
64,051
n/a
Alberto Musalem5
17,500
100,000
2,406
9,780
19,906
109,780
Paco Ybarra6
25,231
n/a
1,117
n/a
26,348
n/a
1 Taxable benefits comprise travel and associated expenses. Taxable benefit disclosures for non-executive directors in prior Annual Reports included employer 
National Insurance contributions. The disclosure included in the table above (for both 2024 and 2023) excludes employer National Insurance contributions.  
The 2023 figures have been restated accordingly.
2	 Anne Wade was appointed as Chair of the Board on 1 October 2023.
3  Lucinda Bell was appointed as a member of the Remuneration Committee effective 8 May 2024.
4	 Dixit Joshi and Sarah Legg were appointed to the Board on 10 May 2024 and their remuneration has been pro-rated accordingly. 
5	 Alberto Musalem stepped down from the Board on 29 February 2024 and his remuneration has been pro-rated accordingly.
6 	 Paco Ybarra was appointed to the Board on 6 September 2024 and his remuneration 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. His 12-month notice period commenced following the notification of his retirement in 
May 2023 and he began his garden leave from 1 September 2023. He remained employed by the Company until 10 May 2024 and he received his 
salary ($390,710), contractual benefits ($9,277) and pension supplement ($49,422) in full until that date. As a retiree, he retains his right to 
outstanding LTIP awards which for 2022 and 2023 will be pro-rated for time. Luke’s 2022 LTIP was pro-rated for up until the end of his 
employment. Based on a vesting outcome of 80.6%, 979,818 shares are expected to vest in March 2025. The estimated value of this award is 
$2,556,306 based on a three-month average share price to 31 December 2024 of £2.0845 and year-end exchange rate of $1 = £1.25. The award 
is subject to the same performance conditions and vesting outcomes as disclosed in table R3 and R4. Other than in respect of the payments 
made to Luke Ellis as set out above, no other payments to past directors or for loss of office were made during the year.
Directors’ Remuneration report continued
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3.11 Directors’ interests
Directors’ interests in shares of Man Group plc (audited) – Table R10
Number of 
ordinary 
shares 
31 December
 20241,2
Number of 
ordinary shares 
31 December
 20231
Executive directors
Robyn Grew
1,663,642
1,460,160
Antoine Forterre
718,999
579,031
Non-executive directors
Anne Wade
56,000
44,000
Lucinda Bell
-
–
Richard Berliand
75,000
75,000
Laurie Fitch
7,390
–
Dixit Joshi
38,923
–
Ceci Kurzman
-
–
Sarah Legg
 12,108
–
Paco Ybarra
-
–
Alberto Musalem3
-
–
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 2024 up to 26 February 2025, being the latest 
practicable date prior to the publication of this report.
3	 Alberto Musalem stepped down from the Board on 29 February 2024. His shareholding is shown as at this date.
Executive directors’ shareholdings measured against their respective shareholding requirement as at 
31 December 2024 (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
1,663,642
1,030,627
2,694,269
7,229,883
1,100,000
300%
657%
Yes
Antoine Forterre
718,999
261,056
980,055
2,629,909
680,000
200%
387%
Yes
1 Unvested deferred shares are shown on a net of tax basis. Details of unvested awards can be found in tables R13 and R14 (page 116).
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 2024 at a share price of £2.1440 and a GBP/USD exchange rate of £1 = $1.2516.
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%
3,300,000
Mar-28
Mar-30
Antoine Forterre
300%
2,115,000
Mar-28
Mar-30
1	 Awards under the LTIP will be made in March 2025 for the three-year performance period commencing on 1 January 2025 and ending on 31 December 2027; the 
proportion of the award which vests will be determined based on the measures, weightings and target ranges set out in table R19 (page 118). 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.
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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 
2024
Granted 
during the
 year1
Lapsed during 
the year
Dividends
 accruing2
31 December 
2024
Vesting 
date3
End of  
holding 
period4
Executive directors
Robyn Grew 
Sep-23
1,263,690
–
–
66,278
1,329,968
Sep-26
Sep-28
Mar-24
–
1,034,620
–
54,263
1,088,883
Mar-27
Mar-29
Antoine Forterre
Mar-22
814,706
–
–
42,729
857,435
Mar-25
Mar-27
Mar-23
609,889
–
–
31,987
641,876
Mar-26
Mar-28
Mar-24 
–
639,583
–
33,544
673,127
Mar-27
Mar-29
1	 Awards under the 2024 LTIP were granted in March for the three-year performance period commencing on 1 January 2024 and ending on 31 December 2026. The 
monetary value of these awards was $3,300,000 for Robyn Grew and $2,040,000 for Antoine Forterre, each representing 300% of base salary converted into a 
number of shares using the GBP/USD exchange rates of £1 = $1.2789 and a share price of £2.4940, 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 2024 LTIP are disclosed in the 2023 Directors’ Remuneration Report. 
2	 On 12 April 2024, dividend accruals of 73,274 and 65,809 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a sterling dividend 
of 8.54 pence. On 9 August 2024, dividend accruals of 47,267 and 42,451 shares were added to Robyn Grew’s and Antoine Forterre’s awards respectively based on a 
sterling dividend of 4.26 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.
Nil-cost options granted under the Man Group Deferred Share Plans – subject only to service conditions 
(audited) – Table R14
Date of grant
1 January 
2024
Granted 
during the 
year
Exercised/ 
vested during 
the year
Lapsed during 
the year
Dividends 
accruing10
31 December 
2024
Exercised/ 
vested date
Executive directors
Robyn Grew1
Deferred Share Plan (DSP)
Mar-21
131,284
–
131,284
–
–
-
Mar-24
Mar-222
506,926
–
253,463
–
13,292
266,755
Mar-24
Mar-233
932,553
–
–
–
48,910
981,463
–
Mar-234
233,133
–
77,711
–
8,150
163,572
Mar-24
Mar-245
–
506,245
–
–
26,545
532,790
–
Antoine Forterre
Deferred Share Plan (DSP)
Mar-226,7
320,501
–
160,250
–
8,402
168,653
Mar-24
Mar-238
297,480
–
104,360
–
15,600
208,720
Mar-24
Mar-249
–
109,446
–
–
5,739
115,185
–
1	 Robyn Grew was appointed to the Board on 1 September 2023. The DSP awards granted from March 2021 to 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	 Remaining award vests in March 2025 with shares delivered automatically upon vesting.
3	 Award vests in a single instalment in March 2028 with shares delivered automatically upon vesting.
4 Award vests in two equal instalments in March 2025 and March 2026 with shares automatically delivered upon vesting.
5 Award vests in three equal instalments in March 2025, March 2026 and March 2027 with shares automatically delivered upon vesting.
6	 Remaining award vests in March 2025. Option is exercisable from the vesting date.
7	 A portion of the award is attributable to the period prior to Antoine Forterre’s appointment as an executive director.
8 Award vests in two equal instalments in March 2025 and March 2026. Options may not be exercised for at least six months following vesting.
9 Award vests in three equal instalments in March 2025, March 2026 and March 2027. Options are exercisable from the vesting date. 
10	On 12 April 2024, dividend accruals of 58,903 and 18,080 were added to Robyn Grew and Antoine Forterre awards respectively based on a sterling dividend of 8.54 
pence. On 9 August 2024, dividend accruals of 37,994 and 11,661 were added to Robyn Grew and Antoine Forterre awards respectively based on a sterling dividend of 
4.26 pence.
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Options granted under the Man Group Sharesave Scheme (audited) – Table R15
Number of options
Date of grant
1 January 
2024
Granted  
during the 
year
Exercised 
during the 
period
Lapsed  
during the 
year
31 December 
2024
Option price
Earliest 
exercise date
Latest  
exercise date
Executive directors
Robyn Grew
–
–
–
–
–
–
–
–
–
Antoine Forterre
Sep-22
14,925
–
–
–
14,925
201.0p
Oct-27
Mar-28
3.13 Shareholder voting and engagement
At the AGMs held on 6 May 2022 and 9 May 2024, 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 (May 2022)
939,700,962
91.37
88,798,755
8.63 1,028,499,717
698,307
Approve the annual report on remuneration (May 2024)
779,383,941
94.03
49,501,590
5.97
828,885,531
64,048,975
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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 2024
$1,100,000
$680,000
1 January 2025
$1,130,0001
$705,000
1	 Subject to the approval of the removal of the CEO salary cap which will be proposed to shareholders at the 2025 AGM. 
4.2 Annual bonus for 2025
The following table shows the performance metrics and weightings for the annual bonus in 2025. The strategic and personal and ESG objectives 
have been combined to form one 30% weighting. The Committee considers that the disclosure of detailed performance targets in advance for 
2025 would be commercially sensitive and they are not, therefore, disclosed here but will be disclosed retrospectively in the 2025 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 2025
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
Target
Maximum
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
55.0¢
62.5¢
72.5¢
10%
3-year cumulative core EPS, cents
75.0¢
97.5¢
122.5¢
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 33%, target 34% and maximum 
35%), to reduce Scope 1 to 3 emissions per FTE (cumulative emissions from 1 January 2025 to 31 December 2027: threshold 12.3 MTCO2e, target 11.2 MTCO2e and 
maximum 10.1 MTCO2e).
4.4 Non-executive directors’ Remuneration Policy for 2025
There are no planned increases to the Chair or non-executive director fees in 2025. 
Non-executive directors’ fees for 2025 – Table R20
Position (all figures in GBP)
2025
2024
% 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.
Directors’ Remuneration report continued
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5.1 Membership and attendance
The Committee met seven times during 2024 with attendance by members as indicated on page 75. Lucinda Bell joined the Committee on 8 May 
2024 and Alberto Musalem stepped down as a Board member and member of the Committee on 29 February 2024. All other members held office 
throughout the year. 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 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 determining their own remuneration.
At the end of each meeting there is an opportunity for private discussion between Committee members without the presence of executive 
directors and management if required.
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 Remuneration Policy for the executive directors, for approval by shareholders, and make remuneration 
decisions within that approved Remuneration 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;
	
„
Approve the total annual compensation for Executive Committee members, the Company Secretary and Remuneration Code staff;  
and review and consider shareholder and proxy voting agencies feedback on remuneration matters and agree the approach to  
ongoing engagement.
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 5.2, 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.
In compliance with the UK Corporate Governance Code (2018) (the Code), we have set out below how the Committee addressed the following 
factors in setting and applying the Policy:
Risk
Inappropriate risk-taking is avoided and good alignment with shareholders is achieved through a number of mechanisms including significant 
bonus deferral into shares and funds, a three-year performance period for the Long-Term Incentive Plan (the LTIP) with a subsequent two-year 
post-vesting holding period and shareholding requirements, including for two years after cessation of employment. Before any decisions about 
incentive outcomes are made, the Audit and Risk Committee reports to the Committee on any specific matters indicating excessive risk-taking or 
lack of regard for controls and procedures. Malus and clawback provisions apply to the incentives in a range of specified circumstances, as set out 
in the table on page 125.
Predictability
The charts on page 125 illustrate the potential remuneration outcomes under a range of scenarios (including in the event of a 50% increase in  
the share price). Each year a detailed review is undertaken in order to set stretching annual and three-year performance targets in the bonus  
and LTIP respectively.
Proportionality
The link between strategic priorities and incentive metrics is set out in detail in the chart on page 100. The Committee considers wider employee 
remuneration, holistic business performance and shareholder experience in determining the appropriate level of executive director remuneration.
5. Remuneration Committee
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Alignment to culture
The key principles that underpin our approach to remuneration (and which apply at all levels of the organisation) are:
	
„
Remuneration is structured to support corporate strategy and sound risk management.
	
„
Employees’ interests are aligned with shareholders and the bonus pool is drawn from profit.
	
„
Incentives are designed to encourage behaviour focused on longer-term strategic and sustainable performance.
	
„
Our total remuneration is competitive in the talent markets from which we hire.
Simplicity
Incentive schemes are straightforward in their structure and operation with explicit links between strategic priorities, key performance indicators 
and incentive metrics. 
Clarity
The Policy is clearly laid out in tabular form in the DRR (summary on page 103 and full policy on pages 123 to 128). Details of the operation of the 
Policy have been explained to the wider workforce, as set out in the Chair’s statement. The new UK Corporate Governance Code published in 
January 2024 will apply to Man Group in the financial year beginning 1 January 2025. 
5.2 Independent advisers
Following a formal tender process in July 2017, the Committee appointed PricewaterhouseCoopers (PwC) to provide it with advice on a range 
of remuneration 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 2024 were £147,500 (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 LLP on compliance with legislation and regulations relating to 
remuneration matters.
5.3 Committee activities during 2024 and the early part of 2025
The summary below sets out the main issues considered and decisions made by the Committee in the period following the publication of the 
2023 Directors’ Remuneration report up to the current date.
Chair’s fee
	
„
Reviewed the fee level of the Chair in the context of benchmarking of similar roles in broadly equivalent-sized companies in the financial 
services sector, the FTSE 350 and of the demands of the role and recommended to the Board that this should remain unchanged.
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.
	
„
Reviewed the Policy as set out in detail in the Chair’s statement. 
	
„
Assessed the 2024 performance, against the financial and non-financial metrics of the annual bonus, of the CEO and CFO, and considered 
whether any discretionary intervention was required to adjust the formulaic outcome; approved the total cash sum payable and the amount 
to be deferred.
	
„
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 available benchmarking for the CEO and CFO roles, to provide the business context for all the above reward decisions.  
See page 99 for further details. 
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Shareholder engagement and reporting
	
„
Reviewed shareholder voting and feedback on the 2024 AGM resolutions for the 2023 DRR, noting the substantial level of support.
	
„
Consulted with 20 of our largest shareholders, representing 56% of the shareholder base, and the main proxy advisor groups as part of the 
consideration of the new Directors’ Remuneration Policy. 
	
„
Reviewed the 2024 DRR taking account of best practice recommendations and institutional shareholder guidelines.
Compensation below Board level
	
„
Reviewed, challenged and approved the 2024 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 2024 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.
	
„
Undertook benchmarking for specific Executive Committee roles.
	
„
Reviewed and approved remuneration arrangements for the Chief People Officer.
	
„
Retained oversight of the total compensation for staff earning over $1 million, taking account of the CEO’s appraisal of their performance for 
2024 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.
	
„
Reviewed the ratio of CEO pay to the lower quartile, median and upper quartile remuneration paid to UK employees (see pages 113-114).
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.
	
„
Approved the list of Remuneration Code staff for 2024.
5.4 2024 Committee performance review 
An independent external consultant undertook a full-year review of the operation, performance and effectiveness of the Committee during 2024. 
The topics covered included the composition of the Committee, conduct and outcomes of specific areas of the Committee’s activity and focus 
during the year and the support and advice available to the Committee. In the performance review feedback, the Committee 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. It further acknowledged the strong performance made by the Committee Chair, in her first full 
year in the role and the quality of the composition of the Committee.
During the year the following key areas of focus were agreed for 2025: 
	
„
Deliver the 2024 DRR.
	
„
Consider and review the Directors’ Remuneration Policy and continue to engage with shareholders on any proposed changes.
	
„
Keep shareholder guidelines and corporate governance best practice under review to ensure the Committee is responding to any 
developments in these areas.
	
„
Continue to build the Committee’s understanding and consideration of compensation below the Board and build on the analysis of workforce 
remuneration by reference to gender and other diversity metrics.
	
„
Ensure information and advice on developments in the broader remuneration landscape are provided to the Committee as required.
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5.5 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.
Many of Man Group’s senior staff are geographically mobile, particularly between London and New York, and an explicit consideration of 
remuneration levels in both geographies is highly relevant to enable us to continue to recruit and retain global talent. Man Group is one of the few 
listed companies anywhere in the world that operates in the liquid alternative investment industry. Most businesses in this industry are privately 
owned and systematic remuneration data is not publicly available. Man Group does compete for talent against these businesses and staff do 
move between Man Group and these private companies so, as part of its 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 peer group
US listed peer group
3i
ICG
Affiliated Managers
Federated Hermes
Abrdn
Jupiter
Alliance Bernstein
Fiera Capital
Anima Holding
M&G
Apollo Global Management 
Janus Henderson
Ashmore
Ninety-One
Ares
SEI Investments 
Bridgepoint
Schroders
Artisan Partners
Victory Capital Management 
DWS
Vontobel
Carlyle
Virtus Investment Partners 
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 
contained in the DRR relate to the Company’s statutory directors (as set out on pages 70 and 71 of the Annual Report) only. In respect of those 
directors, 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 180 to 187.
For and on behalf of the Board
Laurie Fitch
Chair of the Remuneration Committee
26 February 2025
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This section of the report sets out the New Policy for executive and non-executive directors which will be put to shareholders for approval and,  
if approved, be effective from the conclusion of the 2025 AGM on 9 May 2025. The Committee intends to conduct a review of the Policy  
during 2025.
6.1 Executive directors’ Remuneration Policy
Aligning the interests of the executive directors with those of shareholders and with Man Group’s strategic goals is central to Man Group’s Policy. 
The current Policy has operated as intended and, as set out in the Chair’s statement, the Committee is proposing to remove the $1.1m cap on CEO 
salary. In addition, the Committee is proposing a change to the implementation of the Policy, to merge the strategic/personal and ESG metric 
weightings in the annual bonus (currently 15% each) resulting in a 30% weighing. 
In line with shareholders’ interests, Man Group continues to aim to retain and incentivise high calibre executive directors. It will do this by paying  
a competitive base salary and benefits, together with a short-term annual bonus, with significant deferral, and a long-term incentive plan (LTIP) 
collectively linked to a range of financial and non-financial metrics and objectives to deliver Man Group’s strategy and ensure alignment with 
shareholder interests.
Decision-making process
As described in the Chair’s statement, during 2024, the Policy was reviewed in consultation with some of the Company’s shareholders. In 
September 2024, we wrote to 20 of our largest shareholders and the main shareholder representative bodies to consult on our proposed New 
Policy. Shareholders were offered the opportunity to discuss the changes with the Committee Chair and the Senior Reward Executive. We were 
pleased that the majority of shareholders and shareholder representative bodies contacted took the time to engage with us and that there was 
broad support for the proposed changes to the New Policy and its implementation. The Committee also considered input from management  
and from its independent advisers, as well as taking account of latest market practice and corporate governance developments. Any potential 
conflicts of interest were managed by ensuring that no individual was present when their own remuneration arrangements were discussed  
and that the proposed changes aligned to Man Group’s strategy, values and culture.
Executive directors’ Remuneration Policy – Table R21
Function
Operation
Opportunity
Performance metrics
Base salary
Based on experience 
and individual 
contribution to 
leadership and 
Company strategy.
Salaries are reviewed annually taking into account 
market ranges for executives of comparable status, 
responsibility and skill in companies of similar size 
and complexity to Man Group with consideration 
also given to sector relevance. Any salary increase 
will typically take effect from (or be backdated to)  
1 January each year.
In reviewing salaries the 
Remuneration Committee takes 
into account individual and 
Company performance, wider 
workforce salary increases, time 
since the last increase, market 
practice and total compensation 
opportunity.
None.
Pension 
To provide an 
opportunity for 
executives to build up 
income on retirement.
Group Personal Pension (GPP), or a similar 
contribution to an alternative arrangement is 
provided. For those exceeding HM Revenue & 
Customs pension allowances, cash allowances are 
provided at no additional cost to Man Group.
The maximum employer 
contribution for executive 
directors is aligned with the 
maximum available under the 
wider employee policy, currently 
14% of pensionable base salary. To 
qualify for the maximum employer 
contribution level, directors must 
meet certain service criteria in line 
with the policy for all employees.
None.
Benefits 
To provide non-cash 
benefits which are 
competitive in the 
market in which 
the executive is 
employed.
Benefits include family private medical insurance, 
life assurance, permanent health insurance and 
gym membership subsidy.
Flexible benefits can be purchased from  
base salary.
Other ad hoc benefits such as relocation may be 
offered, depending on personal circumstances.
The Company provides Directors’ and Officers’ 
liability insurance and may provide indemnities to 
the fullest extent permitted by relevant legislation.
It is not anticipated that the total 
benefits for any executive director 
will normally exceed 10% of salary.
None.
Sharesave 
To encourage UK-
based employees 
to own Man Group 
shares.
The Man Group Sharesave Scheme is an all-
employee plan. The executive directors who 
participate in the Sharesave Scheme are granted 
options over Man Group shares and make monthly 
savings from their post-tax salary. Options are 
granted at a maximum 20% discount (subject 
to Board approval) to market price on the date 
of grant.
Savings capped at HM Revenue  
& Customs limits.
None.
6. Directors’ Remuneration Policy
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Function
Operation
Opportunity
Performance metrics
Annual bonus 
To incentivise and 
reward strong 
performance against 
annual financial 
and non-financial 
targets. Deferral of a 
significant proportion 
of the bonus into 
shares (or fund 
units) is designed 
to align executives’ 
interests with those 
of shareholders over 
the long term.
Performance measures and stretching targets 
are set at the start of the year. At the end of the 
year, the Committee considers the extent to which 
these have been achieved and sets the award 
level, taking into account the overall performance 
context and experience of shareholders.
45% of any bonus is delivered upfront in cash and 
55% is delivered in shares (or fund awards where 
the executive director has met the minimum 
shareholding requirement) deferred for up to 
three years, released on the first, second and 
third anniversary of grant in three equal tranches. 
Retention periods may apply where required  
by regulations.
The Committee may award dividend equivalents 
on deferred shares in respect of dividends declared 
during the deferral period delivered as shares or 
cash at the discretion of the Committee at the 
same time as the delivery of vested shares.
Malus and clawback provisions apply in certain 
specified circumstances, further details of which 
are provided below.
The maximum award is 300% 
of salary.
Threshold performance is 25% 
and target performance is 50% 
of the maximum.
The bonus is based on the Committee’s 
assessment of executive directors’ 
performance over a financial year 
against objectives, which are based 
at least 70% on financial measures 
which may include, but are not 
limited to, measures of assets under 
management, revenue, profit and cash 
and no more than 30% on non-financial 
measures which may include ESG, 
strategic and personal objectives. 
Details of the bonus targets will be 
disclosed retrospectively in next 
year’s Directors’ Remuneration Report, 
when they are no longer deemed 
commercially sensitive by the Board.
The Committee retains the discretion 
to adjust the bonus if it considers that 
the formulaic outcome does not reflect 
underlying business performance. 
The Committee also retains discretion 
to make changes to the award if 
required by regulations.
Long-Term 
Incentive Plan 
To engage and 
motivate executive 
directors to deliver on 
KPIs which support 
implementation 
of the Company’s 
strategy in order 
to deliver superior 
long-term returns to 
shareholders.
An annual award of Man Group plc shares, subject 
to performance conditions over a period of at least 
three years. An additional holding period of at least 
two years will apply following vesting.
Notional dividends accrue on share awards to the 
extent that the performance conditions are met, 
delivered as shares or cash at the discretion of the 
Remuneration Committee at the same time as the 
delivery of vested shares.
Malus and clawback provisions apply in certain 
specified circumstances, further details of which 
are provided below.
The maximum annual grant is 
300% of salary.
Threshold performance results in 
0% vesting, target performance 
results in 50% vesting, rising 
to 100% vesting for maximum 
performance.
The vesting of awards is linked to a 
range of measures which may include, 
but is not limited to:
	
„
A measure of investment 
performance.
	
„
A profitability measure.
	
„
A growth measure (e.g. 
management fee EPS and/or 
increase in net flows).
	
„
A relative performance measure 
(e.g. TSR).
	
„
An ESG-related measure.
Weightings may vary year-on-year with 
no individual metric accounting for 
more than 50% of the overall outcome. 
Details of the measures for the awards 
to be made in March 2025 are set out 
on page 118.
The Committee has discretion to 
amend the performance conditions, 
in exceptional circumstances, if it 
considers it appropriate to do so, 
e.g. in the event of accounting changes, 
M&A activities and disposals. Any such 
amendments would be fully explained 
and disclosed in the next year’s 
Directors’ Remuneration Report. The 
Committee retains discretion to adjust 
the extent to which an award shall vest 
if appropriate to reflect the broader 
financial performance of Man Group. 
The Committee also retains discretion 
to make changes to the award if 
required by regulations.
Shareholding 
requirements
In order to align the interests of executive directors 
and shareholders, Man Group requires its executive 
directors to maintain a percentage of salary in Man 
Group shares.
The CEO is required to maintain 
a shareholding of 300% of base 
salary. Other executive directors 
are required to maintain a 
shareholding of 200% of  
base salary.
Executive directors are required to build 
up this shareholding progressively.
Incumbents will build up to the 
prescribed shareholdings with vested 
shares where not already at or above 
this level. The full requirement, or the 
actual holding on departure if lower, 
must be retained for two years after 
departure from Man Group.
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Function
Operation
Opportunity
Performance metrics
Malus and 
clawback
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.
Malus applies until the end of the vesting period 
with clawback applying until the end of any 
applicable retention period.
The Committee retains discretion 
to make changes to the malus and 
clawback provisions if required  
by regulations.
Notes to the policy table:
In implementing the above Remuneration Policy, the Committee shall have regard to all relevant legal and regulatory requirements, including the principles and 
provisions of the UK Listing Rules, and the Financial Conduct Authority’s Remuneration Codes, the UK Corporate Governance Code (2024) and to leading investor 
representative body guidelines.
Any commitments made prior to, but due to be fulfilled after, the approval and implementation of the revised Remuneration Policy approved by shareholders (including 
under any previously approved policy) will be honoured. In addition to the elements of remuneration detailed in the policy table, the Remuneration Committee may 
consider it appropriate to grant an award under a different structure in order to facilitate the recruitment of an individual (see details in the paragraph ‘Approach to 
recruitment remuneration’).
Where employees hold units in funds managed by Man Group, the fund may rebate fees to the employee.
6.2 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 
of the Policy in 2025 showing the potential split between the different elements of remuneration under different performance scenarios: 
‘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
$9,850
$1,375
$4,765
$8,155
100%
29%
17%
14%
36%
36%
42%
34%
42%
17%
34%
Minimum
Mid-point
Maximum
Maximum with 50%
share price appreciation
Robyn Grew
CEO
$6,115
$828
$2,943
$5,058
100%
28%
16%
14%
36%
36%
42%
35%
42%
17%
35%
Antoine Forterre
CFO
Salary, pension and benefits
Annual bonus
LTIP
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6.2 Illustrative pay for performance scenarios continued
Assumptions used:
	
„
The ‘minimum’ scenario reflects 2025 base salary (subject to shareholder approval for the removal of the salary cap in the case of Robyn 
Grew), pension (14% of salary) and benefits (excluding tax equalisation costs) 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 shares across the vesting period for the 
LTIP awards; it does not reflect any potential dividends received over the vesting period; and
	
„
Annual bonus includes both the cash bonus and the amount of the bonus deferred.
6.3 Performance measures selection and approach to target-setting
Annual objectives are set according to immediate priorities identified by the Board and management and will be reviewed and adjusted annually 
to reflect changing priorities. The long-term performance metrics are in line with the long-term strategic focus of the Company and will be 
reviewed as required in line with any changes in strategic direction. Targets will be set by reference to internal budgets and strategic plans, 
industry backdrop and external expectations to ensure they represent appropriately stretching levels of performance.
6.4 Differences between executive directors’ and employees’ remuneration
The Remuneration of executive directors is structurally similar to that of the wider workforce. A higher proportion of total remuneration for 
executive directors is variable pay. Executive Committee members participate in an annual bonus scheme with significant levels of deferral, to 
align their remuneration with the long-term interests of shareholders and fund investors. However, in line with market practice in alternative 
investment funds, their incentive payouts are uncapped.
Employee remuneration includes base salary, pension (capped at 14% of salary) and benefits (which include private health, subsidised gym 
membership, the opportunity to participate in charitable activities during working hours and a range of flexible benefits which can be purchased 
from salary), an annual performance bonus and, for senior contributors, long-term share and fund-based deferrals. The level of deferral increases 
as total compensation increases. This provides alignment with shareholders and the future performance of Man Group and with the interests 
of investors in funds managed by Man Group.
Sales staff have a specific bonus scheme to incentivise appropriate asset raising and retention, whilst aligning interests on costs.
6.5 Approach to recruitment remuneration
External appointment
Approach to recruitment remuneration – Table R22
Component
Approach
Maximum grant value
Base salary
Base salary will be determined to provide competitive total compensation in relation to 
relevant market practice, experience and skills of the individual, internal relativities and 
their current compensation.
n/a
Pension
Pension contributions or an equivalent cash supplement will be set in line with existing 
policy, including any service criteria, in line with other employees.
14% of salary1
Benefits
Benefits may include (but are not limited to) private medical insurance, life assurance, 
permanent health insurance, Group income protection and any necessary relocation 
expenses.
n/a
Sharesave
New UK appointees will be eligible to participate in any all-employee share schemes the 
Company offers.
n/a
Annual bonus
The remuneration structure described in the Policy table will apply to new appointees 
with the relevant maximum being pro-rated to reflect the proportion of employment 
over the year.
300% of salary
Long-Term Incentive 
Plan
New appointees may be granted awards under the Long-Term Incentive Plan, on the 
same terms as other executive directors, as described in the Policy table, including in 
respect of the first part-year of service.
300% of salary
1	 The directors’ maximum pension contribution is aligned to the maximum available to all employees, currently 14% of salary.
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In determining the appropriate remuneration, the Committee will take into consideration all relevant factors (including quantum, nature of 
remuneration and the jurisdiction from which the candidate was recruited) to ensure that arrangements are in the best interests of both Man 
Group and its shareholders. Any package offered will be structured so as to be sufficiently competitive (but not excessively so) so that senior,  
high calibre candidates can be appointed, to promote the long-term success of Man Group. Consideration will be given to the candidate’s skills, 
knowledge and experience in determining the appropriate remuneration.
With respect to a new appointment, the Committee may ‘buy out’ incentive arrangements, including bonuses, forgone on leaving a previous 
employer, and awards made under such buyout arrangements may be in addition to the remuneration outlined in the table above. In doing so,  
the Committee will consider relevant factors including any performance conditions attached to those incentive arrangements and the likelihood 
of those conditions being met. In defining the size of this ‘buyout’ award, the Committee would ensure that its fair value is no higher than the fair 
value of the incentive arrangements forgone. The Committee may also consider it appropriate to structure any such ‘buyout’ award differently  
to the structure described in the policy table including whether appropriate performance conditions should apply, exercising the discretion 
available under the UK Listing Rules. Any buyout award granted will be structured so as to comply with the requirements of any applicable 
remuneration codes.
The Committee does not intend that such ‘buyout’ awards will be made as a matter of routine; on the contrary, although the Committee cannot 
anticipate every circumstance which it might face in the future, it is expected that any such awards will only be contemplated in exceptional 
circumstances, will be reviewed and approved by the full Board and will be described fully in the subsequent year’s DRR.
Internal appointment
For the appointment of a new executive director by way of internal promotion, the Committee’s approach will be consistent with the policy for 
external appointees detailed above. Where an individual has contractual commitments made prior to their promotion to the Board, the Company 
will continue to honour these commitments.
6.6 Service contracts and exit payment policy
Service contracts – Table R23
Element
Condition
Contract dates
Robyn Grew: 1 September 2023
Antoine Forterre: 1 October 2021
Current appointment
No fixed term
Notice period  
(by either Company 
or director)
Robyn Grew: 12 months
Antoine Forterre: 6 months
The Company’s policy is that notice periods (including for any new executive director) will not exceed 12 months
Provisions for contract 
termination
Under all contracts the Company can opt to terminate immediately by making a payment in lieu of the notice period or part of it. 
Robyn Grew’s contract requires payment of base salary only in lieu. Antoine Forterre’s contract requires payment of base salary 
plus a cash sum in lieu of pension contributions and other insured benefits.
Payments in lieu are to be made in monthly instalments unless the Company and the executive director agree otherwise.
Unless the Company decides otherwise, the executive directors have a duty to mitigate their losses arising from termination 
of their employment where payment in lieu of notice is offered in which case any replacement earnings earned in what would 
otherwise have been the notice period would reduce the obligation on the Company to make payments in lieu.
Annual bonus
The service contracts do not oblige the Company to pay any bonus to executive directors and bonuses are awarded at the 
Committee’s discretion. Payment of any bonus is conditional upon the executive director being in employment and not under 
notice at the payment date, except in certain ‘good leaver’ circumstances.
Where the executive director is deemed to be a ‘good leaver’, deferred bonus awards are retained by participants and release 
would follow the normal vesting schedule (except in the case of death where the Committee may allow early vesting). The 
treatment (including application of time pro-rating) will be decided by the Committee taking into account the circumstances of 
the departure including the performance of the executive director. Good leaver reasons include death, retirement on terms agreed 
with the Company, ill-health, injury or disability and sale of the company or business in which the individual was employed. The 
Committee may also decide, in its discretion, to grant good leaver status in other exceptional circumstances.
Long-Term Incentive 
Plan
The treatment of long-term awards is governed by the relevant LTIP rules, as approved by shareholders. Where an individual’s 
employment terminates, the LTIP rules provide for unvested long-term incentive awards to lapse except as set out below:
	
„
Under the LTIP rules, where an individual is deemed to be a ‘good leaver’, unvested long-term incentive awards will vest at 
the normal vesting date subject to performance against applicable performance conditions and, unless the Committee 
determines otherwise, pro-rating for time. Any Committee determination will take into account a number of considerations, 
in particular performance and other circumstances relating to their termination of employment.
	
„
Good leaver reasons include death, retirement, ill-health, injury or disability, redundancy, sale of the company or business in 
which the individual was employed and cessation of employment on terms agreed with the Company. The Committee may 
also decide, in its discretion, to grant good leaver status in other circumstances and will take into account the reason for 
leaving and the executive director’s performance up to the date employment ceases.
	
„
Where the post-departure shareholding requirements have not been met at the date of departure, after exit post-vesting 
holding periods will continue to apply.
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To protect Man Group’s business interests, the executive directors’ service contracts contain covenants which restrict the executives directors’ 
ability to solicit or deal with clients and their ability to solicit senior employees. Both executive directors have also entered into a broader non-
compete covenant for an agreed period post termination.
Man Group may agree to pay legal fees or other professional advice fees incurred by an individual in connection with their termination of 
employment, and/or fees for outplacement services. Payment may also be made in relation to accrued but untaken holiday. Reimbursement may 
also be made for reasonable relocation costs where an executive director (and, where relevant, his or her family) had originally relocated to take 
up the appointment; this may include the shipment of personal goods and winding-up his or her affairs in the UK and the incidental costs incurred 
in doing so. In certain circumstances, the Committee may approve new contractual arrangements with departing executive directors, potentially 
including (but not limited to) settlement, confidentiality, restrictive covenants and/or consultancy arrangements. These arrangements would only 
be entered into where the Committee believes that it is in the best interests of Man Group and its shareholders to do so.
Executive directors’ service contracts are available to view at the Company’s registered office.
6.7 External appointments
With the approval of the Board in each case, and subject to the overriding requirements of the Company, executive directors may accept a  
limited number of external appointments as non-executive directors of other companies and retain any fees received. Details of any external 
directorships held by executive directors, including associated fees, are provided in the Directors’ Remuneration Report for the relevant year.
6.8 Non-executive directors’ Remuneration Policy
Non-executive directors have formal letters of appointment. The Chair has a contract with the Company which provides that her appointment is 
terminable on six months’ notice. The letters of appointment of other non-executive directors, except for Richard Berliand contain a three-month 
notice period. The letter of appointment of Richard Berliand does not contain any notice provisions or provision for compensation in the event of 
early termination. It is intended that the letters of appointment of all future non-executive directors will contain a three-month notice period.  
The Board’s policy is to appoint non-executive directors for an initial three-year term, subject to retirement and reappointment by shareholders 
annually at the AGM, which may be followed by a further three years by mutual agreement. Any further extension will be subject to rigorous 
review. The initial dates of appointment of the non-executive directors to the Board are shown on pages 70 to 71 of this 2024 Annual Report, and 
their current fee levels are provided in the DRR on page 114. Non-executive directors are encouraged to build a shareholding in the Company.
Letters of appointment for the non-executive directors are available to view at the Company’s registered office.
Details of the policy on fees paid to our non-executive directors are set out in the table below.
Non-executive directors’ Remuneration Policy – Table R24
Function
Operation
Opportunity
Fees 
To attract and 
retain non-
executive 
directors of the 
highest calibre 
and experience 
relevant to Man 
Group.
Fees are reviewed annually by the Board at the year-end 
taking into account market benchmarks for non-executives 
of companies of similar size and complexity to Man Group 
with consideration of sector relevance.
The Chair’s remuneration is recommended by the 
Committee and approved by the Board. Neither the Chair nor 
the non-executive directors take part in discussions or vote 
on their own remuneration.
Non-executive directors are reimbursed for expenses, such 
as travel and subsistence costs, incurred in connection with 
the carrying out of their duties. Any tax costs associated 
with these benefits are paid by the Company.
Fee levels will take account of any significant change in the scope of 
the role or time commitment required and are set by reference to an 
appropriate comparator group.
Non-executive directors receive a base fee for Board service, including 
Nomination and Governance Committee membership where appropriate. 
Additional fees are payable for acting as Senior Independent Director, 
as a member or Chair of the Committee or the Audit and Risk Committee 
or for other responsibilities, including those relating to workforce 
engagement. They do not participate in any share option or share 
incentive plans. Man Group retains the discretion to pay additional fees to 
non-executive directors should Man Group require a significant additional 
time commitment in exceptional or unforeseen circumstances.
6.9 Recruitment of non-executive directors
When recruiting a new non-executive director, the Board will utilise the New Policy as set out in table R24 above. A base fee in line with the 
prevailing fee schedule would be payable for Board membership, with additional fees payable as set out in table R24.
6.10 Consideration of conditions elsewhere in Man Group 
In assessing executive director remuneration, internal relativities within Man Group are reviewed by the Committee. These internal reviews cover 
the individual elements of base salaries, benefits and total compensation. The Committee has shared with all employees a simple document 
explaining how the remuneration of the executive directors is determined and how that aligns with employee remuneration. A dedicated email 
address has been established to provide employees with a quick and easy way to raise any questions with the Committee. The Committee has 
not, however, formally consulted with employees during its review of the Directors’ Remuneration Policy.
6.11 Consideration of shareholder views
The Committee values engagement with shareholders and their representative bodies and consulted extensively before proposing this policy,  
on which it will be seeking shareholder approval at the 2025 AGM. 
For and on behalf of the Board
Laurie Fitch
Chair of the Remuneration Committee 
26 February 2025
Directors’ Remuneration report continued
6. Directors’ Remuneration Policy continued
128
Governance
Man Group plc |  Annual Report 2024

The Directors present their report, 
together with the audited consolidated 
financial statements, for the year 
ended 31 December 2024.
Man Group plc is incorporated as a public company limited by 
shares and is registered in Jersey with the registered number 127570. 
The Company’s registered office is 22 Grenville Street, St Helier, 
Jersey JE4 8PX.
Although the Company is subject to Companies (Jersey) Law 1991 
(Jersey law), 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 129 and 130 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 131. 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
76-79
Directors’ responsibility statement 
and statement of disclosure to auditor
Directors’ responsibility 
statement
131
Directors’ share interests
Directors’ Remuneration 
report
115-117
Employment policies including 
disability and equal opportunities  
and employee engagement
Strategic report
Governance report
63-65
77
Financial risk management
Note 24
172-173
Financial instruments
Note 23
170-171
Future developments in the business
Strategic report
14-15
Going concern disclosure
Note 2
147
Greenhouse gas emissions, energy 
consumption and energy efficiency
Strategic report
51-53
Internal control and risk management
Strategic report
30-37
Research and development activities
Strategic report
14-19
Purchase of own shares
Note 20
168
Subsidiary undertakings listing
Note 30
177-178
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 98 to 
128. 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. The following director changes occurred during 2024:
Alberto G Musalem
Stepped down from the Board on 29 February 2024
Dixit Joshi
Appointed to the Board on 10 May 2024
Sarah Legg
Appointed to the Board on 10 May 2024
Paco Ybarra
Appointed to the Board on 6 September 2024
Directors’ Report
It is proposed that Richard Berliand, who has served as a non-
executive director since January 2016, will extend his role as a 
non-executive director and the SID until a date no later than  
December 2025, subject to shareholder approval.
Powers of directors
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 2018 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 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)
The 2025 AGM of Man Group plc will be held at Riverbank House, 
2 Swan Lane, London EC4R 3AD on Friday 9 May 2025 at 9am.
Shares
Share capital
The issued share capital as at 26 February 2025 consisted of 
1,273,949,460 ordinary shares of 3 3/7 US cents per share. Details 
of movements in issued share capital in the year to 31 December 2024, 
together with the rights and obligations attaching to the Company’s 
shares, are set out in Note 20 to the financial statements and in the 
Company’s Articles.
129
Strategic report | Governance | Financial statements | Shareholder information
Man Group plc |  Annual Report 2024

Authority to purchase own shares
At the 2024 AGM, the Company was authorised by its shareholders 
to purchase up to a maximum of 860,959,114 of its ordinary shares. 
Details of shares purchased under this authority by the Company 
during the year are detailed in Note 20 to the financial statements.
Substantial interests
As at 31 December 2025, the Company had been notified of the 
following voting interests in the ordinary share capital of the Company 
in accordance with DTR 5 of the FCA’s Disclosure Guidance and 
Transparency Rules (DTRs). 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.
Below 5%
Below 5%
5 September 
2024
No changes to the above were disclosed to the Company in 
accordance with DTR 5 during the period 31 December 2024 to 
27 February 2025 inclusive, being the latest practicable date prior  
to the publication of this report.
Information provided to the Company under the DTRs is publicly 
available via the regulatory information service and on the Company’s 
website at https://www.man.com/investor-relations.
Dividend information
The directors recommend a final dividend of 11.6 cents per share in 
respect of the year ended 31 December 2024. Payment of this dividend 
is subject to approval at the Company’s 2025 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 188 to 189.
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 the Group 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 (Companies) Law 1991, then the shares, at this point,  
will again carry their full voting rights. Further details on treasury 
shares can be found in Note 20 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 98 to 128.
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 2025 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.
Approved by the Directors and signed on behalf of the Board. 
Juliet Dearlove
Interim Company Secretary
26 February 2025
Directors’ Report continued
130
Governance
Man Group plc |  Annual Report 2024

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.
Directors’ responsibility statement
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 as at 31 December 2024, 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.
131
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Man Group plc |  Annual Report 2024

Financial statements contents
Audited information
Note
Independent auditor’s report
133
Consolidated income statement
142
Consolidated statement of comprehensive income
142
Consolidated balance sheet
143
Consolidated cash flow statement
144
Consolidated statement of changes in equity
145
Notes to the Group financial statements
146
Basis of preparation
1
146
Going concern
2
147
Judgemental areas and accounting 
estimates 
3
147
Revenue 
4
148
Investments in fund products and  
other investments
5
149
Costs
6
152
Finance income and finance expense
7
154
Leases and rental income
8
154
Goodwill and acquired intangibles
9
157
Investments in associates
10
159
Tax
11
159
Earnings per share (EPS)
12
161
Pension
13
162
Cash, liquidity and borrowings
14
165
Fee and other receivables 
15
165
Leasehold improvements and equipment 
16
166
Software intangible assets
17
166
Trade and other payables 
18
167
Provisions
19
167
Equity
20
168
Reconciliation of statutory profit to cash 
generated from operations
21
169
Dividends
22
169
Financial assets and liabilities
23
170
Financial risk management
24
172
Share-based payment schemes
25
174
Geographical information
26
175
Related party transactions
27
175
Other matters
28
176
Unconsolidated structured entities
29
176
Group investments
30
177
Unaudited information
Five-year record
179
Alternative performance measures
180
132
Financial statements
Man Group plc |  Annual Report 2024

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 (‘Man Group’):
	
„
Give a true and fair view of the state of Man Group’s affairs as at 
31 December 2024 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 30.
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.
Independent auditor’s report to the members of Man Group plc
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 (2023: $19.8m) 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 99% (2023: 99%) of 
Man Group’s revenue, 99% (2023: 98%) of Man Group’s 
profit before tax and 99% (2023: 99%) of Man Group’s total 
assets. All other components were subject to analytical 
review procedures.
Significant 
changes  
in our 
approach
We revised our key audit matter in relation to Varagon 
which previously focused on the accounting for the 
acquisition in the prior year, to focus instead on the 
annual revaluation of the liability to certain sellers of 
Varagon.
We changed our group scoping process as a result of 
International Standard on Auditing (UK) 600 (Revised), 
however, this did not have a significant impact on the 
outcome of our scoping.
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 $225m as disclosed in Note 14 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 14 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 impact 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.
133
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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 $308m (2023: $178m) performance fee revenue remains a material balance.
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 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 against audited financial statements 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, we concluded that performance fees are appropriately recorded.
Independent auditor’s report to the members of Man Group plc continued
134
Financial statements
Man Group plc |  Annual Report 2024

5.2. Valuation of the employment-related payables to sellers of businesses acquired
Key audit matter 
description
In the prior year, Man Group acquired a controlling interest in Varagon Capital Partners (“Varagon”). Certain conditional 
payments to sellers of Varagon 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 25).
For 2024, this employment-related expense was $38m (2023: $23m) and the corresponding liability for employment-related 
payables to sellers of businesses acquired at 31 December 2024 was $56m (2023: $23m).
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 procedures:
	
„ We obtained an understanding of and tested 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 FY24 forecasts in comparison to FY23 and considerations of 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, we concluded that the IFRS 2 liability and related income statement expense are reasonable, and that 
the disclosures are appropriate.
135
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Man Group plc |  Annual Report 2024

 
 
 
 
 
 
 
Group materiality $22.5m
Component performance materiality range $11.1m to $0.1m
Audit & Risk Committee Reporting Threshold $1.1m
Management and other fees
Group materiality
Management and 
other fees $1,126m
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 (2023: $19.8m)
Basis for 
determining 
materiality
2% of management and other fees (2023: 2% of management and other fees)
Rationale for  
the benchmark 
applied
We have determined management and other fees to be an appropriate basis for determining materiality as it reflects current 
year performance whilst being relatively stable compared with other benchmarks. We excluded performance fees from our 
materiality benchmark to avoid the undue fluctuations in materiality that would arise from year-on-year variations in 
performance fees, if total revenues or a profit measure were used instead.
Materiality ($m)
Independent auditor’s report to the members of Man Group plc continued
136
Financial statements
Man Group plc |  Annual Report 2024

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 2024 audit (2023: 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 (2023: $990k), 
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 37 (2023: 31) 
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 99% (2023: 99%) of Man Group’s revenue, 99% (2023: 
98%) of Man Group’s profit before tax and 99% (2023: 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. For Varagon, we engaged our local audit team 
based in the US (Texas) to assist with the audit of specified account 
balances, however, the audit work related to the Varagon key audit 
matter as described above was performed directly by the group audit 
team.
137
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Man Group plc |  Annual Report 2024

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 disclosures about critical judgements and key sources 
of estimation uncertainty, including the potential impact of climate 
change on those judgements and estimates, in Note 3 to the financial 
statements. 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
As described in 7.1 above, all work was performed by the group audit 
team with assistance from local staff in Switzerland, the US and Ireland 
in certain areas. Local staff was directed and supervised by the group 
audit team, with regular calls to provide direction, discuss progress and 
provide updates relevant to the group audit. For the US Varagon 
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.
Revenue
Audit procedures 
performed
99%
Review at group level
1%
Profit before tax
Audit procedures 
performed
99%
Review at group level
1%
Total assets
Audit procedures 
performed
99%
Review at group level
1%
Independent auditor’s report to the members of Man Group plc continued
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Man Group plc |  Annual Report 2024

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.
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.
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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 Man 
Group’s documentation of their 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 Man 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. 
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, Financial Conduct Authority (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.
Independent auditor’s report to the members of Man Group plc continued
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Man Group plc |  Annual Report 2024

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 122.
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 147;
	
„
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 131;
	
„
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 84 to 93.
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.
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 11 years, covering the years ending 
31 December 2014 to 31 December 2024. 
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
26 February 2025
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142
Man Group plc |  Annual Report 2024
Financial statements
Consolidated income statement 
For the year to 31 December 
  
Note 
2024 
$m 
2023 
$m 
Management and other fees 
4 
1,126 
990 
Performance fees 
4 
308 
178 
Revenue 
 
1,434 
1,168 
Net income or gains on investments and other financial instruments 
5.1 
88 
76 
Third-party share of gains relating to interests in consolidated funds 
5.2 
(10) 
(24) 
Rental income 
5.2,8.1 
3 
6 
Distribution costs 
6 
(38) 
(32) 
Net revenue 
 
1,477 
1,194 
Asset servicing costs 
6 
(67) 
(58) 
Compensation costs  
6.1 
(706) 
(595) 
Other employment-related expenses 
6.2 
(38) 
(23) 
Other costs 
6.3 
(215) 
(198) 
Finance income 
7 
15 
13 
Finance expense 
7 
(38) 
(34) 
Gain on disposal of investment property – right-of-use lease assets 
8.1 
3 
12 
Amortisation and impairment of acquired intangibles 
9 
(24) 
(28) 
Share of post-tax loss of associates 
10 
(2) 
(3) 
Revaluation of acquisition-related liabilities  
 
(4) 
– 
Third-party share of post-tax profits 
 
(3) 
(1) 
Statutory profit before tax 
 
398 
279 
Tax expense 
11.1 
(100) 
(45) 
Statutory profit attributable to owners of the Company 
 
298 
234 
 
 
 
 
Statutory earnings per share 
12 
 
 
Basic 
 
25.7¢ 
19.9¢ 
Diluted 
 
25.1¢ 
19.4¢ 
Consolidated statement of comprehensive income 
For the year to 31 December  
 
Note 
2024 
$m 
2023 
$m 
Statutory profit attributable to owners of the Company 
 
298 
234 
 
 
 
 
Other comprehensive income/(loss): 
 
 
 
Remeasurements of defined benefit pension plans 
13 
2 
(10) 
Deferred tax on pension plans 
11.3 
– 
2 
Items that will not be reclassified to profit or loss 
 
2 
(8) 
Cash flow hedges:  
 
 
 
Valuation gains taken to equity 
 
20 
14 
Realised gains transferred to consolidated income statement 
 
(22) 
(12) 
Deferred tax on cash flow hedges 
11.3 
1 
– 
Net investment hedges 
 
7 
1 
Foreign currency translation 
 
(7) 
3 
Items that may be reclassified to profit or loss 
 
(1) 
6 
Other comprehensive income/(loss) 
 
1 
(2) 
 
 
 
 
Total comprehensive income attributable to owners of the Company 
 
299 
232 
 

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Man Group plc |  Annual Report 2024
Consolidated balance sheet 
At 31 December 
 
Note 
2024 
$m 
2023 
$m 
Assets 
 
 
 
Cash and cash equivalents 
14 
454 
276 
Fee and other receivables 
15 
492 
551 
Investments in fund products and other investments 
5 
2,414 
2,279 
Investments in associates 
10 
8 
11 
Current tax assets 
11.2 
17 
15 
Finance lease receivable 
8.1 
77 
67 
Leasehold improvements and equipment 
16 
58 
53 
Leasehold property – right-of-use lease assets 
8.2 
90 
112 
Investment property – right-of-use lease assets 
8.2 
13 
17 
Investment property – consolidated fund entities 
5.2 
12 
30 
Software intangible assets 
17 
57 
54 
Deferred tax assets 
11.3 
117 
128 
Pension asset 
13 
13 
12 
Goodwill and acquired intangibles 
9 
752 
776 
Total assets 
 
4,574 
4,381 
 
 
 
 
Liabilities 
 
 
 
Borrowings 
14 
– 
140 
Trade and other payables 
18 
655 
713 
Employment-related payables to sellers of businesses acquired 
6.2 
56 
23 
Provisions 
19 
16 
16 
Current tax liabilities 
11.2 
3 
3 
CLO liabilities – consolidated funds 
5.2 
1,366 
1,036 
Third-party interest in consolidated funds 
5.2 
553 
554 
Third-party interest in other subsidiaries 
 
1 
1 
Lease liability 
8.2 
248 
283 
Total liabilities 
 
2,898 
2,769 
 
 
 
 
Net assets 
 
1,676 
1,612 
 
 
 
 
Equity 
 
 
 
Capital and reserves attributable to owners of the Company 
20 
1,676 
1,612 
The financial statements were approved by the Board of Directors on 26 February 2025 and signed on its behalf by: 
 
Robyn Grew 
 
 
Antoine Forterre 
Chief Executive Officer 
 
Chief Financial Officer 
 

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Man Group plc |  Annual Report 2024
Financial statements
Consolidated cash flow statement 
For the year to 31 December 
 
Note 
2024 
$m 
2023 
$m 
Operating activities 
 
 
 
Cash generated from operations 
21 
769 
470 
Interest paid 
 
(27) 
(23) 
Payment of lease interest  
8.2 
(11) 
(10) 
Tax paid 
11.2 
(83) 
(100) 
Cash flows from operating activities 
 
648 
337 
 
 
 
 
Investing activities 
 
 
 
Interest received 
 
12 
12 
Purchase of leasehold improvements and equipment 
16 
(18) 
(12) 
Purchase of software intangible assets 
 
(23) 
(21) 
Acquisition of subsidiaries, net of cash acquired 
 
– 
(170) 
Cash flows used in investing activities 
 
(29) 
(191) 
 
 
 
 
Financing activities 
 
 
 
Repayments of lease liability principal 
8.2 
(22) 
(10) 
Purchase of Man Group plc shares by the Employee Trust 
 
(35) 
(56) 
Proceeds from sale of Treasury shares in respect of Sharesave 
 
1 
4 
Share repurchase programmes (including costs) 
20 
(50) 
(223) 
Ordinary dividends paid to owners of the Company 
22 
(192) 
(181) 
Transactions with non-controlling shareholders 
 
3 
– 
Payment of third-party share of post-tax profits 
 
(4) 
– 
Payment of upfront costs of revolving credit facility  
 
– 
(3) 
Net (repayment)/drawdown of borrowings 
14 
(140) 
140 
Cash flows used in financing activities 
 
(439) 
(329) 
 
 
 
 
Net increase/(decrease) in cash and cash equivalents 
 
180 
(183) 
Cash and cash equivalents at beginning of the year 
 
276 
457 
Effect of foreign exchange movements 
 
(2) 
2 
Cash and cash equivalents at end of the year 
14 
454 
276 
Less: restricted cash held by consolidated fund entities  
14 
(229) 
(96) 
Available cash and cash equivalents at end of the year  
14 
225 
180 
 

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Man Group plc |  Annual Report 2024
Consolidated statement of changes in equity 
$m 
Note 
Share capital  
Reorganisation 
reserve 
Profit  
and loss 
account 
Man Group plc 
shares held by 
Employee 
Trust 
Treasury 
shares 
Cumulative 
translation 
adjustment  
Other 
reserves 
Total 
At 1 January 2023 
 
46 
(1,688) 
3,590 
(80) 
(225) 
41 
15 
1,699 
Statutory profit 
 
– 
– 
234 
– 
– 
– 
– 
234 
Other comprehensive 
(loss)/income 
 
– 
– 
(8) 
– 
– 
4 
2 
(2) 
Total comprehensive income  
 
– 
– 
226 
– 
– 
4 
2 
232 
Share-based payments 
 
– 
– 
40 
– 
– 
– 
– 
40 
Current tax on share-based 
payments 
11.2 
– 
– 
5 
– 
– 
– 
– 
5 
Deferred tax on share-based 
payments  
11.3 
– 
– 
1 
– 
– 
– 
– 
1 
Purchase of Man Group plc 
shares by the Employee Trust 
 
– 
– 
– 
(56) 
– 
– 
– 
(56) 
Disposal of Man Group plc 
shares by the Employee Trust 
 
– 
– 
(30) 
30 
– 
– 
– 
– 
Share repurchases 
20 
– 
– 
(125) 
– 
– 
– 
– 
(125) 
Transfer to Treasury shares 
 
– 
– 
223 
– 
(223) 
– 
– 
– 
Transfer from Treasury shares 
 
– 
– 
(18) 
– 
15 
– 
3 
– 
Disposal of Treasury shares 
for Sharesave 
 
– 
– 
– 
– 
4 
– 
– 
4 
Cancellation of Treasury 
shares 
 
(1) 
– 
(103) 
– 
103 
– 
1 
– 
Dividends paid 
22 
– 
– 
(181) 
– 
– 
– 
– 
(181) 
Put option over non-
controlling interests  
 
– 
– 
(7) 
– 
– 
– 
– 
(7) 
At 31 December 2023 
 
45 
(1,688) 
3,621 
(106) 
(326) 
45 
21 
1,612 
Statutory profit 
 
– 
– 
298 
– 
– 
– 
– 
298 
Other comprehensive 
income/(loss) 
 
– 
– 
2 
– 
– 
– 
(1) 
1 
Total comprehensive income  
 
– 
– 
300 
– 
– 
– 
(1) 
299 
Share-based payments 
 
– 
– 
39 
– 
– 
– 
– 
39 
Current tax on share-based 
payments 
11.2 
– 
– 
3 
– 
– 
– 
– 
3 
Deferred tax on share-based 
payments  
11.3 
– 
– 
(2) 
– 
– 
– 
– 
(2) 
Purchase of Man Group plc 
shares by the Employee Trust 
 
– 
– 
– 
(35) 
– 
– 
– 
(35) 
Disposal of Man Group plc 
shares by the Employee Trust 
 
– 
– 
(31) 
31 
– 
– 
– 
– 
Share repurchases 
20 
– 
– 
(50) 
– 
– 
– 
– 
(50) 
Transfer to Treasury shares 
 
– 
– 
50 
– 
(50) 
– 
– 
– 
Transfer from Treasury shares 
 
– 
– 
(8) 
– 
7 
– 
1 
– 
Disposal of Treasury shares 
for Sharesave 
 
– 
– 
– 
– 
1 
– 
– 
1 
Cancellation of Treasury 
shares 
 
(1) 
– 
(112) 
– 
112 
– 
1 
– 
Dividends paid 
22 
– 
– 
(192) 
– 
– 
– 
– 
(192) 
Put option over non-
controlling interests  
 
– 
– 
1 
– 
– 
– 
– 
1 
At 31 December 2024 
 
44 
(1,688) 
3,619 
(110) 
(256) 
45 
22 
1,676 
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 has reserves available for distribution of $2.9 billion as at 
31 December 2024 (2023: $2.9 billion).  
 

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Financial statements
Notes to the consolidated financial statements 
1. Basis of preparation 
Accounting framework 
The audited consolidated financial information has been prepared in accordance with International Financial Reporting Standards (IFRSs) and 
interpretations (IFRICs) as adopted by the United Kingdom. The consolidated financial statements are prepared on a going concern basis 
using the historical cost convention, except for certain financial instruments that are measured at fair value and defined benefit pension 
plans. Our significant accounting policies, which have been consistently applied in the current and prior years, are included in the relevant 
notes, except for those below which relate to the consolidated financial statements as a whole.  
Man Group plc (the Company) has taken advantage of the exemption provided in Article 105 (11) of the Companies (Jersey) Law 1991 and 
therefore does not present its individual financial statements and related notes. 
Consolidation 
The consolidated group is the Company and its subsidiaries (together Man Group). The consolidated financial statements are presented in 
United States dollars (USD), the Company’s functional currency, as the majority of our revenues, assets, liabilities and financing are 
denominated in USD. 
Monetary assets and liabilities denominated in foreign currencies are translated at the spot rate on each balance sheet date. Non-monetary 
items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value 
was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Transactions 
denominated in foreign currencies are converted at the spot rate at the date of the transaction or, if appropriate, the average rate for the 
month in which the transaction occurs. The resulting exchange differences are recognised in the consolidated income statement. 
For consolidated entities that have a functional currency other than USD, the assets and liabilities are translated into USD at the spot rate on 
the balance sheet date. Income and expenses are translated at the average rate for the period in which the transactions occur. The resulting 
exchange differences between these rates are recorded in other comprehensive income. 
We apply net investment hedge accounting to the net assets of material subsidiaries that have a functional currency other than USD. Gains 
or losses on derivatives are recycled from the consolidated income statement through other comprehensive income in the foreign currency 
translation reserve in equity to offset the impact of any currency translation of the net assets of these subsidiaries. The accumulated gains 
or losses are recycled to the consolidated income statement on disposal of the related subsidiary. 
The consolidated financial information contained within these financial statements incorporates our results, cash flows and financial position 
and includes our share of the results of any associates and joint ventures using the equity method of accounting. Subsidiaries are entities we 
control (including certain structured entities, as defined by IFRS 12 ‘Disclosure of Interests in Other Entities’) and are consolidated from the 
date on which control is transferred to us until the date that control ceases. Control exists when we have the power to direct the relevant 
activities, exposure to significant variable returns and the ability to utilise power to affect those returns. All intercompany transactions and 
balances are eliminated on consolidation. Although the Employee Trust has independent trustees and its assets are held separately, it is 
consolidated into the financial statements given its nature as a structured entity which has the obligation to deliver deferred compensation 
awards to our employees. 
Business combinations 
Man Group uses the acquisition method to recognise acquired businesses from the date on which we obtain control of the acquiree. The 
consideration transferred in an acquisition is measured at the fair value of the assets transferred, including any contingent consideration, the 
liabilities incurred, and any equity instruments issued. The fair value of the business acquired is measured at the fair value of the acquiree’s 
identifiable assets and liabilities at that date. Goodwill is measured as the excess of the sum of the consideration transferred and the amount 
of any non-controlling interests in the acquiree over the net of the amounts of the identifiable assets acquired and liabilities assumed at the 
acquisition date. Acquisition-related costs are recognised in the consolidated income statement as incurred. Any contingent consideration is 
recognised at fair value at the acquisition date, with subsequent changes in fair value recognised in the consolidated income statement. 
Non-controlling interests in subsidiaries are measured either at fair value or at the non-controlling interest’s proportionate share of the 
acquiree’s identifiable net assets on a case-by-case basis. Immaterial non-controlling interests may not be disclosed separately, with the 
non-controlling interest in consolidated profits deducted from statutory profit before tax within other costs and share of equity offset 
against the profit and loss account. Put options held by third parties over their non-controlling interests are classified as a financial liability as 
there is no unavoidable right to defer settlement of the obligation.  
Operating segments 
The Chief Operating Decision Maker (CODM) has been identified as the Man Group Board (the Board) as Man Group’s key decision-making 
body.  
Management information regarding revenues, net management fee margins and investment performance relevant to the operation of the 
investment managers, products and the investor base are reviewed by the Board. A centralised shared infrastructure for operations, product 
structuring, distribution and support functions for our investment management business means that operating costs are not allocated to its 
constituent parts. As a result, performance is assessed, resources are allocated, and other strategic and financial management decisions are 
determined by the Board, considering our investment management business as a whole. Accordingly, we operate and report the investment 
management business as a single segment, together with relevant information regarding AUM, flows and net management fee margins, to 
allow for analysis of the direct contribution of products and the respective investor base. 
 
 

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1. Basis of preparation continued 
Impact of new accounting standards 
There were no new or amendments to existing accounting standards issued by the International Accounting Standards Board (IASB) 
effective for the first time in the year to 31 December 2024 that have had a significant impact on these consolidated financial statements. 
In November 2023, the IASB issued an exposure draft (ED) on Financial Instruments with Characteristics of Equity, which impacts the 
accounting for non-controlling interests over which there is a put option. The ED requires non-controlling interests to be recognised and 
measured based on current rights associated with an instrument, as well as the recognition of a put option over an entity’s own shares at the 
present value of the gross settlement value. While the proposals have not had a material impact on the consolidated financial statements to 
date, the impact could become more material in the future should the value of non-controlling interests increase. The IASB continues to 
deliberate the feedback to the ED before deciding on the future project direction. 
IFRS 18 ‘Presentation and Disclosures in Financial Statements’ was issued in 2024 and is effective for accounting periods commencing on or 
after 1 January 2027. The application of IFRS 18 will have an impact on the consolidated financial statements from a presentation and 
disclosure perspective. 
No other standards or interpretations issued and not yet effective are expected to have a material impact on the consolidated financial 
statements. 
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 the 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.  
Critical accounting estimates 
Employment-related expenses 
The value of employment-related expenses arising from business combinations is a source of significant estimation uncertainty as the 
expenses are determined with reference to the expected future value and performance of the business acquired. The valuation reflects the 
best estimate of the amounts payable under the put options and has been estimated using a discounted cash flow model. Changes in the 
fair value of these cash-settled share-based payments, including the discount unwind, will be recognised in the consolidated income 
statement up until the final settlement date. Details of the assumptions used in the valuation, together with a sensitivity analysis, are set out 
in Note 6.2. 
Pension 
The estimation uncertainty arising on the valuation of the net pension asset remains a critical accounting estimate, as adopting alternative 
assumptions for the key inputs could result in a materially different value being recognised on the consolidated balance sheet (Note 13). 
Other considerations 
The measurement of provisional values of the identifiable assets acquired, liabilities assumed and goodwill arising on the acquisition of 
Varagon Capital Partners, L.P. in 2023 was disclosed as a critical accounting estimate in the prior year. As these amounts were finalised 
during the year with no adjustment, this is no longer considered an area of critical estimation uncertainty. 
The Board has also considered the assumptions used in the assessments for: impairment of goodwill, investments in associates and finance 
lease receivables; and the recoverability of deferred tax assets. The Board has concluded that these assumptions do not have a significant 
risk of causing a material adjustment to the carrying amounts of our assets or liabilities at the balance sheet date. 
The Board has also considered the impact of climate change on the consolidated financial statements, in particular in relation to the going 
concern assessment, the cash flow forecasts used in the impairment assessments of non-current assets and the assumptions around future 
life expectancies used in the valuation of the net pension asset. The impact of climate change on the consolidated financial statements is 
not currently expected to be material. 
 
 

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Financial statements
Notes to the consolidated financial statements continued 
4. Revenue 
Accounting policy 
Fee income is our primary source of revenue, which is derived from the investment management agreements that we have in place with 
the fund entities or the accounts that we manage.  
Management and other fees, which include all non-performance related fees, are recognised in the period in which the services are 
provided and do not include any other performance obligations. Fees are generally based on an agreed percentage of NAV or AUM and 
are typically charged in arrears and receivable within one month. 
Performance fees relate to the performance of the funds or managed accounts managed during the year and are recognised as the 
performance obligation is satisfied, whereby the fee can be reliably estimated and it is highly probable that a significant reversal will not 
occur. This is generally at the end of the performance period or upon early redemption by an investor when the fee has crystallised. Until 
the performance period ends, market movements could significantly move the NAV of the fund products and therefore the value of any 
performance fees receivable. For alternative strategies, we will typically only earn performance fees on any positive investment returns 
in excess of the high-water mark, meaning we will not be able to earn performance fees with respect to positive investment 
performance in any year following negative performance until that loss is recouped. For long-only strategies, performance fees are 
usually earned only when performance is in excess of a predetermined strategy benchmark (positive alpha). Where performance fees are 
earned over a longer timeframe, usually in relation to private markets funds, revenue may be recognised before the contractual 
crystallisation date. In this case, constraints are applied to the performance fee accrued in the relevant fund to reflect the uncertainty of 
performance over the remaining period to crystallisation. Once crystallised, performance fees typically cannot be clawed back. 
Rebates, which relate to repayments of management and performance fees charged, typically to institutional investors, are recognised in 
the same period as the associated fees. As rebates constitute a reduction in the fees charged for services provided, they are presented 
net within management and other fees and performance fees in the consolidated income statement. 
 
 
 

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5. Investments in fund products and other investments 
Accounting policy 
Investments in fund products are classified at fair value through profit or loss, with net gains due to movements in fair value recognised 
through net income or gains on investments and other financial instruments.  
The fair values of investments in fund products other than CLOs are typically derived from their reported NAVs, which in turn are based 
upon the value of the underlying assets. The valuation of the underlying assets within each fund product is determined by external 
valuation service providers based on an agreed valuation policy and methodology. While these valuations are performed independently 
of Man Group, we have established oversight procedures and due diligence processes to ensure that the NAVs reported by the external 
valuation service providers are reliable and appropriate. Purchases and sales of investments are recognised on trade date. 
Our holdings in unconsolidated CLO risk retention assets are priced using a bottom-up valuation method. We use third-party valuations 
to price the securities within the underlying portfolios and then apply the percentage of the CLO notes we hold to these valuations.  
Seeding investments portfolio 
We use capital to invest in fund products as part of our ongoing business, to build product breadth and to trial investment research 
developments before marketing the products broadly to investors. Seed capital is invested via direct holdings in fund products or sale 
and repurchase (repo) arrangements, which allow us to finance seed investments in a cash-efficient way. Alternatively, we may obtain 
exposure to seed investments via total return swap (TRS) arrangements. Under a repo arrangement we are committed to repurchase 
the underlying seed investments at maturity and pay an interest charge over the period, with the obligation to repurchase the assets on 
maturity recorded as a liability within trade and other payables. Under a TRS arrangement, we are under no form of repayment obligation 
and have no ownership interest (or voting rights) in the underlying investment. In exchange for the returns on the underlying seed 
investments, we pay a floating rate of interest. 
Other than our holdings in CLOs and co-investments, our seed investments are generally liquid in nature and may be liquidated at short 
notice. It is not practicable to allocate our seeding investments portfolio between amounts expected to be recovered or settled within or 
after 12 months after the end of the reporting period as the sale or liquidation of seed investments is subject to client asset raising and the 
ongoing requirements of the business. The majority of our CLO holdings are likely to be settled more than 12 months after the end of the 
reporting period.  
Consolidation 
The control considerations under IFRS 10 ‘Consolidated Financial Statements’ apply to fund product investments, including those 
underlying our repo and TRS instruments. Fund entities deemed to be controlled are consolidated on a line-by-line basis from the date 
control commences until it ceases. In the control assessment, we consider our exposure to variable returns and the existence of 
substantive kick-out rights. Other factors considered include the nature of relevant fee arrangements, the decision-making powers we 
hold as investment manager or adviser and whether the shares we hold include voting rights. Where we do not control the fund, our 
investment is classified within investments in fund products.  
We only have limited exposure to the variable returns of the fund entities we manage unless we either hold an investment in the fund 
entity or receive the returns of the fund entity via a TRS or repo arrangement. For most fund entities: the existence of independent 
boards of directors; rights which allow for the removal of the investment manager or adviser; the influence of external investors; limited 
exposure to variable returns; and the arm’s length nature of our contracts with those fund entities, indicate that we do not control them. 
As a result, the associated assets, liabilities, and results of these funds are not consolidated into the financial statements.  
The assets held by the CLOs we consolidate are priced using independent pricing sources. Other than subordinated notes, the debt 
liabilities of consolidated CLOs are valued at par plus accrued interest, which is considered equivalent to fair value. The subordinated 
notes of these CLOs are priced using an intrinsic valuation approach, excluding any potential future value. 
Investment property held by consolidated fund entities comprises land and buildings held to earn rent or for capital appreciation, or both, 
and is measured at cost less depreciation and impairment. Other than land, which is not depreciated, depreciation is calculated on a 
straight-line basis over the asset’s estimated useful life (between three and 30 years). 
Third-party interests in consolidated fund entities are measured at fair value, typically derived from the reported NAVs. 
Fund product investments held for deferred compensation arrangements 
We hold fund product investments related to deferred compensation arrangements to offset any change in the associated compensation 
cost over the vesting period. At vesting, the value of the fund investment is delivered to the employee. These fund product investments 
are measured at fair value and include balances held by the Employee Trust. 
Investments in loans 
From time to time, Man Group warehouses loans it underwrites and originates with the intention of syndicating such loans following a 
short period of time. These investments in loans are included within investments in fund products and other investments on the 
consolidated balance sheet and measured at fair value through profit or loss. 
Hedge accounting 
We apply cash flow hedge accounting to fund investments related to deferred fund product awards, whereby the offsetting gains or 
losses on these fund products are matched against the corresponding fund product-based payment compensation charge in the 
consolidated income statement pro rata over the vesting period. Gains or losses are recognised through other comprehensive income 
and held within the cash flow hedge reserve in equity until they are recycled over the vesting period into the consolidated income 
statement. 
 
 
 

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Financial statements
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: 
 
 
2024 
$m 
2023 
$m 
Investments in fund products 
 
231 
289 
Investments in loans 
 
27 
– 
Investments in consolidated funds: CLO assets 
 
1,453 
1,103 
Investments in consolidated funds: other transferable securities 
 
702 
884 
Other investments 
 
1 
3 
Investments in fund products and other investments 
 
2,414 
2,279 
 
 
 
 
Less: 
 
 
 
Fund investments held for deferred compensation arrangements 
 
(189) 
(189) 
Investments in consolidated funds: exclude consolidation gross-up of net investment 
 
(1,692) 
(1,492) 
Other investments 
 
(1) 
(3) 
Seeding investments portfolio 
 
532 
595 
Included in fund investments held for deferred compensation arrangements at 31 December 2024 are balances of $87 million (2023: 
$101 million) which are expected to be settled after more than 12 months. 
At 31 December 2024, exposure to fund products via TRS was $232 million (2023: $230 million). Additional exposure via repo arrangements 
(included within investments in fund products, with an offsetting repayment obligation included within trade and other payables) was 
$16 million (2023: $45 million). The largest single investment in fund products at 31 December 2024 was $52 million (2023: $88 million).  
5.1. Net income or gains on investments and other financial instruments  
 
2024 
$m 
2023 
$m 
Net gains on seeding investments portfolio 
47 
47 
Consolidated fund entities: gross-up of net gains on investments  
32 
39 
Foreign exchange movements  
6 
(11) 
Net gains on fund investments held for deferred compensation arrangements and other investments 
3 
1 
Net income or gains on investments and other financial instruments 
88 
76 
 
 

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5. Investments in fund products and other investments continued 
5.2. Consolidation of investments in funds 
At 31 December 2024, our interests in 36 (2023: 35) funds, including CLOs, met the definition of control and have therefore been 
consolidated on a line-by-line basis.   
Consolidated fund entities are included within the consolidated balance sheet and income statement as follows: 
 
2024 
$m 
2023 
$m 
Balance sheet 
 
 
Cash and cash equivalents 
229 
96 
CLO assets1 
1,453 
1,103 
Other transferable securities1 
702 
884 
Fee and other receivables 
6 
88 
Investment property 
12 
30 
Trade and other payables 
(20) 
(116) 
CLO liabilities 
(1,366) 
(1,036) 
Net assets of consolidated fund entities 
1,016 
1,049 
Third-party interest in consolidated funds 
(553) 
(554) 
Net investment held by Man Group 
463 
495 
 
 
 
Income statement 
 
 
Net gains on investments2 
62 
90 
Rental income3 
1 
1 
Management fee expenses4 
(9) 
(5) 
Performance fee expenses4 
(2) 
(2) 
Other costs5 
(12) 
(9) 
Net gains of consolidated fund entities 
40 
75 
Third-party share of gains relating to interests in consolidated funds 
(10) 
(24) 
Net gains attributable to net investment held by Man Group 
30 
51 
Notes: 
1 Included within investments in fund products and other investments. 
2 Included within net income or gains on investments and other financial instruments. 
3 Relates to rental income generated from investment property held by consolidated fund entities. 
4 Relates to management and performance fees paid by the funds to Man Group during the year, which are eliminated within management and other fees and performance fees 
respectively in the consolidated income statement.  
5 Includes depreciation, impairment and gains or losses on disposal of investment property held by consolidated fund entities.  
Movements in the carrying value of investment property held by consolidated fund entities can be analysed as follows: 
 
 
2024 
$m 
2023 
$m 
Cost at beginning of the year 
 
34 
38 
Additions 
 
8 
– 
Disposals  
 
(30) 
(4) 
Cost at end of the year 
 
12 
34 
 
 
 
 
Accumulated depreciation and impairment at beginning of the year 
 
(4) 
(4) 
Depreciation 
 
– 
(1) 
Disposals 
 
2 
– 
Reversal of impairment 
 
2 
1 
Accumulated depreciation and impairment at end of the year 
 
– 
(4) 
 
 
 
 
Net book value at beginning of the year 
 
30 
34 
Net book value at end of the year 
 
12 
30 
The fair value of investment property held by consolidated fund entities of $16 million at 31 December 2024 (2023: $30 million) is based on 
valuations provided by independent property experts or agreed sales prices. 
 
 
 

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Financial statements
Notes to the consolidated financial statements continued 
6. Costs 
Accounting policy 
Distribution costs  
Distribution costs, which are paid to external intermediaries for marketing and investor servicing, largely in relation to retail investors, are 
typically variable with AUM and the associated management fee revenue. Distribution costs are expensed over the period in which the 
service is provided.  
Asset servicing costs 
Asset servicing includes custodial, valuation, fund accounting, registrar, research and administration functions performed by third parties 
on behalf of the funds or managed accounts, as well as market data acquired under contract to Man Group. Asset servicing costs are 
recognised in the period in which the services are provided. The costs of these services vary based on transaction volumes, the number 
of funds or managed accounts and their NAVs, and the mix of client strategies. 
Compensation costs 
Salaries, variable cash compensation and social security costs are charged to the consolidated income statement in the period in which 
the service is provided and include partner drawings. In the short term, the variable component of compensation adjusts with revenues 
and profitability. 
Compensation can be deferred by way of equity-settled share-based payment schemes and fund product-based compensation 
arrangements. Where deferred compensation relates to our fund products, the fair value of the employee services received in exchange 
for the fund investments is recognised as a straight-line expense of the mark-to-market value of the awards over the relevant vesting 
period, with a corresponding liability recognised in the consolidated balance sheet. We generally elect to separately purchase the 
equivalent fund investments at grant date to offset any associated change in the value of deferred compensation due, and on vesting 
the value of the fund investment is delivered to the employee (subject to the terms of the plan rules, which include malus provisions). If a 
fund product-based award is forfeited, the cumulative charge recognised in the consolidated income statement is reversed in full. 
Other employment-related expenses 
Other employment-related expenses relate to amounts payable to sellers of businesses acquired in exchange for post-acquisition 
services and are recognised in profit and loss up to the vesting of the put options over the sellers’ non-controlling interests.  
6.1. Compensation costs  
 
2024 
$m 
2023 
$m 
Salaries 
219 
201 
Variable cash compensation 
294 
205 
Deferred compensation: share-based payment charge  
39 
40 
Deferred compensation: fund product-based payment charge 
81 
83 
Social security costs 
54 
50 
Pension costs (Note 13) 
19 
16 
Compensation costs 
706 
595 
 
 
 
Comprising: 
 
 
Fixed compensation: salaries and associated social security costs, and pension costs 
264 
239 
Variable compensation: variable cash compensation, deferred compensation and associated social security costs 
442 
356 
The unamortised deferred compensation at 31 December 2024 is $103 million (2023: $120 million) and has a weighted average remaining 
vesting period of 2.1 years (2023: 2.2 years).  
We recognised $22 million of non-recurring restructuring costs in the year ended 31 December 2024 (2023: nil), included within variable 
compensation costs. These costs were incurred in realigning our resources with the future requirements of the business. 
Average headcount 
The table below details average headcount by function, including directors, employees, partners and contractors. 
 
2024  
2023 
Investment management 
456 
469 
Sales and marketing 
288 
251 
Technology and infrastructure 
1,058 
996 
Average headcount 
1,802 
1,716 
Headcount at 31 December 
1,777 
1,790 
 
 
 

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6. Costs continued  
6.2. Other employment-related expenses 
Other employment-related expenses of $38 million (2023: $23 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, $10 million (2023: $2 million) relates to the proportionate 
share of profits earned in the year. 
The associated employment-related payables at 31 December 2024 of $56 million (2023: $23 million) are accounted for as cash-settled 
share-based payments (Note 25). 
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 
 
2024 
2023 
Discount rate 
 
 
– Management fee earnings 
11% 
11% 
– Performance fee earnings 
17% 
17% 
Sensitivity analysis 
The value recognised for 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 
2024 
Discount rate decreased/(increased) by 5% 
25 
(16) 
Forecast growth in future cash flows increased/(decreased) by 50% 
16 
(11) 
6.3. Other costs 
 
2024 
$m 
2023 
$m 
Audit, tax, legal and other professional fees 
27 
24 
Technology and communications 
27 
24 
Staff benefits 
23 
19 
Occupancy 
18 
20 
Temporary staff, recruitment, consultancy and managed services 
15 
13 
Travel and entertainment 
12 
11 
Marketing and sponsorship 
7 
5 
Insurance 
5 
5 
Costs associated with legal claims  
4 
1 
Other cash costs 
14 
10 
Other costs – consolidated fund entities (Note 5.2) 
12 
9 
Acquisition-related costs  
– 
9 
Other costs before depreciation and amortisation 
164 
150 
Depreciation of right-of-use lease assets (Note 8.2) 
15 
14 
Depreciation of leasehold improvements and equipment (Note 16) 
11 
12 
Amortisation of software intangible assets (Note 17) 
25 
22 
Total other costs 
215 
198 
Auditor remuneration 
 
2024 
$m  
2023 
$m 
Fees payable to the external auditor for the audit of the consolidated financial statements 
1.0 
1.0 
Other services: 
 
 
The audit of the Company’s subsidiaries pursuant to legislation 
3.2 
2.7 
Audit-related assurance services 
0.5 
0.5 
All other services 
0.4 
0.3 
Total auditor’s remuneration 
5.1 
4.5 
 
 
 

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Financial statements
Notes to the consolidated financial statements continued 
7. Finance income and finance expense 
 
2024 
$m 
2023 
$m 
Finance income 
 
 
Interest on cash deposits  
12 
12 
Unwind of net investment in finance lease discount (Note 8.1) 
3 
1 
Total finance income 
15 
13 
 
 
 
Finance expense 
 
 
Unwind of lease liability discount (Note 8.2) 
(11) 
(10) 
Interest expense on total return swaps and sale and repurchase agreements  
(15) 
(12) 
Other finance expense  
(12) 
(12) 
Total finance expense 
(38) 
(34) 
 
 
 
Net finance expense 
(23) 
(21) 
8. Leases and rental income 
8.1. Man Group as lessor 
Accounting policy 
Man Group’s lease arrangements primarily relate to business premises property leases. We act as intermediate lessor in respect of certain 
right-of-use (ROU) lease assets which are in turn sub-let to third parties. We assess whether a contract is or contains a lease at the 
inception of the contract. The lease term is determined as the non-cancellable period of a lease, together with periods covered by an 
option to extend the lease if we consider that exercise of the extension option is reasonably certain and periods covered by an option to 
terminate the lease if the break option is reasonably certain not to be exercised. Lease extension options and break clauses inherent in 
our sub-leases do not have a significant impact.  
Finance leases 
Whenever the terms of a sub-lease transfer substantially all risks and rewards of ownership of the underlying ROU lease asset to the 
lessee, we classify the contract as a finance lease. This is typically when the end of the sub-lease term aligns with the end of our head 
lease, with no break option. Amounts due from lessees under finance leases are recognised as receivables at the amount of the net 
investment in the lease. The net investment in the lease is measured at the present value of the lease payments receivable over the 
lease term and any upfront incremental costs of obtaining the lease, discounted using our incremental cost of borrowing under the head 
lease. The net investment in the lease is adjusted for lease payments and finance lease interest as well as the impact of any subsequent 
lease modifications. Finance lease interest is included within finance income. 
Operating leases 
Sub-leases which do not meet the definition of a finance lease are classified as operating leases. Sub-lease rental income is recognised 
on a straight-line basis over the lease term in the consolidated income statement. 
An impairment expense is recognised for the amount by which the related ROU lease asset’s carrying value exceeds its recoverable 
amount, being its value in use. For the purposes of assessing impairment, investment property ROU lease assets are grouped at the 
lowest levels for which there are separately identifiable cash flows, being the individual sub-lease contract level. 
The contractual undiscounted lease payments receivable under operating and finance leases were as follows: 
 
2024 
 
2023 
$m 
Operating 
leases 
Finance 
 leases  
Operating 
 leases 
Finance 
 leases 
Within one year 
1 
3  
2 
– 
Between one and two years 
– 
5  
1 
3 
Between two and three years 
1 
10  
– 
5 
Between three and four years 
1 
11  
– 
9 
Between four and five years 
– 
11  
– 
10 
Between five and ten years  
– 
54  
– 
47 
Between ten and 15 years 
– 
9  
– 
17 
  
3 
103  
 3 
91 
At 31 December 2024, the contractual undiscounted minimum finance lease payments receivable can be reconciled to the net investment in 
finance lease as follows: 
 
2024 
$m 
2023 
$m 
Undiscounted lease payments 
103 
91 
Less: unearned finance income 
(26) 
(24) 
Net investment in finance lease 
77 
67 
 
 
 

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8. Leases and rental income continued 
8.1. Man Group as lessor continued 
Movements in the net investment in finance lease are as follows: 
 
2024 
$m 
2023 
$m 
At beginning of the year 
67 
– 
Additions 
9 
65 
Unwind of finance lease discount  
3 
1 
Foreign exchange movements 
(2) 
1 
At end of the year 
77 
67 
Fair value of investment property  
 
2024 
$m 
2023 
$m 
Value in use 
16 
23 
Less: 
 
 
Carrying value  
(13) 
(17) 
Headroom 
3 
6 
Sub-lease rental income from operating leases was $2 million in 2024 (2023: $5 million). Operating expenses of $1 million (2023: $5 million) 
arising from investment property that did not generate rental income during the period are included within other costs. 
In 2024, we signed a sub-lease for a portion of the vacant space in our main premises in London. As the sub-lease extends to close to the 
end of the head lease with no break option, it is classified as a finance lease. On lease commencement, we recognised a finance lease 
receivable. The derecognition of the associated ROU lease asset resulted in a gain on disposal of $3 million (2023: $12 million) being 
recognised in the consolidated income statement.  
8.2. Man Group as lessee 
Accounting policy 
For arrangements where we are the lessee, a ROU lease asset and a related lease liability are recognised on the consolidated balance 
sheet at the date from which we have the right to use the asset, usually the lease commencement date. For short-term leases (defined 
as leases with a term of one year or less) and leases of low-value assets, we recognise the lease payments on a straight-line basis over 
the lease term within other costs in the consolidated income statement. The exercise of break clauses inherent in our leases are typically 
not reflected in the lease term other than on the occurrence of a significant event or change in circumstances. 
ROU lease assets relating to the portion of our leased business premises which we then sub-let under operating leases are classified as 
investment property, with other ROU lease assets classified as leasehold property. Transfers from investment property to leasehold 
property occur when we commence development of a previously sub-let portion of our leased business premises with a view to 
occupying that space. Similarly, transfers from leasehold property to investment property occur when we cease to occupy a portion of 
the leased business premises with the intention of sub-letting that space under an operating lease. Investment property ROU lease 
assets are derecognised when the associated space is sub-let under a finance lease, with a finance lease receivable recognised in the 
consolidated balance sheet on lease commencement. 
All of our ROU lease assets, including those classified as investment property, are measured at cost less depreciation and impairment. 
Cost includes the amount of the initial measurement of the associated lease liability, lease payments made at or before the lease 
commencement date, lease incentives received, associated leasehold improvements classified as investment property and estimated 
costs to be incurred in restoring the property to the condition required under the terms of the lease. Depreciation is calculated on a 
straight-line basis over the asset’s estimated useful life, which for leasehold improvements classified as investment property is the 
shorter of the lease term and the life of the improvement (up to 24 years) and for all other assets is the lease term and is included within 
other costs. We assess ROU lease assets for impairment whenever events or circumstances indicate that the carrying amount may not 
be recoverable. 
All lease liabilities are measured at the present value of lease payments due over the lease term, discounted using our incremental cost 
of borrowing (being the rate we would have to pay to finance a similar asset) at the lease commencement date or the modification date. 
The lease liability is adjusted for lease payments and unwind of lease liability discount as well as the impact of any subsequent lease 
modifications. The unwind of lease liability discount is included within finance expense. 
Cash payments in relation to leases, which reduce the lease liability recognised on the consolidated balance sheet, are presented as 
payment of lease interest (within operating activities) and repayments of principal lease liability (within financing activities) in the 
consolidated cash flow statement. Payments in relation to short-term leases and leases of low-value assets are included within cash 
flows from operating activities. 
 
 

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Financial statements
Notes to the consolidated financial statements continued 
8. Leases and rental income continued 
8.2. Man Group as lessee continued 
Right-of-use lease assets 
 
2024 
 
2023 
$m 
Leasehold 
property 
Investment 
property 
Total  
Leasehold 
property 
Investment 
property 
Total 
Cost at beginning of the year 
199 
101 
300  
169 
242 
411 
Acquired through business combinations  
– 
– 
–  
22 
– 
22 
Additions 
5 
– 
5  
3 
– 
3 
Disposals 
(2) 
(50) 
(52)  
– 
(141) 
(141) 
Remeasurement on modification 
(14) 
– 
(14)  
5 
– 
5 
Cost at end of the year 
188 
51 
239  
199 
101 
300 
 
 
 
  
 
 
 
Accumulated depreciation and impairment at beginning  
of the year 
(87) 
(84) 
(171)  
(77) 
(171) 
(248) 
Disposals 
2 
48 
50  
– 
91 
91 
Depreciation 
(13) 
(2) 
(15)  
(10) 
(4) 
(14) 
Accumulated depreciation and impairment at end  
of the year 
(98) 
(38) 
(136)  
(87) 
(84) 
(171) 
 
 
 
  
 
 
 
Net book value at beginning of the year 
112 
17 
129  
92 
71 
163 
Net book value at end of the year 
90 
13 
103  
112 
17 
129 
 
Lease liability 
The maturity of our contractual undiscounted cash flows for the lease liability is as follows: 
 
2024 
$m 
2023 
$m 
Within one year 
19 
32 
Between one and five years 
120 
114 
Between five and ten years 
138 
142 
Between ten and 15 years 
28 
54 
Undiscounted lease liability at end of the year 
305 
342 
Discounted lease liability at end of the year 
248 
283 
Of the total discounted lease liability at 31 December 2024 of $248 million (2023: $283 million), $10 million (2023: $21 million) is expected to 
be settled within 12 months. 
Movements in the lease liability are as follows: 
 
2024 
$m 
2023 
$m 
At beginning of the year 
283 
253 
Acquired through business combinations  
– 
22 
Additions 
5 
3 
Cash payments 
(33) 
(20) 
Unwind of lease liability discount  
11 
10 
Remeasurement on modification 
(14) 
5 
Foreign exchange movements 
(4) 
10 
At end of the year 
248 
283 
 
 

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9. Goodwill and acquired intangibles 
Accounting policy 
Goodwill 
Goodwill is measured as the excess of the sum of the consideration transferred and the amount of any non-controlling interest over the 
fair value of the identifiable net assets of the acquired business at the date of acquisition. Goodwill is carried on the consolidated balance 
sheet at cost less accumulated impairment, has an indefinite useful life, is not subject to amortisation and is tested for impairment 
annually, or whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment expense is 
recognised for the amount by which the asset’s carrying value exceeds its recoverable amount. The recoverable amount of our group of 
cash-generating units (CGUs) is assessed each year using a value in use calculation.  
Goodwill does not generate cash flows independently of other groups of assets and thus is assigned to a group of CGUs for the purposes 
of impairment testing. Our CGUs are aggregated into a single group for impairment testing purposes, reflecting the lowest level at which 
goodwill is monitored by management and which incorporates our private market asset managers alongside our liquid asset managers. 
The value in use calculation uses cash flow projections based on the Board-approved financial plan for the subsequent three-year period 
from the balance sheet date, plus a terminal value. The valuation analysis is based on best practice guidance whereby a terminal value is 
calculated at the end of a discrete budget period and assumes, after this three-year budget period, no growth in asset flows above the 
long-term growth rate.  
The assumptions applied in the value in use calculation are derived from past experience and assessment of current market inputs. We 
have applied a bifurcated discount rate to the modelled cash flows to reflect the different risk profile of management fee profits and 
performance fee profits. The discount rates are based on our weighted average cost of capital using a risk-free interest rate, together 
with an equity market risk premium and an appropriate market beta derived from consideration of our own beta, similar alternative asset 
managers, and the asset management sector as a whole. The terminal value is calculated based on the projected closing AUM at the end 
of the three-year forecast period and applying the mid-point of a range of historical multiples to the forecast cash flows associated with 
management and performance fee profits.  
The value in use calculation is presented on a post-tax basis, consistent with the prior year, given most comparable market data is 
available on a post-tax basis. This is not significantly different to its pre-tax equivalent. 
Acquired intangibles 
Intangible assets acquired in a business combination and recognised separately from goodwill are initially measured at their fair value at 
the acquisition date. Following initial recognition, acquired intangibles are held at cost less accumulated amortisation and impairment. 
Acquired intangibles comprise investment management agreements and related client relationships (IMAs), distribution channels and 
brand names and are initially recognised at fair value based on the present value of the expected future cash flows and are amortised on 
a straight-line basis over their expected useful lives, which are between seven and 15 years (IMAs and brands), and eight and 12 years 
(distribution channels). Acquired intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the 
carrying amount may not be recoverable. Disposals of acquired intangibles are recognised in the year the related cash inflows are 
transferred. 
 
 
2024 
 
2023 
$m 
Goodwill 
IMAs  
Brand 
names and 
distribution 
channels 
Total  
Goodwill 
IMAs  
Brand 
names and 
distribution 
channels 
Total 
Cost at beginning of the year 
2,455 
974 
103 
3,532  
2,425 
834 
96 
3,355 
Acquired through business combinations  
– 
– 
– 
–  
30 
140 
7 
177 
Cost at end of the year 
2,455 
974 
103 
3,532  
2,455 
974 
103 
3,532 
 
 
 
 
  
 
 
 
 
Accumulated amortisation and impairment 
at beginning of the year 
(1,836) 
(824) 
(96) 
(2,756)  
(1,836) 
(801) 
(91) 
(2,728) 
Amortisation 
– 
(23) 
(1) 
(24)  
– 
(22) 
(3) 
(25) 
Impairment 
– 
– 
– 
–  
– 
(1) 
(2) 
(3) 
Accumulated amortisation and impairment 
at end of the year 
(1,836) 
(847) 
(97) 
(2,780)  
(1,836) 
(824) 
(96) 
(2,756) 
 
 
 
 
  
 
 
 
 
Net book value at beginning of the year 
619 
150 
7 
776  
589 
33 
5 
627 
Net book value at end of the year 
619 
127 
6 
752  
619 
150 
7 
776 
 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
9. Goodwill and acquired intangibles continued 
Goodwill impairment assumptions 
Key assumptions at 31 December 2024 and 31 December 2023 
Pre-tax 
equivalent 
Assumptions 
adopted1 
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% 
Note: 
1 Earnings discount rate assumptions are presented post-tax. Earnings multiples are applied to the forward year. 
Goodwill impairment and sensitivity analyses 
Details of the valuations are provided below, including sensitivity tables which show scenarios whereby the key assumptions are changed to 
stressed assumptions, indicating the modelled headroom or impairment that would result. We have considered reasonably foreseeable 
changes in the compound average annualised growth in AUM forecast assumption, stressing this by 2% and the lower of 10% or to the point 
at which impairment would arise. Each assumption, or set of assumptions, is stressed in isolation. The results of these sensitivities make no 
allowance for mitigating actions that management would take if such market conditions persisted. 
  
2024 
$m 
2023 
$m 
Value in use 
5,090 
5,560 
Less: 
 
 
Carrying value of CGUs 
(870) 
(880) 
Headroom 
4,220 
4,680 
 
 
 
 
 
Discount rates (post-tax) 
 
Multiples (post-tax) 
Sensitivity analysis at 31 December 2024 
Compound average  
annualised growth in AUM 
Management fee/  
performance fee 
 
Management 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) 
 
 
 
 
 
Discount rates (post-tax) 
 
Multiples (post-tax) 
Sensitivity analysis at 31 December 2023 
Compound average  
annualised growth in AUM 
Management fee/  
performance fee 
 
Management 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 ($m) 
4,680 
4,150 
2,190 
4,810 
4,550  
5,140 
4,220 
Increase/(reduction) in value in use ($m) 
 
(530) 
(2,490) 
130 
(130)  
460 
(460) 
Note: 
1 Stressed by 10%, as opposed to the point of impairment, given an impairment scenario is not reasonably foreseeable. 
Impairment of acquired intangibles 
In 2023, acquired intangibles with a carrying value of $3 million were fully impaired following the termination of the IMAs to which they relate. 
 
 

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Man Group plc |  Annual Report 2024
10. Investments in associates 
Accounting policy 
Associates are entities in which Man Group holds an interest and over which we have significant influence but not control. In assessing 
significant influence, we consider our power to participate in the financial and operating policy decisions of the investee through its 
voting or other rights. 
Associates are accounted for using the equity method. Under the equity method, associates are carried at cost plus our share of 
cumulative post-acquisition movements in undistributed profits/losses. Gains and losses on transactions between Man Group and our 
associates are eliminated to the extent of our interests in these entities. An impairment assessment of the carrying value of associates is 
performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, with 
any impairment recognised in the consolidated income statement. 
 
 
2024 
$m 
2023 
$m 
At beginning of the year 
11 
14 
Return of capital 
(1) 
– 
Share of post-tax loss  
(2) 
(3) 
At end of the year 
8 
11 
In 2021, we acquired a 23% interest in Hub Technology Partners Ltd (HUB) for cash of $19 million and $1 million in contribution of other 
assets. We have assessed the carrying value of our investment in HUB for impairment following a revision to its business plan. As the 
carrying value has been significantly reduced due to losses incurred during the development phase, we do not consider our investment 
to be impaired. 
11. Tax 
Accounting policy 
Tax expense 
Tax expense is based on our taxable profit for the year. While the Company is domiciled in Jersey, it is UK tax resident due to 
management and control being exercised in the UK. Taxable profit differs from net profit as reported in the consolidated income 
statement because it excludes items of income or expense that are taxable or deductible in other years, in addition to items that are 
never taxable or deductible. Accounting for tax involves a level of estimation uncertainty given the application of tax law requires a 
degree of judgement, which tax authorities may dispute. Tax liabilities are recognised based on the best estimates of probable outcomes, 
with regard to external advice where appropriate.  
We are a global business and therefore operate across multiple different tax jurisdictions. Income and expenses are allocated to these 
different jurisdictions based on transfer pricing methodologies set in accordance with the laws of the jurisdictions in which we operate, 
and international guidelines as laid out by the Organisation for Economic Co-operation and Development (OECD). The effective tax rate 
results from the combination of taxes paid on earnings attributable to the tax jurisdictions in which they arise.  
Deferred tax 
Deferred tax is recognised using the balance sheet liability method in respect of temporary differences between the carrying amounts of 
assets and liabilities for financial reporting purposes and the amounts used for tax purposes.  
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, 
based on tax laws and rates that have been enacted or substantively enacted at the reporting date. 
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable 
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.  
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax 
liabilities when they relate to income taxes levied by the same taxation authority and we intend to settle those current tax assets and 
liabilities on a net basis. 
11.1 Tax expense 
Factors affecting the tax expense for the year 
The majority of our profits in the period were earned in the UK, Switzerland and the US. Our tax expense is the same as (2023: lower than) the 
amount that would arise using the theoretical tax rate applicable to our profits as follows: 
 
2024 
$m 
2023 
$m 
Profit before tax 
398 
279 
Theoretical tax expense at UK rate: 25% (2023: 23.5%) 
100 
66 
Effect of: 
 
 
Overseas tax rates different to UK 
(2) 
(4) 
Adjustments to tax charge in respect of previous years 
1 
(2) 
Recognition of US deferred tax assets  
(1) 
(19) 
Recognition of other deferred tax assets 
(6) 
– 
State taxes 
3 
– 
Pillar 2 top-up taxes 
1 
– 
Other 
4 
4 
Tax expense 
100 
45 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
11. Tax continued 
11.1 Tax expense continued 
The tax expense for the year comprises the following: 
 
2024 
$m 
2023 
$m 
Current tax 
 
 
UK corporation tax on profits 
76 
56 
Foreign tax 
16 
14 
Adjustments to tax charge in respect of previous years 
(2) 
(5) 
Current tax expense 
90 
65 
 
 
 
Deferred tax 
 
 
Origination and reversal of temporary differences 
7 
(23) 
Adjustments to tax charge in respect of previous years 
3 
3 
Deferred tax expense/(credit)  
10 
(20) 
 
 
 
Total tax expense 
100 
45 
The effective tax rate in the year was 25% (2023: 16%). 
Factors affecting our future tax charges 
The principal factors which may influence our future tax rate are changes in tax legislation in the territories in which we operate, the mix of 
income and expenses earned and incurred by jurisdiction, and the consumption of available deferred tax assets. 
Man Group became subject to the global minimum top-up tax under Pillar 2 legislation from 1 January 2024 and may be liable for additional 
taxes in certain jurisdictions in which we operate, notably Ireland, the US and Switzerland. No material Pillar 2 current tax expense has been 
recognised in the year ended 31 December 2024. We continue to assess the impact of the Pillar 2 legislation on our future financial 
performance but do not expect this to become material. 
We have applied the temporary exception from the accounting requirements for deferred taxes in IAS 12 ‘Income Taxes’. Accordingly, 
Man Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar 2 income taxes. 
11.2 Current tax assets and liabilities 
The movements in our net current tax assets/liabilities are as follows: 
 
2024 
$m 
2023 
$m 
Net current tax asset/(liability) at beginning of the year  
12 
(37) 
Charge to the consolidated income statement  
(90) 
(65) 
Credit to equity 
3 
5 
Tax paid 
83 
100 
Other balance sheet movements  
7 
6 
Foreign currency translation 
(1) 
3 
Net current tax asset at end of the year 
14 
12 
11.3 Deferred tax assets and liabilities 
The movements in our net deferred tax assets and liabilities by category are as follows: 
$m 
Deferred 
compensation 
Tax 
allowances 
over/(below) 
depreciation 
Intangibles 
Accumulated 
operating 
losses Partnerships 
Other 
Total 
At 1 January 2023 
51 
10 
12 
23 
– 
9 
105 
Credit to consolidated income statement 
3 
(8) 
1 
23 
– 
1 
20 
Credit to other comprehensive income and equity 
3 
– 
– 
– 
– 
– 
3 
At 31 December 2023 
57 
2 
13 
46 
– 
10 
128 
Charge to consolidated income statement  
12 
(4) 
(1) 
(21) 
2 
2 
(10) 
Charge to other comprehensive income and equity 
(1) 
– 
– 
– 
– 
– 
(1) 
At 31 December 2024 
68 
(2) 
12 
25 
2 
12 
117 
The gross amounts for which deferred tax assets have not been recognised are as follows:  
 
2024 
$m 
2023 
$m 
United States 
24 
43 
Switzerland  
19 
64 
United Kingdom 
– 
12 
Hong Kong  
4 
4 
China 
1 
1 
Total 
48 
124 
Of the total $48 million unrecognised available gross deferred tax assets, $19 million will expire between 2027 and 2029, $24 million will 
expire by 2038 and $5 million have no expiry. 
 

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Man Group plc |  Annual Report 2024
11. Tax continued 
11.3 Deferred tax assets and liabilities continued 
US deferred tax assets 
We have recognised accumulated deferred tax assets in the US of $76 million (2023: $86 million) that will be available to offset future taxable 
profits. At 31 December 2024, deferred tax assets relating to $2 million of the available US state and city tax losses (2023: $3 million) are 
unrecognised as we do not expect to realise sufficient future taxable profits against which these losses can be offset before they expire in 
2038. We have now utilised substantially all of our federal tax losses and therefore expect to pay tax on any profits we may generate in the 
US in the future. 
US net deferred tax assets 
2024 
$m 
2023 
$m 
Recognised 
 
 
At beginning of the year 
86 
64 
Credit/(charge) to consolidated income statement: 
 
 
Recognition of available tax assets  
1 
19 
Utilisation 
(11) 
– 
Other movements 
– 
3 
At end of the year 
76 
86 
 
 
 
Unrecognised 
 
 
At beginning of the year 
3 
18 
Recognition of available tax assets  
(1) 
(19) 
Other movements 
– 
4 
At end of the year 
2 
3 
12. 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. 
 
2024 
 
2023 
 
Total 
 number  
Weighted  
average   
Total 
 number  
Weighted 
 average  
Number of shares at beginning of year 
1,313,349,959 
1,313,349,959  
1,350,556,782 
1,350,556,782 
Cancellation of own shares held in Treasury 
(39,400,499) 
(31,003,671)  
(37,206,823) 
(30,339,448) 
Number of shares at end of the year 
1,273,949,460 
1,282,346,288  
1,313,349,959 
1,320,217,334 
Shares held in Treasury share reserve  
(84,044,723) 
(86,618,732)  
(110,774,081) 
(107,401,080) 
Man Group plc shares held by Employee Trust  
(35,203,028) 
(35,670,938)  
(35,289,202) 
(35,073,864) 
Basic number of shares 
1,154,701,709 
1,160,056,618  
1,167,286,676 
1,177,742,390 
Dilutive impact of: 
 
  
 
 
Employee share awards 
 
28,072,378  
 
27,671,674 
Employee share options 
 
946,849  
 
1,641,378 
Dilutive number of shares 
 
1,189,075,845  
 
1,207,055,442 
 
 
 
2024  
 
 
2023 
Statutory profit ($m) 
 
298  
 
234 
Basic EPS  
 
25.7¢  
 
19.9¢ 
Diluted EPS  
 
25.1¢  
 
19.4¢ 
 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
13. Pension 
Accounting policy 
We operate multiple defined contribution plans in the regions in which we operate and two (2023: two) material funded defined benefit 
plans. 
Defined contribution plans 
We pay contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. We have no 
further payment obligation once the contributions have been paid. Defined contribution costs are recognised as pension costs within 
compensation in the consolidated income statement when they are due. 
Defined benefit plans 
A defined benefit plan creates a financial obligation to provide funding to the pension plan to provide a retired employee with pension 
benefits usually dependent on one or more factors such as age, years of service and compensation. As with the vast majority of similar 
arrangements, we ultimately underwrite the risks related to the defined benefit plans. The risks to which this exposes us include: 
• Uncertainty in benefit payments: the value of our liabilities for post-retirement benefits will ultimately depend on the amount of 
benefits paid out. This in turn will depend on the level of inflation (for those benefits that are subject to some form of inflation 
protection) and how long individuals live. 
• Volatility in asset values: we are exposed to future movements in the values of assets held in the plans to meet future benefit 
payments. 
• Uncertainty in cash funding: movements in the values of the obligations or assets may result in us being required to provide higher 
levels of cash. 
The two material defined benefit plans operated are the Man Group plc Pension Fund in the UK (the UK Plan) and the Man Group Pension 
Plan in Switzerland (the Swiss Plan). 
– UK Plan  
The UK Plan is operated separately from Man Group and managed by independent trustees. The trustees are responsible for payment of 
the benefits and management of the UK Plan’s assets. Under UK regulations, Man Group and the trustees of the UK Plan are required to 
agree a funding strategy and contribution schedule for the UK Plan. We have concluded that we have no requirement to adjust the 
balance sheet to recognise either a current surplus or a minimum funding requirement on the basis that we have an unconditional right 
to a refund of a current or projected future surplus at some point in the future.  
The UK Plan was closed to new members in May 1999, to future accrual in May 2011 and has no active members.  
– Swiss Plan  
In Switzerland, we operate a retirement foundation whose assets are held separately from Man Group. This foundation covers the 
majority of employees in Switzerland and provides benefits on a cash balance basis. Each employee has a retirement account to which 
the employee and Man Group make contributions at rates set out in the plan rules based on a percentage of salary. Every year the 
pension fund commission (composed of employer and employee representatives) decides the level of interest, if any, to apply to 
retirement accounts based on their agreed policy. At retirement, an employee can take their retirement account as a lump sum or have 
this paid as a pension. 
As the Swiss Plan is essentially a defined contribution plan with guarantees, the assets held aim to be at least as much as the total of the 
member account balances at any point in time. Member account balances cannot reduce, but interest is only applied to the account 
balances when sufficient surplus assets are available. As such, there is no specific asset/liability matching strategy in place, but if the 
liabilities (the sum of the member account balances) ever exceed the value of the assets, we will consider how to remove a deficit as 
quickly as possible. The Swiss Plan surplus is restricted by the value of the employer contribution reserve, which provides the asset 
ceiling on amounts available to Man Group. 
Defined contribution plans 
Defined contribution plan costs totalled $17 million for the year to 31 December 2024 (2023: $14 million). 
Defined benefit plans 
At 31 December 2024, the UK Plan comprised 88% (31 December 2023: 89%) of our total defined benefit pension obligations. 
 
2024 
$m 
2023 
$m 
Present value of funded obligations 
(259) 
(292) 
Fair value of plan assets 
272 
304 
Net pension asset 
13 
12 
 
 

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Man Group plc |  Annual Report 2024
13. Pension continued 
Impact on the consolidated financial statements 
Changes in the present value of the defined benefit obligations and the fair value of the plan assets are as follows: 
$m 
2024 
 
2023 
Assets 
Liabilities 
Net pension 
asset/ 
(liability)  
Assets 
Liabilities 
Net pension 
asset/  
(liability) 
At beginning of the year 
304 
(292) 
12  
294 
(272) 
22 
Amounts recognised in profit and loss: 
 
 
  
  
  
  
Current service cost to employer 
– 
(1) 
(1)  
– 
(1) 
(1) 
Interest income/(cost) 
12 
(12) 
–  
13 
(12) 
1 
Past service cost 
– 
– 
–  
– 
(1) 
(1) 
Running costs 
(1) 
– 
(1)  
(1) 
– 
(1) 
Amounts recognised in other comprehensive income: 
  
  
   
  
  
  
Remeasurements due to: 
  
  
   
  
  
  
– changes in financial assumptions 
– 
23 
23  
– 
(9) 
(9) 
– changes in demographic assumptions 
– 
2 
2  
– 
4 
4 
– experience adjustments 
– 
– 
–  
– 
(2) 
(2) 
– actual return on plan assets less interest  
on plan assets  
(23) 
– 
(23)  
(3) 
– 
(3) 
Employer contributions (including plan funding) 
1 
– 
1  
1 
– 
1 
Employee contributions 
1 
(1) 
–  
1 
(1) 
– 
Foreign currency translation  
(7) 
7 
–  
17 
(16) 
1 
Benefit payments 
(15) 
15 
–  
(18) 
18 
– 
At end of the year  
272 
(259) 
13  
304 
(292) 
12 
No contributions were paid to the UK Plan in 2024 (2023: none). 
Actuarial assumptions used 
The most significant actuarial assumptions used in the valuations of the two plans are as follows: 
 
UK Plan 
 
Swiss Plan 
 
2024  
% p.a. 
2023  
% p.a.  
2024  
% p.a. 
2023 
% p.a. 
Discount rate 
5.5 
4.5  
1.1 
1.5 
Price inflation 
3.2 
3.1  
1.0 
1.2 
Future salary increases 
– 
–  
1.0 
1.2 
Pension payment increases 
3.7 
3.7  
– 
– 
Deferred pensions increases 
5.0 
5.0  
– 
– 
Interest crediting rate  
– 
–  
1.3 
1.5 
Social security increases 
– 
–  
1.0 
1.0 
Illustrative life expectancy assumptions are set out in the table below. 
 
UK Plan 
 
Swiss Plan 
Years 
2024 
2023  
2024 
2023 
Life expectancy of male aged 60 at year-end 
26.5 
26.5  
27.9 
27.8 
Life expectancy of male aged 60 in 20 years 
28.0 
28.0  
30.3 
30.2 
Life expectancy of female aged 60 at year-end 
29.4 
29.3  
29.8 
29.7 
Life expectancy of female aged 60 in 20 years 
30.8 
30.7  
31.8 
31.7 
The duration of a pension plan is the average term over which the plan’s benefits are expected to fall due, weighted by the present value of 
each expected benefit payment. The duration of the UK Plan is approximately 11 years, and the duration of the Swiss Plan is approximately 
16 years. 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
13. Pension continued 
Sensitivity analysis 
The table below illustrates the impact on the assessed value of the benefit obligations from changing the most sensitive actuarial 
assumptions in isolation. The calculations have been carried out using the same method and data as our pension figures. A combination of 
changes in assumptions could produce a different result.  
 
Increase in obligation at 
31 December 2024 
 
Increase in obligation at 
31 December 2023 
$m 
UK Plan 
Swiss Plan  
UK Plan 
Swiss Plan 
Discount rate decreased by 0.5% p.a. 
13 
3  
16 
3 
Inflation rate increased by 0.5% p.a. 
4 
–  
5 
– 
One-year increase in assumed life expectancy 
8 
–  
10 
– 
Pension asset investments 
The assets held by the two plans at 31 December 2024 are as follows: 
 
UK Plan 
 
Swiss Plan 
$m 
2024 
2023   
2024 
2023  
Bonds 
92 
52  
15 
13 
Liability-driven investments (LDI) 
43 
83  
– 
– 
Fund investments 
43 
82  
3 
3 
Index-linked government bonds 
29 
33  
– 
– 
Equities 
– 
–  
10 
11 
Property 
– 
–  
2 
2 
Cash 
33 
23  
2 
1 
Other 
– 
–  
– 
1 
Total assets 
240 
273  
32 
31 
The UK Plan investment strategy is set by the trustees. The current strategy is broadly split into growth and matching portfolios, with the 
growth portfolio invested in Man Diversified Risk Premia. The matching portfolio is invested primarily in government and corporate bonds (the 
latter through absolute return bonds and buy and maintain credit holdings), and LDI funds. The UK Plan investment strategy hedges around 
100% of the movement in the ‘technical provisions’ funding measure (as opposed to the accounting measure under IAS 19 ‘Employee 
Benefits’) for both interest rate and inflation expectation changes. 
Part of the investment objective of the UK Plan is to minimise fluctuations in the UK Plan’s funding levels due to changes in the value of the 
liabilities. This is primarily achieved using the LDI funds, which aim to hedge movements in the pension liability due to changes in interest 
rate and inflation expectations. LDI primarily involves the use of government bonds (including repurchase agreements) and derivatives such 
as interest rate and inflation swaps. There are no annuities or longevity swaps. These instruments are typically priced and collateralised daily 
by the UK Plan’s LDI manager and/or central clearing houses. Given that the purpose of LDI is to hedge corresponding liability exposures, the 
main risk is that the investments held move differently to the liability exposures. This risk is managed by the trustees, their advisers and the 
UK Plan’s LDI manager, who regularly assess the position.  
A rise in nominal and real gilt yields over the year to 31 December 2024 saw some significant movements in the UK Plan’s hedging assets. 
There was limited impact on the UK Plan other than a fall in the value of the LDI funds due to the high level of hedging. The UK Plan’s 
investments were rebalanced regularly, and the target hedging level of 100% of interest rates and inflation was preserved throughout the 
period, with the funding level volatility relatively muted as a result. At 31 December 2024, the UK Plan’s hedging assets continued to hedge 
around 100% of interest rates and inflation on the technical provisions basis (2023: 100%). The level of leverage utilised was in line with 
regulatory requirements. The UK Plan maintains a collateral waterfall and has additional sources of short-term cash from the trustee bank 
account, and access to daily-dealing funds should further collateral calls be made.  
The government bond and buy and maintain corporate bond assets have prices quoted in active markets and the absolute return bonds, LDI 
and Man Diversified Risk Premia are primarily unquoted. At 31 December 2024, around 28% of the UK Plan assets relate to those with quoted 
prices and 72% with unquoted prices (2023: around 28% quoted and 72% unquoted). The UK Plan does not invest directly in property 
occupied by Man Group or our shares.  
 
 
 

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14. Cash, liquidity and borrowings  
Accounting policy 
Cash and cash equivalents 
Cash and cash equivalents comprise cash and short-term investments in money market funds or bank deposits with an original maturity 
of three months or less. Cash and cash equivalents are measured at amortised cost, which is approximately equal to fair value. Cash and 
cash equivalents include restricted balances held by consolidated fund entities to which we do not have access, and which are subject 
to legal or contractual restrictions as to their use. 
Borrowings 
Borrowings comprise amounts drawn under committed revolving credit facilities. Borrowings are initially recorded at fair value and 
subsequently measured at amortised cost. Drawdowns under revolving credit facilities are typically for maturities of one month or less 
and are therefore presented net of repayments in the consolidated cash flow statement. 
 
 
2024 
$m 
2023 
$m 
Cash held with banks  
162 
92 
Short-term deposits  
24 
46 
Money market funds 
39 
42 
Cash held by consolidated fund entities (Note 5.2) 
229 
96 
Cash and cash equivalents  
454 
276 
Less: cash held by consolidated fund entities (Note 5.2) 
(229) 
(96) 
Available cash and cash equivalents  
225 
180 
Undrawn committed revolving credit facility1 
800 
660 
Total liquidity 
1,025 
840 
Note: 
1 Excludes the $300 million facility acquired in 2023. This facility was undrawn at 31 December 2023 and cancelled in January 2024.  
Borrowings 
Our $800 million committed revolving credit facility (RCF) was put in place in December 2023 as a five-year facility. As the first of two one-
year extension options was exercised in the year, the facility is currently scheduled to mature in December 2029. The RCF was undrawn at 
31 December 2024 (2023: $140 million drawn down).  
15. Fee and other receivables 
Accounting policy 
Fee and other receivables are initially recorded at fair value and subsequently measured at amortised cost using the effective interest 
rate method, except for derivatives (measured at fair value through profit and loss) and prepayments. Fee receivables and accrued 
income relate to management and performance fees and are received in cash following finalisation of the NAVs of the underlying funds 
or managed accounts.  
 
 
2024 
$m 
2023 
$m 
Financial assets at amortised cost 
 
 
Fee receivables 
26 
25 
Accrued income 
258 
274 
Collateral posted with derivative counterparties 
47 
48 
Receivables from Open Ended Investment Company (OEIC) funds 
46 
39 
Other fund receivables 
28 
29 
Other receivables 
48 
20 
Receivables relating to consolidated fund entities (Note 5.2) 
6 
88 
 
459 
523 
Financial assets at fair value through profit or loss 
 
 
Derivatives 
5 
5 
 
5 
5 
Non-financial assets 
 
 
Prepayments 
28 
23 
 
28 
23 
Total fee and other receivables 
492 
551 
Included in fee and other receivables at 31 December 2024 are balances of $2 million (2023: $2 million) which are expected to be settled 
after more than 12 months. 
 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
16. Leasehold improvements and equipment 
Accounting policy 
All leasehold improvements and equipment are recorded at cost less depreciation and impairment. Cost includes the original purchase 
price of the asset and costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation is 
calculated using the straight-line method over the asset’s estimated useful life, which for leasehold improvements is the shorter of the 
life of the lease and that of the improvement (up to 24 years) and for equipment is between three and ten years.  
 
 
2024 
 
2023 
$m 
Leasehold 
improvements 
Equipment 
Total  
Leasehold 
improvements 
Equipment 
Total 
Cost at beginning of the year 
73 
67 
140  
70 
61 
131 
Acquired through business combinations  
– 
– 
–  
– 
1 
1 
Additions 
3 
15 
18  
4 
8 
12 
Disposals 
(5) 
(6) 
(11)  
(1) 
(3) 
(4) 
Cost at end of the year 
71 
76 
147  
73 
67 
140 
 
 
 
  
 
 
 
Accumulated depreciation and impairment at beginning  
of the year 
(39) 
(48) 
(87)  
(36) 
(42) 
(78) 
Disposals 
3 
6 
9  
– 
3 
3 
Depreciation 
(3) 
(8) 
(11)  
(3) 
(9) 
(12) 
Accumulated depreciation and impairment at end  
of the year 
(39) 
(50) 
(89)  
(39) 
(48) 
(87) 
 
 
 
  
 
 
 
Net book value at beginning of the year 
34 
19 
53  
34 
19 
53 
Net book value at end of the year 
32 
26 
58  
34 
19 
53 
17. Software intangible assets 
Accounting policy 
Following initial recognition, software intangible assets are held at cost less accumulated amortisation and impairment. Cost includes 
costs that are directly associated with the procurement or development of identifiable and unique software products which will generate 
economic benefits exceeding costs beyond one year. Capitalised software intangible assets are amortised on a straight-line basis over 
their estimated useful lives (three years), with amortisation expense included within other costs in the consolidated income statement. 
Software intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount 
may not be recoverable. Additions primarily relate to the continued investment in our operating platforms.  
 
 
2024 
$m 
2023 
$m 
Cost at beginning of the year 
172 
148 
Acquired through business combinations  
– 
1 
Additions 
28 
25 
Disposals 
(8) 
(2) 
Cost at end of the year 
192 
172 
 
 
 
Accumulated amortisation at beginning of the year 
(118) 
(98) 
Amortisation 
(25) 
(22) 
Disposals 
8 
2 
Accumulated amortisation at end of the year 
(135) 
(118) 
 
 
 
Net book value at beginning of the year 
54 
50 
Net book value at end of the year 
57 
54 
 
 
 

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18. Trade and other payables 
Accounting policy 
Trade and other payables are initially recorded at fair value, which is usually the invoiced amount, and subsequently measured at 
amortised cost using the effective interest rate method, except for derivatives, contingent consideration payable and put options over 
non-controlling interests in subsidiaries, which are measured at fair value through profit and loss. 
 
 
2024 
$m 
2023 
$m 
Financial liabilities at amortised cost 
 
 
Trade payables 
5 
7 
Compensation accruals  
426 
365 
Other accruals  
101 
79 
Payables to OEIC funds 
45 
39 
Payables under repo arrangements 
16 
45 
Tax and social security 
16 
31 
Other payables 
6 
7 
Payables relating to consolidated fund entities (Note 5.2) 
20 
116 
 
635 
689 
Financial liabilities at fair value through profit or loss 
 
 
Derivatives 
6 
12 
Contingent consideration  
4 
3 
Put options over non-controlling interests in subsidiaries 
10 
9 
 
20 
24 
Total trade and other payables 
655 
713 
19. Provisions 
Accounting policy 
Provisions are recognised when Man Group has a present obligation (legal or constructive) as a result of a past event, it is probable that 
we will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. All provisions are current 
given we do not have the unconditional right to defer settlement.  
 
 
2024 
$m 
2023 
$m 
At beginning of the year 
16 
14 
Additions  
1 
1 
Unused amounts reversed 
(1) 
– 
Foreign currency translation 
– 
1 
At end of the year 
16 
16 
Provisions relate to ongoing claims and leasehold property dilapidations. 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
20. Equity 
Accounting policy  
Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction from the proceeds, net of 
tax. 
Share repurchases are recognised at the point we become committed to completing them. A liability is recognised for the full amount of 
the commitment, including directly attributable costs, with a corresponding debit to equity. Where repurchased shares are held in 
Treasury, a transfer from the profit and loss reserve to the Treasury share reserve is recognised for the full amount of the consideration 
paid. Where shares are repurchased and subsequently cancelled, the equivalent par value by which the Company’s share capital is 
reduced is transferred to the capital redemption reserve. 
The Employee Trust, which is consolidated into Man Group, has the obligation to deliver deferred share-based and fund product-based 
compensation granted to employees, and accordingly holds shares and fund investments to deliver against these future obligations.  
Man Group plc shares held by the Employee Trust and shares held in Treasury are recorded at cost, including any directly attributable 
incremental costs (net of tax), and are deducted from equity (within the respective reserves) until the shares are sold, cancelled or 
transferred to employees. Where such shares are subsequently sold, any consideration received, net of any directly attributable 
incremental transaction costs and the related tax effects, is included in equity. 
Share capital 
The authorised share capital of Man Group plc comprises $100 million divided into 2,916,666,666 ordinary shares with a par value of 33/7¢ 
each. Ordinary shares represent 100% of issued share capital and all issued shares are fully paid. The shares have attached to them full 
voting, dividend and capital distribution (including on wind up) rights. They do not confer any rights of redemption. Shareholders have the 
right to receive notice of, attend, vote and speak at general meetings. When a vote is taken on a poll, shareholders are entitled to one vote 
per ordinary share. When a vote is taken by a show of hands, shareholders present in person or by proxy have one vote.  
Treasury shares are ordinary shares previously repurchased by the Company but not cancelled, and are therefore deducted from equity and 
included within the Treasury share reserve. As they are no longer outstanding, they are excluded for earnings per share and voting rights 
purposes. 
Movements in the number of ordinary shares in issue are set out below. 
 
2024 
 
2023 
 
Total 
 number  
Nominal 
 value  
$m  
Total 
 number  
Nominal  
value 
 $m 
Number of shares at beginning of year 
1,313,349,959 
45  
1,350,556,782 
46 
Cancellation of own shares held in Treasury 
(39,400,499) 
(1)  
(37,206,823) 
(1) 
Number of shares at end of the year 
1,273,949,460 
44  
1,313,349,959 
45 
 
Share buybacks 
2024 
2023 
Shares repurchased during the year (including costs) ($m) 
50 
223 
Average purchase price (pence) 
248.8 
241.2 
Shares repurchased (million) 
16 
76 
Accretive impact on diluted earnings per share (%) 
0.7 
5.2 
The $50 million share repurchase programme announced in February 2024 was completed during the year (2023: $125 million of announced 
share repurchases). The purpose of the share repurchase was to deliver returns to shareholders. All repurchased shares were held in 
Treasury. 
Shares repurchased during the year represent 1.3% of issued share capital (excluding Treasury shares) as at 31 December 2024 and shares 
held in Treasury which were cancelled during the year represent 3.3% of issued share capital (excluding Treasury shares). At 26 February 
2025, we had an unexpired authority to repurchase up to 109,827,230 of our ordinary shares. A special resolution will be proposed at the 
forthcoming Annual General Meeting, pursuant to which the Company will seek authority to repurchase up to 118,997,191 ordinary shares, 
representing 10% of the issued share capital (excluding Treasury shares) at 26 February 2025. 
The Employee Trust 
At 31 December 2024, the Employee Trust held 35,203,028 Man Group plc ordinary shares (2023: 35,289,202). 
In 2024, we funded $65 million via contribution or loan (2023: $99 million) to enable the Employee Trust to meet its current period 
obligations. At 31 December 2024, the net assets of the Employee Trust amounted to $202 million (2023: $196 million). These assets include 
35,203,028 (2023: 35,289,202) ordinary shares in the Company, and $87 million of fund product investments (2023: $88 million) which are 
included within investments in fund products. 
The Employee Trust waived all dividend entitlements of the shares held in the current and prior year. 
Reorganisation reserve 
The reorganisation reserve of $1,688 million arose on Man Group’s corporate reorganisation in 2019. The difference between the share capital 
and share premium issued by the new holding company and the share capital, premium and capital reserves of the former holding company 
were taken to the reorganisation reserve.   
Other reserves 
Other reserves at 31 December 2024 of $22 million (2023: $21 million) comprise share premium, capital redemption reserves and cash flow 
hedge reserves. 
 

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21. Reconciliation of statutory profit to cash generated from operations 
Accounting policy 
Cash flows arising from the purchase and sale of investments in fund products and other investments, and from transactions with third-
party investors in consolidated fund entities, are included in cash flows from operating activities in the consolidated cash flow statement. 
This classification reflects the fact that these investments are to build product breadth and to trial investment research before marketing 
the products broadly to investors as part of Man Group’s ordinary operations or are otherwise held in connection with settling employee 
remuneration and are not intended to be held as long-term investments.  
 
 
Note 
2024 
$m 
2023 
$m 
Cash flows from operating activities 
 
 
 
Statutory profit 
 
298 
234 
Adjustments for: 
 
 
 
Share-based payment charge 
6.1 
39 
40 
Fund product-based payment charge 
6.1 
81 
83 
Other employment-related expenses 
6.2 
28 
23 
Net finance expense 
7 
23 
21 
Tax expense 
11.1 
100 
45 
Depreciation of leasehold improvements and equipment 
16 
11 
12 
Depreciation of right-of-use lease assets 
8.2 
15 
14 
Gain on disposal of investment property – right-of-use lease assets 
8.1 
(3) 
(12) 
Amortisation and impairment of acquired intangibles 
9 
24 
28 
Amortisation of software intangible assets 
17 
25 
22 
Share of post-tax loss of associates 
10 
2 
3 
Revaluation of acquisition-related liabilities  
 
4 
– 
Realised gains on cash flow hedges 
 
(22) 
(12) 
Foreign exchange movements 
 
8 
3 
Other non-cash movements 
 
(10) 
(9) 
 
 
623 
495 
Changes in working capital1: 
 
 
 
(Increase)/decrease in fee and other receivables 
 
(29) 
104 
Decrease in other financial assets including consolidated fund entities2 
 
211 
71 
Decrease in trade and other payables 
 
(36) 
(200) 
Cash generated from operations 
 
769 
470 
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 $133 million of restricted net cash inflows (2023: $12 million net cash outflows) relating to consolidated fund entities (Note 5.2). 
22. Dividends 
Accounting policy 
Dividend distributions to the Company’s shareholders are recognised directly within equity in the period in which the dividend is paid or, 
for final dividends, approved by the Company’s shareholders. Dividends are payable on the Company’s ordinary shares. 
 
 
¢/share 
2024 
$m 
¢/share 
2023 
$m 
Final dividend paid for the previous financial year to 31 December 
10.7 
127 
10.1 
118 
Interim dividend paid for the six months to 30 June  
5.6 
65 
5.6 
63 
Dividends paid 
 
192 
 
181 
Proposed final dividend for the financial year to 31 December 
11.6 
134 
10.7 
125 
 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
23. Financial assets and liabilities 
Accounting policy 
Classification and measurement 
Financial assets and liabilities are initially recognised at fair value. We subsequently measure each financial asset and liability at fair value 
through profit or loss (FVTPL) or amortised cost, with classification determined at the time of initial recognition. 
Derivatives 
We use derivative financial instruments to manage market risk in certain circumstances. These consist primarily of market risk hedges on 
some of our seeding positions and foreign exchange contracts. The carrying value of these derivatives are included in fee and other 
receivables and trade and other payables.  
Fair value hierarchy 
We disclose the fair value measurement of financial assets and liabilities using three levels, as follows: 
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.  
• Level 2: inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e. as 
prices) or indirectly (i.e. derived from prices).  
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).  
The majority of our investments in fund products fall within Level 2 due to observability of the relevant valuation inputs reflecting the 
liquidity of the underlying investments and the level of subscription and redemption activity. Level 2 investments in fund products 
primarily comprise holdings in unlisted, open-ended, active and liquid funds, which are priced using daily or weekly observable market 
information derived from third-party sources. A lack of liquidity in the underlying investments, a lack of observability in the relevant 
valuation inputs or a low level of subscription and redemption activity is typically associated with a Level 3 classification. 
The assets held by our consolidated CLOs comprise a portfolio of bonds and loan securities. Loans are valued using broker quotes 
sourced from an independent pricing service, with bonds priced using latest prices executed for similar assets. We do not make any 
adjustments to the quotes obtained. Where the quotes are obtained from multiple pricing sources within a narrow range, the assets are 
classified as Level 2 in the fair value hierarchy. Where prices are derived from a small number of quotes, or where there is a wide bid-ask 
spread between quotes, we classify these assets as Level 3. 
Transferable securities held by our other consolidated funds which are classified as Level 3 have significant unobservable inputs, as they 
trade infrequently or not at all. When observable prices are not available for these securities, we use valuation techniques for which 
sufficient and reliable data is available. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability.  
The fair values of our financial assets and liabilities can be analysed as follows: 
 
 
2024 
$m 
Note 
Level 1 
Level 2 
Level 3 
Not at fair 
value 
Total 
Financial assets at amortised cost 
 
 
 
 
 
 
Finance lease receivable 
8.1 
– 
– 
– 
77 
77 
Cash and cash equivalents 
14 
– 
– 
– 
454 
454 
Fee and other receivables 
15 
– 
– 
– 
459 
459 
 
 
– 
– 
– 
990 
990 
Financial assets at fair value 
 
 
 
 
 
 
Fee and other receivables 
15 
– 
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 
18 
– 
– 
– 
(635) 
(635) 
Lease liability 
8.2 
– 
– 
– 
(248) 
(248) 
 
 
– 
– 
– 
(883) 
(883) 
Financial liabilities at fair value 
 
 
 
 
 
 
Trade and other payables 
18 
– 
(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) 
 
 

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23. Financial assets and liabilities continued 
 
 
2023 
$m 
Note 
Level 1 
Level 2 
Level 3 
  Not at fair 
value 
Total 
Financial assets at amortised cost 
 
 
 
 
 
 
Finance lease receivable 
8.1 
– 
– 
– 
67 
67 
Cash and cash equivalents 
14 
– 
– 
– 
276 
276 
Fee and other receivables 
15 
– 
– 
– 
523 
523 
 
 
– 
– 
– 
866 
866 
Financial assets at fair value 
 
 
 
 
 
 
Fee and other receivables 
15 
– 
5 
– 
– 
5 
Investments in fund products and other investments 
5 
– 
280 
12 
– 
292 
Investments in consolidated funds: CLO assets 
5.2 
– 
1,057 
46 
– 
1,103 
Investments in consolidated funds: other transferable securities 
5.2 
274 
510 
100 
– 
884 
 
 
274 
1,852 
158 
– 
2,284 
Total financial assets 
 
274 
1,852 
158 
866 
3,150 
 
 
 
 
 
 
 
Financial liabilities at amortised cost 
 
 
 
 
 
 
Trade and other payables 
18 
– 
– 
– 
(689) 
(689) 
Lease liability 
8.2 
– 
– 
– 
(283) 
(283) 
 
 
– 
– 
– 
(972) 
(972) 
Financial liabilities at fair value 
 
 
 
 
 
 
Trade and other payables 
18 
– 
(12) 
(12) 
– 
(24) 
CLO liabilities – consolidated funds 
5.2 
– 
(1,036) 
– 
– 
(1,036) 
Third-party interest in consolidated funds 
5.2 
– 
(554) 
– 
– 
(554) 
 
 
– 
(1,602) 
(12) 
– 
(1,614) 
Total financial liabilities 
 
– 
(1,602) 
(12) 
(972) 
(2,586) 
The movements in Level 3 financial assets and liabilities held at fair value are as follows: 
 
2024 
 
2023 
$m 
Assets 
Liabilities   
Assets 
Liabilities 
At beginning of the year 
158 
(12)  
20 
– 
Transfers into/(out of) Level 3 
3 
–  
(11) 
– 
Purchases 
166 
–  
2 
(12) 
(Charge)/credit to consolidated income statement1,2 
(1) 
(2)  
1 
– 
Sales or settlements 
(137) 
–  
– 
– 
Change in consolidated fund entities held 
102 
–  
146 
– 
At end of the year 
291 
(14)  
158 
(12) 
Notes: 
1 Included within net income or gains on investments and other financial instruments. 
2  Includes net unrealised losses of $3 million (2023: gains of $1 million) and foreign exchange movements. 
The Level 3 financial assets in the portfolios of our consolidated fund entities other than CLOs primarily comprise bonds, equities and credit-
linked notes. The techniques used the valuations of those assets primarily include discounted cash flows, estimated recovery and single 
broker quotes. The unobservable inputs in those valuations comprise future cash flows, discount rates and yields. 
Level 3 financial liabilities held at fair value comprise contingent consideration payable and put options over non-controlling interests. 
The contingent consideration payable for the acquisition of Asteria in 2023 is based on future levels of management fees and is capped 
at $53 million. Put options are measured at the present value of the expected redemption amount. 
Sensitivity analysis 
A 5% increase/decrease in the valuations of Level 3 financial assets at 31 December 2024 would result in a $15 million increase/decrease in 
their fair value. 
Changes in the unobservable inputs to the valuation of Level 3 financial liabilities would not be expected to result in a significant change 
in the carrying value of these assets and liabilities, and hence a sensitivity analysis has not been presented. 
 
 

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Financial statements
Notes to the consolidated financial statements continued 
24. Financial risk management 
We are exposed to a variety of financial risks: market risk, liquidity risk and credit risk. Man Group’s risk management framework and internal 
control systems seek to manage these financial risks, with derivative financial instruments used to hedge certain risk exposures. 
Further details of our approach to the management and mitigation of financial risk are included in the Risk management section of the 
Strategic report on page 33. 
24.1 Market risk 
Investment book performance risk 
Investments in fund products expose us to market risk and are therefore managed within limits consistent with the Board’s risk appetite. In 
certain circumstances, we use derivative financial instruments, specifically equity swaps, to hedge the risk associated with mark-to-
market movements. 
Market risk hedges 
 
2024 
$m 
2023 
$m 
Notional value of derivatives at 31 December 
 
 
Assets  
104 
– 
Liabilities  
(12) 
(175) 
Net assets/(liabilities) 
92 
(175) 
 
 
 
For the year ended 31 December 
 
 
Loss recognised in the consolidated income statement  
(2) 
(17) 
The market risk from seeding investments, including those financed via repo and TRS arrangements, is modelled using a value at risk 
methodology with a 95% confidence interval and one-year time horizon. The value at risk, net of market risk hedges, is estimated to be 
$67 million at 31 December 2024 (2023: $61 million).  
We generally hold an investment in the associated fund products to hedge the mark-to-market movement in fund product-based 
compensation over the vesting period. 
Our maximum exposure to loss associated with interests in our consolidated CLOs is limited to the net investment in these CLOs.  
Foreign currency risk 
We are subject to risk from changes in foreign exchange rates on monetary assets and liabilities. In certain circumstances, we use derivative 
financial instruments, specifically forward foreign exchange contracts with a one-month duration, to hedge the risk associated with foreign 
exchange movements. 
Foreign exchange hedges 
 
2024 
$m 
2023 
$m 
Notional value of derivatives at 31 December 
 
 
Assets  
264 
124 
Liabilities  
(152) 
(343) 
Net assets/(liabilities) 
112 
(219) 
 
 
 
For the year ended 31 December 
 
 
Loss before the impact of hedging 
(5) 
(4) 
Gain/(loss) on hedging instruments 
11 
(7) 
Gain/(loss) recognised in the consolidated income statement after the impact of hedging 
6 
(11) 
Of the $6 million of net realised and unrealised foreign exchange gains (2023: $11 million losses) recognised in the consolidated income 
statement, $4 million of unrealised gain (2023: $10 million of loss) relates to the revaluation of our $190 million (2023: $209 million) unhedged 
sterling lease liability. 
The table below reflects the currency profile of our net foreign currency (non-USD) monetary assets and liabilities after the impact of 
hedging: 
 
2024 
$m 
2023 
$m 
Sterling 
(112) 
(138) 
Swiss Franc 
(19) 
(17) 
Euro 
4 
22 
Other 
27 
26 
Total 
(100) 
(107) 
A 10% strengthening/weakening of the USD against all other currencies, with all other variables held constant, would have resulted in a 
foreign exchange loss/gain of $10 million (2023: $11 million), with a corresponding impact on equity. This pre-tax exposure is based on non-
USD balances held by USD functional currency entities at 31 December. 
Interest rate risk 
We are subject to risk from changes in interest rates on monetary assets and liabilities, principally cash deposits and financing costs. In 
respect of our monetary assets and liabilities which earn/incur interest indexed to floating rates, as at 31 December 2024 a 100 basis point 
increase/decrease in these rates, with all other variables held constant, would have resulted in a nil (2023: $1 million) increase/decrease in 
net interest expense. 
 

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24. Financial risk management continued 
24.2 Credit risk 
Credit risk is the risk of financial loss as a result of a counterparty failing to meet its contractual obligations. This risk is mitigated by the 
diversification of exposures across a number of the strongest available financial counterparties, each of which is approved and regularly 
reviewed and challenged for creditworthiness by Man Group’s counterparty committee. Our risk teams monitor credit metrics, including 
credit default swap spreads and credit ratings, on a daily basis. 
At 31 December 2024, the $225 million available cash and cash equivalents balance was held with 19 banks (2023: $180 million with 
19 banks).  
Credit ratings of banks  
2024 
$m 
2023 
$m 
AAA 
39 
31 
AA 
130 
67 
A 
50 
82 
BB 
6 
– 
Total 
225 
180 
The single largest counterparty bank exposure of $56 million is held with an AA- rated bank (2023: $50 million held with an A- rated bank). 
As in 2023, all derivatives are held with counterparties with ratings of A or higher and mature within one year. Accordingly, under the 
expected credit loss model of IFRS 9 ‘Financial Instruments’, no impairment of the collateral held with derivative counterparties has been 
recognised at 31 December 2024 (2023: nil). 
The majority of fees are deducted from the NAVs of the respective funds by the independent administrators and therefore both the credit 
risk of fee receivables and the quantum of overdue balances are minimal. Our exposure to receivables from the tenants of our investment 
property which is sub-let under finance leases is not considered a significant credit risk due to the credit quality of the lessees. Accordingly, 
no impairment has been recognised in respect of these receivables at 31 December 2024 (2023: nil). 
The assets held by our consolidated CLOs comprise loans and bonds, cash and receivables. Our maximum exposure to the credit risk 
associated with these assets is limited to the net investment in these CLOs, which at 31 December 2024 was $89 million (2023: $78 million). 
The creditworthiness of the asset portfolios is reflected in the fair value of our consolidated CLOs. 
24.3 Liquidity risk 
Liquidity resources support ongoing operations and potential liquidity requirements under scenarios that assume stressed market and 
economic conditions. Our funding requirements relating to the investment management process are discretionary. Our liquidity profile is 
monitored on a daily basis and the stressed scenarios are updated regularly. The Board reviews our funding resources at each Board meeting 
and on an annual basis, as part of the strategic planning process. Our available liquidity is considered sufficient to cover current 
requirements and potential requirements under stressed scenarios.  
At 31 December 2024, we had total liquidity of $1,025 million (2023: $840 million) comprising $225 million (2023: $180 million) of available 
cash and cash equivalents and $800 million (2023: $660 million) of undrawn committed revolving credit facility (RCF).  
Available cash and cash equivalents are invested in accordance with strict limits consistent with the Board’s risk appetite, which consider 
both the security and availability of liquidity. Accordingly, cash is held in on-demand and short-term bank deposits and money market funds, 
and at times invested in short-term US Treasury bills (which meet the definition of cash equivalents).  
Our $800 million committed RCF is immediately accessible and does not include financial covenants to maintain maximum flexibility. The 
RCF is currently scheduled to mature in December 2029.  
Our maximum exposure to loss associated with interests in our consolidated CLOs is limited to the net investment in these CLOs (Note 5.2). 
Therefore, the CLO liabilities on the consolidated balance sheet of $1,366 million (2023: $1,036 million) do not present a liquidity risk to Man 
Group as we have no obligation to repay the noteholders at maturity should the CLO assets be insufficient to meet the obligations. 
Maturity analysis 
Trade and other payables can be analysed according to their contractual maturity dates on an undiscounted cash flow basis as follows: 
 
2024 
$m 
2023 
$m 
Within one year 
600 
656 
Between one and three years 
41 
45 
After three years 
20 
18 
 
661 
719 
A maturity analysis of our undiscounted lease liabilities is set out in Note 8.2. 
24.4 Capital management 
Man Group has a clear, disciplined capital management framework, actively managing its capital to maximise value to shareholders by either 
investing that capital to improve shareholder returns in the future or by returning it through higher dividends or share repurchases. We 
periodically review our accumulated capital reserves to determine whether they exceed the amounts required to retain to ensure financial 
stability and to provide an appropriate level of security to our stakeholders.  
The key decision-making areas relating to the deployment and maintenance of capital, including material acquisitions and disposals, share 
repurchases, capital structure and dividend policy, are matters reserved for the Board.  
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
25. Share-based payment schemes 
Accounting policy 
Equity-settled share-based payments 
Man Group operates equity-settled share-based payment schemes which are remuneration payments to selected employees that take 
the form of an award of shares in the Company. These typically vest over three to five years, although conditions vary between different 
types of award. The fair value of the employee services received in exchange for the share awards/options granted is recognised as an 
expense, with the corresponding credit recognised in equity, and is determined by reference to the fair value of the share 
awards/options at grant date.  
We calculate the fair value of share options using the Black-Scholes valuation model, which takes into account the effect of both 
financial and demographic assumptions. Forfeiture and early vesting assumptions are based on historical observable data. Changes to 
the original estimates, if any, are included in the consolidated income statement, with a corresponding adjustment to equity. 
Cash-settled share-based payments 
Put options on the interests in subsidiaries held by employees, and their proportionate share of the profits of those subsidiaries, which 
can be forfeited should they become ‘bad leavers’ are accounted for as cash-settled share-based payments. Cash-settled share-based 
payments are measured at fair value on grant date and recognised as an employment-related expense in the consolidated income 
statement over the relevant service period. They are remeasured to fair value at each reporting date, with the change in fair value 
recognised as other employment-related expenses in the consolidated income statement. The credit entry is recognised as a liability in 
the consolidated balance sheet. 
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 
Grant dates 
08/03/2024 –
10/12/2024 
28/02/2023 – 
02/08/2023  
08/03/2024 
10/03/2023 – 
04/09/2023 
Share awards granted in the year 
12,128,097 
19,200,689  
1,674,203 
2,784,001 
Weighted average fair value per share award granted ($) 
3.2 
3.4  
3.2 
3.1 
Movements in the number of equity-settled share awards outstanding are as follows: 
 
2024  
2023 
Share awards outstanding at beginning of the year 
42,317,900 
41,252,837 
Granted 
13,802,300 
21,984,690 
Forfeited 
(2,899,848) 
(2,214,057) 
Exercised 
(11,490,358) 
(18,705,570) 
Share awards outstanding at end of the year 
41,729,994 
42,317,900 
Share awards exercisable at end of the year 
158,944 
137,769 
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: 
 
2024  
2023 
Grant date 
03/09/2024 
11/09/2023 
Weighted average share price at grant date ($)1 
2.9 
2.6 
Weighted average exercise price at grant date ($)2 
2.3 
2.1 
Share options granted in the period 
1,447,200 
2,843,261 
Vesting period (years) 
3–5 
3–5 
Expected share price volatility (%) 
30 
30 
Dividend yield (%) 
5 
5 
Risk-free rate (%) 
3.9 
4.7 
Expected option life (years) 
3.7 
3.4 
Number of options assumed to vest 
1,080,188 
2,172,378 
Average fair value per option granted ($) 
0.7 
0.6 
Notes: 
1 Sterling share price at grant date each year of £2.19 and £2.06 respectively. 
2 Sterling exercise price each year of £1.76 and £1.69 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.  
 
 

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Man Group plc |  Annual Report 2024
25. Share-based payment schemes continued 
Movements in the number of share options outstanding are as follows: 
 
2024 
 
2023 
 
Number 
Weighted 
average 
exercise price1 
($ per share)  
Number 
Weighted 
average 
exercise price1 
($ per share) 
Share options outstanding at beginning of the year 
5,139,138 
2.1  
5,976,777 
1.7 
Granted 
1,447,200 
2.2  
2,843,261 
2.2 
Forfeited 
(476,292) 
2.2  
(691,948) 
2.3 
Exercised2 
(799,406) 
1.8  
(2,988,952) 
1.4 
Share options outstanding at end of the year 
5,310,640 
2.1  
5,139,138 
2.1 
Share options exercisable at end of the year 
239,978 
2.1  
361,340 
1.5 
Notes: 
1 Calculated at 31 December exchange rates each year. 
2 The sterling weighted average share price of options exercised was £2.38 (2023: £2.24) (USD-equivalent $3.06 and $2.73 respectively). 
The share options outstanding at year-end had expected remaining lives as follows: 
Range of exercise prices ($ per share) 
2024 
 
2023 
Number of 
share options 
Weighted 
average 
expected 
remaining life 
(years)  
Number of 
 share options 
Weighted 
average 
expected 
remaining life 
(years) 
0.00–3.00 
5,310,640 
2.5  
5,139,138 
2.7 
Cash-settled share-based payments 
The carrying value of the cash-settled share-based payment liability at 31 December 2024 was $56 million (2023: $23 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. 
26. Geographical information 
Accounting policy 
Disclosure of revenue by geographic location is based on the registered domicile of the fund entity or managed account paying our fees.  
Non-current assets are allocated based on where the assets are located and include goodwill and acquired intangibles, software 
intangible assets, leasehold improvements and equipment, and right-of-use lease assets. For goodwill and other acquired intangibles, 
we consider that the location of the intangibles is best reflected by the location of the individuals managing those assets.  
 
$m 
2024 
 
2023 
Revenue  
Non-current 
assets  
Revenue  
Non-current 
assets 
Cayman Islands 
656 
–  
555 
– 
Ireland 
191 
–  
198 
– 
United Kingdom and the Channel Islands 
132 
604  
108 
606 
United States of America 
281 
346  
193 
391 
Other countries 
174 
20  
114 
15 
 
1,434 
970  
1,168 
1,012 
Revenue from no single fund exceeded 10% of total annual revenue in either 2024 or 2023. 
27. Related party transactions 
Accounting policy 
Related parties comprise key management personnel, associates and fund entities which we are deemed to control. All transactions with 
related parties were carried out on an arm’s-length basis.  
The Executive Committee, together with the Company’s non-executive directors, are considered to be our key management personnel, being 
those directors, partners and employees having authority and responsibility for planning, directing and controlling our activities. 
Key management compensation 
2024 
$m 
2023 
$m 
Salaries and other short-term employee benefits1 
23 
31 
Share-based payment charge 
14 
19 
Fund product-based payment charge 
15 
22 
Pension costs (defined contribution) 
1 
1 
Total 
53 
73 
Note: 
1 Includes salary, benefits and cash bonus.  
Man Group paid consortium relief to its associate HUB in the current and prior years. The amounts paid in each year were not significant. 

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Man Group plc |  Annual Report 2024
Financial statements
Notes to the consolidated financial statements continued 
28. Other matters 
In July 2019, the Public Institution for Social Security in Kuwait (PIFSS) served a claim against a number of parties, including certain Man 
Group companies, a former employee of Man Group and a former third-party intermediary. The trial is scheduled to commence on 3 March 
2025. The subject matter of these allegations dates back over a period of 20 years. PIFSS initially sought compensation of $156 million (plus 
compound interest) and certain other remedies which were unquantified in the claim. In an amended particulars of claim filed in August 
2024, PIFFS increased the quantum of its claim to approximately $278 million plus interest. We dispute the basis for this inflated quantum 
figure and the assumptions upon which PIFFS has calculated it. We continue to dispute the allegations and consider there is no merit to the 
claim (in respect of liability and quantum) and will therefore vigorously and robustly defend the proceedings.  
We are subject to various other claims, assessments, regulatory enquiries and investigations in the normal course of business. The Board 
does not expect such matters to have a material adverse effect on our financial position. 
29. Unconsolidated structured entities 
Accounting policy 
We have evaluated all exposures and concluded that where we hold an investment, fee receivable, accrued income, or commitment with 
an investment fund or a CLO, this represents an interest in a structured entity as defined by IFRS 12 ‘Disclosure of Interests in Other 
Entities’. 
Investment funds are designed so that their activities are not governed by way of voting rights, and contractual arrangements are the 
dominant factor in affecting an investor’s returns. The activities of these entities are governed by investment management agreements 
or, in the case of CLOs, indentures.  
Our maximum exposure to loss from unconsolidated structured entities is the sum total of any investment held, fee receivables and 
accrued income.  
Our interest in and exposure to unconsolidated structured entities is as follows:  
2024 
Total 
AUM 
($bn) 
Less infrastructure 
mandates and 
consolidated 
 fund entities1 
($bn)  
Total AUM 
unconsolidated 
structured 
entities 
($bn) 
Number  
of funds 
Net 
management 
 fee margin2 
 (bps) 
Fair value of 
investment 
held 
 ($m) 
Fee 
 receivables 
and accrued 
income 
 ($m) 
Maximum 
exposure 
 to loss 
 ($m) 
Alternative 
 
 
 
 
 
 
 
 
Absolute return 
45.3 
(0.5) 
44.8 
132 
110 
122 
120 
242 
Total return 
41.5 
(1.6) 
39.9 
96 
66 
81 
64 
145 
Multi-manager solutions 
14.4 
(9.7) 
4.7 
40 
18 
2 
5 
7 
Long-only 
 
 
 
 
 
 
 
 
Systematic 
38.6 
(0.1) 
38.5 
95 
27 
4 
62 
66 
Discretionary  
28.8 
(0.2) 
28.6 
57 
57 
21 
27 
48 
Total  
168.6 
(12.1) 
156.5 
420 
 
230 
278 
508 
 
2023 
Total 
AUM 
($bn) 
Less infrastructure 
mandates and 
consolidated 
 fund entities1 
($bn)  
Total AUM 
unconsolidated 
structured 
entities 
($bn) 
Number  
of funds 
Net 
 management 
 fee margin2 
 (bps) 
Fair value of 
investment 
 held 
($m) 
Fee 
 receivables 
 and accrued 
income 
 ($m) 
Maximum 
exposure 
 to loss 
 ($m) 
Alternative 
 
 
 
 
 
 
 
 
Absolute return 
47.7 
(0.3) 
47.4 
123 
112 
130 
158 
288 
Total return 
42.5 
(1.3) 
41.2 
88 
64 
137 
60 
197 
Multi-manager solutions 
19.4 
(12.8) 
6.6 
51 
17 
3 
14 
17 
Long-only 
 
 
 
 
 
 
 
 
Systematic 
36.5 
– 
36.5 
84 
24 
4 
36 
40 
Discretionary  
21.4 
(0.2) 
21.2 
56 
59 
15 
22 
37 
Total  
167.5 
(14.6) 
152.9 
402 
 
289 
290 
579 
Notes: 
1  For infrastructure mandates where we do not act as investment manager or adviser, our role in directing investment activities is diminished and therefore these are not considered structured 
entities. 
2  Net management fee margins are the categorical weighted average. 
 
 

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Man Group plc |  Annual Report 2024
30. Group investments 
Details of the Company’s subsidiaries are provided below. The list excludes consolidated structured entities on the basis that, although these 
are consolidated for the purposes of IFRS, they are not within the legal ownership of Man Group. The country of operation is the same as the 
country of incorporation and the year-end is 31 December, unless otherwise stated. The effective Group interest represents both the 
percentage held and voting rights of ordinary shares or common stock (or the local equivalent thereof), unless otherwise stated. 
Parent company 
Company name 
Registered address 
 
Country of 
incorporation 
Man Group plc 
22 Grenville Street, St Helier, Jersey, JE4 8PX 
 
Jersey 
 
 
 
 
Subsidiaries 
Company name 
Registered address 
Direct or 
 indirect 
Country of 
incorporation 
Effective Group 
interest % 
Man Group Treasury Limited 
22 Grenville Street, St Helier, Jersey, JE4 8PX 
Direct 
Jersey 
100 
AHL Partners LLP1,2 
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, Switzerland 
Indirect 
Switzerland 
51 
FA Sub 3 Limited 
Luna Tower, Waterfront Drive, Road Town,  
Tortola 
Indirect 
BVI 
100 
GLG Capital Management LLC3 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
GLG LLC3 
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 LP2 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
GPM Summit Point GP LLC3 
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 
Man Asset Management (Cayman) Limited PO Box 309, Ugland House, South Church Street,  
George Town, Grand Cayman, KY1-1104 
Indirect 
Cayman 
100 
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 LP2 
Level 42, Governor Phillip Tower, 1 Farrer Place, 
Sydney, NSW 2000 
Indirect 
Australia 
100 
Man (Europe) AG 
Austrasse 56, 9490, Vaduz, Liechtenstein 
Indirect Liechtenstein 
100 
Man Fund Management Netherlands BV 
Beurs – World Trade Center, Beursplein 37,  
3011 AA, Rotterdam 
Indirect Netherlands 
100 
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 Limited4 
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, 
Guernsey, 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 (formerly Man GLG 
Partners LLP)1,2 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Group Services Limited 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Group UK Limited 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Investments AG 
Huobstrasse 3, 8808 Pfäffikon SZ 
Indirect 
Switzerland 
100 
Man Investments Australia Limited 
Level 42, Governor Phillip Tower, 1 Farrer Place, 
Sydney, NSW 2000 
Indirect 
Australia 
100 
Man Investments (CH) AG 
Huobstrasse 3, 8808 Pfäffikon SZ 
Indirect 
Switzerland 
100 
Man Investments Finance Limited 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Investments Finance Inc.  
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
Man Investments Holdings Inc. 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
Man Investments (Hong Kong) Limited 
Suite 1013-15, 10th Floor, Two IFC, Number 8 Finance 
Street 
Indirect 
Hong Kong 
100 
Man Investments Inc. 
15 North Mill Street, Nyack, NY 10960, United States 
Indirect 
US 
100 
Man Investments Limited 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Investment Management (Shanghai)  
Co., Ltd 
Room 1701A, 5 Corporate Avenue, 150 Hubin Road, 
Huangpu District, 200021 
Indirect 
China 
100 
Man Investments (Shanghai) Limited 
Room 1701A-2, 5 Corporate Avenue, 150 Hubin Road, 
Huangpu District, 200021 
Indirect 
China 
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, Jersey, JE4 8PX 
Indirect 
Jersey 
100 

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Financial statements
Notes to the consolidated financial statements continued 
30. Group investments continued 
Subsidiaries continued 
Company name 
Registered address 
Direct or 
 indirect 
Country of 
incorporation 
Effective Group 
interest % 
Man Solutions Limited 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Solutions LLC3  
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 LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
Man Times Square Holdings LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
Man Worldwide Operations  
Management Limited 
22 Grenville Street, St Helier, Jersey, JE4 8PX 
Indirect 
Jersey 
100 
Mount Granite Limited 
Wickhams Cay, PO Box 662, Road Town, Tortola 
Indirect 
BVI 
100 
MVH Lending, LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
Net Zero Energy SFR GP Inc.  
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
Numeric Investors LLC3 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
Silvermine Capital Management LLC3 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
Varagon Capital Partners Agent, LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
Varagon Capital Partners, L.P.2,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
Varagon Professionals Fund GP, LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
VCAP Onshore GP, LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
VCAP Offshore GP, S.à.r.l5 
10, Rue des Capucins, L-1313 Luxembourg 
Indirect Luxembourg 
73.32 
VCC Advisors, LLC5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
50.61 
VCDLF SLP, LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
VIVA Onshore GP, LLC3,5 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
73.32 
 
 
 
 
 
Subsidiaries in liquidation/dissolution 
Company name 
Registered address 
Direct or 
 indirect 
Country of 
incorporation 
Effective Group 
interest % 
Man Mash Limited 
Riverbank House, 2 Swan Lane, London, EC4R 3AD 
Indirect 
UK 
100 
Man Principal Strategies Corp 
4001 Kennett Pike, Suite 302, Wilmington DE 19807 
Indirect 
US 
100 
 
Related undertakings other than subsidiaries 
Company name 
Registered address 
 
Country of 
incorporation 
Interest % 
Hub Platform Technology Partners Ltd 
71-75 Shelton Street, Covent Garden, London, WC2H 9JQ 
 
UK 
22.86 
PR-Man Summit Point Holdings LP2 
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 
Notes: 
1 The financial year-end is 31 March, which aligns with the tax year of the individual partners. 
2 Partnership interest. 
3 Member interest.  
4 Holdings comprise ordinary and deferred shares.  
5 100% of the voting rights. 
 
 

179
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Man Group plc |  Annual Report 2024
Five-year record 
 
2024 
2023 
2022 
2021 
2020 
Income statement ($m) 
 
 
 
 
 
Core net management fee revenue 
1,097 
963 
927 
877 
730 
Core performance fees 
310 
180 
779 
569 
179 
 
 
 
 
 
 
Core profit before tax 
473 
340 
779 
658 
284 
Core management fee profit before tax 
323 
280 
290 
266 
180 
Core performance fee profit before tax 
150 
60 
489 
392 
104 
Core profit 
381 
271 
647 
557 
240 
 
 
 
 
 
 
Statutory profit before tax 
398 
279 
745 
590 
179 
Statutory profit  
298 
234 
608 
487 
138 
 
 
 
 
 
 
Earnings per share (¢) 
 
 
 
 
 
Statutory EPS (diluted)  
25.1 
19.4 
45.8 
33.8 
9.3 
Core EPS (diluted) 
32.1 
22.4 
48.7 
38.7 
16.2 
Core management fee EPS (diluted)  
21.5 
18.4 
18.4 
15.7 
10.3 
 
 
 
 
 
 
Balance sheet ($m) 
 
 
 
 
 
Net cash and cash equivalents 
454 
136 
457 
387 
351 
Net assets 
1,676 
1,612 
1,699 
1,651 
1,497 
Net tangible assets 
867 
782 
1,022 
928 
716 
 
 
 
 
 
 
Other metrics 
 
 
 
 
 
Core cash flows from operating activities before working capital 
movements ($m) 
502 
362 
810 
700 
341 
Ordinary dividends per share (¢) 
17.2 
16.3 
15.7 
14.0 
10.6 
AUM ($bn) 
168.6 
167.5 
143.3 
148.6 
123.6 
Average headcount 
1,802 
1,716 
1,595 
1,453 
1,456 
USD/sterling exchange rates: 
 
 
 
 
 
Average 
0.7826 
0.8042 
0.8081 
0.7267 
0.7789 
Year-end 
0.7990 
0.7855 
0.8276 
0.7390 
0.7315 
‘Core’ measures are alternative performance measures. Further details of our alternative performance measures, including non-core items, 
are set out on pages 180 to 187. 

180
Man Group plc |  Annual Report 2024
Financial statements
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 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 deferred tax relating to the utilisation or recognition of tax assets in the US 
are similarly excluded from core profit, with tax on core profit considered a proxy for cash taxes paid.  
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 
2024 
$m 
2023 
$m 
Acquisition and disposal-related: 
 
 
 
Amortisation and impairment of acquired intangibles 
9 
(24) 
(28) 
Acquisition-related costs 
6.3 
– 
(9) 
Other employment-related expenses1 
6.2 
(28) 
(21) 
Revaluation of acquisition-related liabilities 
 
(4) 
– 
Restructuring costs 
6.1 
(22) 
– 
Costs associated with legal claims 
6.3 
(4) 
(1) 
Gain on disposal of investment property – right-of-use lease assets 
8.1 
3 
12 
Share of post-tax loss of associates 
10 
(2) 
(3) 
Foreign exchange movements 
5.1 
6 
(11) 
Non-core items 
 
(75) 
(61) 
Note: 
1 Adjustment to align acquisition-related employment-related expenses with proportionate share of earnings in the year. 
 
 

181
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Man Group plc |  Annual Report 2024
Core measures: reconciliation to statutory equivalents 
The statutory line items within the consolidated income statement can be reconciled to their core equivalents as follows: 
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¢ 
 
 
 
 
2023 
$m 
Core measure 
Reclassification  
of amounts relating  
to consolidated  
fund entities 
Non-core items 
Per consolidated 
income statement 
Management and other fees[APM] 
995 
(5) 
– 
990 
Performance fees[APM] 
180 
(2) 
– 
178 
Revenue[APM] 
1,175 
(7) 
– 
1,168 
Net income or gains on investments and other financial instruments[APM] 
48 
39 
(11) 
76 
Third-party share of gains relating to interests in consolidated funds 
– 
(24) 
– 
(24) 
Rental income[APM] 
5 
1 
– 
6 
Distribution costs 
(32) 
– 
– 
(32) 
Net revenue[APM] 
1,196 
9 
(11) 
1,194 
Asset servicing costs 
(58) 
– 
– 
(58) 
Compensation costs[APM] 
(595) 
– 
– 
(595) 
Other employment-related expenses[APM] 
(2) 
– 
(21) 
(23) 
Other costs[APM] 
(179) 
(9) 
(10) 
(198) 
Net finance expense 
(21) 
– 
– 
(21) 
Gain on disposal of investment property – right-of-use lease assets 
– 
– 
12 
12 
Amortisation and impairment of acquired intangibles 
– 
– 
(28) 
(28) 
Share of post-tax loss of associates 
– 
– 
(3) 
(3) 
Third-party share of post-tax profits 
(1) 
– 
– 
(1) 
Profit before tax[APM] 
340 
– 
(61) 
279 
Tax expense[APM] 
(69) 
– 
24 
(45) 
Profit[APM] 
271 
– 
(37) 
234 
 
 
 
 
 
Core basic EPS 
23.0¢ 
 
 
 
Core diluted EPS 
22.4¢ 
 
 
 
[APM] The core equivalents of these statutory measures are defined as alternative performance measures. 
Core costs comprise asset servicing, compensation costs, core other employment-related expenses, core other costs and third-party share 
of post-tax profits. 
 
 

182
Man Group plc |  Annual Report 2024
Financial statements
Alternative performance measures continued 
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: 
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 
Employment–related payables to sellers of businesses acquired 
56 
– 
56 
Provisions 
16 
– 
16 
Current tax liabilities 
3 
– 
3 
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 
 
 
 

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Man Group plc |  Annual Report 2024
Core measures: reconciliation to statutory equivalents continued 
2023 
$m 
Core measure 
Reclassification of 
amounts relating  
to consolidated  
fund entities 
Per consolidated  
balance sheet 
Assets 
 
 
 
Cash and cash equivalents[APM] 
180 
96 
276 
Fee and other receivables[APM] 
463 
88 
551 
Investments in fund products and other investments[APM] 
787 
1,492 
2,279 
Investments in associates 
11 
– 
11 
Current tax asset 
15 
– 
15 
Finance lease receivable 
67 
– 
67 
Leasehold improvements and equipment 
53 
– 
53 
Leasehold property – right-of-use lease assets 
112 
– 
112 
Investment property – right-of-use lease assets 
17 
– 
17 
Investment property – consolidated fund entities  
– 
30 
30 
Software intangible assets 
54 
– 
54 
Deferred tax assets 
128 
– 
128 
Pension asset 
12 
– 
12 
Goodwill and acquired intangibles 
776 
– 
776 
Total assets 
2,675 
1,706 
4,381 
 
 
 
 
Liabilities 
 
 
 
Borrowings 
140 
– 
140 
Trade and other payables[APM] 
597 
116 
713 
Employment–related payables to sellers of businesses acquired 
23 
– 
23 
Provisions 
16 
– 
16 
Current tax liabilities 
3 
– 
3 
CLO liabilities – consolidated fund entities 
– 
1,036 
1,036 
Third-party interest in consolidated funds 
– 
554 
554 
Third-party interest in other subsidiaries 
1 
– 
1 
Lease liability 
283 
– 
283 
Total liabilities 
1,063 
1,706 
2,769 
 
 
 
 
Net assets 
1,612 
– 
1,612 
[APM] The core equivalents of these statutory measures are defined as alternative performance measures.  
 
 

184
Man Group plc |  Annual Report 2024
Financial statements
Alternative performance measures continued 
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. 
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 (management fee) 
(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¢ 
 
 
 
 
 
 

185
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Man Group plc |  Annual Report 2024
Core management fee profit and core performance fee profit continued 
2023 
$m 
Core measure 
Reclassification of 
amounts relating to 
consolidated  
fund entities 
Non-core items 
Per consolidated  
income statement 
Management and other fees 
995 
(5) 
– 
990 
Distribution costs 
(32) 
– 
– 
(32) 
Net management fee revenue 
963 
(5) 
– 
958 
Rental income 
5 
1 
– 
6 
Asset servicing costs 
(58) 
– 
– 
(58) 
Compensation costs (management fee) 
(439) 
– 
– 
(439) 
Other employment-related expenses 
(2) 
– 
(21) 
(23) 
Other costs 
(179) 
(9) 
(10) 
(198) 
Net finance expense (management fee) 
(9) 
– 
– 
(9) 
Third-party share of post-tax profits 
(1) 
– 
– 
(1) 
Management fee profit before tax 
280 
(13) 
(31) 
236 
Tax expense 
(58) 
 
 
 
Management fee profit 
222 
 
 
 
 
 
 
 
 
Core basic management fee EPS 
18.8¢ 
 
 
 
Core diluted management fee EPS 
18.4¢ 
 
 
 
 
 
 
 
 
Performance fees 
180 
(2) 
– 
178 
Net income or gains on investments and other financial instruments 
48 
39 
(11) 
76 
Compensation costs (performance fee) 
(156) 
– 
– 
(156) 
Net finance expense (performance fee) 
(12) 
– 
– 
(12) 
Performance fee profit before tax 
60 
37 
(11) 
86 
Tax expense 
(11) 
 
 
 
Performance fee profit 
49 
 
 
 
 
 
 
 
 
Core basic performance fee EPS 
4.2¢ 
 
 
 
Core diluted performance fee EPS 
4.0¢ 
 
 
 
 
 

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Man Group plc |  Annual Report 2024
Financial statements
Alternative performance measures continued 
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 
2024 
$m 
2023 
$m 
Net gains on seeding investments portfolio 
5.1 
47 
47 
Net gains on fund investments held for deferred compensation arrangements  
and other investments 
5.1 
3 
1 
Core gains on investments 
 
50 
48 
Non-core items: 
 
 
 
Consolidated fund entities: gross-up of net gains on investments 
5.1 
32 
39 
Foreign exchange movements 
5.1 
6 
(11) 
Net income or gains on investments and other financial instruments 
 
88 
76 
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 amounts relating to the utilisation or recognition of available US deferred tax assets. 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: 
 
 
2024 
$m 
2023 
$m 
Statutory tax expense 
 
100 
45 
Tax on non-core items: 
 
 
 
Amortisation and impairment of acquired intangibles 
 
– 
2 
Restructuring costs 
 
4 
– 
Costs associated with legal claims 
 
1 
– 
Gain on disposal of investment property – right-of-use lease assets 
 
(1) 
(3) 
Foreign exchange movements 
 
(2) 
3 
Non-core tax item - US deferred tax assets 
 
(10) 
22 
Core tax expense 
 
92 
69 
Comprising: 
 
 
 
Tax expense on core management fee profit before tax 
 
67 
58 
Tax expense on core performance fee profit before tax 
 
25 
11 
The core tax rate is 19% for 2024 (2023: 20%).  
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 
2024 
$m 
2023 
$m 
Cash flows from operating activities 
 
648 
337 
Plus changes in working capital: 
21 
 
 
Increase/(decrease) in fee and other receivables 
 
29 
(104) 
Decrease in other financial assets  
 
(211) 
(71) 
Decrease in trade and other payables 
 
36 
200 
Core cash flows from operations excluding working capital movements 
 
502 
362 
 
 
 

187
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Man Group plc |  Annual Report 2024
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 
2024 
$m 
2023 
$m 
Seeding investments portfolio 
5 
532 
595 
Available cash and cash equivalents 
14 
225 
180 
Borrowings 
14 
– 
(140) 
Contingent consideration 
18 
(4) 
(3) 
Put options over non-controlling interests in subsidiaries 
18 
(10) 
(9) 
Payables under repo arrangements 
18 
(16) 
(45) 
Employment-related payables to sellers of businesses acquired 
 
(56) 
(23) 
Other tangible assets and liabilities 
 
196 
227 
Net tangible assets 
 
867 
782 
Goodwill and intangibles 
 
809 
830 
Shareholders’ equity 
 
1,676 
1,612 
 

Shareholder information
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 Investor 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, which can be found on your share  
certificate or dividend confirmation.
Dividends
Final dividend for the year ended 31 December 2024
11.6¢ per share
 
The directors have recommended a final dividend of 11.6 cents per 
share in respect of the year ended 31 December 2024. Payment of this 
dividend is subject to approval at the 2025 Annual General Meeting 
(AGM). Key dates relating to this dividend are given below:
Ex-dividend date
 10 April 2025
Record date
 11 April 2025
DRIP election date
 29 April 2025
AGM (to approve final dividend)
 9 May 2025
Sterling conversion date
 9 May 2025
Payment date
 21 May 2025
CREST accounts credited with DRIP shares
 27 May 2025
DRIP share certificates received
 28 May 2025
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  
9 May 2025. 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 21121 who will be able to assist.
2. Overseas payment service2: 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 0371 384 21121. 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 21121. 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 2024, EQ must have received your instruction by 5.00pm 
on 29 April 2025. 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.
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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, 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 21121 quoting Ref No 874. Please quote your 
Shareholder Reference 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.
Be a ScamSmart investor – avoid investment 
and pension 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 2024/25 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 2024/25 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 2024
0/35
20/09/24
4.26
08/08/24
09/08/24
217.57
20/09/24
Final dividend for the year ended 31 Dec 2023
0/34
22/05/24
8.54
11/04/24
12/04/24
255.45
22/05/24
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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 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 180 to 187
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 are not 
disclosed, those strategies will be assumed to not include ESG content.
Executive Committee (ExCo)
The executives responsible for delivering the firm’s strategy 
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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
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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
Investor relations
Karan Shirgaokar 
Head of Investor 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
FTI Consulting
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 this Annual 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 offered through Man Group plc affiliated regulated investment managers.
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Man Group plc |  Annual Report 2024

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