Man Group has grown its private credit and collateralised loan obligation (CLOs) segments following its acquisition of US private credit manager Bardin Hill last year.
The London-listed investment firm’s full-year results show that its CLO segment grew from $2.5bn (£1.8bn) at the end of 2024 to $2.7bn (£2bn) at the end of 2025. Its US private credit assets grew from $10.3bn (£7.6bn) to $12.2bn (£9bn) over the same period.
“Bardin Hill’s opportunistic and performing credit platforms complement Man Group’s existing private credit strategies, further diversifying our offering to investors,” said Antoine Forterre, Man Group’s chief financial officer.
He added that the statutory consolidation of some of the firm’s CLOs has resulted 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,” he said.
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The firm’s overall assets under management (AUM) showed a steep increase, with net inflows amounting to $28.7bn (£21.2bn) over the year. This organic growth brings Man Group’s total AUM to $227.6bn (£168.3bn) as of 31 December 2025, compared to $168.6bn (£124.6bn) at the end of 2024.
The firm’s available cash and cash equivalents decreased to $173m (£128m) from $225m (£166m) at the end of 2024, with no amounts drawn under our revolving credit facility at the end of the year.
“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,” Forterre said.
In 2025, the firm completed a $100m (£74m) share repurchase and the board has now agreed a final dividend of 11.5¢ per share for 2025, which will be covered by Man Group’s available liquidity and capital resources.
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