Amid a slump in the City with job cuts reported across the finance sector, Man Group posted a double-digit increase in profit and revenue, reporting growth in its alternative, absolute return, and multi-manager solutions strategies.

The London-based hedge fund, which manages $143bn in assets, reported its financial results on 28 February for the year ended 31 December 2022. The hedge fund’s core net revenue came in at $1.69bn, up 14% year-on-year. Statutory profit after tax climbed 25% to $608m.