Man Group Plc’s Chief Executive Officer Luke Ellis’s payout rose to a record last year as the world’s biggest listed hedge fund firm defied industry-wide outflows.
(Bloomberg) — Man Group Plc’s Chief Executive Officer Luke Ellis’s payout rose to a record last year as the world’s biggest listed hedge fund firm defied industry-wide outflows.
Ellis’s total compensation rose to $11.3 million in 2022 from $7.8 million in the year before, according to Man Group’s annual report published Tuesday. The payout was mainly driven by his long-term variable pay which soared 80%. Antoine Forterre, who took over as the company’s Chief Financial Officer in 2021, saw his total compensation rise to $2.5 million.
The payouts follow Man Group posting $3.1 billion of net inflows last year, beating analyst estimates and defying general gloom in the hedge fund industry. Ellis, who became CEO in 2016, saw his compensation bolstered by a long-term incentive plan granted to the top Man Group executives in 2020.
Read more: Man Group Pulls In $3 Billion Defying Industry-Wide Outflows (1)
“The management team has delivered continuing exceptional performance since the grant of the 2020 award, steering the business through the pandemic and its aftershocks, and demonstrating highly resilient financial performance over what was an extraordinary period,” the company said in the report.
Since the grant was made in March 2020 to the end of the LTIP period at the end of 2022, Man Group shares have more than doubled.
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