Man Group PLC on Tuesday announced a profit climb in 2022 as Chair John Cryan will retire from the board around the end of 2023, with Non-Executive Director Anne Wade becoming chair following his departure.

The London-based hedge fund manager said pretax profit in 2022 jumped 25% to $608 million from $487 million in 2021. Assets under management fell 3.6% to $143.3 billion from $148.6 billion, however.

The company declared a 2022 dividend of 15.7 cents, up 12% from 14.0 a year prior.

Man said it aims for a $125 million share buyback after the current $125 million share buyback, announced back in December, is complete. The company said so far, $114 million had been repurchased, as at last week Friday.

Meanwhile, Chair John Cryan will retire from the board ‘towards the end of 2023’. Non-Executive Director Anne Wade replaces Cryan after his departure.

Man shares were 8.4% higher at 264.90 pence each in London on Tuesday morning.

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