THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
Update on High Court Proceedings brought by PIFSS
Man Group plc notes the judgment of the High Court delivered today in relation to the claim brought by the Kuwaiti Public Institution for Social Security (PIFSS) against its former Director General, Mr Fahad Al Rajaan (now deceased), his wife and subsequently his estate, certain Man Group subsidiaries, a former Man Group employee, a former third-party intermediary and multiple other defendants unconnected to Man Group.
As previously disclosed in Man Group’s annual report and accounts, PIFSS sought compensation of $156 million, plus interest, from the Man Group defendants in relation to allegations dating back to between 1993 and 2013. From the outset, Man Group disputed these allegations and considered there was no merit to the claim.
The trial commenced in March 2025 and concluded in March 2026. In relation to Man Group, the court has held that two former Man Group employees, who were part of Man Group’s regional sales team, were aware that the former intermediary, Mohamad El Ghazzi, was making improper payments to Mr Al Rajaan. Accordingly, the court has held two Man Group subsidiaries vicariously liable for the conduct of those two former employees. Notwithstanding this, the Judge did not find that any other former or current employee of Man Group knew about the improper payments, and there are no negative findings in relation to Man Group more broadly.
Man Group disagrees with the judgment, in respect of both liability and quantum. The judgment indicates that PIFSS is entitled to recover approximately $155 million from the estate of Mr Al Rajaan, Mr El Ghazzi, a former Man Group employee and two Man Group subsidiaries[1].
The figures in the judgment are not final and are subject to change. The court has scheduled a hearing in mid-November to deal with matters resulting from the judgment including the exact amount of Man Group’s financial liability (which will cover possible deductions in relation to co-defendant settlements, any payment in relation to interest, if applicable, and other costs). Man Group will provide an update on the court’s determination in due course. In the meantime, Man Group is evaluating its full range of options in response to the judgment.
This is a legacy matter concerning a contract originally entered into in 1993, more than 30 years ago. It relates to two former employees who left Man Group over 13 and 18 years ago, investment products Man Group no longer markets and a distribution model that it no longer operates.
The findings in the judgment do not reflect the way Man Group conducted its business during the period in question or does so today. Integrity is one of Man Group’s core principles, and we promote the highest ethical standards of our people when serving our clients.
Enquiries
Shareholders:
Karan Shirgaokar
Head of Strategy and Shareholder Relations
shareholder.relations@man.com
+44 20 7144 1434
Media:
Kate Miller
Partner
DRD Partnership
+44 (0)7720 593428
About Man Group
Man Group is a global alternative investment management firm focused on pursuing outperformance for sophisticated clients via our Systematic, Discretionary and Solutions offerings. Powered by talent and advanced technology, our single and multi-manager investment strategies are underpinned by deep research and span public and private markets, across all major asset classes, with a significant focus on alternatives. Man Group takes a partnership approach to working with clients, establishing deep connections and creating tailored solutions to meet their investment goals and those of the millions of retirees and savers they represent. Headquartered in Jersey, we manage $270.9 billion (as at 30 September 2026) and operate across multiple offices globally. Man Group plc is listed on the London Stock Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index. Further information can be found at www.man.com.
UK Market Abuse Regulation and UK Listing Rules disclosure:
The person responsible for release of this announcement is Antoine Forterre, Chief Financial Officer and Chief Operating Officer.
Man Group plc’s LEI is 2549003YWC1DW6LALB09.
[1] Any charge to the Man Group Consolidated Income Statement arising as a result of the claim will continue to be treated as a non-core item.
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