Afternoon:
15°c
Man Group sees profits slide by 24%
06.11.08
Man Group, the world's biggest listed hedge fund manager, saw profits slide 24% in the last six months as its managed funds fell and fee income dwindled. It took a $107 million (£67.4 million) hit on upfront commissions for one of its top funds, Man Global Strategies.
Sales to end-September, at $10.2 billion, outstripped redemptions of $6 billion. But funds under management fell 9% to $67.6 billion - $2.7 billion less than Man estimated in September.
Performance fee income reflected market turbulence, down 44% at $159 million. Pre-tax profits fell 24% to $622 million and the dividend is held at 11.89p.
Man shares fell 20% to 312½p.
