Man Group boosts H1 profit but voices caution about H2

1st Aug 2014 14:17

Hedge fund manager Man Group announced higher funds under management, but reported mixed first half investment performance and voiced caution about the rest of the year.Man said funds under management in the six months to 30 June rose 7% to $57.7bn from $54.1bn at the end of December last year.Adjusted pre-tax profit lifted 10% to $148m, but statutory pre-tax profit fell to $106m from $122m. Diluted statutory earnings per share were five cents against 5.3 cents per share last time.The group increased its interim dividend to four cents per share from 2.6 cents per share a year ago.Chief executive Manny Roman said the first half had been positive and the firm had recorded another quarter of net inflows in the second quarter.But he said performance had varied, with credit-related products doing well but equity trading falling short of expectations.He added: "We remain cautious as we look to the second half of the year. Investment performance in the first half was mixed amid a continued volatile market environment."Shares in Man fell 4.5p or 3.8% to 114.5p at 13:41 in London.PW