Thursday March 27, 07:30 AM
Man Group sees higher year-end profits
LONDON (ShareCast) - Hedge fund manager Man Group (LSE: EMG.L - news) said pre-tax profits for the year to March will be ahead of consensus
market expectations."Pre tax profits have risen substantially for the year, and will be ahead of current market expectation," said CEO Peter Clarke The group said net performance fee income will also be up strongly up over last year and above expectations, reflecting good performance across a range of its products, and from AHL in particular. Net management fee income will be 15% ahead, driven by the growth in funds under management, which is estimated to be around $75bn, up from $61.7bn in the same period last year. Diluted earnings per share are expected to be up by over 50%. Sales for the year is estimated to be $15.8bn, split 49% private investor product and 51% institutional product.
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