Man Group plc announced this week that its profit (before tax and exceptionals) rose 51 per cent in the year ended 31 March 2006 to USD 1.306 billion.
This new record increase for Man Group, the world's largest hedge fund provider, was attributed to the strong performance of the firm's four core investment managers, and to organic growth at its brokerage business.
Funds under management increased to USD 54 billion from USD 43 billion a year earlier, up 25%. This included a surge of USD 4 billion in April and May, following the end of the reporting period.
Private investor FUM reached USD 30.4 billion, up 16% from the previous year. Fund sales in the year of USD 9.1 billion, including private investor sales of USD 5.7 billion. Profit before tax on total operations rose 17% to USD 1.236 million, while diluted earnings per share on total operations advanced 48% to 306 cents.
Other major points from the results include: