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Man Group reports PBT of USD154m for six months to 30 September

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Man Group has reported a statutory profit before tax (PBT) on continuing operations for the six months ended 30 September 2011 of USD154 million compared to the pre-close estimate of USD145 million.

The group’s adjusted PBT was USD195 million compared to the pre-close estimate of USD185 million after additional performance fees at period end.

Funds under management (FUM) at 30 September 2011 of USD64.5 billion (31 March 2011: 
USD69.1 billion), reflected inflows of USD1.0 billion, investment movement of -USD2.5 billion, FX translation effects of -USD1.4 billion and other movements of -USD1.7 billion.

FUM at 31 October 2011 totalled around USD63.5 billion, with redemptions lower than in September.

Man Group maintained its interim dividend at 9.5 cents per share, while the final dividend for the three months to 31 December is expected to be 7.0 cents per share, giving a maintained pro-rated dividend for the nine month period.

Peter Clarke (pictured), Man Group Chief Executive, says: “The last six months began with record sales, but ended with a spike in redemptions as extreme volatility severely tested investor risk appetite in the late summer. Since period end we saw reduced redemptions in October, and we ended the month with around USD63.5 billion under management.
“Liquid, diversifying returns are at the core of our offer to investors, and our broad range of alternative investment strategies produced overall outperformance in tough trading conditions. 
“We remain focused on investment performance and profitable asset growth worldwide, but also on operational efficiency. Actions taken so far this year have secured USD40 million of savings for 2012 from our debt repurchase and outsourcing initiatives. We are planning on the basis that investor appetite will remain subdued whilst markets remain volatile and uncertain, but are well positioned to capture demand when sentiment improves and investors return to markets.”


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