Man Group beat analysts’ expectations of $691 million for the first six months of 2006, as its profits rose one-third to $766 million – up almost $200 million from the same period last year.
The funds under management rose 13 percent to $56.8 billion.
Though there were negative returns of $1.1 billion, because of net fund inflows of $7 billion and positive currency movements.
The first six months were “dominated by a period of negative performance, which began in May and affected the whole industry,” says a Man spokesman.
Income from Man’s brokerage division rose 49 percent to $124 million. The growth was a product of organic growth and the assets attained when acquiring Refco last year.
“The successful integration and build-out of the first-class professionals and assets that we acquired in the Refco acquisition has been a particularly significant contributor in the first half,” says a Man spokesman.