Man shares rise 6% as results beat expectations

Man Group's shares rose nearly 3% this morning after it reported pre-tax profit of $154m for the six months to 30 September 2011, ahead of the amount it forecast earlier this summer.

In September, Man had forecast pre-tax profit of $145m for the period but said in its results additional performance fees helped profits beat that level. Man said it saw outflows of $2.7bn during the quarter, with a significant acceleration in redemptions at the end of the period, particularly in GLG alternatives and long-only mandates. The company said funds under management stood at $64.5bn at the end of September, falling to $63.5bn at the end of October but with redemptions lower than in September. "We are planning on the basis that investor appetite will remain subdued whilst ...