Man Group shares fall as GLG arm weighs on profits

Statutory loss of $272m

Man Group's shares fell in early trading after the firm recorded a statutory pre-tax loss of $272m for 2016, and outflows in its GLG arm reached $3bn.

Overall, the firm recorded a statutory pre-tax loss of $272m, compared to pre-tax profits of $184m in 2015, which it said was largely "driven by the impairment of GLG". In addition, total pre-tax profits took a hit falling from $400m in 2015 to $205m this year. Update: Man Group completes Aalto acquisition In early trading shares fell as much as 7%, but by 11.20am they were trading around 141.16p, a loss of 3.6%. The group said GLG's alternative and long only strategies had a difficult first half of the year, particularly post the Brexit vote in June, but performance improved...