UPDATE: Man Group shares climb 9% despite profits fall

Man Group shares soared in morning trading despite the group reporting a 40% fall in pre-tax profits for the nine months ended 31 December 2011.

The figure of $193m is down from $324m for the 12 months ended March 2011. Shares in Man Group rose 8.74% this morning to trade at 142.35p. Net income from performance fees over the reporting period was $37m, down from $169m for the year ended 31 March. However, the group said two thirds of GLG funds were above or within 5% of performance fee highs as at 24 February 2012. Funds under management stood at $59.5bn at the end of February, edging up slightly from $58.4bn at the end of December. Man Group also reported diluted statutory EPS of 7.6 cents and adjusted diluted EPS of ...