Man Group, a London-based asset manager, has reported a pre-tax profit of $76m for the first half of 2017, a 38% increase compared to $55m for the same period last year.
The company attributed the increase in profit to acquired intangibles amortisation of $42m, $23m in charges relating to the movement in the contingent consideration liability, and restructuring costs of $4m.
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The firm’s adjusted profit before tax for the period ended 30 June 2017 stood at $145m, up 48% from $98m in the first half of 2016. Net revenues rose 18% to $461m from $389m in the last year.
The group’s funds under management (FUM) at the end of June 2017 totalled $95.9bn, as against $76.4bn in the previous year.
Man Group CEO Luke Ellis said: “The first half of 2017 has been one of solid performance with 4% growth in management fee profits and a 48% increase in total adjusted profits as performance fees improved, with positive contributions from across the group.
“We saw strong inflows from clients during the half and a 19% increase in funds under management with growth across all our investment managers.
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By GlobalData“However our revenue margin has compressed during the half as we have won several large, low margin mandates, meaning our management fees have grown at a much steadier pace.”
