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Man Group Rises as Profit Beats Estimates on GLG Performance

Bloomberg – Man Group Plc, the world’s largest publicly traded hedge-fund manager, rose in London trading after its first-half earnings surpassed analysts’ estimates, helped by higher performance fees at its GLG Partners unit.

Adjusted pretax profit rose 9.8 percent to $134 million, with fees for investment gains more than tripling to $90 million, the London-based company said in a statement today. That beat the $84 million pretax profit estimate of RBC Capital Markets analyst Peter Lenardos and the $95 million forecast by Barclays Plc analyst Daniel Garrod.

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