Hedge fund profit ‘above expectations’

Hedge fund says profit will be ahead of expectations Hedge fund Man Group said it is expecting group pre-tax profit for the year ending 31st March 2008 will be ahead of market expectations.

The investment group said net management fee income will be up by over 15 per cent on the prior year, driven by the growth in funds under management, while diluted earnings per share are expected to be up by over 50 per cent.

Sales for the year are estimated to be $15.8 billion (£7.8 billion), split 49 per cent private investor product and 51 per cent institutional product.

Funds under management have risen and are currently estimated to be around $75 billion (£37.2 billion) up from $61.7 billion (£30.6 billion) at 31st March 2007, the company said.

Peter Clarke, CEO of Man Group, said: “This is a very strong set of results, achieved through a period of significant market turmoil.

“Pre-tax profits have risen substantially for the year, and will be ahead of current market expectations.

“Our balance sheet remains very strong and we have significant cash reserves. Our financial strength, strategic focus and strong performance mean that Man is extremely well placed to see continued strong growth.”

Man Group will announce its preliminary results for the financial year on May 29th 2008.