LONDON (HedgeWorld.com)–Man Group plc* said its earnings for the fiscal year-ended March 31 will be materially greater than expected on the back of healthy performance fees and strong growth in assets under management.
Sales for the year are expected to be about US$10.5 billion, bringing assets under management to US$38 billion not including the recently launched guaranteed fund Man RMF Multi-Style Ltd., which will close in the next few weeks, the company said (see).
Net management fee income before goodwill amortization will be at the high end of expectations while performance fee income will be significantly above expectations. Pre-tax profit expectations by market participants range from ?397 million and ?452 million (US$724 million to US$824 million), the company said.
*Man Group plc is a minority investor in HedgeWorld.