Reuters – Man Group, the world’s largest listed hedge fund firm, said it expected fee income and earnings per share to have risen by about a third in the six months to the end of September, sendingits shares to a record high.<\/p>\n
Net management fee income will rise by 35 percent in the first six months of the year from the same period a year before, Man said in a trading update on Friday, while net performance fee income will be up around 25 percent.<\/p>\n
Diluted earnings per share on total operations should be up about 35 percent, the company said, while total assets under management would be more than $56 billion (30 billion pounds) at the end of September.<\/p>\n
Shares in Man jumped to a record 467 pence in early trade, surpassing a previous high of 460-1\/2p set in May, and were up 2.76 percent at 456p by 11:30 a.m., outperforming the FTSE 100 index, which rose 0.03 percent.<\/p>\n
“They are extraordinarily strong numbers,” David Browne, head of group funding and external communications at Man, said.<\/p>\n