MUNICH (dpa-AFX) - MAN reported that its Statutory profit before tax for the half year ended 30 June 2016 dropped to $55 million from last year's $163 million reflecting acquired intangibles amortisation and other adjusting item charges, partially offset by a credit for revaluation of contingent consideration.
Statutory earnings per share was 2.9 cents compared to 7.5 cents in the prior year.
Funds under management of $76.4 billion with negative investment performance and other movements, partially offset by net inflows and positive FX movements.
Adjusted profit before tax declined to $98 million from last year' $280 million, due to lower performance fees revenue partially offset by lower compensation costs
Net revenues declined 38% to $389 million due to lower performance fees and lower net management fees due to lower average FUM and margins.
Copyright RTT News/dpa-AFX