LONDON (Reuters UK) - Hedge fund firm Man Group (EMG) reported higher than expected profits and a rebound in assets, helped by a slowdown in withdrawals by clients, confirming it is recovering from the industry's toughest period on record.
Pretax profit fell to $302 million (183 million pounds) from $622 million a year before, 8 percent above the group's estimate in September, helped by strong performance from its funds at the end of the six-month period. Assets under management, on which fund firms earn fees, rose to $44 billion at end-September, up from a trough of $43.3 billion reached at the end of June.
(Reporting by Laurence Fletcher, edited by Cecilia Valente)
