StockMarketWire.com - Investment management Man Group reported a fall in first-half funds under management as negative investment performance and net fund outflows weighed on results.

For the six months ended 30 June, pre-tax profit halved to $55m on-year as funds under management fell 8% to $108.3bn from 31 December.

The company swung to a negative investment performance of $5.4bn, compared with a positive $6.8bn as the impact of the pandemic on markets weighed.

Net outflows rose to $1.2bn from $1.1bn.

The company, however, said redemptions were beginning to normalise.

'As anticipated, redemptions increased in Q2, but it is pleasing to see flow momentum normalising as we enter the second half,' the company said.

An interim dividend of 4.9 cents per share was proposed, up from 4.7 cents per share.

At 8:26am: [LON:EMG] Man Group PLC share price was -0.95p at 124.65p



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