StockMarketWire.com - Hedge fund manager Man hiked its dividend as it posted a large rise in first-half profit underpinned by fresh inflows into its funds and higher fee revenue.

Pre-tax profit for the six months through June increased to $280 million, up from $55 million year-on-year.

Man declared an interim dividend of 5.6c per share, up 14% year-on-year.

Assets under management swelled to $135.3 billion, up from $123.6 billion at the end of December and included net inflows of $1.2 billion.

'The first half was a period of excellent growth for Man as we reached record funds under management, continued a trend of positive net inflows, and grew management fee profit by 51% and total profit per share by 246%,' chief executive Luke Ellis said.

'This growth was predominantly driven by strong investment performance for our clients, resulting in both material performance fees from our quantitative strategies and a significant uplift in management fees.'

'The firm's momentum continues as we enter the second half, supported by strong performance fee optionality, a high level of client engagement and a strong sales pipeline.'

'We remain focused on investing in our talent and technology, which are the foundations of the firm and cement our sustainable competitive advantage.'




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