Man Group, a London-based hedge fund firm, has posted adjusted pretax profit of $280m for the first half of 2015, a surge of 89% compared to $148m a year ago.
In the past six months, funds under management (FUM) rose 8% to $78.8bn from $72.9bn at the end of December 2014.
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The value of the firm’s its investments had risen by $3.8bn over the period, up from the $700m secured in the half of 2014, although adverse currency moves had cost it $1.4bn, versus a gain of $100m a year earlier.
The group announced that it will pay an interim dividend of 5.4 cents a share for 2015 compared to 4 cents a year ago.
Man Group CEO Manny Roman said: "While the first quarter of the year saw a more stable environment in financial markets which benefitted all of our strategies and in particular AHL’s momentum strategies, the second quarter was characterised by renewed volatility.
"As a result AHL’s momentum strategies gave back the gains they had made in the first quarter however GLG, Numeric and FRM’s strategies generated good risk adjusted returns adding to their strong start to the year."
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