The Man Group's assets under management continued to fall in the second quarter, as poor performance and redemptions continued to take their toll. But the firm did enjoy higher profits driven by strong performance at its GLG Partners unit.
Man's adjusted pretax profit rose 9.8% to $134 million. Performance fee income more than tripled, hitting $90 million, nearly two-thirds of which came from GLG. Man's flagship AHL strategy continued to struggle, falling 7% during the second quarter.
The firm's assets under management fell 9% on the quarter to $52 billion.
"While the first quarter of the year benefited from a more stable environment in financial markets, the second quarter was characterized by renewed volatility," CEO Emmanuel Roman said. "Trading conditions remain tough and we do not see any improvement in the near-term outlook."