Man Group Plc's profit leapt 76 per cent in the six months to March 31 as the amount of money under management doubled, according to a report by Bloomberg.
The world's largest publicly held hedge fund manager earned a profit of £137.3 million between October and March compared with a profit of £78.1 million in the six months to March 31, 2002.
The large intake of extra money placed under Man's management was due in large part to the UK based firm's acquisition of Swiss investment group RMF last year. According to Bloomberg, Man is now more substantial than UBS and Soros Fund Management LLC, with some $28 billion worth of assets under management, up from $10.7 billion in March 2002.
The jewel in Man's crown, AHL Diversified hedge fund, returned 31.7 per cent in the year up to March 31 2003 compared with a 29.2 per cent drop in the value of the FTSE 100 and a 24.8 per cent fall in the benchmark S&P 500.
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