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Lower performance fees pull down Man Group H1 profit

Man GroupPlc reported statutory profit attributable to owners of the parentof $49 million in the first half, compared to $130 million in the year-agoperiod.

EPS dropped to 2.9 cents from 7.5 cents in the first half of2015.

Funds under management stood at $76.4 billion at the end ofJune, down from $78.7 billion at 2015-end and $78.8 billion as of June 30,2015. Net inflows were $1.0 billion during the first half, compared to netoutflows of $2.6 billion a year ago.  

Performance fees dropped on a yearly basis to $40 millionfrom $200 million, while gross management and other fees fell to $381 millionfrom $425 million.

OutgoingCEO Manny Roman said the first half has been a "particularly challengingperiod" for the global investment management industry. "Lookingforward, the outlook, particularly cross border post , remains uncertain andaccordingly the risk appetite of our clients has the potential to impact flows,albeit we have seen no meaningful change so far."

Man Group's board declared an interim dividend of 4.5 centsper share, down from 5.4 cents per share in the first half of 2015. The interimdividend will be paid Aug. 31 to shareholders on record Aug. 12 at the rate of3.43 British pence per share.