UK - Man Group, the global provider of alternative investment products, said that pre-tax profits for March 31, 2004 will be "materially" in excess of current market expectations of £425m (e633m).
The group said that the result had been achieved despite the adverse impact of currency translation on reported year-on-year sterling profits.
Funds under management had risen strongly to an estimated $38bn (e31bn) from $26.1bn at March 31, 2003.
Man said that sales had continued to be very strong throughout the year and are estimated to be around $10.5bn.
Net management fee income is expected to increase by over 45%, reflecting the increased level of funds under management.
Net performance fee income will be materially ahead of last year and significantly above market expectations, the group said.
Brokerage net income is expected to rise by over 40% reflecting the continued recruitment of producer teams, active markets and the successful integration of GNI, which has now been completed.
As a result, fully diluted underlying earnings per share (represented by earnings from net management fee income plus brokerage net income) are expected to be up over 35%, which is the top end of market expectations, the group said.
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