U.S. News

Man Group's Full-Year Profit Increased 27%

Man Group, the world's largest publicly traded fund manager, said Thursday that full-year profit rose 27% after the company boosted the amount of funds under management.

Net income for the year through March 31 rose to $1.3 billion from $1 billion in the same period a year earlier, the company said in a statement. Revenue rose 14% to $2.1 billion.

Funds under management rose 24% to $61.7 billion.

"The record level of sales in the period reflects high levels of demand for our products from both institutional and private investors," said Chief Executive Peter Clarke.

The company boosted funds under management more than tenfold under the aegis of Chief Executive Stanley Fink, who stepped down in April after seven years. His successor, Clarke, was previously chief financial officer.

Individual investors account for about $36.6 billion of the funds under management while institutional investors, such as pension plans, account for $25.1 billion, the company said.

Man Group shares gained 0.8% to 585 pence ($11.57) on the London Stock Exchange.