Alternative investment specialist manager Man Group reported a 59 per cent year-on-year rise in profit before tax to $576 million in the six...

Alternative investment specialist manager Man Group reported a 59 per cent year-on-year rise in profit before tax to $576 million in the six months to 30 September 2005. Assets under management rose $1.4 billion in the six month period to $44.4 billion.

Man said net inflows rose $1 billion in the six months, with fund sales up $3.5 billion during the period, and institutional sales comprising $1.6 billion of the total.

Private investors and institutional investors’ investments each grew by $700 million, said Man in its results statement. The total split between private investors and institution investors’ assets was $26 billion and $18.4 billion respectively.

Man Group said last week it had agreed to pay a total of $323 million - $282 million in cash and the assumption of $41 million of liabilities – for bankrupt Refco's brokerage business.

"Man will incur significant integration costs, estimated at up to $125 million, the bulk of which are expected to fall in the remainder of this financial year," the company said in a statement.