Shares in Man Group PLC (LSE:EMG) jumped 7% in the first hour of trade after the hedge fund group’s performance beat market expectations.
A 4% dip in assets under management ranked as a success against a backdrop of stock and bond market falls, alongside a series of central bank rate hikes.
The company posted a full-year core pre-tax profit of US$779mln, up 18% from the previous year.
At 8.55 am, the shares were changing hands for 261.6p, up 17.3p.
Of the 13 banks and brokerages logged as following Man Group, nine are positive on the stock. The consensus price target is 277p.