Shares in Man Group PLC (LSE:EMG) fell near 7% on Tuesday morning as the investment management firm reported a fall in half-year profits and revenue due to a slump in performance fees.
Pre-tax profit fell 65% to US$137mln during the six months to June, on the back of a 40% drop in revenue to US$513mln.
According to the FTSE 250-listed hedge fund, an over 90% drop in performance fees to US$32mln was largely to blame.
This was “primarily as the result of the sharp reversal in markets around the March banking crisis”, the firm said.
Shares slipped 6.8% to 222.55p.