Hedge fund manager Man Group (EMG) made two important acquisitions in the first half: it bought US-based manager Numeric, which has $14.7bn (£8.7bn) of funds under management, and Pine Grover, a fund of fund credit manager with $1bn under management. Chief executive Manny Roman said the acquisitions, due to be completed by the year-end, will enhance Man's offering for its clients and broaden its footprint in the US.
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Analysts, nonetheless, expect Man's earnings to be broadly flat this year, given the ongoing decline of the higher-margin AHL business. Numis Securities has pencilled in pre-tax profit of $289m for the full year, giving EPS of 14¢ - down from $297m and 14¢ in 2013.