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Man Group Surges After Profit Beats Estimates on Higher Fees

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Man Group Plc, the world’s largest publicly traded hedge fund firm, reported profit for the first half that beat analysts’ expectations as performance fees almost doubled. The shares jumped.

Adjusted pretax profit rose to $280 million from $148 million a year earlier, the London-based firm said on Wednesday. That exceeded the $220 million average estimate of seven analysts in a Bloomberg survey.