Performance fees at Man Group, the world's largest quoted hedge fund manager led by Stanley Fink, halved in the year to end of March after "lacklustre" returns at some of its flagship funds. Earnings per share grew at their slowest rate for five years.

As it reported a 9.6% increase in pre-tax profits to $784m (€624m) for the 12 months to the end of March, Man said performance fees had fallen to $119m over this period, from $236m in 2003.