Man Group, a London-based asset manager, has reported adjusted profit before tax of $98m for the first half of 2016, down 65% from $280m a year ago.
The statutory profit before tax for the period was $55m, a slump of 66.2% from $163m in the prior year.
Net revenues dropped 37.6% to $389m from $624m in the first half of 2015.
The company's funds under management (FUM) at the end of June 2016 were $76.4bn, compared to $78.7bn at the end of December 2015.
Gross sales dropped 6.6% to $9.8bn from $10.5bn in the first half of 2015. Net inflows for the first half stood at $1bn.
Man Group CEO Manny Roman said: “The first half of 2016 has been a particularly challenging period for the global investment management industry. The first quarter of the year was a highly volatile period in financial markets. AHL’s momentum strategies performed well, but it was a difficult time for our long only strategies. Markets reversed in the second quarter, and as a result, AHL’s momentum strategies gave back the gains they had made in the first quarter.
“Recent volatility post-Brexit has benefitted AHL but created a difficult environment again for our discretionary strategies. In the context of this market environment, we had net inflows of $1.0 billion for the half. In particular, we saw good inflows into our quant business from institutional clients, across AHL’s range of strategies and into Numeric.”