Shares in Man Group were up on the FTSE 100 after the investment group reported better than expected pre-tax profit for the half year period ended 30 September 2010.

Pre-tax profit in the period was reported as being $227 million, 5.6 per cent above what was predicted in the group's pre-close estimate. Man said that the performance was aided by a strong investment performance and favourable FX movements.

The group said that its funds under management at the end of the period rose from $38.5 billion at the end of June to $40.5 billion.

Man said it would be paying a dividend of 9.5 cents per share and added that it intended to pay a total dividend for the year of at least 22 cents per share.

In the middle of October Man completed its acquisition of GLG Partners, which has funds under management of around $25 billion.

In an outlook statement, Man, said, "Funds under management for the combined business at the end of October are estimated at $67 billion. With a wide range of investment styles now being marketed worldwide and unrelenting focus on investment performance, Man is well positioned for asset growth."

By 12:20 shares in Man Group were up 8.79 per cent on the FTSE 100 to 276.00 pence per share.