It’s all relative

Man Group looks to be doing better than many of its investment management peers. It managed to collect $4bn more assets than the 10% it lost through redemptions. In these dark days, it is even talking of being an industry consolidator. But you wouldn’t think that from the way the market has reacted. Headline pretax profits were 24% lower than in the same period of last year - and the shares promptly crashed by a third. But the decline in pretax profits owed much to the evasive action Man took in...