Update: Man shares up 10% on cost-cutting plan

Man Group was the biggest winner in early trading in London, with its shares up 10.2% to 76.20p.

Although the group reported a statutory loss before tax on continuing operations of $164m for the first half of the year, news of an extra £100m of cost savings over the coming months buoyed investors.  But the rally has done little to help Man recoup the sharp share price falls suffered in 2011 and 2012. Shares in the beleaguered hedge fund provider slumped again this year as the poor performance of its flagship AHL strategy lowered the likelihood of performance fee thresholds being reached. Before today's results, the stock had dropped 45% year-to-date to move below 70p, having f...