Pre-close trading update

Man Group plc
31 March 2006


31 March 2006

Pre-Close Trading Update and Quarterly Funds Under Management Statement

Man Group plc announces the following Trading Update and Quarterly Funds Under
Management Statement ahead of its close period for the year ending 31 March
2006.

It is anticipated that Group profit before tax* for the year ending 31 March
2006 will be ahead of consensus market expectations.

The most recent product launch is forecast to raise around $2 billion of client
money. It is structured as multiple offerings of the Man IP 220 product in a
number of different currencies targeting different regions. The strong demand
follows the product's return for investors of more than 300%*** over nearly a
decade. The initial phase of the offerings closed in early March, raising $0.9
billion, and has started trading. It is therefore included in the sales and
funds under management figures for the year ending March 2006. The other phases
of the offering will not start trading until April and are therefore not
included in the figures for the current year. The final stage of the offerings
is due to close on 7 April.

Sales for the year are estimated to be $9.0 billion, split 58% private investor
product and 42% institutional product. Sales for the three months to 31 March
2006 are estimated to be $3.4 billion. The three months sales comprise the
previous global launch, Man BlueCrest Ltd, which raised $0.4 billion; joint 
ventures of $1.1 billion (which includes the first phase of the Man IP 220
offerings); other private investor sales which mainly relate to open-ended funds
of $0.8 billion; and institutional sales of $1.1 billion.

Reflecting the level of sales, funds under management have risen and are
currently estimated to be over $48 billion, up from $43.0 billion at 31 March
2005 ($45.8 billion at 31 December 2005). The split of funds under management is
private investor $29 billion (31 March 2005: $25.3 billion) and institutional
$19 billion (31 March 2005: $17.7 billion). Redemptions were $5.9 billion, of
which private investor was $3.0 billion, which, as a percentage of funds under
management, remain at the low end of long term experience. Included in this
figure are redemptions for the three months to 31 March 2006 totalling $2.0
billion, of which private investor were $0.6 billion. Positive investment
movement added around $1 billion in the quarter.

Net management fee income will be in line with consensus market expectations, up
by 15%, reflecting the increased level of funds under management. Net
performance fee income will be up strongly over last year and above consensus
market expectations, reflecting good performance from all our main managers in
the year, and at AHL in particular.

Due to continued organic growth, Brokerage net income will be up over 15%,
excluding a small operating loss and the exceptional integration costs arising
from the acquisition of Refco in November 2005. The Refco integration process is
proceeding on track. Volumes in our main markets continue to be strong and our
Private Clients business continues to benefit from the rising interest rate
environment.

As a result, diluted underlying earnings per share** are expected to be up 15%
and total earnings per share* by over 40%.

Man Group will announce its preliminary results for the financial year on 1 June
2006 under International Financial Reporting Standards, the Group's new
accounting basis.

Prior year figures under IFRS
-------------------------------
                                                        Year to 31 March 05
Profit before tax*                                              $m
Asset Management net management fee income                     594
Asset Management net performance fee income                    119
Brokerage net income                                           148

Diluted earnings per share                                     cents
Total*                                                         209
Underlying**                                                   182

Note: The consensus market expectations of Group net management fee income and
total pre-tax profits referred to earlier in this announcement are based on
forecasts of profit before tax and exceptionals provided to Man Group by sixteen
UK equity analysts since the Group's interim results in November 2005. The 
consensus, calculated as the average, for net management fee income is 
$678 million and for total profit before tax* is $1,197 million.

* Before exceptional items.
** Underlying earnings represents earnings from net management fee income in
Asset Management plus Brokerage net income (it therefore excludes net
performance fee income in Asset Management, Sugar Australia and exceptional
items).
*** Man-IP 220 Ltd was launched on 18 December 1996 and matured on 31 December
2005 with a total return over its life of 311.3%, net of fees and commissions,
as per Man database. There is no guarantee of trading performance and past
performance is not necessarily a guide to future results.

Enquiries
Man Group plc 020 7144 1000
Peter Clarke
David Browne

Merlin Financial 020 7653 6620
Paul Downes
Vanessa Maydon
Lachlan Johnston

Notes to Editors
About Man Group plc
Man Group plc is a leading global provider of alternative investment products
and solutions as well as one of the world's largest futures brokers. The Group
employs over 4,000 people in 16 countries, with key centres in London,
Pfaeffikon (Switzerland), Chicago, New York, Paris, Singapore and Sydney. Man
Group plc is listed on the London Stock Exchange (EMG.L) and is a constituent of
the FTSE 100 index. Further information on the Man Group can be found at
www.mangroupplc.com.



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