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Pretax profit slumped from GBP374m to GBP183m, but was 8pc ahead of the firm's own forecast.
Funds under management crept up to GBP26.6bn, from a June low of GBP26.2bn.
But investment levels are still well below the GBP40.9bn held at the end of September 2008.
Chief executive Peter Clarke said: "At Man we have already seen net inflows from retail investors and are confident of a return to net inflows from institutional investors in our second half."
Man Group closed down 0.2p at 324.8p.
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