Top Man Salesmen Made Redundant By GLG Merger

Oct 21 2010 | 1:20pm ET

A pair of the Man Group's most senior salesmen are among the first casualties of the firm's acquisition of GLG Partners.

Martin Keller, who headed institutional sales, and John Bennett, head of U.K. distribution, have left the firm. They are among a "handful" of redundancies in the newly-combined firm's sales team, Financial News reports.

Both men have been replaced by GLG sales executives. Raffaele Costa, co-head of marketing at GLG, has assumed Keller's role and been named co-head of sales for non-German-speaking Europe and North America. Richard Phillips, co-head of GLG's U.K. retail business, replaces Bennett as head of U.K. distribution.

Man closed its US$1.6 billion deal for GLG one week ago. The departures and layoffs from the sales unit coincide with its move from Man's office in central London's financial district to GLG's digs in hedge-fund friendly Mayfair this weekend.

It is unclear what Keller or Bennett's plans are. Keller spent more than two years at Man after joining from Deutsche Bank, where he was global head of hedge fund investments.

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