Report: Man To Lay Off 10% Of Sales Team

Oct 26 2010 | 3:23am ET

The layoffs of two top Man Group salesman could be just the beginning.

While the hedge fund giant, which earlier this month closed its deal for GLG Partners, has said that there will be only a "handful" of redundancies in its sales department as a result of the merger, it could be quite a handful. The Business Insider blog quotes a source "who's been reliable in the past" predicting that 10% of the sales team could go, with the bulk coming from Man's own sales department, rather than from GLG's.

BI's source could not provide a timeframe for the redundancies.

Man said Martin Keller, the firm's former head of institutional sales, and John Bennett, former head of U.K. distribution, would be two of a relatively small number of layoffs.

In response to the report, a Man spokesman told BI that "some but not all" of its expected US$50 million in annual savings will be "headcount related."

"This report is an unsubstantiated rumor, on which we have no further comment."

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