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."


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.