Report: Man To Axe Up To 200 Jobs

Oct 28 2010 | 4:17am ET

The Man Group said earlier this month that its merger with GLG Partners would lead to a "handful" of layoffs; if so, the world's largest publicly-listed hedge fund manager is employing rather a large hand.

The London-based firm, which manages about US$63 billion, will hand up to 200 staffers and consultants their walking papers over the next six months, The Wall Street Journal reports. The reported job cuts—some will come through attrition and not renewing consultants' contracts, but most will be layoffs—amount to fully 11% of the firm's 1,800-strong workforce and amounts to several times as many as Man projected when it announced the GLG acquisition in May.

At the time, Man said cost savings of US$50 million per year would result from the merger, some of which would come from layoffs. In particular, cutting about 30 positions at GLG was expected to save about US$25 million.

Last week, the Business Insider blog reported that Man would cut about 10% of its sales staff; Man dismissed the "unsubstantiated rumor" but did not deny it. Also last week Man bade farewell to two of its top salesmen, Martin Keller and John Bennett.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...