Saturday, 27 August 2016
Last updated 15 hours ago
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.