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

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

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.