The Man Group’s three top executives have taken advantage of hedge fund’s plummeting stock price to boost their own stakes in the firm.
CEO Peter Clarke, Finance Director Kevin Hayes and Chief Operating Officer Emmanuel Roman each bought 50,000 Man shares after they began to tumble last month. Man shares have lost more than a quarter of their value since the beginning of July.
Clarke and Hayes paid an average of £1.84 per share while Roman, formerly of GLG Partners, which was acquired by Man last year, paid an average of £1.82 per share. Less than a month ago, a Man share was worth almost £2.60.
The purchases by Clarke, Hayes and Roman amount to less than 1% of Man’s outstanding shares. Clarke already owned more than 5 million Man shares and Hayes more than 1 million.
While Man’s shares fall along with the rest of the world’s stocks, its flagship hedge fund strategy has done quite well, returning 1.9% last week.