Friday, 26 August 2016
Last updated 3 hours ago
Sep 29 2011 | 11:59am ET
The Man Group's top executives used a swoon in the hedge fund manager's share price to boost their own holdings.
Man shares plummeted more than 20% yesterday after the firm announced that investors had yanked US$2.6 billion in assets in the third quarter and that its assets under management had fallen US$6 billion to US$65 billion. Man's leaders were certainly unhappy with that news, but they also smelled an opportunity—either to pick up Man shares on the cheap or to inject a little confidence into the firm.
The firm's three top executives, CEO Peter Clarke, finance director Kevin Hayes and chief operating officer Emmanuel Roman, each dropped about US$138,000 to buy up 150,000 shares, Reuters reports. Ruud Hendricks, a non-executive director, bought 100,000 shares himself for US$277,000.