Things are getting tight at Man Group's London headquarters.
The struggling hedge fund moved into the new Riverbank House just two years ago, signing a 20-year lease for all nine floors. But its staff are being squeezed into just one-and-a-half of those floors.
Man had hoped to eventually grow to take up all of the space, but sublet some to the Royal Bank of Canada. Now, as its assets continue to fall, it has sublet additional space, with three floors going to law firm Field Fisher Waterhouse, according to the Financial Times.
"We are being shoved into a much smaller area, which people aren't really happy about," a senior executive told the FT. "Our fund assets are shrinking and so it seems is our floor space."
"In August, we entered into a contract to sublet a significant portion of our existing office space in Riverbank House, our main London office and headquarters," Man said. "This will result in a restructuring charge of approximately US$60 million."
"The move had already been communicated internally to staff, but the shift is taking place now and that could be why you're hearing a few grumbles."