Ex-Man Group Chief Sells 5 Million Shares

Nov 30 2007 | 10:26am ET

Eight months after retiring from his post as head of the world’s largest publicly-traded hedge fund manager, Stanley Fink has cashed in some of his stake in Man Group.

The London-based firm said in a note to the London Stock Exchange that Fink sold 5 million shares—about a quarter of his stake—for more than £27 million (US$55.9 million). Now the firm’s non-executive deputy chairman after retiring as CEO in March, Fink still owns more than 14.5 million shares.

Man’s stock price has been on the rise since this summer’s credit crisis, rising 17.2% over the past three months. Fink actually added to his stake in August, buying an additional 100,000 shares.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…