The Wall St. Journal reported Man Group PLC, the world’s largest listed hedge-fund firm, is cutting 200 staff positions and consultants in the coming months. An unnamed source told the paper the move is the result of “deeper-than-expected cuts” following Man Group’s purchase of GLG Partners earlier this month.
According to the report, the cuts are among the biggest in recent history at a major hedge fund. The majority of cuts will come via layoffs with the remainder being from attrition. The cuts are “several times as much as Man projected when it announced the deal” with GLG Partners, the Wall St. Journal reported.
Combined, the two firms have around 1,800 employees.
London-based Man Group is the world’s largest listed hedge fund firm. It has about $63 billion of funds under management.Hedge-Fund Firm Man Group Eliminating 200 Positions by Harrison Barnes