Man Group Jobs
Man Group to Cut Its Workforce by Ten Percent
Man Group is set to reduce its workforce by ten percent following the hedge fund's takeover of UK-based GLG Partners. The merger made Man Group the largest hedge fund firm in the industry, in terms of AUM and staff. One of the outcomes of this deal though is that 180-200 jobs will be cut.
Redundancies have already begun: two of Man Group’s most senior salespeople, Martin Keller, the head of institutional sales, and John Bennett, the head of UK distribution, left the firm this month.
Further cuts in sales jobs are expected as the integration of Man with GLG progresses. Man Group’s salesforce is to be relocated to GLG’s Mayfair offices. The combined group will still report to Christopher Möller, Man’s existing global head of sales.
The company will also continue to maintain its Swiss salesforce at its Pfäffikon office in the Canton of Schwyz.
Compliance and regulatory jobs associated with GLG’s listing in New York are also expected to go.
Although it is not anticipated that cuts will be made to any trading positions, questions still remain over what will be done with funds in the combined group that overlap in terms of strategies. Source
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