Man chief exec sees pay drop

THE CHIEF executive of Man Group was awarded a package of nearly $7m (£4.4m) for last year but missed out on another $14m after the hedge fund suffered during several years of market turmoil.

Peter Clarke’s package for 2011 included a $2.9m salary, bonus and share award and a deferred three-year incentive award which could be worth up to $4m. The total of $6.98m represents a cut of 30 per cent on the previous year, according to Man’s nine month report, which was published yesterday after it shifted the timing of its financial year.

Clarke missed three year performance targets, set in 2008 and relating to measures including earnings per share and return on equity, meaning he did not pick up an award worth up to $14m.

Man, the world’s largest listed hedge fund and based in London, endured a turbulent 2011.