Man Group to axe up to 200 jobs next year

 
Steve Dinneen
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MAN Group will axe up to 200 jobs over the next year, according to sources close to the firm.

The world’s largest listed hedge fund has already identified $50m (£32m) of cost savings and a company spokesman told City A.M. it was inevitable some of this would be achieved by reducing headcount.

However, he declined to confirm how many jobs could be lost through the streamlining operation.

City sources say at least 100 full time staff are likely to lose their jobs, with other losses coming through cutting back on the number of contractors working for the firm.

The total will come to around 10 per cent of Man Group’s 1,800 headcount. The reductions will be phased over the next six months, according to sources close to the firm. More information is expected to be released when the group releases its results next Thursday.

Man Group remains a potential bid target, with Bank of New York Mellon seen as a possible suitor. Its funds under management have fallen from $79.5bn in 2008 to just $39bn in March.

Last month it also clocked up an eighth consecutive quarter of net withdrawals, as an improved performance from its flagship AHL fund failed to stem the outflow of private client money. It recorded net outflows of $600m in the three months to the end of September, though the rate of withdrawals slowed from the first quarter.