MAN Group is planning a round of job cuts as the world’s biggest publicly traded hedge fund firm reviews its staffing needs.
Chief executive officer Robyn Grew told staff the firm is reviewing its annual budget and talent needs, according to sources with knowledge of the matter. The review will lead to job cuts in low single-digit percentage terms, the sources said, asking not to be identified because the details are private.
The cuts will mainly focus on operations, middle office and technology roles, the sources said. Man Group’s headcount has grown to 1,787 full-time employees, up from 1,274 five years ago. The firm still expects to continue to grow its staff numbers, the sources added.
A representative for the London-based investment firm, which managed US$174.9 billion at the end of September, declined to comment.
Since taking over as Man Group’s first female CEO in its more than 240-year-old history, Grew has been overhauling the firm. Earlier this year, Man Group started to merge its discretionary trading units in a reorganisation that included the departure of its GLG brand’s chief executive officer, Teun Johnston. The firm retired the GLG, Man Global Private Markets and Varagon brands.
Man Group faces a challenging market for asset gathering as investors focus on costs and reassess their allocations. Man Group reported US$5.5 billion of outflows during the third quarter, the biggest drop in at least four years, after a client withdrew its funds to invest passively.
The firm’s assets still hover near their peak. BLOOMBERG
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