Man Group to axe up to 200 jobs next year

first_img 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. Wednesday 27 October 2010 8:55 pm More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org KCS-content Man Group to axe up to 200 jobs next year Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp Show Comments ▼ whatsapp Tags: NULLlast_img read more