Bloomberg – Man Group Plc, the world’s largest publicly traded hedge fund, will reduce pay and eliminate jobs in a plan to reduce costs by about 10 percent as market turmoil prompted clients to withdraw money.
The $75 million of reductions will add to $40 million already being implemented, Chief Executive Officer Peter Clarke told reporters on a conference call today. Two-thirds of the savings will be made this year and the rest in 2013, he said. The firm employed about 1,600 people at the end of March.
