Man Group to Cut Jobs as Profit Falls, Assets Drop

Bloomberg – Man Group Plc, the largest publicly traded hedge-fund manager, said it will cut its workforce by about 15 percent after fiscal year profit dropped and assets under management declined by a third.

Assets fell to $48 billion in the period ending March 31, from $75 billion the previous year, London-based Man Group said in a trading statement. Pretax profit will be $1.2 billion, down from $2.1 billion. The median estimate from four analysts surveyed by Bloomberg News had forecast assets of about $48.6 billion and a $1.14 billion profit.

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