Man Group plans to cut London-based jobs and move some roles to Bulgaria, as the world’s largest listed hedge fund manager seeks to improve its performance after a turbulent period for its most famous unit.
The FTSE 250 company, best known for its computer-driven hedge fund business AHL, has put a number of middle office positions such as risk management and compliance at risk of redundancy next year and will instead hire in Sofia, according to people close to the situation.
Man Group has already expanded its presence in the Bulgarian capital to more than 80 staff, as it seeks to cut costs, one of the people said. The company had almost 1,800 employees at the end of last year.
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