Man to cut 200 jobs after GLG takeover

Man Group is planning to cut more than 10% of its workforce over the next six months following its takeover of GLG Partners.

The Wall Street Journal says the hedge fund manager is planning to cut 200 positions, which include staff positions and consultants. Man and GLG, which is the world's largest hedge manager, have a combined 1,800 employees, the paper reports. The group says its previously announced $50m of cost savings included layoffs in addition to other cuts.