Gargantuan hedge fund The Man Group is looking to trim its payroll by about 200 people, The Wall Street Journal reports. The main mechanism for the cuts will be layoffs, although attrition will also play a part, a source told The Journal.
The Man Group bought GLG Partners earlier this month, following a period of shrinking portfolios for both company. The job cuts are more significant than the company had anticipated when the merger was announced in spring.
Man, which boasts $65 million in assets under management and a 200-year-plus existence, follows fellow hedge fund lion D.E. Shaw down the pinkslip path. Shaw reportedly laid off 150 people earlier this year.
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