Man Group Doubles Job Cuts

As part of a cost-cutting initiative, Europe's largest hedge fund manager, London-based Man Group, has doubled the number of job cuts.

The firm told investors it has trimmed staff by approximately 20%, which translates into about 400 jobs, or one in five employees. It had initially planned to cut 10% of staff after acquiring hedge fund GLG Partners in October 2010.

A spokesperson told Dow Jones the firm doesn't plan additional job cuts. Man Group has had a tough time of it lately. Investors requested the return of $7.1 billion in capital between late June and late September.
The job cuts will bring the group's headcount to the level it was before it bought GLG. Most of firm's employees are based in London, with the back office and support functions especially feeling the brunt of layoffs. A source familiar with the matter told the Financial Times that traders aren't likely to be laid off.