Man Group Rises After Doubling Cost Cuts In Wake Of Outflows

Man Group Plc (EMG) surged as much as 12 percent in London trading after the world’s biggest publicly traded hedge fund manager said it would double its planned cost cuts and reduce reliance on products with steeper commissions.

Man Group plans to reduce expenses by $100 million over the next 18 months, adding to $95 million of cost cuts announced in March, the London-based company said in a statement today. The company also plans to sell fewer so-called guaranteed products, which produce high commissions for employees and have drawn subdued demand from customers.

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