Weakness in the share price of Man Group has prompted directors to splash out on big stakes in the hedge fund manager.
Man Group, which sponsors the Man Booker literary price, saw a return to form of its flagship fund AHL in the second quarter of its financial year, as its 'alternative style' policy paid off, but the group's 'long only' portfolios took a battering over the same period.
The company's total funds under management at the end of September stood at $65bn, less than in March when the figure was £69.1bn and down $7bn since the end of June.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues free
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The shares slumped by about 20% after the announcement.
Chief executive Peter Clarke, finance boss Kevin Hayes and chief operating officer Emmanuel Roman all netted 50,000 shares at 176.2p a time, paying a total of £88,000 each. Non-executive director Ruud Hendriks meanwhile, took 100,000 at 177.4p.
"The extreme volatility of markets in recent months has created challenging performance conditions across asset classes," said Clarke in the announcement that sent Man's share price tumbling.
"This has tested investor appetite for risk but also reinforced the need for diversifying, non-correlated investment returns."
Top Director Buys
BHP Billiton (BLT)
Director name: Mr Jacques Nasser
Amount purchased: 17,200 @ 1,860.53p
Value: £320,011
Man Group (EMG)
Director name: Mr Ruud Hendriks
Amount purchased: 100,000 @ 177.40p
Value: £177,400
Optimal Pay (OPAY)
Director name: Mr Joel Leonoff
Amount purchased: 346,500 @ 45.70p
Value: £158,351
Man Group (EMG)
Director name: Mr Peter Lawrence Clarke
Amount purchased: 50,000 @ 176.20p
Value: £88,100
Man Group (EMG)
Director name: Mr Kevin Hayes
Amount purchased: 50,000 @ 176.20p
Value: £88,100
Man Group (EMG)
Director name: Mr Emmanuel Roman
Amount purchased: 50,000 @ 176.20p
Value: £88,100
Max Property Group (MAX)
Director name: Mr Alexander Anders Ohlsson
Amount purchased: 84,000 @ 103.50p
Value: £86,940
Rio Tinto (RIO)
Director name: Mr Chris Lynch
Amount purchased: 2,070 @ 3,057.50p
Value: £63,290
WYG (WYG)
Director name: Mr Paul Hamer
Amount purchased: 31,350 @ 62.20p
Value: £19,500
WYG (WYG)
Director name: Mr Graham Olver
Amount purchased: 21,704 @ 62.20p
Value: £13,500
Top Director Sells
Kiotech International (KIO)
Director name: Mr Richard Scragg
Amount sold: 94,299 @ 84.50p
Value: £79,683
Mid Wynd International Inv Trust (MWY)
Director name: Mr P M S Barron
Amount sold: 1,000 @ 1,137.00p
Value: £11,370
Ozzy Osbourne: working-class Brummie who became rock royalty
Where investors can find value now
