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.
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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."
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