(Reuters) -Hedge fund Man Group plans to cut London-based jobs and move some roles to Bulgaria in a bid to improve performance, the Financial Times reported on Friday, citing people familiar with the matter.
The UK-listed company has placed several middle office positions, including risk management and compliance, at risk of redundancy, as it looks to hire in the Bulgarian capital of Sofia next year, the report said.
The group’s chief people officer, Emma Holden, is also set to leave the company after less than a year, the report added.
Man Group told FT that it was continuing to “invest in our people and to seek out world-class talent for roles” across its business, and that it expected to increase the number of employees in Sofia further.
The report did not have the number of jobs at risk. The company’s headcount stood at 1,777, according to its annual report released on December 31 last year.
Man Group did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report.
Man Group, which operates a host of different strategies and funds, posted a 22% increase in assets under management to a record $213.9 billion in the 12 months to September 30.
(Reporting by Ananya Palyekar in Bengaluru; Editing by Rashmi Aich)
