Back seat for GLG founder Gottesman at Man Group

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Man is set to cut about 150 jobs, a tenth of its workforce, as it aims to reduce costs by $75 million over the next year after the assets it manages fell by $6.1 million or 9.5% in the last three months of 2011.

Gottesman, who is dating Charlie's Angels actress Lucy Liu and is worth $1.6 billion according to Forbes magazine, is standing down as co-chief executive of GLG to become non-executive chairman of its US business.

He said: "The first priority following the combination of Man and GLG was to complete the integration of the two businesses. This has now been successfully achieved and therefore I have decided to move to a non-executive role.

"This will give me the time to develop a portfolio of non-competing business and other interests. I remain fully committed to Man as a significant shareholder in the company and investor in GLG funds."

It is understood Gottesman will devote his time to running his own wealth, continue his patronage of the arts and spend some time studying.

He moved to New York two years ago, at the same time that he sold his Kensington Palace Gardens mansion to Lakshmi Mittal for a London record of £117 million.

Gottesman holds a 2% direct stake and, according to chief executive Peter Clark, has "substantial investments in GLG funds" both of which he has
committed not to sell for another
two years.

Man saw its funds under management drop from $64.5 billion to $58.4 billion between the end of September and the end of December. Some $2.5 billion of this was due to outflows of funds
and about $1.5 billion from market movements as its flagship AHL Diversified fund lost 7.7% of its value in three months.

Clarke said: "October was a bad month for AHL and our management fees are down for the quarter. But
we have seen a gradual improvement and the first two weeks of January are positive."

Man shares today rose 5%, gaining 5.9p to 112.9p as analysts welcomed the cost-cutting measures but cautioned on how quickly the group could reverse the outflow of funds during 2012.