Beleaguered hedge fund manager Man Group is staging a fresh assault on its costs in the first moves under new finance director Jonathan Sorrell to stem sliding sales and margins and an exodus by clients.

Man (EMG.L), whose share price has slumped by more than three-quarters since the start of 2011 on the back of outflows, said on Tuesday it would make $100 million (64.4 million pounds) of annual savings over the next 18 months, after calls from some analysts to cut deeper or faster.

“The steps we are taking today, by looking at costs, (means we are positioned for) possible protracted and continued unstable markets,” said CEO Peter Clarke on a call to journalists.

“Yes, gross margin has come down but costs have come down,” he added.

Source: Reuters