Man Group will not pay 2012 bonuses for executives

PHOTO: Man Group will not pay 2012 bonuses for executives
The headquarters of Man Group Plc, left, is seen in London, UK.

LONDON - Top executives at Man Group will receive no bonuses for 2012, a source close to the London-based hedge fund firm said.

Full details of the compensation paid to the hedge fund group's senior executives are due to be released when it publishes its annual report next week.

The source confirmed details earlier reported by the Financial Times, which quoted the company's annual report.

Man, which last month reported an eight percent fall in assets under management since September, declined to comment.

Man's shares have fallen by around two-thirds since the start of 2011 and the group has experienced net customer outflows in every quarter for the last four years, apart from two quarters during the first half of 2011.

Hedge fund managers could be next in line after bankers for restrictions on their pay if European lawmakers follow through on promises to target the sector's lucrative payouts.

Many funds have been complaining of "regulatory fatigue" as they prepare for the arrival of the Alternative Investment Fund Managers Directive (AIFMD) this summer after years of battling with EU regulators - a directive whose rules on pay are far less stringent than the caps on bankers' bonuses.