Man Group, the world’s largest listed hedge fund manager, plans to reduce its London-based workforce and relocate certain roles to Bulgaria, signalling an accelerated cost-efficiency drive, according to a report by the Financial Times.

Operations roles have reportedly been put at risk, with the firm instead looking to hire in Sofia. The firm currently has over 80 employees in the city, with a total of 1800 across the whole company as of the end of 2024.

The firm's shares fell 20% in the first half of the year, reportedly due to poor performance from its AHL division, although they have since rebounded due to a strong Q3.