LONDON Dec 4 BlackRock has cut its
stake in Man Group by almost half to below 5 percent,
regulatory statements showed on Tuesday, just as the embattled
hedge fund firm tries to reverse its fortunes.
BlackRock's selling of shares through 2012 mean it is no
longer the biggest shareholder in Man. Hedge fund Odey Asset
Management has meanwhile made a bold bet on a recovery in Man
shares by increasing its stake to 5.15 percent.
According to earlier regulatory filings, BlackRock, the
world's largest investment manager by assets, owned 9.32 percent
of London-based Man back in March.
Some of the reduction in BlackRock's shareholding since then
is likely to have come after Man dropped out of the MSCI global
standard indexes last month.
In addition to its actively managed portfolios, BlackRock
runs passive funds which track indexes and are forced to sell
out of companies that are no longer members.
Both Man and BlackRock, which has in the past been linked
with a bid for the hedge fund firm, declined to comment.
News of the BlackRock sales come after a terrible two years
for the former FTSE 100 company. Man suffered a fifth straight
month of client exits in October after poor returns from its
flagship AHL fund. Its shares have halved since late last year.
In an effort to reverse its fortunes, the company has made a
raft of changes: slashing costs, launching new funds and naming
Jonathan Sorrell, son of WPP boss Martin Sorrell, as
Shares in Man closed down 1.95 percent at 75.9 pence on