The largest publicly traded hedge fund firm is enforcing a limit on cash bonuses for its top executives.
The New York Times
reported that London-based Man Group's annual cash bonuses would be capped at up to 250% of salary. The article added that the firm would not pay bonuses to its executives from last year.
Under the new plan, executives will only be considered for bonuses after a three-year performance assessment.
Man has been under pressure for continuing to pay out bonuses to its executives despite recent heavy redemptions from investors. The firm experienced its sixth consecutive year withdrawals as of December 31, bringing its total 2012 loss to $745 million.
Man manages approximately $57 billion in assets.