Employees at Man Group, one of the largest hedge funds in the world, are unhappy with their workspace.
Financial Times reported that Man Group’s London employees are “grumbling” after being squeezed into just one-and-a-half floors of the nine-story building the firm signed a 20-year lease in 2011. Although the intention was for the hedge fund to occupy all nine floors as it expands, Man Group is subletting the space to the Royal Bank of Canada and law firm Field Fisher Waterhouse.
Instead of an expansion, Man Group’s assets under management fell from its peak of nearly $800 billion in 2008 to $35.6 billion and about 700 employees left since its merger with GLG Partners in 2010.
eVestment previously reported that investors redeemed about $11.5 billion in the first half of this year from Man Group, leaving the firm with $52 billion as of June 30. Man had $57 billion in AuM at the end of last year, after it experienced a nearly 60% increase in liquidations in the third quarter of 2012.
Previously the largest publicly traded hedge fund in the world, Man Group was knocked out of the spot by Jersey-based Brevan Howard, according to The Hedge Fund Journal’s listing of the 50 largest European hedge funds.