Man Group Rises After Doubling Cuts in Wake of Outflows

Man Group Plc rose in London trading after the world’s biggest publicly traded hedge-fund manager doubled its planned cost cuts and said it would rely less on products that are expensive to sell.

Man Group plans to reduce expenses by $100 million over the next 18 months, adding to $95 million of cuts announced in March, the London-based company said in a statement today. Man Group also plans to sell fewer so-called guaranteed products, which require the company to pay high fees to private banks and have drawn subdued demand from customers.