Man Group Executives Buy Stock Worth $4 Million

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LONDON (HedgeWorld.com) - Several Man Group plc executives have snapped up nearly 2 million ($4 million) in stock in the world's biggest hedge fund operator through a series of share purchases on Aug. 16. The dealings, which were priced between 4.45 and 4.65 per share, seem to have timing on their side. Man Group stock rallied 2.7% to 4.59 per share on the back of the U.S. Federal Reserve's decision to cut its discount rate by 50 basis points early Friday [Aug. 17].

The biggest commitment was made by Jon Aisbitt, a Man Group independent non-executive director and chairman of the audit and risk committee, who acquired 250,000 shares at a price of 4.57 per share. That boosted the stake of the former Goldman Sachs investment banking managing director to 1.75 million shares, together worth 8 million.

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Man Group Executives Buy Stock Worth $4 Million

The second biggest purchase was made by Stanley Fink, ...

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