Fund manager Man Group plc is reportedly planning to cut a number of jobs at its London headquarters as it expands its presence in the Bulgarian capital of Sofia.
According to the Financial Times, citing unnamed sources close to the matter, an unspecified number of middle office roles at Man Group's London operations are at risk of redundancy next year.
The roles are said to be related to areas such as risk management, operations and compliance.
The move comes as the company ramps up hiring in Sofia, one of its 14 locations worldwide where it already employs more than 80 people.
Man Group, which registered a headcount of just shy of 1,800 at the start of 2025, confirmed that it was continuing to "invest in our people and to seek out world-class talent for roles", the FT reported.
The newspaper also said that the company's chief people officer Emma Holden is to leave the business after less than a year in the role.
The stock, down nearly 2% at 206.4p on Friday morning, is trading more or less flat over the year to date, after a 19% surge over the past six months offset heavy declines in the spring, as volatile trading conditions hammered Man Group's profits in the first half.
Pre-tax profit slumped to just $77m over the six months to 30 June, down from $219m a year earlier.