In his first full quarter as chief executive of Man Group, Europe’s largest listed hedge fund manager, Manny Roman unveiled $75 million in cost savings, but redemptions resulted in a 9% decrease in funds under management over the first six months of the year.

The cost cuts follow the $195 million in savings announced in 2012. These will be achieved by trying to find further synergies between the group functions and the back office, and reducing the company's global footprint on the distribution side, the company said in its results announcement.