By Laurence Fletcher
LONDON, May 1 (Reuters) - The chief executive of Man Group on Tuesday dismissed the need for a takeover of the embattled hedge fund firm and said shareholders remained supportive of management, despite a near-60 percent decline in the share price since September.
“We don’t feel we need a big brother in order to achieve our strategic objectives,” said Peter Clarke, who took over as CEO from industry ‘godfather’ Stanley Fink in 2007.
Last week analysts at UBS said that Man Group was a “likely take-out candidate” and that they would “not be surprised to see a bid from a North American asset manager”.
Clarke added: “I don’t feel our shareholders do anything other than support existing management, as witnessed by the proxy votes.”
The firm, which reported a reduction in net client outflows, holds its annual general meeting on Tuesday.