DEBT FINANCING. Man Group executives snap up its shares after slump

LONDON (Reuters) - Top executives at Man Group snapped up shares in the world's largest listed hedge fund manager on Thursday, a day after a surge in client outflows and a drop in assets wiped a quarter off its market value.
Man (EMG.L), which last year bought rival GLG to diversify its business, surprised markets on Wednesday with news that clients had withdrawn a net $2.6 billion (1.67 billion pounds) in assets over the three months to end-September, much higher than analysts had forecast.
Meanwhile, total assets under management, on which it earns fees, dropped to $65 billion from $71 billion.
However, on Thursday Chief Executive Peter Clarke, Finance Director Kevin Hayes, and Chief Operating Office Emmanuel Roman each spent 88,100 pounds on 50,000 shares at 176.2 pence each.
And non-executive director Ruud Hendriks spent 177,400 pounds on 100,000 shares at 177.4 pence.
On Thursday Man's shares were 3.7 percent lower at 173.5 pence at 1108 GMT.
In a note following the trading statement, broker Numis rated the shares a buy, saying that Man's dividend, offering a yield of at least 7.8 percent, was unlikely to be cut.
However, Citi cut its rating from buy to hold and said Man's "lack of forecast earnings momentum" meant its valuation was not justified.

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