Man, RAB Honchos Buy Up Own Stock

Date: Tuesday, August 14, 2007
Author: HFN Daily Report

Top management at Man Group and RAB Capital bought up stock in their respective businesses Friday. Their activity took place as the value in publicly-traded hedge fund businesses continued to decline amid widespread market volatility.

Man Group Chief Executive Peter Clarke raised his stake in the London hedge fund company as its stock price dropped 9% a share. Clarke, who replaced Stanley Fink in March, bought 20,000 shares for $195,000, Man Group said Monday.

Meanwhile, RAB Capital non-executive Director Derek Riches bought a 200,000 share piece of his company. RAB Capital stock plunged during the selloff Friday.

The asset class has been impacted by both an unsteady credit market and the crisis in U.S. subprime mortgage.