Man shrugs off ban on short selling

Man Group, Britain's biggest listed hedge fund manager, today said it will be less badly hit by the ban on short selling of financial stock than many of its rivals.

The group's Stock Exchange announcement was aimed at boosting a share price which has fallen 13% since the ban came in last week on fears Man's earnings would be hit by the turmoil in financial markets.

It came just a day after it was revealed that Man itself wants to be added to the Financial Services Authority's list of 31 companies where short-selling is now illegal.

The ban mainly affects the long/short style of equity fund management, the group said.

It added that it is traditionally underweight in this area.

Man also pointed out that AHL, one of its largest divisions, does not expect to be hit by the short-selling ban because it primarily uses share indices rather than individual equities to make downside bets.