Weakness in the share price of Man Group has prompted directors to splash out on big stakes in the hedge fund manager.

Man Group, which sponsors the Man Booker literary price, saw a return to form of its flagship fund AHL in the second quarter of its financial year, as its 'alternative style' policy paid off, but the group's 'long only' portfolios took a battering over the same period.

The company's total funds under management at the end of September stood at $65bn, less than in March when the figure was £69.1bn and down $7bn since the end of June.

The shares slumped by about 20% after the announcement.

Chief executive Peter Clarke, finance boss Kevin Hayes and chief operating officer Emmanuel Roman all netted 50,000 shares at 176.2p a time, paying a total of £88,000 each. Non-executive director Ruud Hendriks meanwhile, took 100,000 at 177.4p.

"The extreme volatility of markets in recent months has created challenging performance conditions across asset classes," said Clarke in the announcement that sent Man's share price tumbling.

"This has tested investor appetite for risk but also reinforced the need for diversifying, non-correlated investment returns."

Top Director Buys

BHP Billiton (BLT)
Director name: Mr Jacques Nasser
Amount purchased: 17,200 @ 1,860.53p
Value: £320,011

Man Group (EMG)
Director name: Mr Ruud Hendriks
Amount purchased: 100,000 @ 177.40p
Value: £177,400

Optimal Pay (OPAY)
Director name: Mr Joel Leonoff
Amount purchased: 346,500 @ 45.70p
Value: £158,351

Man Group (EMG)
Director name: Mr Peter Lawrence Clarke
Amount purchased: 50,000 @ 176.20p
Value: £88,100

Man Group (EMG)
Director name: Mr Kevin Hayes
Amount purchased: 50,000 @ 176.20p
Value: £88,100

Man Group (EMG)
Director name: Mr Emmanuel Roman
Amount purchased: 50,000 @ 176.20p
Value: £88,100

Max Property Group (MAX)
Director name: Mr Alexander Anders Ohlsson
Amount purchased: 84,000 @ 103.50p
Value: £86,940

Rio Tinto (RIO)
Director name: Mr Chris Lynch
Amount purchased: 2,070 @ 3,057.50p
Value: £63,290

WYG (WYG)
Director name: Mr Paul Hamer
Amount purchased: 31,350 @ 62.20p
Value: £19,500

WYG (WYG)
Director name: Mr Graham Olver
Amount purchased: 21,704 @ 62.20p
Value: £13,500


Top Director Sells

Kiotech International (KIO)
Director name: Mr Richard Scragg
Amount sold: 94,299 @ 84.50p
Value: £79,683

Mid Wynd International Inv Trust (MWY)
Director name: Mr P M S Barron
Amount sold: 1,000 @ 1,137.00p
Value: £11,370

Related share prices
BHP Billiton (BLT) share price
Rio Tinto (RIO) share price
Man Group (EMG) share price
Mid Wynd International Inv Trust (MWY) share price
WYG (WYG) share price
Kiotech International (KIO) share price
Max Property Group (MAX) share price
Optimal Pay (OPAY) share price