Top GLG trio set to earn more than Man chief executive

Noam Gottesman, chairman and co-chief executive of GLG, along with Emmanuel Roman, co-chief executive, and Pierre Lagrange, senior managing director, will all receive base salaries of $1m, according to a takeover documents published by Man.

This compares with the $925,000 Peter Clarke, Man's chief executive, receives and the $450,000 paid to Jon Aisbitt, chairman of the fund management group.

The London-based GLG men each picked up a salary in 2009 of $1 in recognition of the poor performance of GLG's funds, before being restored to $1m at the start of this year.

On Monday, GLG announced a surprise $74.6m second-quarter loss after as it reported a 41pc fall in performance fees to $22.4m.

Base salaries are only tiny fraction of the men's wealth. Mr Gottesman and Mr Lagrange, who co-founded GLG along with former Goldman Sachs colleague Jonathan Green, have personal fortunes worth measured in the hundreds of millions of pounds.

Although not in the same league as the GLG men, Mr Clarke's pay after bonuses and other compensation is included, totalled $2.7m in 2009.

Man shareholders will meet on September 1 to vote on the GLG deal, with GLG shareholders expected to meet later in September to agree the takeover.

Some shareholders have launched legal action against GLG and Man alleging the deal undervalues the company.

Shareholders Ron Duva and Tanweer Zia are suing GLG and Man in New York, and have asked for an injunction preventing the takeover, alleging breaches of fiduciary duty in the run up to the deal.

GLG and Man have contested the allegations and said they intend to fight the lawsuit.