Reuters reports that hedge fund firm Man Group cheered investors with plans to use surplus cash to buy back all its debt securities, overshadowing a surge in client outflows to the highest level since the onset of the credit crisis.

Man, which recently unlocked $550m in capital when its regulatory status was changed, will use up to $470m of cash to buy back the debt, saving up to $78m a year in interest and coupons from next year, it said on Friday.