BlackRock, Inc. (NYSE:BLK) has reduced its stake in the Man Group PLC (LON:EMG) to below five percent, according to statements filed today with the SEC. The reduction in stake means that BlackRock is no longer the largest shareholder in the investment firm.

BlackRock Inc

Man Group PLC (LON:EMG) is a London based alternative investment manager. The firm has delivered poor results in recent months, leading many to question its strategy for the future. In November, the firm moved $1.5 billion from its flagship AHL fund to a new fund using an experimental strategy. Shares in Man Group closed down 1.34% on the London stock exchange earlier today.

Back in March, according to SEC filings, BlackRock, Inc. (NYSE:BLK) owned 9.32% of Man Group PLC. Today’s filing puts the firm’s holdings below the 5% disclosure limit. Holding less than 5% of a firm means that BlackRock, Inc. (NYSE:BLK) is not compelled by regulation to disclose their holdings.

BlackRock, Inc. (NYSE:BLK)  is the world’s largest investment manager, measured by assets under management. The company manages more than $3.5 trillion in assets. In trading today, the company was trending down. At the time of writing shares in BlackRock stood at $192.73, down 1.33%.

Man Group PLC (LON:EMG) has made many efforts this year to reduce its costs and increase the firm’s prospects. The firm responded to questions about its cost base by reducing its number of staff. The firm’s debt was downgraded by Moody’s in August to near junk status, amid fears that its performance was not up to scratch.

Man Group PLC (NYSE:EMG) is the world’s largest publicly traded hedge fund. Despite the high esteem it was held in in years past, the company has fallen in the markets’ view in recent months. In the last year, the firm’s share price has fallen by more than 45%.

The Man Group PLC (LON:EMG) is a British institution. The firm sponsors the Man Booker Prize, one of the most highly esteemed prizes for literature in the world. It has a history longer than most hedge funds. The firm upon which the Man Group PLC is built was founded in 1783.

Today’s news is just the latest in a long list of moves that show the lack of confidence the market has in the world’s largest  publicly traded hedge fund. BlackRock, Inc. (NYSE:BLK) decision to drastically reduce its stake in the company will shake many of those still holding the firm’s shares.