The Man Group, which also sponsors the Man Booker Prize, has withdrawn its support from the Man Asian Literary Prize, which will be unable to go on after this year if another sponsor isn't found.
The Man Asian Literary Prize, which honors the best novel of the year written by an Asian writer and translated into English, is seeking new sponsorship after the Man Group withdrew its financial support.
“We recently announced a program to reduce costs by $100 million by the end of next year, and this decision should be seen in that context," Man Group head of communications David Waller said of the decision.
Man Group CEO Peter Clarke said the company was proud to have been involved with the prize.
"We are committed to supporting the prize organizers in finding a new sponsor to ensure the continued development of this leading literary prize," he told The Bookseller.
The 2012 prize, which will be awarded in March, will be the last given with support from the Man Group.