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Man Asian Literary Prize loses funding

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(Read caption) South Korean author Kyung-sook Shin was awarded the 2011 Man Asian Literary Prize for her novel 'Please Look After Mom.'

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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.

The Man Group, which is an assets management firm, is also behind the Man Booker Prize, which was awarded earlier this week to “Bring Up the Bodies” writer Hilary Mantel.

“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.

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