Asian literary prize dumped by Man

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," said David Waller, head of communications for the London-based asset management company, in an email to the prize's administrators. "We will do all we can to ensure a smooth transition to a new sponsor," he added.

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Founded in 2007, the annual Man Asian Literary Prize awards $30,000 to what it deems the best novel by an Asian writer published in the same calendar year, either written or translated into English. Translators, if involved, are awarded $5,000.

Man will no longer fund the prize after the 2012 winner is announced next March, the company said.

The loss of its sponsor has given prize administrators "a great chance to think about how we're going to move forward with the prize," said Harrison Kelly, the prize's publicity manager in Hong Kong, adding that the literary landscape in Asia had significantly changed since the prize was established.


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