Man Group, a FTSE-250 listed asset manager, has followed larger rival Schroders in agreeing with its banks that it will pay lower borrowing costs if it meets social and charitable targets — and pay more if it does not.

The $113bn fund manager, which was founded as a commodity brokerage in 1783, said it has renegotiated its “revolving credit facility” — an amount of $500m made available by its banks which it can call upon to finance its day-to-day operations — to include three non-financial objectives.