The UK-based financial giant said its annual £1.6m backing of this year's Man Booker Prize would be its last.

The link between the hedge fund and the literary world has not always been a smooth, with novelist Sebastian Faulks last year calling the firm "the enemy".

Man Group said in a statement it had been a privilege to sponsor the prize.

But the BBC's arts editor, Will Gompertz, said relations between Man Group and Booker organisers had been strained for some time, with a company source suggesting they felt underappreciated.

(BBC News)