GLG Partners has lost its head of business development in advance of its upcoming merger with the Man Group.
Jean-Baptiste Segard is leaving the London-based hedge fund to join Swiss private bank Union Bancaire Privée, Financial News reports. Segard came to GLG when the firm acquired Société Générale Asset Management’s British business, where Segard was CEO.
At UBP, Segard will serve as chief investment officer for long-only investment. He takes up his new post in the summer.
Yesterday, Man announced that it would acquire GLG for US$1.6 billion in cash and stock, potentially turning the world’s largest publicly-listed hedge fund manager into its largest hedge fund manager. The combined firm will have more than US$62 billion in assets.