Man Names New Fund Of Funds Chief

Aug 24 2010 | 12:40pm ET

The Man Group has a new head of its battered fund of hedge funds unit.

Luke Ellis will succeed the retiring Herbert Item at the helm of the US$14.2 billion business, which lost US$360 million in the Bernard Madoff scandal. Ellis was a managing director at fund of funds shop Financial Risk Management until two years ago. He spent a decade at FRM after joining from JPMorgan Chase, where he was head of global equity derivatives and equity proprietary trading units until 1998.

“The future of the multi-manager industry will be all about addressing specific client needs with a  range of services, from ready-made portfolios to direct access through managed accounts to risk analysis and management,” Ellis said in a statement.

Item has spent 13 years at Man.

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