Ex-Man Chief McGrath Out At Pru

Dec 21 2011 | 2:07am ET

Former Man Group chief Harvey McGrath has resigned from insurance giant Prudential following a failed acquisition bid.

McGrath will retire next year, pending the selection of his successor as chairman of the company. While people close to McGrath say the exit, after three years at the helm, was his own decision, it comes after Pru abandoned a US$35 billion takeover bid for Asian insurer AIA. The aborted effort cost Pru some £377 million.

In May, about one in five shareholders opposed McGrath's reelection as chairman.

McGrath served as chairman of Man until his retirement in 2007, after almost 30 years at the hedge fund. He also served as chief executive.

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